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HICV Financed Downpayment want out

Foxinsox

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My husband & I purchased at Holiday Inn Gatlinburg on Jan 1st.

We purchased 166,000 points with 166,000 bonus points. When discussing my biggest draw was the ability to also trade to RCI and use those for Disney on site as I was told and shown on the RCI site.

They found a better "bargain" at the Orlando resort. From this page I've now found that I can never use my points to stay onsite Disney since our timeshare is at Orange Lake.

I was also told points would be available after 6 payments or full down payment within 7 days.

Now I'm being told 4-6 weeks after I called to pay my remaining downpayment.

If I have not paid my downpayment, then it has not went to closing yet. Is there anyway to cancel this contract?

The QA person said she would email corporate & me today regarding ownership transfer to another property. But now I'm wondering if it hasn't been filed since I haven't completed the down payment if I can just exit completely?

Thanks in advance!
 
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LannyPC

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How much have you paid so far and how much more do you owe? You have long passed the rescission period so that is now out of the question. The only way to "just exit completely" might be to just stop payments and hope for default and foreclosure.

Just do not go calling any of these law firms or other companies that claim they can get you out of your purchase or cancel it.
 

magmue

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I've now found that I can never use my points to stay onsite Disney since our timeshare is at Orange Lake.

I was also told points would be available after 6 payments or full down payment within 7 days.

Now I'm being told 4-6 weeks after I called to pay my remaining downpayment.
What does your written contract say about these issues? The TS company is not legally held to anything they told you verbally. You have to have it in writing.
 

Passepartout

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I think your purchase and rescission are based on the date you signed the contract. I hope I'm wrong, but unfortunately I think you are on the hook for what you bought. It's worth a try, but you should be prepared to play hard ball. They don't give up a sale easily.

Jim
 

Foxinsox

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In exhibit A it shows that all properties are eligible to transfer into RCI points except one property in Virginia.

There is no mention in any of the documents about this specific one not converting to Disney.

I have made 2 payments. $413 each payment. I just got my bonus at work $10k and was intending to pay the remaining $1250.

There is a terms of condition that says 7 days after the downpayment etc points should be deposited. On the phone they're now saying up to 14 days for these bonus points and 4-6 weeks for the remainder of points.

Of course I was told verbally that as soon as I paid this downpayment off in March that I could book a Disney vacation using RCI

Once I called today and asked about no documentation in the contract about this they emailed corporate.


Since entering into this I have received no other documents through the mail.

I mean I'd be fine keeping it if I can use my points where I want to as I was told. I was originally going to buy at the gatlinburg location until they magically found this great deal
 

Mosescan

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In exhibit A it shows that all properties are eligible to transfer into RCI points except one property in Virginia.

There is no mention in any of the documents about this specific one not converting to Disney.

I have made 2 payments. $413 each payment. I just got my bonus at work $10k and was intending to pay the remaining $1250.

There is a terms of condition that says 7 days after the downpayment etc points should be deposited. On the phone they're now saying up to 14 days for these bonus points and 4-6 weeks for the remainder of points.

Of course I was told verbally that as soon as I paid this downpayment off in March that I could book a Disney vacation using RCI

Once I called today and asked about no documentation in the contract about this they emailed corporate.


Since entering into this I have received no other documents through the mail.

I mean I'd be fine keeping it if I can use my points where I want to as I was told. I was originally going to buy at the gatlinburg location until they magically found this great deal
It’s Disney’s rule that TS within 30 miles of Orlando, or something like that, aren’t allowed to trade into Disney.
 

Bmatrose

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How much have you paid so far and how much more do you owe? You have long passed the rescission period so that is now out of the question. The only way to "just exit completely" might be to just stop payments and hope for default and foreclosure.

Just do not go calling any of these law firms or other companies that claim they can get you out of your purchase or cancel it.

If this is every year I bet they have about $30,000 to go. If every other year probably around $15,000
 

Foxinsox

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Just wanted to come back and update.

HICV acknowledged that their salesperson should have known the limitations.

They then told me they would switch me to another resort. I accepted that.

After 3 months of lies, not returned phone calls etc. I am finally getting it canceled with a full refund and apologies.

The board refused to sign off on the transfer so I was offered a refund which I accepted.
 

Passepartout

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I am finally getting it canceled with a full refund and apologies.

The board refused to sign off on the transfer so I was offered a refund which I accepted.
That's EXCELLENT NEWS! You just dodged a bullet and saved yourself a bundle of $$$! Congratulations.
 
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Now THAT is rare! Getting a cancellation after the 10 days, count yourself lucky. Now that you're all set, you can buy a Disney Vacation CLub resale for less than $20,000 which gets you the ability to stay at any resort. Trading with RCI is good, because there are thousands of RCI members who want your week. If you like HICV, you could look around and see if you can find a points package, usually South Beach or Lake Geneva (but can be used anywhere in their network) for less than $2000.
 

RX8

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Congrats! Getting a refund is way better than a transfer still leaving you on the hook with a large balance.

If you are still interested in timesharing consider resale only. it is often said here that timesharing only really makes sense if it is not financed. If one must obtain a loan they would be far better off renting because when combining the ever rising maintenance fees with a loan payment the annual vacation costs could easily be $2500-$4000...or more. With a trade to Disney you would be adding in an exchange fee plus a Disney fee (totaling in excess of $400) in addition to your maintenance fee and financed loan payment. It all adds up quickly but even more so when you have a mortgage payment and interest.
 
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Foxinsox

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Thanks!

Got my refund Saturday.

Got the cancellation documentation in the mail yesterday so I'm feeling pretty lucky.
 

TUGBrian

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you most certainly dodged a 45,000 dollar bullet! you could literally buy any timeshare anywhere in the world for that! (or a much nicer one and still have 40+ thousand leftover!
 
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