Help: Should we keep or rescind

[Krishna383]

We attended a presentation in Hilton Hawaiian Village with no intention to buy. But the sales guy was good and he sold us the following:
Ocean Tower/ Studio / Platinum / 3400 points every other year/ $1000 HOA every other year. Cost: 15,600/ Bonus: 10,500 points (To be used in 2y 9m)

Later I found Tugbbs and spent 2-3 hours and decided to rescind. Went back to give the letter and they sold another one, that I could not say no again:
Elara/ Studio Plus/ Platinum / 3400 points every other year / ~$650 HOA every other year. Cost: 19,600 / Bonus: 15,000 points (To be used in 2y 9m)

Lower HOA and 15K bonus points were the tempting factor this time. Is this a good deal or should I sell it?
I am on Day 3 of the rescission window. Mainly worried if I overpaid on $19,500? (Their counter was 15K points).

If I cant use all of 15K points in next 2y9m, will I be able to rent it out and make it up for Cost? (The Sales guy sold me saying that you can easily rent out your 15K points for $15K if needed. (Is this true).)

Any downsides with Elara Studio Plus?

 

[HuskerATL]

You might want to look at Elara resales, there are many inexpensive ones:

https://tug2.com/timeshare-classifieds/search/results.aspx?Elara%20Hilton%20Grand%20Vacations%20Club%20(Planet%20Hollywood%20Towers)&ResortName=14790

Timeshare Resales by Owner | Search Discount Timeshares for Sale

Search Thousands of active Timeshare Resales ny owner. Industry Leading Online Marketplace for owners to Sell or Rent a Timeshare!

tug2.com

Hilton Timeshares for Sale in Timeshares for Sale for sale | eBay

www.ebay.com

There are several on Ebay right now with bids of less than $1,000. That will change as the auction gets close to closing but it will give you an idea of resale cost. Also, I would not bank on being about to rent out 15,000 points for $15k. They are selling you hard and I would rescind.

 

[rjp123]

Rescind. Too few points, too high cost. Buy resale.

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[dayooper]

We attended a presentation in Hilton Hawaiian Village with no intention to buy. But the sales guy was good and he sold us the following:
Ocean Tower/ Studio / Platinum / 3400 points every other year/ $1000 HOA every other year. Cost: 15,600/ Bonus: 10,500 points (To be used in 2y 9m)

Later I found Tugbbs and spent 2-3 hours and decided to rescind. Went back to give the letter and they sold another one, that I could not say no again:
Elara/ Studio Plus/ Platinum / 3400 points every other year / ~$650 HOA every other year. Cost: 19,600 / Bonus: 15,000 points (To be used in 2y 9m)

Lower HOA and 15K bonus points were the tempting factor this time. Is this a good deal or should I sell it?
I am on Day 3 of the rescission window. Mainly worried if I overpaid on $19,500? (Their counter was 15K points).

If I cant use all of 15K points in next 2y9m, will I be able to rent it out and make it up for Cost? (The Sales guy sold me saying that you can easily rent out your 15K points for $15K if needed. (Is this true).)

Any downsides with Elara Studio Plus?

Rescind. Elara is a great resort, but that cost is outrageous. Right now on a well known broker‘s listing, they have the exact same thing for $1500 and that’s too high!

Check out the resale market to see what you can truly get. Don’t let the salesman tell you that resale buyers get a restricted membership. I am a full resale owner (never even been to a sales meeting) and I have the same booking privileges and booking windows as any other owner. I have 14000 points and I paid ~$10000 all in (cost of deeds, closing costs and fees) total.

First, rescind today. Send your letter via USPS with delivery confirmation. Do not go back to the sales office. Their job is to get you to buy and will do everything in their power to prevent you from rescinding. You only have a short period of time to rescind. I would then suggest looking around, reading the articles and threads here on TUG. Get to know the market. You can even rent to see if you like the resorts!

If, after you gave researched, you have determined that buying from HGVC direct is the way to go (you won’t), that deal, or a better one will be available to you. Don’t be fooled by bonus points (they last 2 years and the MF’s last much longer) or elite status (it isn’t worth the close to $100,000 or more to get the the elite status that gives you any sort of benefit). Small EOY contracts like those are very hard to get rid of. I love the system, but my deeds can be sold or even given away if I desperately need to. That studio plus isn’t as easy.

 

[GT75]

Rescind. Too few points, too high cost. Buy resale.

Agree completely with this.

If I cant use all of 15K points in next 2y9m,

It is 2 years to use your bonus pts.

Mainly worried if I overpaid on $19,500?

Yes you overpaid. I wouldn't take that deed even for free.

If I cant use all of 15K points in next 2y9m, will I be able to rent it out and make it up for Cost?

Per the rules, you are only allowed to rent your Home Week Bookings, so no.

 

[vacationtime1]

Rescind.

On www.redweek.com I see an 3400 point every other year package for $200.

 

[DaveNV]

You're paying an awful lot of money for something you can get for a fraction of the price on the resale market. I'd rescind both purchases while you can, then do your research. If you still think it's a good deal, you can always buy it again. I think you'll learn that it's not a good deal at all.

Rescind.

Dave

 

[RX8]

As others have said, rescind. Don’t feel sorry for the salesperson either for their lost commission. He flat out lied to you. No way you will get $1 per point renting. You can only rent what you own. You would be lucky to rent your Vegas week for your maintenance fee of $650. If they rented for $3,400 week HGVC would be snapping these weeks up in ROFR. Fact is, HGVC sells this for $19,600 but they wouldn’t want it back even if free.

 

[Iggyearl]

Krishna, I read your post 3 times, and I have a headache. You say that you went to the sales office and gave them "the letter." I hope that you got a receipt saying that your purchase was canceled. If not, you have no proof of rescinding the first purchase. Regarding the second purchase, everyone above is correct. You don't want it. You should rescind. You have to follow the instructions in your contract, which means sending a letter to Hilton corporate. I would reference BOTH contract numbers for the sake of safety. If your first letter "got lost" in the sales office, you are officially rescinding with the second letter. BOTH contracts.

 

[SmithOp]

No way can you rent Bonus points for $1 a point, flat out lie.

Maint fees on points range from 12 cents to 40 cents. The rental site Koala pays about 18 cents a point.


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[Krishna383]

Thanks every one. I will rescind immediately via email and usps certified post.

The last page of the contract had a letter to rescind. And I filled that for the first one.

@lggyearl I received an email confirmation of first cancelation yesterday.

 

[Krishna383]

To Summarize for reference:

Contract 1:
Signed : 11/23 Tuesday
Rescind: 11/24 Wednesday ( In person in sakes center using the cancelation form with the rights)
Email confirmation : 11/24 (In 6hours).
Refund on credit card : 11/26

Contract 2:
Signed : 11/24
Rescind: 11/26 Wednesday ( Mailed in USPS Priority with signature and sent scanned copy to email as well)
Email confirmation : 11/26 (In 3 hours).
Refund on credit card : <<Fingers Crossed>>

Thanks again to everyone who quickly replied and helped me make this decision. Will now start researching resales/licensed agents, etc.

 

[GT75]

Will now start researching resales/licensed agents, etc.

Please take your time and do your research. Resales will be around.