Defaulting on a Hilton Grand Vacations Loan

[Cdaltman]

Regarding Defaulting on a Hilton Grand Vacations Loan and Walking Away,
What are the odds that Hilton pursues more than just a debt collector and mark on your credit? I have searched and seen plenty of threats that state they could put a lean on your home or garnish your wages, but has that ever happened, or is that just another tactic for the Exit Groups to push you to pay them your money, too?
Has anyone or does anyone know of anyone who has just walked off and defaulted, taking the loss in money and hit on credit with no other impact than losing their home or wages?

 

[TUGBrian]

is no difference in you defaulting yourself, or paying an exit company and then defaulting.

risks are the same and vary based on the collections laws in your state.

[ 2022 ] Timeshare Default Credit Report/Collection Tracking

Some of you know I have been tracking this. Out of four (4) more TS defaults reported on TUG Facebook, one (1) got his credit affected. I have tabbed the following stats(updated 5/2022): TS defaults w credit drops: 47 out of 107 TS defaults w collections: 12 out of 107 TS defaults w...

tugbbs.com

defaulting on a loan balance is far more likely a risk at aggressive collections efforts than simply defaulting on the maintenance fees.

 

[RX8]

As @TUGBrian points out, it is common for exit companies to charge you thousands of dollars and advise you to stop communicating with your timeshare company. Sooner or later, you will be foreclosed on and then the exit company will refuse you a refund because they consider foreclosure as a successful exit to your timeshare.

This thread might answer some of your questions.

[ 2022 ] Timeshare Default Credit Report/Collection Tracking

Some of you know I have been tracking this. Out of four (4) more TS defaults reported on TUG Facebook, one (1) got his credit affected. I have tabbed the following stats(updated 5/2022): TS defaults w credit drops: 47 out of 107 TS defaults w collections: 12 out of 107 TS defaults w...

tugbbs.com

 

[LannyPC]

I have searched and seen plenty of threats that state they could put a lean on your home or garnish your wages, but has that ever happened, or is that just another tactic for the Exit Groups to push you to pay them your money, too?

Those are usually just threats and scare tactics. In order for the loan holder to put a lien on your home or garnish your wages, it would have to go through courts and a judicial process. It's usually more of a hassle than what it's worth. Also, in a number of cases, loans/mortgages on TS purchases might have default insurance so the lender might be able to recover through insurance.

Others here have reported that lenders for TS purchases such as HGVC know that there will be many defaults and factor that into consideration when lending money. So IOW, HGVC lent you the money possibly expecting you to default. Then HGVC finds other avenues to recover such funds such as repossessing what you defaulted on and then selling it to some other person for tens of thousands of dollars.

 

[jimkin]

Hilton's have some value. If you post on the Hilton Forum folks there can probably give you a pretty good idea of what it's worth. They'll need to know which specific property, season and how many points.