HGVC - buyers remorse - help appreciated

[tigs2000]

Hello there. We just returned from Orlando and purchased a timeshare with HGVC while we were there. I am starting to have buyers remorse and wanted to see if I could get some feedback. Here is what we purchased - 5000 points at Tuscany for every other year beginning in 2010. Our purchase price was $12,990 - closing cost was $595. We financed it at 13.69%. Our maintenance fees are about $600 due every other year. We also received 6000 bonus points. We would be interested in purchasing more points at a later date. We would use this for Orlando and Hawaii. I am concerned that we paid too much and that we will have a hard time actually getting reservations for when we need them. We have 7 days left to cancel the contract so any advice/input/feedback in the meantime would be greatly appreciated.

Thanks!

 

[allenh91801]

Rescind, rescind, rescind and then do research. There is a lot of good information here. You can get 5000 pts annually for about 6000.

 

[timeos2]

Retail is a waste of money - and not small dollars either

Hello there. We just returned from Orlando and purchased a timeshare with HGVC while we were there. I am starting to have buyers remorse and wanted to see if I could get some feedback. Here is what we purchased - 5000 points at Tuscany for every other year beginning in 2010. Our purchase price was $12,990 - closing cost was $595. We financed it at 13.69%. Our maintenance fees are about $600 due every other year. We also received 6000 bonus points. We would be interested in purchasing more points at a later date. We would use this for Orlando and Hawaii. I am concerned that we paid too much and that we will have a hard time actually getting reservations for when we need them. We have 7 days left to cancel the contract so any advice/input/feedback in the meantime would be greatly appreciated.

Thanks!

You paid far too much for way too little. That will always be the case if you pay retail price vs resale of the same product. Rescind while you can and study as mentioned above. Timesharing is a great way to vacation inexpensively at upscale resorts and in large units - but NOT at retail prices. The real cost are those annual fees and those are the same for retail as resale - the extra you pay for retail purchase buys you nothing and costs dearly. Rescind - you only have one small window to do so. If you don't you will be kicking yourself for years to come.

 

[yumdrey]

I purchased my 5000 points annual with a free 2008 points (5000) for less than half of what you paid. Buying from developer is too expensive. These days, you can find very good deals from e-bay, brokers or other internet resale sites. You can save thousands. Rescind before it's too late.

 

[AwayWeGo]

Rescinda-Sinda-Sinda.

We have 7 days left to cancel the contract so any advice/input/feedback in the meantime would be greatly appreciated.

Time's a-wasting. Get out of it while you can.

Then after you're out from under, buy the same thing or equivalent -- or something even better -- for lots less.

Buy timeshares resale -- save $10,000 (or more).

It's a no-brainer once you catch on that "new" & "used" are meaningless when it comes to timeshares. That is, by the time you show up & check in, the timeshare unit is used-used-used no matter how much or how little you pay. So therefore, it's senseless to pay big bux to the timeshare complany when you can get the same thing -- or the equivalent, or something better -- for way, way less.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[Karen G]

Rescind while you still can. You can always get that deal later, but you have just this one opportunity to rescind. DO IT!

Then spend some time on TUG and explore all your other options.

 

[PigsDad]

I think you have gotten enough "rescind now" comments, so I won't add another one.

However, I will add a couple of other points:

First, there is a fairly active HGVC forum here on this board. Hang around there for a while and you will learn tons about HGVC.

Second, HGVC is a great system and works for many people. But one of the best things about HGVC is that it's about the best system to buy resale, since resale buyers have all the club privileges as retail buyers, with the minor exception of being able to attain "elite" status. With most timeshare mini-systems (Starwood, Marriott, etc.), resale buyers do not get full benefits of the system.

Kurt

 

[Defcon1]

Rescind

I just posted the federal TILA and Reg Z rules about rescinding. These are the legal minimums from the Federal level. Some states may have additional time beyond the federal mins.

Sounds like you have more time the minimum allowed by law but take a look if you need to. It's under Newbies.

 

[tigs2000]

Cancellation note

You have all been so helpful! We would love to own with HGVC but just feel like we did not get a good deal. Also it is interesting to note that when we went through the entire contract the page about cancellation rights was not included. He brought it out later and said "oops, we missed one". He asked us to sign and he didn't explain it. I hope this was just an honest mistake and not an attempt to hide it from us.


My contract says to send a letter via certified mail. We are sending it today but I want to make sure it has the correct information within it. Can I simply say that we wish to cancel the contract we signed on the specfic date? Is there other information that needs to be included?

Thanks!

 

[theo]

No explanation required...

Can I simply say that we wish to cancel the contract we signed on the specfic date? Is there other information that needs to be included?

You need only state that you are exercising your legal right of rescission and are hereby cancelling the contract. Period. You need state or provide nothing further, except that (if applicable) you must also return (at your own expense) any manuals, guides, or other "owner" materials which may have been provided to you.

The cancellation instructions specify utilizing U.S. Mail.
DON'T ad lib and use UPS, FedEX, DHL, or carrier pigeon instead.

 

[Laurie]

My contract says to send a letter via certified mail. We are sending it today but I want to make sure it has the correct information within it. Can I simply say that we wish to cancel the contract we signed on the specfic date? Is there other information that needs to be included?

Just make sure to get the return receipt on your certified mail, so you'll have proof they did receive it.

And, your letter might say you are expecting a full refund asap, of whatever amount you put down.

We rescinded a developer purchase back in 1997, thank heavens, and have been happy resale-timeshare owners ever since. We sent our letter, and followed up with a few phone calls after that. That's not required, and of course they tried to talk us into some modified type of purchase (in vain), but we wanted to make sure that the main office was on the case, and not delaying the refund process. Then we spend some extra time finding a low-cost resale-purchase, and tried it out for a couple of years before picking up a few more.

 

[Mel]

My contract says to send a letter via certified mail. We are sending it today but I want to make sure it has the correct information within it. Can I simply say that we wish to cancel the contract we signed on the specfic date? Is there other information that needs to be included?

Include any information that will make it easy to identify your contract - the more detail, the better, it leaves less wiggle room for them to claim they misunderstood, though Hilton is a class act, and you should have no problem with them.

Look over your contract, and see what identifying information it has - probably a contract number or other reference number.

 

[AwayWeGo]

Us Too, Since 2002. (Except For The Rescission Part.)

We rescinded a developer purchase back in 1997, thank heavens, and have been happy resale-timeshare owners ever since.

We simply flat-out could not enjoy timeshare vacationing if we paid full freight for a timeshare -- any timeshare, anywhere.

It's not a matter of being able to "afford it" -- it has more to do with what we feel is a fitting use of our money.

Shux, in a manner of speaking we were bottom-feeding bargain hunters years & years before timeshares ever got added to the mix.

Add to that a certain perverse enjoyment we derive out of Getting Over On The System via doing it our way rather than doing it the timeshare companies' way, & there we are.

Plus, except for 1 time I know of when a TUG-BBS moderator happened to be the very 1st occupant in a brand-new timeshare resort unit where nobody previously every stayed, the truth is that all timeshares are used-used-used by the time I get there & check in to mine. (As it happened, that truly new timeshare occupancy was via random RCI exchange, not ownership. Who'd a-thunk?)

That's just how it is & to my mind that totally undermines & cancels out any reason any timeshare company could ever come up with for paying major money for a "new" timeshare that's no such thing.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[lasvegasnewlist]

Rescind

You need only state that you are exercising your legal right of rescission and are hereby cancelling the contract. Period. You need state or provide nothing further, except that (if applicable) you must also return (at your own expense) any manuals, guides, or other "owner" materials which may have been provided to you.

The cancellation instructions specify utilizing U.S. Mail.
DON'T ad lib and use UPS, FedEX, DHL, or carrier pigeon instead.

I would always CALL the sales manager at the location, tell them you changed your mind about the purchase, and that you are cancelling the contract as of this moment. I write down the name of the manager, date and time, and get their exact instructions on what needs to be done to get your money back. I would NOT guess on what I have to do, and I would follow their specific instructions. This is a real estate trasaction and their have to follow the law.

 

[DeniseM]

I would always CALL the sales manager at the location, tell them you changed your mind about the purchase, and that you are cancelling the contract as of this moment. I write down the name of the manager, date and time, and get their exact instructions on what needs to be done to get your money back. I would NOT guess on what I have to do, and I would follow their specific instructions. This is a real estate trasaction and their have to follow the law.

There is no harm in this - but it's not legally binding and it may open Pandora's box. Plus, do you really expect them to help you out?

 

[theo]

I disagree completely...

I would always CALL the sales manager at the location, tell them you changed your mind about the purchase, and that you are cancelling the contract as of this moment.

I would never make (or ever encourage) any such phone call, personally. First and foremost, doing so is absolutely meaningless from a legal standpoint --- it means nothing. Secondly, a phone call only opens the door to potential "misunderstanding" of "who said what" and also presents the seller with an opportunity for "further discussion". While Hilton is a respectable operation, in any rescission action I still think it very unwise to do anything except follow to the letter the written cancellation instructions provided at the time of the sale and slam the door shut --- only in writing, once having decided to rescind. The word "telephone" certainly will not appear anywhere in those cancellation instructions.

Regarding certified mail, the important item is the date-stamped receipt, proving that the written cancellation was mailed within the rescission period identified under applicable state law. The green "return receipt" card is nice, but not legally necessary; a court will presume that successful delivery was made by USPS. Some outfits actually instruct office staff not to sign for ANY certified mail without a manager present. An ofiice could also be temporarily closed (lunch, state holiday, etc) when delivery is first attempted. Only the actual mailing date will ultimately matter.

 

[James1975NY]

There is no harm in this - but it's not legally binding and it may open Pandora's box. Plus, do you really expect them to help you out?

There should be information in your materials that explains where you can write to to cancel (or fax).

Also, remember, it is not 10-business days for Florida, it is ten calendar days.

 

[Bill4728]

Although this How to rescind a Starwood TS thread is about rescinding a starwood TS almost all the info in the thread can be generalized for most people wanting to rescind.

PS thanks to Denise M for her great work on the how to rescind thread!!