HGV victim (!) needs opinion :(

[captain74]

Yes, I exactly feel like a victim of my ignorance. I had no idea about timeshares. Had never heard of them. I used a 3 day cheap hotel offer at a Hilton, attended a presentation, awed by the seller's logic, and signed a contract... I didn't even know what I was buying was a timeshare. It sounded very logical for me then with all those calculations and having a unit for your lifetime, even after your lifetime..

Anyways.. I bought this unit in Myrtle Beach. The resort is Ocean 22. The unit is 2 BP, ocean view.

I can't believe that I owe Hilton 28K where I could've bought it for a lot less.. Of course I didn't know that.. It really deeply hurts. I am not a rich man. I thought this was a good investment (!), and that we would save money. This is the biggest flop of my life. And I need some help to ease the pain.

I just heard from someone about Redweek a few days ago. It sounds not bad that I can rent the unit and get some of my money back. Does HGV allow renting it out? And if so, how is that even going to happen? When the renters go to the property, would they be allowed to enter? Should I be there?

And in general, I kindly ask the timeshare experts here to give me some brain. How can I lower my loss? Would they ever buy back the unit? Can I just give them back? What should I do? I am so sad, I can't find words for it.

 

[jabberwocky]

When did you purchase and at what location did you buy at? You can rescind the purchase of it was very recent.

 

[captain74]

When did you purchase and at what location did you buy at? You can rescind the purchase of it was very recent.

It is not really recent. I bought it in April 2019. I didn't know how dumb I am until recently.

 

[dayooper]

It is not really recent. I bought it in April 2019. I didn't know how dumb I am until recently.

You aren’t dumb. Many here first got into timeshares through the developer. The salesman are very well trained to make it seem like the deal of a lifetime.

Ocean 22 is a fantastic resort (we are going back there for a second year this summer). What season do you own? If you bought for $28k, it’s probably not platinum. Renting might be difficult, but it’s worth a shot.

The best advice is to use what you have. HGVC, excluding the weasley salesman, is a very user friendly system. Enjoy the vacations and make do with what you have.

 

[Talent312]

You can rent out a booking that you make as a home-week reservation...
A week starting on your resort's weekly check-in day, in your season, in the same size unit.
It must use your points for that year, not saved, borrowed or bonus points.
You'll need a Guest Certificate. You are not supposed to rent out club reservations.
Don't expect to recover much more than your annual MF's.

There are many ways to market your TS, including the marketplace here on TUG.
See the Buting, Selling, Renting forum for additional help.

Do not beat yourself up about buying retail. Many here have done that.
Many have gone on to enjoy their TS's. A very few abandon them to foreclosure.
.

 

[Makai Guy]

All of the reasons you thought this was a good deal for you STILL APPLY. It's just that now you know it would have been an even BETTER deal to purchase through resale. I'd guess at least 50% of the folks you see here bought their first timeshare from the developer, just like you.

 

[alwysonvac]

All of the reasons you thought this was a good deal for you STILL APPLY. It's just that now you know it would have been an even BETTER deal to purchase through resale. I'd guess at least 50% of the folks you see here bought their first timeshare from the developer, just like you.

Not when the sales folks stretch the truth regarding the reasons to buy.

 

[Sandy VDH]

Your best option is to make Lemonade from those Lemons. Learn what you purchased, use it to the fullest degree you can.

Remember there would be NO resales unless they were purchased from the developer first. Now you know if you decided you need more points to do what you want to do, and go where you want to go, you will add those points resale.

Once you start traveling in a timeshare, you will hate staying in a hotel room.

 

[CalGalTraveler]

The good news is that you bought into a great system and the properties are gorgeous. Your future costs will only be MF. The more you use it the more the initial cost will be spread over time getting you ROI and payback for the initial cost.

The bad news is that if you try to get out now you will lose all the benefit of the property and your initial investment:

• If you haven't used it and your mortgage is paid off you could approach HGV about deeding it back. www.responsibleexit.com They won't refund your initial investment. Do you have a mortgage on it?
• Alternatively you could try to sell or give it away on TUG or Redweek. Most HGVC have some value but a fraction (edited) of what you paid. You will lose your purchase money but you will not have future maintenance fee obligation. However, if you have a mortgage you cannot sell or give it away.
• Last resort is to walk but they will pester you with debt collectors and your credit will take a hit. South Carolina is a non-judicial, anti-deficiency state so if you ignore their requests do not respond and do not object to the foreclosure all they can do is take back the timeshare (be careful not getting yourself trapped into objecting - they can go after your other assets.) Check out the timeshare law stickies in the buying forum under your state below. Spend an hour or so with a South Carolina real estate lawyer before pursuing this option because TUG does not give legal advice.

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

Please report back what you decide to do, and what happened.

Good luck.

 

[TDub1313]

The sting will go away in time. What helps lessen the sting is learning to use the system and getting as much out of it as you can. The reasons that you bought haven’t changed. Only the price point has changed. Get as much value as you can out of the system. You have found the best possible place to do that, right here at TUG. Take some time to learn and enjoy the system and all of the places it has to offer!

 

[andre10056]

I have become so angry about this industry that I just posted a new thread:

What if you just don't pay the developer: legal implications

As most of us know, buying from a developer will invariably lead to untold anxiety and sadness once you realize the enormity of your mistake. That is borne out by a recent TUG post (as one example of perhaps hundreds of thousands over the years)...

tugbbs.com

 

[alwysonvac]

Your best option is to make Lemonade from those Lemons. Learn what you purchased, use it to the fullest degree you can.

I agree. Stop kicking yourself and learn as much as you can. Take advantage of your timeshare ownership. The TUG forums can help you with that.

IMHO.. the primary reason to own is for stays at the HGVC locations. Make a HGVC resort bucket list and use TUG to research and ask questions. Some places will be harder to book than others.

Once your ownership no longer fits your travel needs then sell and move on.

The good news is that you bought into a great system and the properties are gorgeous. Your future costs will only be MF. The more you use it the more the initial cost will be spread over time getting you ROI and payback for the initial cost.

Don’t forget the Annual Club Fee and Transaction Fees (link).
And all Fees will continue to increase over time.

Most HGVC have some value but about 0 to 10% of what you paid.

This is misleading.
Yes some can be that low but the percentage varies based on what was purchased. We don’t want folks to completely miss out on possibly recouping some of what they spent even though it might be a fraction of their original purchase price

 

[CalGalTraveler]

Yes some can be that low but the percentage varies based on what was purchased. We don’t want folks to completely out on possibly recouping some of what they spent even though it might be a fraction of their original purchase price

Good point. I will edit the post to a fraction. Some of the newer properties don't depreciate that fast.

 

[DrQ]

Yes, I exactly feel like a victim of my ignorance. I had no idea about timeshares. Had never heard of them. I used a 3 day cheap hotel offer at a Hilton, attended a presentation, awed by the seller's logic, and signed a contract... I didn't even know what I was buying was a timeshare. It sounded very logical for me then with all those calculations and having a unit for your lifetime, even after your lifetime..

Don't feel bad, that is their plan. They take people who have stayed in a motel room and show them a luxury suite and they are in for the kill. Many of us have been there.

Now concentrate on sharing quality time with your loved ones and mark it down as a lesson learned. Use you new purchase to the maximum benefit.

 

[alwysonvac]

Good point. I will edit the post to 0 - 50%. Some of the newer properties don't depreciate that fast.

JHMO.. I won’t state any percentages.

 

[CalGalTraveler]

@alwysonvac Ok done.

 

[LynnHilton]

I feel like a victim of my ignorance. I had no idea about timeshares. Had never heard of them. I used a 3 day cheap hotel offer at a Hilton, attended a presentation, awed by the seller's logic, and signed a contract... I didn't even know what I was buying was a timeshare. It sounded very logical for me then with all those calculations and having a unit for your lifetime, even after your lifetime..

I can't believe that I owe Hilton 28K where I could've bought it for a lot less.. Of course I didn't know that.. It really deeply hurts. I am not a rich man. I thought this was a good investment (!), and that we would save money. This is the biggest flop of my life. And I need some help to ease the pain.

And in general, I kindly ask the timeshare experts here to give me some brain. How can I lower my loss? Would they ever buy back the unit? Can I just give them back? What should I do? I am so sad, I can't find words for it.

Yes, this also happened to me, and I initially felt as bad as you do, or worse. Heartsick. Nauseous. Stupid. Naive. Hurting, sad and in pain. Berating and criticizing myself. Felt like a failure and a fool. Felt victimized, bedazzled and hypnotized by a slick sales presentation, but not in time to save myself before it all happened, only realizing after it was too late. The feelings are brutal.

Later, skip down to the bottom of this reply to see the text of my first post here on the TUG BBS online discussion forum, because I wrote that AFTER I recovered from all of the awful feelings above. There is hope for you and me, and others like us.

In the meantime, the story of how I recovered (and I'm still recovering) ...

I was so embarassed that I only told two people about buying a timeshare, the only two people whom I felt could possibly save me from losing my sanity over my HGVC purchase: my financial adviser, and my talk therapist.

When I informed my financial adviser about my mistake and how to minimize the damage, he gave me the best advice: DO NOT DESCRIBE WHAT YOU DID AS A MISTAKE. He went on to encourage me to acknowledge that it was an impulsive choice, but not a cause of financial ruin ... everyone makes impulsive choices big or small sometimes in their life. In my case, like you, I didn't even know what I'd signed up for. I thought I was signing up to pay $150 per month over the next ten years, well within my budget. Turns out I had signed up for a ten-year mortgage at 12.25% !!! So my adviser wisely encouraged me to use some of my cash savings to pre-pay the entire mortgage, thus saving a ton of interest payments. Did you sign up for a mortgage, or did you pay $28,000 upfront? If mortgage, then perhaps pre-pay as much as you can.

Before HGVC, I was naturally prone to regrets and rumination about many aspects of my life, that's why I was already seeing a talk therapist. So, her advice re: my HGVC debacle was the same as any perceived regret: learn how to live in the present moment and take steps toward a happy future. The same concept as "make lemonade out of lemons". Therapists don't rely on trite cliches like that, but they do suggest the very sound concept that the cliche is based on: preserve your emotional health by trying to make the best of whatever cards you've been dealt, including situations that you caused yourself.

Therefore, I was able to "come around" to the same excellent advice that TUG members here have already told you in their answers to you ... along with my financial adviser and my therapist, the TUG folks told me the same thing, which I summarized in my first post here (text below).

Wishing you the soothing comfort you need and want. By the way, it's emotionally healthy to grieve about all those sad, bad and mad feelings. Don't squash them, feel them. Then, move along to making the best of a bad situation. I hope that you and I can both get to a point where we no longer view it as a bad situation, a point where we can enjoy our HGVC vacations without negative thoughts.

Here is the text of my first post here in this discussion forum:

I've been reading and studying a lot of information here on the TUG Member website and the TUG Online Discussion Forums website.
But I also just wanted to say "hello", and to feel like part of the TUG group.
I purchased directly from developer in 2019. (Later regretted, and described myself as "bedazzled and hypnotized" by the sales presentation, but I accept full responsibility for my choice)
However, I'm now attempting to live by and accomplish the following wonderful quotes from the TUG "Timesharing 101" Article:
“If it’s too late to rescind, accept that it’s too late and enjoy your week without regrets. Most TUGgers purchased their first Timeshares from developers, at prices far exceeding resale value, so we know what it’s like.”
“focus towards getting the most out of your timeshare so that you will receive the maximum possible benefits”
“Remember the point of timesharing is for you, your family, and your friends to enjoy better, more satisfying vacations; don’t let yourself get so frustrated trying to work with timesharing that you lose that goal.”
“obtain more value and enjoyment from timeshare ownership”
I'm looking forward to having Internet friends here who understand timeshares in general, as well as possibly having some specifics in common with me.

 

[captain74]

Ocean 22 is a fantastic resort (we are going back there for a second year this summer). What season do you own? If you bought for $28k, it’s probably not platinum. Renting might be difficult, but it’s worth a shot.

I didn't even know what season it is. I just checked after you mentioned and it's 'Gold'. I guess it's not the best?..

 

[captain74]

You can rent out a booking that you make as a home-week reservation...
A week starting on your resort's weekly check-in day, in your season, in the same size unit.
It must use your points for that year, not saved, borrowed or bonus points.
You'll need a Guest Certificate. You are not supposed to rent out club reservations.
Don't expect to recover much more than your annual MF's.

Thanks for the advice. I guess I need to learn my 'home week', I don't know what exactly it means, but I will check.

 

[dayooper]

I didn't even know what season it is. I just checked after you mentioned and it's 'Gold'. I guess it's not the best?..

It’s not bad. Platinum is the best because the MF per Point ratio is the best. In HGVC, each size room has the same MF, no matter the season. My 2 bedroom platinum at The Flamingo has maintenance fees at $1087. My platinum season deed gives me 7000 points. The gold season 2 bedroom gives 500 while the silver season 2 bedroom gives 3500. They all have the same $1087 MF. I get more bang for my buck. HGVC also prohibits you from renting anything other than your home week (the exact season and room size/designation) at your resort. So you can book any week during the gold season at Ocean 22. The platinum weeks are the most popular so they will rent for more.

My best advice to you is to use the points. Take your vacation. Learn the ins and outs of the system. Tug here is a great place to start. The regulars here have taught me so much just by reading their responses. Ask questions if you have them. Ocean 22 is an awesome resort. My family loved it, but we will explore more resorts. Elara, Tuscany, Ocean Oak and a MarBrisa are on our hit list. So are the Hawaii resorts. If they ever build that resort in Pigeon Forge Tennessee, that might make our list too. Lots of places to visit! My family LOVES the living space of the HGVC rooms. The full kitchen and separate bedrooms really make vacationing easier. Stick around and learn to use what you have.

 

[JIMinNC]

Thanks for the advice. I guess I need to learn my 'home week', I don't know what exactly it means, but I will check.

Your "home" week is any week you can book at your home resort - Ocean 22 - in your Gold season

 

[tombanjo]

Platinum: Weeks 21–35
Expand to see 2020 Home Week Saturday check-in dates

UNIT SIZE	MON-THU POINTS PER NIGHT	FRI-SUN POINTS PER NIGHT	7-NIGHT POINTS PER WEEK
1 Bedroom	480	960	4,800
1 Bedroom Plus	620	1,240	6,200
2 Bedroom	700	1,400	7,000
2 Bedroom Plus	840	1,680	8,400
3 Bedroom Plus	960	1,920	9,600

Gold: Weeks 8–20, 36–47, 51–52
Expand to see 2020 Home Week Saturday check-in dates

UNIT SIZE	MON-THU POINTS PER NIGHT	FRI-SUN POINTS PER NIGHT	7-NIGHT POINTS PER WEEK
1 Bedroom	340	680	3,400
1 Bedroom Plus	420	840	4,200
2 Bedroom	500	1,000	5,000
2 Bedroom Plus	580	1,160	5,800
3 Bedroom Plus	700	1,400	7,000

 

[tombanjo]

So it looks like you have 5800 points, but you can use them other places during "club season". Home Week is your resort and your season. You can book that a year out. But if you wanted a 1 bedroom for thanksgiving week you could book - probably during "club season" and have 1000 pts left over

 

[captain74]

So it looks like you have 5800 points, but you can use them other places during "club season". Home Week is your resort and your season. You can book that a year out. But if you wanted a 1 bedroom for thanksgiving week you could book - probably during "club season" and have 1000 pts left over

Yes, I am getting 5800 points a year. Thank you for the explanation. It is very informative.

By the way, I just remembered why I signed up for this in the first place. I was told, by probably the sales manager, that this deal has a value of 50K, and I am getting it for around half the price, the the value would increase. And since the brand was Hilton, I believed and didn't want to miss the opportunity. I can't believe it.

I am grateful for each individual response. My pain is a bit eased. I will keep learning more and try to get the most out of it.

 

[captain74]

Yes, this also happened to me, and I initially felt as bad as you do, or worse. Heartsick. Nauseous. Stupid. Naive. Hurting, sad and in pain. Berating and criticizing myself. Felt like a failure and a fool. Felt victimized, bedazzled and hypnotized by a slick sales presentation, but not in time to save myself before it all happened, only realizing after it was too late. The feelings are brutal.

Later, skip down to the bottom of this reply to see the text of my first post here on the TUG BBS online discussion forum, because I wrote that AFTER I recovered from all of the awful feelings above. There is hope for you and me, and others like us.

In the meantime, the story of how I recovered (and I'm still recovering) ...

I was so embarassed that I only told two people about buying a timeshare, the only two people whom I felt could possibly save me from losing my sanity over my HGVC purchase: my financial adviser, and my talk therapist.

When I informed my financial adviser about my mistake and how to minimize the damage, he gave me the best advice: DO NOT DESCRIBE WHAT YOU DID AS A MISTAKE. He went on to encourage me to acknowledge that it was an impulsive choice, but not a cause of financial ruin ... everyone makes impulsive choices big or small sometimes in their life. In my case, like you, I didn't even know what I'd signed up for. I thought I was signing up to pay $150 per month over the next ten years, well within my budget. Turns out I had signed up for a ten-year mortgage at 12.25% !!! So my adviser wisely encouraged me to use some of my cash savings to pre-pay the entire mortgage, thus saving a ton of interest payments. Did you sign up for a mortgage, or did you pay $28,000 upfront? If mortgage, then perhaps pre-pay as much as you can.

Before HGVC, I was naturally prone to regrets and rumination about many aspects of my life, that's why I was already seeing a talk therapist. So, her advice re: my HGVC debacle was the same as any perceived regret: learn how to live in the present moment and take steps toward a happy future. The same concept as "make lemonade out of lemons". Therapists don't rely on trite cliches like that, but they do suggest the very sound concept that the cliche is based on: preserve your emotional health by trying to make the best of whatever cards you've been dealt, including situations that you caused yourself.

Therefore, I was able to "come around" to the same excellent advice that TUG members here have already told you in their answers to you ... along with my financial adviser and my therapist, the TUG folks told me the same thing, which I summarized in my first post here (text below).

Wishing you the soothing comfort you need and want. By the way, it's emotionally healthy to grieve about all those sad, bad and mad feelings. Don't squash them, feel them. Then, move along to making the best of a bad situation. I hope that you and I can both get to a point where we no longer view it as a bad situation, a point where we can enjoy our HGVC vacations without negative thoughts.

Here is the text of my first post here in this discussion forum:

I've been reading and studying a lot of information here on the TUG Member website and the TUG Online Discussion Forums website.
But I also just wanted to say "hello", and to feel like part of the TUG group.
I purchased directly from developer in 2019. (Later regretted, and described myself as "bedazzled and hypnotized" by the sales presentation, but I accept full responsibility for my choice)
However, I'm now attempting to live by and accomplish the following wonderful quotes from the TUG "Timesharing 101" Article:
“If it’s too late to rescind, accept that it’s too late and enjoy your week without regrets. Most TUGgers purchased their first Timeshares from developers, at prices far exceeding resale value, so we know what it’s like.”
“focus towards getting the most out of your timeshare so that you will receive the maximum possible benefits”
“Remember the point of timesharing is for you, your family, and your friends to enjoy better, more satisfying vacations; don’t let yourself get so frustrated trying to work with timesharing that you lose that goal.”
“obtain more value and enjoyment from timeshare ownership”
I'm looking forward to having Internet friends here who understand timeshares in general, as well as possibly having some specifics in common with me.

I sincerely thank you for this message. Although sad, sharing sadness is a bit relieving. What fooled me was the name Hilton. I wouldn't think they would do this to me or anyone else. Thanks so much for sharing.