Help— I Want Out of my Grand Vacations Timeshare

[Macknm]

Hi! My partner and I went for it in November and purchased a timeshare. It’s been six months, and we have finally decided this makes no sense.

Every time we sat down over the past few months to review it again, we concluded that we made the right decision- I think we just wanted it to make sense and be okay because it has been such a financial commitment; it’s hard to face how much money we lost and still will have to shell out. The reality is, we would only be breaking even in 16 years. We know this is going to be very difficult to get out of. Companies are also soliciting us, constantly asking if we would like their help, which we would never take. Can anyone that has been in our boat recommend the proper steps to take or even possibly the lawyer you used? Thank you!

 

[Passepartout]

@Macknm Sorry you let it go this far. The law gives you a time period of a few days to rescind (cancel) without penalty. That is: to set affairs back to what they were before you signed the contract. Since you let that time period pass, it's VERY difficult to undo. Lawyers do not have the 'magic words' to make this legally drawn contract disappear. You OWN a timeshare. We assume you are adults, legally allowed to sign contracts and abide by their terms.

The only way I am familiar with to end the contract would be to combine it with lots of other debt- credit cards, medical bills etc, and a serious, and recent change in your fortunes- illness, disability, unemployment, a law firm experienced with bankruptcy may be able to help you set up a schedule for paying your obligations.

Rather than the extreme step of the above, we recommend sticking around TUG. Learn to use what you bought. Buckle down, pay off the high interest loan, then sell or give it to someone else, freeing you from the ownership. The problem is, however, that it MUST be paid off in order for you to sell your ownership.

Fret not, about half of TUGgers bought their TSs exactly like you did. Bought from a developer, then didn't rescind in time. We all survived it and most bought resale TSs to soften the cost of their developer purchase.

Good Luck, and Welcome to TUG!

P.S. DO NOT sign up for ANY TS exit outfit. They are ALL scams to get more of your money.

Jim

 

[ernststarhemberg]

Yes, "timeshare exit" people sound good but stay way from them. It's a scam.

As everyone else has said, find out how to enjoy what you own. Once the sticker shock goes away, there are certainly benefits to be had within the HGV system. And as others have said, once the benefits are realized, you may find yourself buying into additional points (on the resale market!) to enjoy even more time. And I say that as someone who initially bought a retail EOY studio deed and has since expanded the portfolio such that we are staying a week at a HGV property at least every couple of months. It's a great system despite the disconcerting retail sales component.

 

[Talent312]

If you financed this purchase, you won't be able to sell it.
You'd have to pay it off, first somehow (a personal loan?).

Once that's done, you can list it for sale on various sites...
on TUG's marketplace or bargains (free), Redweek, eBay or
perhaps a TS broker.

If you look ar the "help" section of the member's website,
you'll find a section on resales, where they'll give you a value
and refer you to a broker.

Ultimately, you can stop all payments and eventually HGVC
will foreclose, which could cause a major credit score hit...
Bankruptcy would be a last resort.

 

[ABCTravels]

I too recently bought retail less than two months ago, so I feel your pain. It also means MAX came with your purchase as ours did, and one thing we are planning is staying in HVC properties (6-month booking window) rather than HGVC (9-month booking window) to make our points expand and/or get larger units so more people can join us. Also, consider traveling in the low/shoulder season to get more nights out of your points. Doing this, helps us feel better about the cost and gives us more nights/larger units for the money. **However you probably got a bunch of bonus points with your purchase, so now might be the time to splurge on a super nice property that you might not stay in going forward!

Also, you are now staying at timeshare properties, there is a kitchen, and if you commit to using it for all your meals/snacks you can further save quite a bit when you travel. This is sometimes overlooked when we all talk about points/dollars, but for my family, it really adds up (we were very committed to VRBO/Air B&B previously for this reason.)

I wish you well, please know you aren't alone, and sticking around on this forum has helped me tremendously to learn how to use what I've bought.

 

[alwysonvac]

What do you own (which resort and number of points) and why did you buy? Did you get any bonus points (HGVC bonus points typically expire within 2 years)?
I agree with others that you should at least get some value out of your membership before deciding to jump ship. The biggest expense is the initial purchase price which you'll never get back.

Here are some helpful threads if you still decide to walk away.

What we've heard from others who have walked away

[ 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

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What we discovered about the laws in various states regarding default on loans and maintenance fees

Links to Official State Timeshare Laws and Guides/Manuals

@TUGBrian @DeniseM @CalGalTraveler take a look. This weekend, I’m creating a spreadsheet with official links to states’ timeshare laws, as well as their statuses as to non-judicial, anti-deficiency foreclosures. In the meantime, I will just keep adding notes. * Legal Disclaimer: This list...

tugbbs.com

​

What we know about scams and reality of selling/exiting

How to Sell Your Timeshare and avoid getting scammed

How to Sell Your Timeshare (Updated 12/19 by TUGBrian) We at TUG get many questions relating to the various steps in an effort to sell a timeshare week. Here is one formula for selling your week. It is a compilation of recommendations of those here at TUG who have been through the process many...

tugbbs.com

The Real Estate Purchase Company Buying Memberships? Is It Real?

I have been contacted by The Real Estate Purchase Company offering to purchase my Diamond membership and points in the Hawaii Collection for a lot of money - over $8.00 a point. Sounds too good to be true? no? They have not asked for any money from me, just sign the very official looking letter...

tugbbs.com

Don't Fall for Timeshare Exit Scams

Sketchy firms are targeting older timeshare owners with hollow promises to get them out of their contracts for a hefty upfront fee.

www.kiplinger.com

 

[GTLINZ]

What do you own (which resort and number of points) and why did you buy? Did you get any bonus points (HGVC bonus points typically expire within 2 years)?
I agree with others that you should at least get some value out of your membership before deciding to jump ship. The biggest expense is the initial purchase price which you'll never get back.

Totally agree. You will find a lot of help here on TUG but details are needed to help assess the value of what you own vs what you owe.

The ownership may return value over the years if you are able and willing to use it. Again, details are helpful.

As stated earlier, many here on this forum have experienced what you have experienced. The question now is how much value can you extract from what you own, knowing the intial investment is a done deal.