Hi there - brand new - please be kind... HGVC questions.

[letsgobobby]

@Demrex I couldn’t agree more with this statement. My family and I love our HGVC vacations. We have 3 kids and they all are so spoiled with the size, comfort and level of accommodations if the resorts. They now find hotel rooms just a bit small. The non-sales staff at each of resorts we have been to have been great and are very accommodating. We also use our kitchen a lot in the units, but places like Vegas we use the full size refrigerator for leftovers and beverages of all kinds.

yes our kids are very spoiled now. our last trip to nyc was our last trip staying in a hotel room. we all complained so much about the close quarters that we bought hgvc in nyc.

my kids will be in for a rude awakening when they head off to college and start paying for vacations with their own money...

 

[Curiosity]

Hello all.

TLDR: Key info in bold portions. Questions are bolded and italicized and in teal.

Before I say anything else; I'm a relatively sensitive person. I fully understand and respect that you have all probably seen/heard my story countless times from others. I have been lurking, reading threads here, investigating the marketplace and such and decided to finally join the forums as my entry point to things here. Anyway, I'll tell you what I have and I'd just like some honest opinions and feedback on next steps I should take.

Blame it on covid brain, blame it on the fact it was my birthday... blame it on me or whatever else... but In November of 2021 - my wife and I purchased:

A 2BR / 8,000 pts / Gold - HGVC @ Seaworld Orlando.

We have paid roughly half of principal on it ($14,086.88)
Our current payoff amount is $14,259.68
Maintenance is currently $1,402.80/yr

I fully understand that it is likely I will never get a dime back of what I've spent on it. That's fine, I've come to terms with that. However, I would like to offload this without having to pay that payoff balance. Is there an effective way of going about that in your estimation?

From all that I've read so far in the forum - It seems very difficult, if not impossible, to sell a timeshare that has a remaining loan balance. Further - with HGVC I believe they have right of first refusal... which is making this more challenging because I can't get them to respond to any of my inquiries.

Am I stuck with this until I payoff that remaining loan balance?
Does anyone know how to effectively get this "right of first refusal" process up and going with HGVC?

Thanks for reading.

- Demrex (Michael)

I also bought retail originally in a weak moment. Long story I got them to buy it back and refund all my money and interest a year later and got to keep all my bonus points. However I really liked the resorts and the pampering so I now have 3 weeks from resell. I just got my my sister 2 weeks for resell for $1. She bought at your spot. The nightly costs to stay there even in gold summer weeks is very expensive and you should book and then rent it out when you can't use it as it would easily cover your MF and help pay it off. In 2 years I have so far stayed at Maui twice, Elara, Trump, Italy, Kings Landing, Houkilani and Lagoon. I have loved them all.

 

[Demrex]

I also bought retail originally in a weak moment. Long story I got them to buy it back and refund all my money and interest a year later and got to keep all my bonus points. However I really liked the resorts and the pampering so I now have 3 weeks from resell. I just got my my sister 2 weeks for resell for $1. She bought at your spot. The nightly costs to stay there even in gold summer weeks is very expensive and you should book and then rent it out when you can't use it as it would easily cover your MF and help pay it off. In 2 years I have so far stayed at Maui twice, Elara, Trump, Italy, Kings Landing, Houkilani and Lagoon. I have loved them all.

I may send you a PM later if you're okay with that - to try and learn a bit more. I'd like to hear more of your long story and also learn a bit more about the best methods of booking/renting out for those summer months. Thanks for your reply!

 

[Demrex]

And everyone knows "What happens in Vegas, goes on the Internet."

@Demrex: Michael, these folks above are giving you solid information. (The jokers notwithstanding. ) HGVC is a very good system, if you have to be in one. Rather than try to get out of it, try to learn best how to use it. You've taken your licks, and done enough self-abuse rear-end kicking. Now dust yourself off, and figure out how to make the ownership work for you. You may find it is better than you think, if you can focus on what it brings into your life, rather than what it takes out of your wallet.

Good luck!
Dave

Really appreciate the sentiment of your post. Thank you.

 

[rjp123]

I may send you a PM later if you're okay with that - to try and learn a bit more. I'd like to hear more of your long story and also learn a bit more about the best methods of booking/renting out for those summer months. Thanks for your reply!

HGVC owners can rent out their home week only. This is the full week in the season (platinum, gold, silver) purchased at your home resort only. Owners are not allowed to rent bookings made using club points or open season. Owners are not permitted to operate commercial businesses or similar with their ownership.

Sent from my Pixel 7 using Tapatalk

 

[brial05]

@Dremex,

To start with, I, just like you paid full price for my first unit, I now own another from resale. The full price unit was a purchased 10 years ago, we are VERY HAPPY our units.
As everyone has said, you must pay for your loan there is no other way. Your unit is candidly worthless in the resale market.

Now given what I've said, here is my advice:

a.) Get out of an Orlando or specifically a Florida based unit - You are paying the highest tax rate across the entire portfolio. ( that is a State/County thing, not a Hilton thing )

I pay less maintenance than you do on two units (13,120 points), both my units are Vegas Blvd.

b.) Pay off your debt with a Hilton AMEX - even if it is just monthly payments - you would be foolish not to ... 14x HH points.

To note, the first unit I owned was in Florida, Parc Soleil.
How do you get out of Florida? Try real hard with Corporate or in Vegas to get a good offer on an upgrade to a Platinum one week.
You will be offered your full payment price plus interest for your Gold unit as equity .... the key is getting the unit for a decent Hilton price.

( in truth, there is no good Hilton price and in truth this move may cost you more than just buying more points, but this is exactly what I did and I see that it has paid off in the long run )

I think the above will work honestly because you owe too much in truth and therefore, for the salesperson will look like they are making a sale when for you hopefully you only take a small step backwards.
i.e. today you owe 14k, when you are done you owe 16k but now in an upgraded unit.

I'd wait till year end to try to pull this off and see if they want to be aggressive.
Again this is exactly what I did to gain ownership of my 1 week Platinum in Vegas.

Lastly, my advice assumes you are keeping this unit, the above will not help you if you truly want out, and sadly if you truly want out, there is no way out.

 

[jehb2]

And just to reiterate, no. Your kids DO NOT have to inherit your timeshare. I have seen timeshare exit companies scammers trying to convince people that they do.

 

[Brit_Abroad]

And just to reiterate, no. Your kids DO NOT have to inherit your timeshare. I have seen timeshare exit companies scammers trying to convince people that they do.

Question: if my kids refuse to inherit my timeshare, how does that impact the rest of my estate? I own outright so it’s just MF.

 

[CalGalTraveler]

They can refuse items that they don't want. Consider if I just willed a terrible timeshare to my worst enemy (or a pet or child to someone...) or to you. You would be under no obligation to accept it unless there was a clause in the will that said "all or nothing." I highly doubt any decent will would require this except for a trust to care for a child should be a package so it goes with the child. (I'm not a lawyer. YMMV.)

 

[quikitikit]

Michael - regardless of what you paid for your timeshare, make the best use of your timeshare by using it and trading it to other locations. Your investment is only for the right to use the timeshare regardless of location. So in addition to using At Sea World one year, consider trading the next year’s use to another location so you can explore different areas. Is your 2 bedroom a lock off so that you can use 1 bedroom one week and then use 1 bedroom another week resulting in 2 weeks of vacation in one year? You can learn a lot on the tug website in planning and enjoying so many vacations with your timeshare. Best of luck cuz there’s a lot to learn,

 

[scottc42]

Owning a week like this forces you to plan vacations

We bought retail, and even though we were unsure, this is the exact reason we used to convince ourselves to dive in. Of course I wish I had known about the resale market, but we don’t have any regrets.