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HGVC Bought Back Our Timeshare

ricoba

ricoba

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As of yesterday, we no longer own a timeshare. I posted that we were timeshareless now on the lounge here. But on that thread I didn't talk about the details of how this occured (so hopefully this won't be considered a duplicate thread).

We contacted Hilton in December and asked about options to unload our unit. We were given two options, 1) they would resell it for us and take out a commission, 2) they would buy it back.

We chose option 2, because it was quick and easier. Since we still owed money (yes, as you know we bought from Hilton and financed it) they paid off the loan and we received a check yesterday. It took about 10 weeks to complete the process.

The payoff was just under $11,500 for 7000 points, 2 bedroom event week (New Years Vegas) at Karen Street.

Now maybe if I had elected to sell it on ebay, I might have made a bit more, but I don't think it would have been much more. There offer was fair (in my opinion) and it was a smooth and quick process.

So, if you are wondering if HGVC will buy back your units, simply call and get the number for the resale department (don't know it right now), and see what they can do for you.

This seems to confirm what others have posted here previously, Hilton is aggressively buying back and exercising ROFR, to apparently add to their sales inventory.

Thought some of you may be interested. :)
 
Whoa, Nelly! I'm impressed.
I suspect that they're dealing with a low ebb in inventory.
It must help to have a TS they want to have on their books.
 
It is likely cheaper to buy it back then to build a new tower to sell. If you were looking at it on an ROI. Buy something and then sell it again in short enough order, at 3 to 4 times the pirce.

It makes more sense in this economy perhaps, to do this. Makes a lot of sense to me. Not sure why more places are not doing this. Especially at the capital require to build a new TS.

Only when perhaps the economy picks up and 'New' sales exceeds HGVCs ability to purchase back resale units to sell "New" again.
 
I agree that it's cheaper for them to buy back then build new. I suspect we aren't the only people who have found out about this option from HGVC.
 
This is good to know. Thanks for posting the info.
 
So, how much Hilton paid for you week (total monies paid to you plus the monies paid towards your loan?)
 
Did Hilton set the price to pay you, or did you ask for a certain amount?
 
per OP...

"HGVC Bought Back Our Timeshare
.........

We contacted Hilton in December and asked about options to unload our unit. We were given two options, 1) they would resell it for us and take out a commission, 2) they would buy it back.

We chose option 2, because it was quick and easier. Since we still owed money (yes, as you know we bought from Hilton and financed it) they paid off the loan and we received a check yesterday. It took about 10 weeks to complete the process.

The payoff was just under $11,500 for 7000 points, 2 bedroom event week (New Years Vegas) at Karen Street.

Now maybe if I had elected to sell it on ebay, I might have made a bit more, but I don't think it would have been much more. There offer was fair (in my opinion) and it was a smooth and quick process...."

I think you got a great price. Congratulations.
 
linsj said:
Did Hilton set the price to pay you, or did you ask for a certain amount?
Click to expand...

Hilton offered us a price and we considered it a fair offer, so we took the offer.

What our note was and what the amount our payoff check was, is between Hilton & I. :)
 
Last edited:
Garnet said:
"HGVC Bought Back Our Timeshare
.........

We contacted Hilton in December and asked about options to unload our unit. We were given two options, 1) they would resell it for us and take out a commission, 2) they would buy it back.

We chose option 2, because it was quick and easier. Since we still owed money (yes, as you know we bought from Hilton and financed it) they paid off the loan and we received a check yesterday. It took about 10 weeks to complete the process.

The payoff was just under $11,500 for 7000 points, 2 bedroom event week (New Years Vegas) at Karen Street.

Now maybe if I had elected to sell it on ebay, I might have made a bit more, but I don't think it would have been much more. There offer was fair (in my opinion) and it was a smooth and quick process...."

I think you got a great price. Congratulations.
Click to expand...

I read this myself few times and it appears that if Hilton paid off the loan then why did OP received a check?
 
ricoba said:
Hilton offered us a price and we considered it a fair offer, so we took the offer.

What our note was and what the amount our payoff check was, is between Hilton & I. :)
Click to expand...

I think you got a good deal ("just under $11,500 for 7000 points"). It sounds like it was simple, hassle free and quick.

It also sounds like it was enough to cover your outstanding loan and allowed you to walk away with some cash which is always a good thing ;)

Congratulations :cheer:
 
sjuhawk_jd said:
I read this myself few times and it appears that if Hilton paid off the loan then why did OP received a check?
Click to expand...

They did pay off the loan and gave me a nice sized check. :)

My assumption is that they valued my week at about $11,500 and after paying off the loan, they issued a check to make up the balance, between the loan and the payoff amount.
 
alwysonvac said:
I think you got a good deal ("just under $11,500 for 7000 points"). It sounds like it was simple, hassle free and quick.

It also sounds like it was enough to cover your outstanding loan and allowed you to walk away with some cash which is always a good thing ;)

Congratulations :cheer:
Click to expand...

Yes, I believe your explanation is better than mine which I just posted above. . :)
 
ricoba said:
They did pay off the loan and gave me a nice sized check. :)

My assumption is that they valued my week at about $11,500 and after paying off the loan, they issued a check to make up the balance, between the loan and the payoff amount.
Click to expand...

Got it this time...
 
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