Help. Just bought HGV timeshare . Need advice

[springforever]

Help. Just bought HGV timeshare . Need advice. Purchased cash with no financing. maintenance fees annually of $1600/year.
With 30,000 club bonus points. Plus 15k HH point incentive.
Is this a decent deal? What should be do or should we rescind and purchase on the resale market? We know nothing about purchasing resale …

 

[springforever]

Help. Just bought HGV timeshare . Need advice. Purchased cash with no financing. maintenance fees annually of $1600/year.
With 30,000 club bonus points. Plus 15k HH point incentive.
Is this a decent deal? What should be do or should we rescind and purchase on the resale market? We know nothing about purchasing resale …

I should ask that the cash price was $24k

 

[springforever]

Add*

 

[dioxide45]

Cancel, rescind. That is the logical first step every time. You have forever to research and decide what to buy, once you cancel your purchase. You only have a limited number of days to cancel.

It sounds like you bought HVC, the old Diamond Resorts trust product. Cancel cancel cancel. Read your contract for details.

 

[elaine]

RESCIND now. Send a letter and get confirmation of mailing with return receipt to the address specified in your materials. Confirmation of sending the rescission letter is VERY important-it MUST be prior to the rescission period ending. Then, research for at least a few weeks and then decide what works for you. You only have limited time to rescind. Good luck!

 

[Passepartout]

Help. Just bought HGV timeshare . Need advice. Purchased cash with no financing. maintenance fees annually of $1600/year.
With 30,000 club bonus points. Plus 15k HH point incentive.
Is this a decent deal? What should be do or should we rescind and purchase on the resale market? We know nothing about purchasing resale …

You should rescind, then stick around TUG. You will receive unbiased information. Well, maybe somewhat biased because most of us are pretty loyal to whatever system we own.

If you have the contract you signed, they are required to include information on exactly how to rescind. They just don't have to make it easy to find or clear.

Let us know how we can help.

Jim

 

[WorldT]

Help. Just bought HGV timeshare . Need advice. Purchased cash with no financing. maintenance fees annually of $1600/year.
With 30,000 club bonus points. Plus 15k HH point incentive.
Is this a decent deal? What should be do or should we rescind and purchase on the resale market? We know nothing about purchasing resale …

Did you want to hear another cancel/rescind? I will say it anyway. Cancel, cancel, and cancel! But do it right as others above have already mentioned.

 

[zentraveler]

Welcome springforever, and stick around here. Your will get the same advice either way, but joining TUG will be the best $15 your have ever spent.

 

[TolmiePeak]

Welcome, and stick around here. Your will get the same advice either way, but joining TUG will be the best $15 your have ever spent.

Does Brian offer financing and monthly payments for the $15?

 

[CalGalTraveler]

Rescind now because you will be stuck if you don't do this within a few days. Resale timeshares are a fraction of the cost. You need time to research and figure out the best for your situation. We can help.

 

[TUGBrian]

congrats on finding TUG in time to save $24,000 dollars!

 

[Patri]

Did you wake up that morning planning to spend $24K?

 

[HedonisticEpicurean]

"An investment in knowledge pays the best interest." - Benjamin Franklin. I'm positive that Ben never was stonewalled blindly into wasting money at a timeshare presentation, but his advice is timely.

When you wake up the day after a painful uninformed timeshare buying binge do the following:
- Rescind immediately
- Research the options on TUG and online
- Reap great savings when you buy

 

[LannyPC]

...should we rescind and purchase on the resale market? We know nothing about purchasing resale …

As others have emphasized, rescind! As for "[purchasing] on the resale market", the best advice is to do a lot of research before "[purchasing] on the resale market" or even acquiring one for free. There are many free ones for the taking out there. However, make sure you know what you're getting into before acquiring one. There are many TS owners out there who are envying you right now because you didn't have to go through the headaches and expenses of getting rid of an unwanted TS.

Check out this sticky:

https://tugbbs.com/forums/threads/what-to-buy-questions-for-new-timeshare-owners.208742/

where you can examine whether or not owning a TS is right for you.

There's also the option of renting from current owners. It has many advantages over owning. It allows you to try before you buy.

 

[GT75]

I agree with the previous posters is to rescind immediately first before you do anything else. After you have done that, you can take your time and research the resale TS market. We can certainly help you with that.

Secondly, you didn’t actually state clearly what you purchased retail (it actually doesn’t affect the advice being given). HGV TS salespeople make their sales presentation now so confusing. They probably told you that you were purchasing HGV Max but you are actually purchasing either HGVC (Hilton Grand Vacations Club) or HVC (Hilton Vacation Club). These are actually two different TS systems. I suspect that you were sold HVC which is a trust product (you don’t own a deed at a particular resort). This is the product that HGV is pushing. That product has NO value on the resale market. You also didn’t actually state how many annual points came with the purchase. This will determine which size room (studio, 1BR, 2BR) you would be able to reserve. Again, even after answering these question, our advice will still be the same which is to RESCIND while to can.