Hilton Grand Vacations 2022 Program Changes

[WIHuck]

Does anyone know what is actually changing in the Hilton Grand Vacation timeshare program beginning next year? I have ben to two different "update presentations" this year, one at Anderson Ocean Club Myrtle Beach South Carolina, and another at the Elara in Las Vegas. Both gave me the impression that there was a major change coming in 2022. At Myrtle Beach they had to check closely that we did not participate in a phone update, and in Las Vegas they said that even though we attended the presentation at Myrtle Beach, technically that only applied to South Carolina, and the great offers presented to us would only be "valid" until the end of the year. The impression we were given is that now would be the last time we could trade up contracts and since the acquisition of Diamond, Hilton would not buy back contracts as payment towards new ones. This does not make sense to me because my wife and I have ben working our way up for the last 10 years by doing just that. I searched for a thread on this and was surprised to not find one! Such a major change would certainly be topic for discussion. Thanks!

 

[DaveNV]

It could also be, as is often the case, that they were lying through their teeth to try and scare you into impulse buying.

Dave

 

[geist1223]

No one and especially the Sales Staff know what changes are coming and when they will happen.

 

[brp]

No one and especially the Sales Staff know what changes are coming and when they will happen.

Sure they do. Just as they know that "this special offer is only good for today. Once you walk out that door..."

Cheers.

 

[SmithOp]

First, welcome to TUG @WIHuck.

Before I joined TUG I was on the same merry go round upgrading with HGV at retail prices. I soon learned about resale, and worked up to a single contract with enough points annually to satisfy my vacation needs. I also acquired accounts with Interval and RCI to take advantage of low cost cash vacations.

We have discussed the merger here, we glean information from the investor calls now that HGV is a public traded company. Here is the latest discussion:

2021 3rd Quarter HGVC Earnings Call

So, yesterday HGVC had their 3rd quarter earnings call and there was some information we can take. The company is doing very well, almost back to pre-pandemic sales and income (over in some regards). As owners, we want them to do well. More income means more locations! The majority of the...

tugbbs.com

Stick around, read a lot, and learn about buying resale.


Sent from my iPad using Tapatalk Pro

 

[Janann]

Does anyone know what is actually changing in the Hilton Grand Vacation timeshare program beginning next year? I have ben to two different "update presentations" this year, one at Anderson Ocean Club Myrtle Beach South Carolina, and another at the Elara in Las Vegas. Both gave me the impression that there was a major change coming in 2022.

The sales people are only trying to scare you into taking quick action to trade in your ownership. I've been to plenty of "updates" and I have yet to walk out of one of those meetings with any new information. I only go to the updates for the freebies.

 

[hurnik]

Perhaps they are thinking of the DRI merger/acquisition as the change coming in 2022?

 

[dayooper]

Perhaps they are thinking of the DRI merger/acquisition as the change coming in 2022?

They are thinking of taking the OP’s money.

 

[Nomad420]

The sales people are only trying to scare you into taking quick action to trade in your ownership. I've been to plenty of "updates" and I have yet to walk out of one of those meetings with any new information. I only go to the updates for the freebies.

I did a phone update recently and when they found out I owned at HCNY and basically was calling to find out how to get out of HGVC and what my options were regarding the closing of my property for almost two years they basically had nothing to say. They quickly realized they were not going to selling me anything and gave me my HH points and hung up. Oh, I should say that was after the rep briefly tried to sell me more property and said I could then convert my points in HH points. They idea was so laughable even the sales rep could barely keep the conversation on that going for more than a minute (if that).

 

[GT75]

basically was calling to find out how to get out of HGVC

I actually have used something similar to this during some of my last few "owners updates". The salesperson will usually ask something like "what changes would you like to make to your HGVC ownership". I will respond with "I would like to sell back to HGVC a particular one of my deeds". They will ask then "and buy what". I will say "nothing, I no longer need/want that deed". It is always interesting to see what the salesperson is going to do next.

 

[David M]

Perhaps they are thinking of the DRI merger/acquisition as the change coming in 2022?

That's the impression I got as well, at our October update. We're excited that Kauaʻi will be available when that's done.

Poor guy (j/k) kept looking for ways to get our 13,500 points up to elite, even though part of that was resale. He insisted that HGV would give us a "one-time credit" for the original developer purchase of the intervals we got resale ... that option vanished very quickly when pressed.

I was laughing on the inside ... we have too many points as it is, so it was never going to happen; every option he came up (for those elusive 500 points) with was ~$50K, to which he said the 50,000 bonus points would pay for. Not sure what kind of math equates bonus points to dollars, but it's definitely not based in reality.

We weren't even offered real $ we could spend for attending the update ... just a maintenance fee credit. At least our 2022 club fees are paid.

 

[GT75]

~$50K, to which he said the 50,000 bonus points would pay for. Not sure what kind of math equates bonus points to dollars, but it's definitely not based in reality.

Sounds like your salesperson learned the same math as my recent salesperson.

 

[WIHuck]

It certainly sounds like a sales tactic to get us to purchase now, before the "deal" was no longer available. Allowing people to trade in previous purchases towards new larger purchases is a big benefit to Hilton Grand Vacations. The dollars spent is used as payment towards the new purchase. It is not points purchased towards a new total. So you are loosing in the point per dollar spent by applying the money you already spent towards the higher cost per point of today. The positive is not owning so many deeds and multiple maintenance fees along with moving up to the Elite level benefits.

 

[brp]

The dollars spent is used as payment towards the new purchase.

Well, it's somewhat better than that. If purchased resale, for example, they will credit the full "book" value toward the new purchase. Still not a good deal, but not quite as bad as only crediting dollars spent.

Cheers.

 

[WIHuck]

Well, it's somewhat better than that. If purchased resale, for example, they will credit the full "book" value toward the new purchase. Still not a good deal, but not quite as bad as only crediting dollars spent.

I am new here, so only speaking from my experience with trading in properties purchased through HGVC. Each time we went to a presentation the sales person had a printout of our account. I was able to grab a picture of the last one. Funny, looking closer at it now, on the very top is "TRADE VALUE"! Below is the contract number, date purchased, purchase price, down payment, previous trade vale, original loan amount, payment amount, principal paid, other charges included, current due date, paid through, interest rate, loan status & term, bill type, debt waiver premium, trade value, fee amount, days of interest, daily rate, per diem, payoff, trade value, estimated close, payoff date, equity reduction, amount due for maint fees, dues, loan payment and late fees.

In my case because the properties are paid in full the purchase price and trade values are the same.

Going back to my original post in this thread, it certainly does not look like they will stop trading up peoples properties in the future. It looks more and more to me like that is their goal.

 

[GT75]

Going back to my original post in this thread, it certainly does not look like they will stop trading up peoples properties in the future. It looks more and more to me like that is their goal.

I can tell you for a fact, that is their goal, hence why they are called a salesperson.