Cancelling HGVC During Rescission Period

[HGCV_Regrets]

Hello All,

My partner and I are four days out from signing a contract on our HGVC timeshare and are already experiencing buyers' remorse. We got sold on the idea via a bunch of "bonus points" that seemed like a great deal, but after thinking it through and researching the resale market, the timeshare we bought just seems like a massive waste of money in a time when we are aggressively trying to save for a wedding and a home.

Based on our contract we have fifteen days to cancel; I am already drafting the letter. Can someone advise on if I am providing the correct information, and where to find this? Right now I am including:

Please be advised that we, (myself) and (partner), the Purchaser(s) of the contract referenced below, wish to exercise our right of rescission for the purchase of a Hilton Grand Vacations Club timeshare membership dated 3/4/2022 and executed in the (state we signed the contract in). As you can see from the postmark, the letter was sent within the 15 day rescission period. We expect to receive a full refund of the initial deposit within 20 calendar days of receipt of this letter. Information below:

I then outline in bullet points
Purchasers
Address
Member Number; can anyone advise me on where to find this in the contract? Is this the same as my HHonors number?
Contract Number
Deposit Amount and last 4 digits of credit card

Anything else I need to include? My partner and I will be printing this out, dating it, and both signing it as we are both listed on the contract.

 

[Talent312]

Your member # is +not a HHonors number. It's usually 1 digit - dash - 6 digits.
If you don't have it, include a copy of page 1 of your contract.
Also, try to ID the property by location, week # and size.
All purchasers on the contract must sign the letter.
,

 

[Nowaker]

Member Number; can anyone advise me on where to find this in the contract? Is this the same as my HHonors number?

I don't know where it is, but it's definitely not the same as HHonors number. Member number has the same format as a contract number: 123-123456789 (number of digits may differ).

In either case, time is of essence. Not how detailed your rescission letter is. Include as much information as you can, but it's not like a rescission will be invalid if you make a simple error of fact. Include the copy of the contract so they know what the subject of the cancellation is.

Finish it up ASAP (today or tomorrow!), make a copy (scan?) of the documents for your own records, then mail it with a written proof of mailing, get tracking, etc. All the things you'd do to retain a proof you exited the contract in a timely manner.

 

[HGCV_Regrets]

I don't know where it is, but it's definitely not the same as HHonors number. Member number has the same format as a contract number: 123-123456789 (number of digits may differ).

In either case, time is of essence. Not how detailed your rescission letter is. Include as much information as you can, but it's not like a rescission will be invalid if you make a simple error of fact. Include the copy of the contract so they know what the subject of the cancellation is.

Finish it up ASAP (today or tomorrow!), make a copy (scan?) of the documents for your own records, then mail it with a written proof of mailing, get tracking, etc. All the things you'd do to retain a proof you exited the contract in a timely manner.

Thank you. I ended up finding the member number on the purchase agreement for the bonus points. As far as the contract goes, one thing concerns me - the addendum with our cancellation period details is not dated. The contract itself is, but I cannot believe I was dumb enough to sign one of the papers when it wasn't dated. The signing itself was very rushed; we had reservations that we were trying to make as this took so much longer than we expected (esp. since we were not planning on buying in).

This won't affect the cancellation, will it?

 

[brp]

This won't affect the cancellation, will it?

No. While the salesweasels at HGVC are often duplicitous, the back office people who handle rescission are very much on the up-and-up. They don't play games and, if you follow the outlined steps, you'll get the refund.

Do you mind sharing what you bought and what you paid? TUG likes to keep track of how much money is saved by folks realizing about the resale ,market in time,

Next, consider joining TUG and spend a very small fraction of your savings supporting this great community. You'll also have access to additional resources to undertake your resale research.

Welcome, and congrats!

Cheers.

 

[HGCV_Regrets]

Another thing to note - they automatically ran our credit and approved us for financing of the remaining investment value (we put down over 33%); we absolutely did not intend to use their insanely high-interest financing and instead pay off the full remaining balance next month. But what kinds of things should I be on the watch for with this? I am assuming the loan should be cancelled once this all processes; how does this impact our credit?

 

[HGCV_Regrets]

No. While the salesweasels at HGVC are often duplicitous, the back office people who handle rescission are very much on the up-and-up. They don't play games and, if you follow the outlined steps, you'll get the refund.

Do you mind sharing what you bought and what you paid? TUG likes to keep track of how much money is saved by folks realizing about the resale ,market in time,

Next, consider joining TUG and spend a very small fraction of your savings supporting this great community. You'll also have access to additional resources to undertake your resale research.

Welcome, and congrats!

Cheers.

Sure - it was a $15k "investment", biennial even year HOA of ~ $1100 and 5400 club points. They threw in essentially 4 years worth of club points to sweeten the deal. I have already checked out a resale site and looks like we can get a property in that same area for $4.5k, biennal HOA of $1100 and 4800 club points. I feel so stupid.

 

[Iggyearl]

Mr. Regrets: I don't think it has been mentioned above, but rescission periods in the United States vary by state: from 3 days to 10 days. Florida is 10. I don't believe that any state allows 15. The salesman may have said 15, but that is only a verbal statement. Check your contract for the actual number of days, and make sure to not exceed. The postmark date is the "effective" date.

 

[HGCV_Regrets]

Mr. Regrets: I don't think it has been mentioned above, but rescission periods in the United States vary by state: from 3 days to 10 days. Florida is 10. I don't believe that any state allows 15. The salesman may have said 15, but that is only a verbal statement. Check your contract for the actual number of days, and make sure to not exceed. The postmark date is the "effective" date.

The contract explicitly says 15 days. Contract was executed in DC. Property is in Florida.

Edit: the contract itself does not have the rescission period, but an addendum we signed does.

 

[Iggyearl]

If it is in writing - it DOES exist. You are absolutely correct.

 

[Nowaker]

biennial even year HOA of ~ $1100 and 5400 club points

What property and unit size?

 

[TheTimeTraveler]

RESCIND and rescind now. Don't waste any time whether it is 5 days, 10 days, or 15 days. Do not delay.

Send it USPS Certified Mail. Be sure any buyer who signed the contract also signs the rescission paperwork and retain a copy of the paperwork as well as the USPS Postmarked Receipt.

Be patient and allow up to 45 days for a full refund.

Consider buying resale.




.

 

[Talent312]

BTW, if the salesperp or anyone else from the sales office tries to contact you, ignore them. They are just trying to salvage the sale and have _nothing_ to do with processing rescissions.

HGVC admin is a stand up operation and will do the right thing. Overall, HGVC is rather customer-friendly. Just avoid contact with the salesweasels. Their livelihoods depend on hornswaggling hapless marks.

 

[rrsafety]

Seems Washington DC is 15 days https://www.wtplaw.com/sitefiles/practices/district of columbia condominium act 2014.pdf

 

[dioxide45]

I would leave this part out altogether As you can see from the postmark, the letter was sent within the 15 day rescission period. We expect to receive a full refund of the initial deposit within 20 calendar days of receipt of this letter. Information below:

I know of no state that had a 15 day rescission period. The longest period I know of is 10 days. Is the state in which you bought require a refund within 20 days? In either case, the text is unnecessary. They know the law.

 

[SmithOp]

Seems Washington DC is 15 days https://www.wtplaw.com/sitefiles/practices/district of columbia condominium act 2014.pdf

Does that cover property in Florida that was purchased in DC?

I'm not a lawyer but I would err on the side of caution and get it in the mail asap.

Sent from my Lenovo 10e using Tapatalk

 

[HGCV_Regrets]

BTW, if the salesperp or anyone else from the sales office tries to contact you, ignore them. They are just trying to salvage the sale and have _nothing_ to do with processing rescissions.

HGVC admin is a stand up operation and will do the right thing. Overall, HGVC is rather customer-friendly. Just avoid contact with the salesweasels. Their livelihoods depend on hornswaggling hapless marks.

Thank you for the advice. I was already planning on ignoring any emails, calls, or texts from the sales reps who hooked us in on this. My assumption is they will be notified by corporate as soon as we cancel.

 

[HGCV_Regrets]

What property and unit size?

I don't feel comfortable saying the exact property but it was a one bedroom unit in Orlando.

 

[HGCV_Regrets]

Does that cover property in Florida that was purchased in DC?

I'm not a lawyer but I would err on the side of caution and get it in the mail asap.

Sent from my Lenovo 10e using Tapatalk

Sending it out today. But the addendum to our contract explicitly states 15 days, and we have a lawyer on standby if they try to pull any bullshit.

 

[HGCV_Regrets]

I would leave this part out altogether As you can see from the postmark, the letter was sent within the 15 day rescission period. We expect to receive a full refund of the initial deposit within 20 calendar days of receipt of this letter. Information below:

I know of no state that had a 15 day rescission period. The longest period I know of is 10 days. Is the state in which you bought require a refund within 20 days? In either case, the text is unnecessary. They know the law.

As stated in another comment, we purchased in DC (which is 15 days) and the addendum to our contract explicitly states a 15 day rescission period.

Regardless, I am going to keep that section. I know they are aware of the law, but want them to know that I also do. I am less pressed about the 20 day refund, but I did see somewhere that was the standard. If they take longer, they take longer. Again, this is a tactic on my end so they know we are not *bleep*ing around. IMO including it can't hurt.

 

[HGCV_Regrets]

RESCIND and rescind now. Don't waste any time whether it is 5 days, 10 days, or 15 days. Do not delay.

Send it USPS Certified Mail. Be sure any buyer who signed the contract also signs the rescission paperwork and retain a copy of the paperwork as well as the USPS Postmarked Receipt.

Be patient and allow up to 45 days for a full refund.

Consider buying resale.




.

Thank you. Sending it out today and have both PDF copies and hard copies for our records. We absolutely intended to send it via certified mail.

We are already looking into resale but may hold until 2023, as a big reason I was hesitant to begin with is a majority of our vacations for the remainder of 2022 are already booked and we do not have an opportunity to use the Club Points this year (weddings and bach parties where Airbnbs and hotel blocks are already booked). They combatted this by offering a ton of bonus club points, and unfortunately I'm a sucker for points.

 

[vacationtime1]

HGVC is a good system with good properties and treats its resale owners fairly. After your rescission, after the dust settles, and after some time for research, you may wish to consider buying HGVC resale.

The problem with retail purchases is the sales cost. All of those "free" vacations provided to get potential customers into sales pitches, the salesperson's commissions, and the entire cost of the sales department comes out of a 100%+ markup. Which is why you can buy resale for a fraction of the retail cost.

You don't need to wait until 2023 to buy if you want to start using your TS in 2023; the "first use year" on a resale is negotiable, many sellers will have already arranged to use their 2022 usage and want to sell "as of 1/1/2023", and you want to own before then so you can make your 2023 reservations.

 

[HGCV_Regrets]

HGVC is a good system with good properties and treats its resale owners fairly. After your rescission, after the dust settles, and after some time for research, you may wish to consider buying HGVC resale.

The problem with retail purchases is the sales cost. All of those "free" vacations provided to get potential customers into sales pitches, the salesperson's commissions, and the entire cost of the sales department comes out of the 100% markup. Which is why you can buy resale for a fraction of the retail cost.

You don't need to wait until 2023; the "first use year" on a resale is negotiable, many sellers will have already arranged to use their 2022 usage and will be selling "as of 1/1/2023", and you want to own before then so you can make your 2023 reservations.

That is good to know. We are looking into a vacation early in 2023, so perhaps buying in Q3 or Q4 of this year will be our best move.

 

[vacationtime1]

That is good to know. We are looking into a vacation early in 2023, so perhaps buying in Q3 or Q4 of this year will be our best move.

I'm not an HGVC expert, but I believe their prime properties during prime seasons (e.g. Hawaii during the winter) will be booked up at the nine month mark. Others will chime in, but plan accordingly.

 

[brp]

I'm not an HGVC expert, but I believe their prime properties during prime seasons (e.g. Hawaii during the winter) will be booked up at the nine month mark. Others will chime in, but plan accordingly.

Specific to Hawaii, Oahu may well book that quickly. Hawaii Island is much easier and, IMO, preferable.

Cheers.