Need help quick!

[KymandRod]

So we went to Myrtle Beach South Beach Resort and bought a timeshare. We got 200,000 points a year in the Signature program and they threw in an extra 100K of one-time points. We are 51 now and the main attraction of it to us is that we would pay most of our vacation for when we are retired in 10-12 years when we couldn't afford them as easily.

Doing some math (which I should have done before I signed, but they make it hard) I think if I use the program for the next 20 years, I would come out a little ahead but not as much as if I bought in when I was 40 obviously. So I am on the fence on if I am going to cancel before the 5 days is up tomorrow.

My question for current owners, is how happy are you with being able to get what you want when you want it (giving that you book in a reasonable time)? And how happy are you overall with HIVC? Any Signature members have thoughts on ease of getting those units? We will use it for a resort each year but will also want to use the RCI for trips to the Caribbean and most importantly to Italy for our 30th anniversary in 2021. We would typically try to get in Signature and 5 star resorts but will do 4 stars as well if they are highly recommended. My biggest fear here is that we will get so frustrated with not getting what we want that we end up not using it. We paid a pretty good chunk of change so having buyers remorse, big time.

Another attractive feature is the ability to leave this for our kids. Anyone had any trouble with that?

Thanks in advance for the advice.

 

[bbodb1]

Welcome to TUG!

First of all - cancel this purchase while you can. Follow the instructions to rescind the purchase to the letter.
I'll explain more in a moment.

 

[KymandRod]

ok. You definitely have my attention.

 

[bbodb1]

I sort of feel like I could copy and paste a response from any of a thousand past similar questions @KymandRod because your question is frequently seen here.
But in the current environment, if you paid ANY money for the purchase of a timeshare, you have paid too much.
To say the least, the TS environment is in a period of unknowns right now. As we (hopefully) exit the COVID-19 lock downs, how will timeshare vacationing be impacted?
Many current timeshare owners who were able to do so have pushed their points and weeks to future years. Assuming travel moves back toward normal, there will be a LOT of timeshare owners looking for ways to use their points and/or weeks only to find increased demand for those points and weeks.
In the next 1-2 years, timeshare reservations may be much harder to secure due to more owners trying to use their accumulated points and weeks.
And unfortunately, there are still the same number of days in a week, and weeks in a year.

If you do like the idea of timeshare, you should be able to pick up timeshare ownership for very little money right now. Perhaps even finding some for free...(you might have to pay some money for transfer of title, and upcoming maintenance fees.)

If you have not come across this resource on TUG yet, please check out this page:

Free Timeshare Help & Advice Articles for Timeshare owners

Free expert timeshare help & advice from owners like you! The ultimate resource for unbiased info, tips, & solutions on timeshare resale, rental, exit, cancellation and usage!

tug2.net

Let me pause there for a moment - have you read that page?

 

[tony_i]

HIVC is a good vacation program, and it is a very flexible program. I am very happy with it and I have been able to booked everything that I wanted. I have also been able to exchange through RCI many times and I have gotten great deals in the 30-45 days outs, as well as regular exchanges. I am not signature owner but I can book signature at 60 days out and I have found some units available, so if you plan ahead I would not think there will be an issue booking signature. HICV also allows you to exchange club points for IHG points at 2/1 ratio, not great but it's a perk if you need a short stay or international hotel in the chain. You also get IHG gold membership that include some other perks.

Now, the main problem you are going to encounter is that usually 200k is not enough and specially for signature units. The other thing is probably your investment in the purchase. Whatever you paid is probably close to worthless if you ever want to sell it. That is why is better to purchase one of the points resort at a fraction of their retail price. South Beach, Gatlinburg, and lake Geneva transfer as points in resale market and you enjoy most of the club benefits. They no longer come to the market as often, but they come up on eBay and redweek from time to time.

In regards to transferring your deed, once it is paid, it is only a call to the deeding department and you pay then $100 or so and the deed gets transfer.

If you have 5 days, there is a lot of information on the forum that will allow you to make a decision, however, most will recommend that you rescind including myself. Pay retail price once you are able to convert some fix week units or points units and qualify for platinum membership.

Good luck!





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[bbodb1]

Also, please be sure to visit this page:

New to Timesharing? Start Here!

This is the forum where anyone can go for help with Timeshares and Timesharing. Absolutely nothing is a "stupid question" when it comes to Timeshares ask away!

tugbbs.com

Many people have found TUG asking the same good questions you are pondering now - rescind that purchase, do some research - take YOUR time, and if you decide a timeshare purchase makes sense, only then should you pursue it.

Finally, in the interest of full disclosure, I should note that I do NOT own in the Holiday Inn system but as @tony_i demonstrates, it won't take long for those who have direct experience with HI will drop by.

Best of luck with this!

 

[KymandRod]

Thanks to everyone who has answered so far.

bbodb1, I had no read that but will do so right now!

 

[Bmatrose]

I agree with the 200,000 points is not a lot of points for signature stays. The only thing being a signature owner helps with is the amount of time ahead of time you have to book the trips. Non Signature owners can still book signature units. Below you can see the point costs for Signature in Myrtle Beach during the summer. The only thing you could book is the 1 bedroom with 200,000 points


1-Bedroom 170,000
2-Bedroom 250,000
3-Bedroom 400,000
3-Bedroom Lock-Off 420,000
4-Bedroom 675,000

 

[KymandRod]

yes, we wouldn't go during the time of those point values and we get a free upgrade each year so $200 would work. But I am quickly coming to the realization that I need to cancel and go into the resell market if I am going to get into the timeshare game.

 

[Bmatrose]

yes, we wouldn't go during the time of those point values and we get a free upgrade each year so $200 would work. But I am quickly coming to the realization that I need to cancel and go into the resell market if I am going to get into the timeshare game.

your upgrade wont work on signature...only non signature

 

[tony_i]

yes, we wouldn't go during the time of those point values and we get a free upgrade each year so $200 would work. But I am quickly coming to the realization that I need to cancel and go into the resell market if I am going to get into the timeshare game.

Timeshares are good at the right price. And there are so many other systems that once you study your options you may find that another club is more appealing to your wants and needs, and specially where you want to vacation to. So you are in the right place to get all the info needed.

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[KymandRod]

well that is definitely different than what they told me. are you sure on that (upgrade for signature)? I can see it because the rep didn't deal with Signature much so he probably didn't know what he was talking about.

Going to prepare my cancellation letter now.

 

[Bmatrose]

 

[KymandRod]

So, after reading more I am definitely going to cancel but perhaps look into this more. I haven't looked at other options yet, but if I were interested in HIVC, I am thinking the best way to do it would be to find one of the 3 points properties (don't totally understand that yet), preferably Myrtle Beach which we would use the most, in the secondary market and then start acquiring points in the secondary market until we get to the level to do what we would want to do. That sound close to right?

 

[Bmatrose]

points at the three resorts, myrtle beach, gatlinburg and lake geneva can be used anywhere not just at their resort. Only down fall to secondary purchase is they dont count towards the membership levels

 

[tony_i]

So, after reading more I am definitely going to cancel but perhaps look into this more. I haven't looked at other options yet, but if I were interested in HIVC, I am thinking the best way to do it would be to find one of the 3 points properties (don't totally understand that yet), preferably Myrtle Beach which we would use the most, in the secondary market and then start acquiring points in the secondary market until we get to the level to do what we would want to do. That sound close to right?

Yes, this is correct. Myrtle Beach, also called South Beach in HICV, is a good option, and it will also give you home access and resort access as well. Resort access is option of booking in your home resort from 10 month - 13 month out. Home access is 13 month - 3 years for deeded week. You can still book up to 10 month out at any non signature unit using the points.

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[TheTimeTraveler]

So we went to Myrtle Beach South Beach Resort and bought a timeshare. We got 200,000 points a year in the Signature program and they threw in an extra 100K of one-time points. We are 51 now and the main attraction of it to us is that we would pay most of our vacation for when we are retired in 10-12 years when we couldn't afford them as easily.

Doing some math (which I should have done before I signed, but they make it hard) I think if I use the program for the next 20 years, I would come out a little ahead but not as much as if I bought in when I was 40 obviously. So I am on the fence on if I am going to cancel before the 5 days is up tomorrow.

My question for current owners, is how happy are you with being able to get what you want when you want it (giving that you book in a reasonable time)? And how happy are you overall with HIVC? Any Signature members have thoughts on ease of getting those units? We will use it for a resort each year but will also want to use the RCI for trips to the Caribbean and most importantly to Italy for our 30th anniversary in 2021. We would typically try to get in Signature and 5 star resorts but will do 4 stars as well if they are highly recommended. My biggest fear here is that we will get so frustrated with not getting what we want that we end up not using it. We paid a pretty good chunk of change so having buyers remorse, big time.

Another attractive feature is the ability to leave this for our kids. Anyone had any trouble with that?

Thanks in advance for the advice.

RESCIND NOW while you still can. Do your homework, study up, and then buy on the resale market for a fraction of the original price.

You can go back to the developer again anytime you want, but you only have a slim five day opportunity in which to rescind your purchase.

Follow the rescind instructions exactly, and be sure to send everything via Certified Mail. Retain your Postmarked Receipts to prove you mailed everything within the required time frame. If your spouse signed the purchase document then be sure your spouse also signs the rescind documents.




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