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Is this a good purchase. HICV timeshare

danny2581

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Hello I'm new here and just found this site after during a research on time share.

Well let me start by saying 2 years (2016) ago we attended a tour presentation at one of HICV resorts in canyon lake for a timeshare. Although at the time we did not buy a timeshare we did cave in to one of there lattitudes package that they offered us at the time. It consisted of a 7 night and 8 day package for $1499 which we would get back a $400 dollar voucher that could be used for theme park tickets or resort amenities of where ever we were staying at.

We finally took that vacation this week in orange lake Florida and attended there timeshare presentation where we walked out of their an owner. Since we came in using a lattitude package they gave us credit for what we had paid for from the original agreement 2 years ago and used that to cover as down payment. So basically as down payment we only had to pay $156 upfront after giving us the credit and subtracting it from the closing costs. We are buying 50,000 points for $11,000 and have 10 years to pay it if needed too. Maintenance fees would be 390 and 136 of holiday club fee. Would that be a good buy since we didn't have to come up with a huge up front money and got to take that whole week of vacation in addition. Would appreciate any input. Thanks
 
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jwalk03

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RESCIND. RESCIND. RESCIND. RESCIND.

It is not a good deal. You could buy the same thing on teh secondary market for pennies on the dollar. Send a recession letter NOW, you only have one chance to save your $11,000+. Don't delay. RESCIND.
 

tschwa2

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Have you seen the points charts at the resorts. https://tugbbs.com/forums/index.php?threads/hicv-2018-member-guide.267455/
50,000 is only enough points to get you 4 midweek days in a 1 BR unit during prime time which is pretty much all summer everywhere. It isn't enough to even stay Friday and Saturday night in a 1 BR at most resorts. If you need a 2 BR and are restricted to the summer months and school holidays you are probably going to need minimum of 150,000-190,000 points. If you need smaller units and can travel off season you might be ok but you could probably rent for less.
 

Passepartout

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^^^^ THIS^^^^^ Rescind while you can! Buy resale (many are given away- including transfer cost) if you must own, and fer cryin' out loud, get a big enough bundle of points to be usable.

Jim
 

silentg

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I agree rescind and look for a resale.
 

Panina

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Hello I'm new here and just found this site after during a research on time share.

Well let me start by saying 2 years (2016) ago we attended a tour presentation at one of HICV resorts in canyon lake for a timeshare. Although at the time we did not buy a timeshare we did cave in to one of there lattitudes package that they offered us at the time. It consisted of a 7 night and 8 day package for $1499 which we would get back a $400 dollar voucher that could be used for theme park tickets or resort amenities of where ever we were staying at.

We finally took that vacation this week in orange lake Florida and attended there timeshare presentation where we walked out of their an owner. Since we came in using a lattitude package they gave us credit for what we had paid for from the original agreement 2 years ago and used that to cover as down payment. So basically as down payment we only had to pay $156 upfront after giving us the credit and subtracting it from the closing costs. We are buying 50,000 points for $11,000 and have 10 years to pay it if needed too. Maintenance fees would be 390 and 136 of holiday club fee. Would that be a good buy since we didn't have to come up with a huge up front money and got to take that whole week of vacation in addition. Would appreciate any input. Thanks
Welcome to Tug. Everyone has given you the right advice and the reasons why. Rescind. You can get what you spent your hard earned money for free. It has no value.

Tug is a community where you can learn all about timesharing and get the information you need to acquire a timeshare for market value which is most often for free.
 

bluehende

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I will go with the crowd.....run as fast as you can away from this deal. Without looking I imagine you could get this for free or even less!!!!!

I will add that if you came here and asked is this a good purchase, I think you already knew the answer.

Congrats on researching before it is too late. Most in your position do not do as well.
 

danny2581

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I appreciate everyone's input. I will work on my letter to rescind immediately. I'm on day 3 of when I signed the contract. Thank you guys for letting me see the over all picture. It makes alot of sense.
 

Passepartout

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I appreciate everyone's input. I will work on my letter to rescind immediately. I'm on day 3 of when I signed the contract. Thank you guys for letting me see the over all picture. It makes alot of sense.
To flesh this out a little. ALL signers of the contract need to sign the rescission letter. The letter doesn't need to be fancy or legalese, just I/We wish to cancel contract #_________ Dated 6/__/2018 Signed ____________Husband, _____________Wife. Any promotional materials to be returned under separate cover (then send their junk back). Absent specific instructions in the contract, send it USPS Certified with return receipt (so you know when it's delivered). Florida's rescission period is 10 days- day 1 is the day after signing. But don't press it, get the letter out ASAP. Don't answer any calls from them, or from unknown numbers until the rescission period has ended. They are trained to counter any argument you have, and will lower the cost, add bonuses, lie, make empty promises, and do whatever it takes to delay you or save the sale.

Now- about those resales and bundles of points bigger than what you are rescinding. The MF goes up along with the number of points. So if that MF bill- that will go up every year- and be due close to Christmas will put a cramp in your life, better put buying on the back burner, and rent a few timeshare vacations until you can swing it with purely disposable income. Timeshares are luxury goods that have no intrinsic financial value, and should NEVER be financed.

Jim
 

danny2581

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To flesh this out a little. ALL signers of the contract need to sign the rescission letter. The letter doesn't need to be fancy or legalese, just I/We wish to cancel contract #_________ Dated 6/__/2018 Signed ____________Husband, _____________Wife. Any promotional materials to be returned under separate cover (then send their junk back). Absent specific instructions in the contract, send it USPS Certified with return receipt (so you know when it's delivered). Florida's rescission period is 10 days- day 1 is the day after signing. But don't press it, get the letter out ASAP. Don't answer any calls from them, or from unknown numbers until the rescission period has ended. They are trained to counter any argument you have, and will lower the cost, add bonuses, lie, make empty promises, and do whatever it takes to delay you or save the sale.

Now- about those resales and bundles of points bigger than what you are rescinding. The MF goes up along with the number of points. So if that MF bill- that will go up every year- and be due close to Christmas will put a cramp in your life, better put buying on the back burner, and rent a few timeshare vacations until you can swing it with purely disposable income. Timeshares are luxury goods that have no intrinsic financial value, and should NEVER be financed.

Jim
Thanks Jim I am on my way to mail the letter. I appreciate your advice it makes sense. I will keep that in mind.
 

Panina

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Just thought I give an update looks like I'm off the hook just noticed my card got refunded already.
Once again I appreciate everyone's help and advise.
thanks
Great, now join our wonderful community, stick around and learn all about what would work for you at the right price.
 

silentg

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Welcome to tug!
 
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