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Holiday Inn Vacation Club Points help.

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Hello All,

We sat down for an owners update at holiday Inn Vacation Club Orange Lake this weekend. We wanted to know if we could combine our 2 biennial timeshares one with 150,000 points and the other with 255,000 points into 1 timeshare. The answer was yes. While there we were somehow talked into upgrading to a 300,000 annual points in Scottsdale, AZ at the cost of $57,000 with annual maintanence fees of $1200/year. They agreed to take back and apply our $24,000 in previous equity (what we paid for the 2 biennial timeshares) which left us with oweing $34,000 for the additional points. I am now thinking $34,000 seems extremely high. I really wanted to combine the two and get some more points. I was happy when they said yes but now I am thinking keeping the 2 biennials is a better option. Any thoughts?
 

WinniWoman

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Innseason Pollard Brook
Rescind right now! Crazy money! I don't know about points and Holiday Inn and I am sure someone else on TUG can help you with that, but I do know you have been ripped off.

Read the fine print and follow the instructions exactly as in the contract. Don't waste any time. Do it!
 

tschwa2

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If you are in Florida you have 10 days. Do you currently have points with your 2 EOY weeks? If so I would just keep what you have.

If you do not you could see about buying a small points package which usually runs in the $8000-10,000 range and you would then own 3 timeshares and pay MF for all three but you would then have points for all three.

In terms of combining into one, the only option would be to purchase retail and use (what they are calling) equity from your current weeks. You might see about getting a 2 br lock off diamond season in Las Vegas for 226,000 points annual. It has very low MF;s. Another option would be a 210,000 annual summer 2 BR lock off in Myrtle beach. The points at MB can transfer upon resale and the unit will retain more value when you have to sell and the MF's aren't terrible. With either option you would probably still have to pay at least $20,000 but it still may be a better option. You would want to try to negotiate down as low as possible and be willing to walk if you don't like the deal.

I see you own South Beach so you already have points. In that case you probably should just rescind and keep what you have.
 

tschwa2

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You should start by rescinding this new contract for the 300,000 point unit. Do it in writing and follow the instructions on the contract.

Once you do that decide if you want to try for a better and less expensive deal now if you are still there or just stick with what you have.
 

Tank

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HICV Orange Lake Kissemee
As I see this they sold you this in 2010 and the way it was sold with the Bi-Annual you didn't get a status 300,000 points plus Preferred Membership, that kinda stinks, they should have worked you into that trade in 2010 to get the status.
So now they are asking you to trade both of those in and selling you 300,000 Scottsdale giving you this minimum status of Preferred Membership for a whopping $32,000. Thats big of them.

You could get that same status with a 45,000 point Lake Geneveva, or equivalent . So you own 3 properties instead of one, you should be able to get that from them for a hole lot less money.

A few here can advise you more, but you are not gaining a thing. keeping what you had, you have more points a year than what you will end up with and pay them $32,000 to do so.

255,000 points annual
150,000 points by-annual thats 75,000 points use a year giving you 330,000 points a year to use.
Renting a few extra points when needed at 10 to 1
 

tschwa2

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I think both of the OP's weeks are biennial, so the equivalent of 202,500 annually.
 

TUGBrian

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whew, glad you found us in time! you just saved $34,000 dollars!
 
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