HGVC Rescission and Credit Card Cancellation

[Strikerz1]

I was in Vegas about a month ago and stayed at Elara for a discounted price with the condition that I would have to go to a timeshare presentation for two hours. Needless to say, four hours later, my wife and I opened up an AMEX credit card each to put down payments on a timeshare we bought.
Fortunately, after doing research, we came to our senses and sent several rescission letters to HGVC corporate in Florida following the rescission instructions and returned materials.
However, we still haven’t cancelled our credit cards thinking we should wait until the timeshare is rescinded. We got the credit cards but haven’t activated or used them.
Is this the right strategy or should we cancel the credit cards now? I’ve heard timeshare companies can use your information and open credit cards in your name without your permission. Is this possible? Thanks!

 

[Nowaker]

Timeshare is a timeshare. Credit card is a credit card. Rescinding the former doesn't cancel the latter. If you signed an authorization to open a credit card, you cannot rescind it (cancel the service as if it never happened). You're still on the hook for its balance - and there probably is one if your money down was charged to that card. You must pay it, or expect interest, and even trashing your credit record if you don't pay the minimum amount due. Whenever HGVC refunds your money back to your credit card, you can ask the CC issuer for a credit balance refund.

 

[Talent312]

The charge will go thru, but eventually you'll see a credit for the DP.
HGVC will do the right thing -- corporate is actually stand-up about it.

But in the meantime, the CC issuer will expect you to pay per it's terms
... whether you cancel the card or not, it makes no difference.
.

 

[Strikerz1]

Thanks for the advice guys! Gonna check my credit card soon then and check if the credit has come through for the rescission. If not, I’ll pay and transfer the credit once it goes through.
HGVC will honor the rescission and won’t do anything shady like using my info to open up credit cards without my knowledge right? I should be back to square one once credit goes through, then start researching options for timeshares down the line

 

[brp]

Thanks for the advice guys! Gonna check my credit card soon then and check if the credit has come through for the rescission. If not, I’ll pay and transfer the credit once it goes through.
HGVC will honor the rescission and won’t do anything shady like using my info to open up credit cards without my knowledge right? I should be back to square one once credit goes through, then start researching options for timeshares down the line

HGVC will definitely not do this. It's not what they do. The rescission credit could take a few weeks, but it will come if you followed the defined procedure.

As you do research think about the resale market. And become a Member here at TUG for even more resources.

Cheers.

 

[Strikerz1]

Thanks everyone for your replies! I just checked my account and a refund was deposited so no issues! I’ll think about whether or not to cancel card after looking into more detail about annual fee and everything else since the timeshare presenter said the card would have no fees if you’re an owner. Since I’m no longer an owner I’ll need to see. There are also Hilton honor points so I’ll see if we can use those. Thanks again and I’ll start to research resale timeshares and join HGVC when I’m ready. Things have been busy lately

 

[Nowaker]

said the card would have no fees if you’re an owner

Hilton/Amex do not offer a card that waives its yearly fee for HGVC ownership. Like all salespeople, they lied.

There are also Hilton honor points so I’ll see if we can use those.

The points you were awarded for the now-refunded down payment will be taken away on the next statement.

 

[Grammarhero]

I was in Vegas about a month ago and stayed at Elara for a discounted price with the condition that I would have to go to a timeshare presentation for two hours. Needless to say, four hours later, my wife and I opened up an AMEX credit card each to put down payments on a timeshare we bought.
Fortunately, after doing research, we came to our senses and sent several rescission letters to HGVC corporate in Florida following the rescission instructions and returned materials.
However, we still haven’t cancelled our credit cards thinking we should wait until the timeshare is rescinded. We got the credit cards but haven’t activated or used them.
Is this the right strategy or should we cancel the credit cards now? I’ve heard timeshare companies can use your information and open credit cards in your name without your permission. Is this possible? Thanks!

@Strikerz1 We hope your rescission and deposit refund went well. Mind sharing how much you saved with rescission? As half of tuggers initially bought retail/developer TS, there is no shaming.

 

[Strikerz1]

Hey everything ending up going well, thanks a lot!
I had paid around $30K for 5800 points/yr and 10000 bonus points.

 

[Talent312]

Hey everything ending up going well, thanks a lot!
I had paid around $30K for 5800 points/yr and 10000 bonus points.

Congrats on saving a ton of $$. I'll bet that's a load off.
FYI, I bought 2 units resale - 8,500 pts/yr - for a total price of $4K.
.