HICV - Developer Purchase

[MikeTravels2022]

We finished up yesterday closing on a developer purchase at the Desert Club Resort.
The thought was to go in low to "test out the system", then buy up later.
To help with this, they threw in 75k in one time points to get us to the lowest platinum level and get those perks. So ... We ended up with:

75,000 point @$17.5k
Bonus of 75k to use in the first year
$788 / yr maintenance fees
Another 75,000 points would be roughly $7k next year.

Internet connection was horrible, and was not able to reference this site during the time there (I should have pre-planned with more research).

So...looks like a really bad deal.
Contract is 5 days to rescind and there is a form for it on our packet.

Overall, I found the sales team professional and not super high pressure. But a lot of unknowns to what our 75k points can really buy in the real world. And obviously much less expensive alternatives here through resale.

At this time we do not own any other times shares, but were HGVC owners many years ago and sold them off.

- Is there any value to keep this deal and build on top of it with resale points ? Or scrap it and build up from scratch with resale.
- If the best option is to rescind, do we drop it off on person, or just use the Certified mail process ?
- Is there any further negotiation that can be done, or is this deal so far off it is not worth it ?

Thanks everyone! You guys are amazing!

 

[TUGBrian]

grats on finding TUG in time to save 17 grand!

(pretty sure there is a 130k point contract at lake geneva on TUG for $1000 bucks....as an example on resale)

 

[MikeTravels2022]

grats on finding TUG in time to save 17 grand!

(pretty sure there is a 130k point contract at lake geneva on TUG for $1000 bucks....as an example on resale)

Thank you ! For any of the resale purchases at Lake Geneva, will they provide any status levels ? For example, the 400k sale. Would those just be 400k points usable with the base tier benefits ?

 

[amycurl]

Rescind now. Rescind following the *exact* instructions provided. Be sure to get a receipt. All you have to prove is that you sent it within the window--not that they received. Keep researching. There is no point in trying to "negotiate." I am not the HIVC expert, but others are, and I've never seen on these boards a reason to make a HIVC developer purchase.

 

[simpsontruckdriver]

Thank you ! For any of the resale purchases at Lake Geneva, will they provide any status levels ? For example, the 400k sale. Would those just be 400k points usable with the base tier benefits ?

Quick answer: no. Resale point contracts at a few of the resorts do not allow upgrading status. If you want a higher status, you need to buy from the resort (not worth it). But, it really does not matter, there's very little difference between resort and resale. Like others said, rescind ASAP and look into a resale. Or, go with another resort like HGV (aka Hilton), they have several gorgeous resorts in Las Vegas with "Boulevard" as the cheapest per-point maintenance fee.

TS

 

[TUGBrian]

only 3 hicv resorts even transfer points to the resale buyer...the rest do not! (lake geneva just happens to be one, so i used it as an example).

but yea, if you are comfortable spending 17k on a timeshare, a whole world of options are available to you in much nicer systems (for less money than even 17k!)

rescind, research, resale!

 

[MikeTravels2022]

Just left the post office. Sent out a handwritten note stating our desire to cancel as well as the form included in the contract packet that allows us to request cancellation within the 5 days.

Envelope was sent as certified mail with a physical return receipt requested (and pictures of the envelope, etc )

I assume that there is a time buffer built in, and it will be fine that it may not arrive by next Monday, even though it was sent well within the cancellation window (less than 48 hrs).

Going to be a little nervous until I get an acknowledgement and refund on my CC

Thank you everyone... And now on to finding a great deal and TS company from the resale side !

 

[T-Dot-Traveller]

..........I assume that there is a time buffer built in, and it will be fine that it may not arrive by next Monday, even though it was sent well within the cancellation window (less than 48 hrs).

Going to be a little nervous until I get an acknowledgement and refund on my CC

Hi @MikeTravels2022
What matters is that the "send date" be within the 5 days and that you have (receipt) proof.

The number of days in transit does not matter.
Your acknowledgement is the return receipt.

There is no requirement that HICV themselves email you anything.
There is A LEGAL requirement that the money be refunded.

 

[MikeTravels2022]

Quick update ... Just got the notification my card was credited back the full deposit today. Not a bad turn around by HIVC !

Appreciate everyone's help and support

Mike

 

[LeeAnnAL]

Quick update ... Just got the notification my card was credited back the full deposit today. Not a bad turn around by HIVC !

Appreciate everyone's help and support

Mike

Hi Mike,

Did you send to the Holiday Inn Club Vacations - S. John Young Pkwy Orlando, FL from the purchase agreement or the Orange Lake Country Club in Kissimmee, Florida from the disclosures?
I know I can send to both, but the Orange Lake has a 3 day restriction and the Orlando has 5 days. I'm at 4 days and my post office closed early today.

Thanks
LA

 

[tschwa2]

Hi Mike,

Did you send to the Holiday Inn Club Vacations - S. John Young Pkwy Orlando, FL from the purchase agreement or the Orange Lake Country Club in Kissimmee, Florida from the disclosures?
I know I can send to both, but the Orange Lake has a 3 day restriction and the Orlando has 5 days. I'm at 4 days and my post office closed early today.

Thanks
LA

I am not sure if I understand. Your rescission window is based on where you bought, which state you were in and not where you mail the rescission letter to. Your contract would have the date. If your purchase was at a property that is different from the state you were in, then the longer of the two may apply. How many days does your contract state? 5 days sounds like you bought in South Carolina.

 

[LeeAnnAL]

I am not sure if I understand. Your rescission window is based on where you bought, which state you were in and not where you mail the rescission letter to. Your contract would have the date. If your purchase was at a property that is different from the state you were in, then the longer of the two may apply. How many days does your contract state? 5 days sounds like you bought in South Carolina.

I signed in South Carolina, but the property is in Massachusetts. What I signed said I have 5 days to cancel by writing the Orlando, FL address, but in the public disclosures about the property I had to download it says 3 days to cancel by mailing to the Kissimmee, FL location.

I sent the request by certified mail today to the Orlando, FL location since that's what was on the purchase agreement.

 

[tschwa2]

When more than one state comes into play they tell you the rules of both but you get to abide by the more beneficial of the two. MA is 3 days. SC is 5 days. If you had bought MA while in MA you would have only had 3 days. If you had bought while in Florida, or a property located in Florida, you would have had 10 days.