Help We signed the contract yesterday

[Dimagiba]

New and first time member HGV party of 6 (2 adults and 4kids under 5yrs old. We got Hawaii collection (11 properties) any here can share thier experience got 8500 points but we leave in California. I have the trust points. Not deeded. Whats the difference?

Insights and experience about time share works would really appreciate.
Also i paid 36k and annual maintenance 1980. They gave us bonus points of 52,500 which expire in December 2025 plus 7500 bonus points with 2 adult plane tickets which expire in a year. Is this a good deal?

 

[SteveinHNL]

Welcome to the Board. The folks on this board are experienced timeshare owners, many of whom bought from the developer (as you did), and many of whom bought on resale for pennies on the dollar (as you probably should). Virtually all of them will tell you they wish they found TUG in time to buy resale. You got a bad deal. Look through your owner's materials to find the rescission instructions and rescind the transaction IMMEDIATELY. Follow the rescission instructions exactly.

After you have successfully rescinded, come back here and read about what is available on resale. TImeshares are great if they suit your lifestyle and ability to plan your travel well in advance. Many of us owners take numerous timeshare vacations per year. It is "the good life." But just like cars are great, it is not so great to own a car if you have to pay 10X its value to purchase it from the dealer. Buy the same car from an owner for 10x less. Then you can really enjoy "the good life" of timeshare. You will find that the TUG owners on this board don't mind spending money, they just like spending it wisely, and getting great value for what they spend. This can be done with timeshare, but you will want to come back here and research first before you decide what to buy, where, and for how much. The correct answer is NEVER from the developer.

 

[TUGBrian]

so very happy you found TUG in time to rescind and save an absolute fortune!

you will be shocked to learn what you can buy those same points for on the resale market from another owner! Welcome to TUG!


side note, you mention "hawaii collection" and that would imply that you actually bought HVC points, or what is essentially a rebranded diamond resorts ownership...NOT hilton grand vacations club!!

so your deal was even worse than you can imagine!

 

[GT75]

I moved your thread to HVC forum since you purchased HVC trust points in HI collection.

 

[Janann]

Is this a good deal?

The fact that you are asking means that you don't understand what you bought. Take the advice above, and rescind (cancel the contract). The instructions on how to do this are in the paperwork that you received from the company.

$36,000 is a lot to spend without any research.

Just out of curiosity, do you have a loan on the purchase? What are the loan terms (interest rate, years to repay, etc.)?

 

[WorldT]

The fact that you are asking means that you don't understand what you bought. Take the advice above, and rescind (cancel the contract). The instructions on how to do this are in the paperwork that you received from the company.

$36,000 is a lot to spend without any research.

Just out of curiosity, do you have a loan on the purchase? What are the loan terms (interest rate, years to repay, etc.)?

No need to ask the loan terms. I have never seen one that I would consider good. Even at 0%, it would still be a bad deal.
The only answer is rescind. Instructions are in the packet and feel free to ask questions on the rescinding process if you are not sure.
After you are done, come back and learn the systems and make an informed decision on purchasing.
Don't worry, this "deal" you got will still be available.

 

[GT75]

Like I stated earlier, I moved your thread to HVC/DRI forum which is more appropriate for your question (since that is what you have purchased). It is my understanding that HVC (formerly Diamond) trust points in the HI collection can be purchased on the resale market for $0. (now, I am a HGVC member so hopefully someone on HVC side will correct this post if I am mistaken what I have learned from them). Not that won't come with the bonus add-on or Max benefits (which IMO, doesn't make it worth retail price of $36K). HVC trust points MFs are also very expensive compared to a deed properties. IMO, as others have suggest, I would rescind immediately. This will give you time to research what is best for you and your family. Maybe TS is or isn't, and then which TS system. Many question to emulate and answer. If you still think that this purchase is right later on, you can always call the salesperson back up and purchase the deal that was offered. That is my opinion.

 

[GT75]

I have the trust points. Not deeded.

On HGVC side, most of my ownerships are deeded. Deeded means that you actually own a particular property in a particular unit at a particular season. IMO, this has lower MFs if you buy platinum (high) season units. In at trust system, you are just purchasing points in the system. The MFs are averaged across all seasons (that is my understanding, maybe some of the other TUG members have better understanding). So MFs tend to be higher in a trust system than deeded (assuming that you don't pick mud season deeds).

Now, I do also own in a basically trust system at Fiesta Americana (Los Cabo, Mx.). I only own there because we love that particular property.

Now, HVC/DRI does have some deed properties/units also but only on the resale market. I would only suggest purchasing a deeded HVC property, after much research. I say that because I am actually thinking about purchasing a deeded HVC property for a particular reason (my HVC Tug friends have helped me with the use case).

HVC doesn't treat resale customers very well (unless you know specifically the reason which you are purchasing {that is my opinion}). HGVC on the other hand does treat their resale customers very well giving you many of the same benefits as retail customers.

So, again, I suggest that you rescind so that you will have time to research what is best for you and your family.

 

[jp10558]

Rescind. Then ask what you wanted to get out of the timeshare. Was it Hawaii? Lots of different places? What places? See the New to Timesharing forum and what should I buy questionnaire. With that info people on TUG can help guide you towards the right resale or two for you which will be a LOT LESS than $36,000 - and that much money will get you probably ~ 30 years of "extra MF" payments too over what a single one might be. I.e. for that same $36,000 I would bet TUG can get you 2 or 3 weeks a year in timeshare systems including purchase resale and the extra MFs that would be over the single week you likely purchased for around 30 years.

 

[philemer]

Since we haven't heard back from the OP we don't know whether or not he rescinded.

 

[TUGBrian]

shows they visited the forums yesterday, so maybe they will post an update!

 

[rickandcindy23]

You can lead a horse to water...