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Info on Cancelling Time Share

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Hello everyone I appreciate your all’s time. Me and my Fiancé purchased a Timeshare back in May from HGVC and we have continually been trying to research ways to get out of it. We have been hit with a bunch of random fees we weren’t told about and they made us believe we would only be making payments on even years since that’s when we get our points. We still owe on the mortgage but would appreciate everyone’s advice. Thank you all so much!
 

GT75

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Since you are past your rescission period, you don't have many options. Do you still have a mortgage on the loan? Whatever you do, don't use a TS exit company. They will just scam you out of more money.

We have been hit with a bunch of random fees
What random fees?
 
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Since you are past your rescission period, you don't have many options. Do you still have a mortgage on the loan? Whatever you do, don't use a TS exit company. They will just scam you out of more money.


What random fees?
When we signed up they led us to believe that we would only be making payments on HOA/maintenance fees in the years we got points. (Even Years) Also when we made the initial down payment they led us to believe that would cover the activation fee and the club dues. We just want to get out before they start increasing fees.
 
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Since you are past your rescission period, you don't have many options. Do you still have a mortgage on the loan? Whatever you do, don't use a TS exit company. They will just scam you out of more money.


What random fees?
Yes we still have a mortgage on the loan we owe around $11,000.
 

GT75

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When we signed up they led us to believe that we would only be making payments on HOA/maintenance fees in the years we got points.
True statement but club dues are every year.
 

GT75

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Advice from another thread on the subject.

No legal way out of the mortgage. You can either pay off the mortgage and then do whatever you want with the actual timeshare, or you can stop paying and default. In that case, it's like a default on any other loan.
 

CalGalTraveler

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What do you own? Perhaps you can rent it out to cover the fees until it is paid off.
 

Passepartout

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It seems that a big part of the gripe is having to pay half the MF annually for biennial use. Seems to me that it's beneficial to not have to pay the whole MF all at once while saving to actually use the TS. Different TS companies have their own systems, this just happens to be Hilton's Nothing you can do about it and it's hardly grounds for wrecking your credit by defaulting. With a mortgage, there is no way to terminate the contract without a serious hit on your credit.
Sorry about the surprises, but all of that would have been covered in the contract you signed when you bought and had several days to terminate after you signed it.
 

SmithOp

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You do have free benefits during the year when you dont get points, that is why you pay the club fee. You can borrow your next year points for a current year stay - and its free to borrow. You only pay the club reservation fee.

Learn to use what you have until you can pay off the mortgage and then sell if you are still unhappy with it.


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Ty1on

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Hello everyone I appreciate your all’s time. Me and my Fiancé purchased a Timeshare back in May from HGVC and we have continually been trying to research ways to get out of it. We have been hit with a bunch of random fees we weren’t told about and they made us believe we would only be making payments on even years since that’s when we get our points. We still owe on the mortgage but would appreciate everyone’s advice. Thank you all so much!
I'll just rip the bandaid off.

Salesmen in every consumer field omit information that could raise objections. An extra club fee isn't that bad, though. Splitting the MF payment itself isn't costing you more than if you paid it only every two years.

As I see it, you have two options:

1. Stop paying and let it go to foreclosure, which would hit both your credit profiles as a foreclosure, of course.
2. Learn to use and enjoy what you're paying a lot of money for.

Only you know your and your fiance's financial position and your plans over the next seven years, give or take. There are a lot of happy HGVC owners, though you would rightly be advised to rescind if it wasn't too late for that. That ship has passed, though, so it's a "love it, or leave it and deal with some consequences for a few years" sitch.
 
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frank808

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When we signed up they led us to believe that we would only be making payments on HOA/maintenance fees in the years we got points. (Even Years) Also when we made the initial down payment they led us to believe that would cover the activation fee and the club dues. We just want to get out before they start increasing fees.
You only pay maintenance fee every other year (for you, even years). They did not mislead you there. You do pay the club fees every year which are about $183 this year. The club fees go up every year also.

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You only pay maintenance fee every other year (for you, even years). They did not mislead you there. You do pay the club fees every year which are about $183 this year. The club fees go up every year also.

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I have maintenance fees posted on my account for this year.
 

dayooper

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I have maintenance fees posted on my account for this year.
The MF's that are in our accounts right now are for 2022. You mentioned above that you have an EoY Even deed so that would be correct. You won't have a MF bill next year at this time, only the club dues.
 
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The MF's that are in our accounts right now are for 2022. You mentioned above that you have an EoY Even deed so that would be correct. You won't have a MF bill next year at this time, only the club dues.
So are MF separate from HOA fees?
 

dayooper

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So are MF separate from HOA fees?
No, the HOA fees are the MF's (maintenance fees). Those go the HOA of the resort. They will only be billed the fall before your use year and vary from resort to resort. The club dues are what you pay to HGVC to use their club. This year the dues are $193. This fee is due every year because you can save or borrow points into your off years. and everybody in the system pays the same amount. International members do pay more.
 

frank808

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I have maintenance fees posted on my account for this year.
Yes, you pay by Jan 1 2022 for use in 2022. There will be no maintenance fee due in December 2022 as you will have no use in odd years. But you will have club fees due.

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alwysonvac

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Welcome to TUG :hi:

If you want to learn about HGVC, this is the best place to learn.:cool:
Were you planning to use HGVC for your honeymoon? HGVC has timeshares in Hawaii.​
Whatever you decide, don’t let your points expire (annual and bonus).​

Once you learn about the club and you still want to get out, just be careful of the scammers.
 

Grammarhero

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Hello everyone I appreciate your all’s time. Me and my Fiancé purchased a Timeshare back in May from HGVC and we have continually been trying to research ways to get out of it. We have been hit with a bunch of random fees we weren’t told about and they made us believe we would only be making payments on even years since that’s when we get our points. We still owe on the mortgage but would appreciate everyone’s advice. Thank you all so much!
If you and your fiance make the hard decision to default, please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.
 
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