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Is there ever a time when you shouldn't rescind?

imwendy

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I just purchased an HGVC TS retail last week. After reading the boards, I'm hearing loudly that I should rescind and buy a unit on the resale market. Before doing that, I wanted to ask if there's ever a time you shouldn't rescind.

Here are the details of my purchase:

3,400 point EOY Gold 1BR unit at Elara
Purchase price: $13,260
Closing costs: $756.85

I was given 14,400 bonus points as a part of the deal. These, I'm afraid, are the reason I fell prey to the salesman last week.

So, are there any reasons why I shouldn't rescind?

Thanks!!

- Wendy
 

winnipiseogee

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No reason not to - Rescind immediately and be happy you can! :)

Aside from paying too high a price your maintenance fees also seem to high for the number of points you are getting. That's probably why they gave you the bonus points to sucker you in. A high MF/point ratio means you will be overpaying for you vacations well into the future.

On ebay right now you can purchase 7,000 points with about the same yearly cost and my guess is that you will pay way less than half of what you just paid.
 

imwendy

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MFs

I had listed my closing costs. My MFs are estimated at $921 ($773 for the 1BR, $23 for taxes, and $125 for the annual fee) if I understand them correctly.
 

presley

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I had listed my closing costs. My MFs are estimated at $921 ($773 for the 1BR, $23 for taxes, and $125 for the annual fee) if I understand them correctly.
What the previous poster was letting you know that you could also pay the exact same MFs for 7000HGVC points instead of 3400.
 

Passepartout

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Since you can buy double the points with the same MF, why not do that? There are brokers who frequent TUG that will help shepherd your resale through ROFR.

In answer to your original question.... Yes you should buy retail if the property is brand new. There are NO resale weeks available, and it's exactly the fixed week(s) you want. Otherwise rescind and buy resale.
 
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fillde

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You have 10 days to rescind in Florida. Not sure where you bought but resind and buy resale.
 

csxjohn

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Rescind now and look around. That deal will be there next week if you determine it is what you really need.

Rescind
Research
Relax and buy when ready.
 

tschwa2

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I would say the only time not to rescind on a developer/retail timeshare purchase would be if you have all of the money and don't need to finance anything and can comfortably part with the money with zero hardship AND the product or a very similar one is not available on the secondary market AND you 100% understand the product and have done your due diligence/research.
 

Callrich

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They sure got me today

What should I do? Today we Just went to Orlando's sales pitch, hook line and sinker! 5000 points gold, 13,000 bonus. Hate to say it ouch 24k, yearly maintance is 1050. Closing costs were 600. We really like the program and want to buy this package. Please help!
 

timeos2

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What should I do? Today we Just went to Orlando's sales pitch, hook line and sinker! 5000 points gold, 13,000 bonus. Hate to say it ouch 24k, yearly maintance is 1050. Closing costs were 600. We really like the program and want to buy this package. Please help!
Rescind & look to a similar resale package. Same vacations - same features - same maintenance costs (for equal points) but a HUGE savings on the purchase price. It is those annual fees that are the true cost of any timeshare package. It only makes sense to minimize any purchase outlay as that is usually lost money. You have only onr chance to rescind & you could buy any day of the year. Take your opportunity and research what you can get for far less. Good luck!
 

Talent312

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It does not bother me if someone spends too much $$ for too few points.
Do not rescind. Someone needs to provide those nice salespeep with a living.
It also helps provide Hilton with the capital they need to expand the club.
.
 
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timeos2

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It does not bother me if someone spends too much $$ for too few points.
Do not rescind. Someone needs to provide those nice salespeep with a living.
It also helps provide Hilton with the capital they need to expand the club.
.
Both groups will have plenty of, er, suckers customers to carry that load. Lets save those we can from grossly overpaying for the same product available much more reasonably resale. (I know you posted in jest. Someone could believe it!)
 

presley

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What should I do? Today we Just went to Orlando's sales pitch, hook line and sinker! 5000 points gold, 13,000 bonus. Hate to say it ouch 24k, yearly maintance is 1050. Closing costs were 600. We really like the program and want to buy this package. Please help!
There are instructions in your paperwork on how to rescind. Do that before you do anything else.

AFTER that, maybe browse a few resale sites and see if you can get something for so much less $ that you won't care about not getting any bonus points.

http://judikoz.com/Search.aspx

http://www.sellingtimeshares.net/

http://www.atimeshare.com/hilton/

http://www.ebay.com/sch/i.html?_nkw=hgvc
 

VegasBella

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I'm very new to time sharing so take this with a grain of salt. I'd say the times not to rescind would be:
- It doesn't bother you to pay more, and/or
- You aren't interested in doing the research to track down the deals, and/or
- What you want isn't available on the resale market, and/or
- You don't want to rent, ever.

I remember sometimes people would tell my mom that she could have gotten something cheaper by doing this or that. Her response was "my time is more valuable to me."
 

GregT

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Marriott: Maui Ocean Club Lahaina Villas (3BRx5), Ko Olina, Shadow Ridge II, Willow Ridge, Aruba Ocean Club, DC Points HGVC: HHV Lagoon, Flamingo, Sea World, I-Drive, Starwood Bella (x4), SDO, TradeWinds, Worldmark
I agree with others that this purchase should definitely be rescinded. There isn't anything unique about the week to warrant the developer premium.

With respect to your question -- is there anything that justifies purchasing directly from the developer. I believe the answer is Yes -- and what justifies is when you are buying a Fixed Week unit -- and want that specific unit size and week. It's much harder replicating then through resale purchases than simply buying a floating week.

This also assumes that the purchaser is experienced enough with timeshares to understand the premium they are paying -- it is a real premium to buy from the developer, and a person needs to appreciate that.

I really believe this -- I bought a fixed 3BR week at MOC from the Developer -- and did so with full knowledge of TUG and resale pricing. But I believed (and continue to believe) that it is difficult to find and buy these things at resale. I'm stlll trying....

Best,

Greg
 

benyu2010

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I just purchased an HGVC TS retail last week. After reading the boards, I'm hearing loudly that I should rescind and buy a unit on the resale market. Before doing that, I wanted to ask if there's ever a time you shouldn't rescind.

Here are the details of my purchase:

3,400 point EOY Gold 1BR unit at Elara
Purchase price: $13,260
Closing costs: $756.85

I was given 14,400 bonus points as a part of the deal. These, I'm afraid, are the reason I fell prey to the salesman last week.

So, are there any reasons why I shouldn't rescind?

Thanks!!

- Wendy

I went to Hilton presentation and was taken to the desk in 30 mins in and out, plus the video, because I mentioned two words, resale and tug...

What you bought is worth not much more than zero in resale...scroll down for the link Presley posted, I just won the auction of exact same week from this same reseller. Not much more than your closing cost, and MF is lower...3,400 gold is nothing more than an access to open season ( aka last minute booking)

Communication with the reseller is pleasant and will keep all posted when deal closed. Actually, I'm the one dragging the feet in this deal...
 

vlapinta

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We bought Marriott OW from the developer when Marriott first started selling OW. We bought in the garden view section, in gold season, so it was relatively inexpensive. We were just looking to get into the Marriott system inexpensively.We paid with cash, so we didn't finance it. We looked at the purchase just like purchasing a car, not an investment. We have gone on amazing vacations through Marriott. We have only used our OW three times since we own it. We are going to Hawaii in September for 2 weeks all because of owning our Marriott. Looking at what is available now on the secondary market, Yes we propably overpaid, but at the time it was a good decision for us. We have never regretted our Marriott purchase. Just wish the maintenance fees were a little cheaper :). When we were going to buy, we read and asked all the questions we could on TUG and made our decision. IMHO you must read all you can and learn everything you can about timeshares before you purchase anything. Then you can make an educated decision with what you have to work with. Good Luck with what ever you decide to
do :)
 

imwendy

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Thank you all SO much! I have my letter typed and ready to go. I'll be taking it to the post office at lunch to send by certified mail. I really like the idea of getting in to a TS, and HGVC seems like a great company, but I definitely don't like the idea of paying too much. I have the cash available, but I also have other ways I can spend it! ;-)

I'm so glad I found this site!

- Wendy
 

dvc_john

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If you look for a resale unit at Elara, be sure it is an HGVC unit, and not a Westgate unit. I would think that currently, most resale units at Elara are Westgate units.
 

benyu2010

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If you look for a resale unit at Elara, be sure it is an HGVC unit, and not a Westgate unit. I would think that currently, most resale units at Elara are Westgate units.
So far all regales listed are Elara. The resellers purposely stated that way to get uninformed bidders confused, only give correct answers if you ask. Just buy one of original three and it is a very good option to have at nominal cost.
 

Talent312

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So far all regales listed are Elara.
So far all resales are Elara-Westgate.
The original 3 in Vegas... Flamingo, "Karen" (Convention Center) and the Strip.
.
.
 
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