New owner, need to sell. Advice?

[Greg_L]

My wife and I purchased a timeshare from Hilton Grand Vacations/Diamond Resorts after spending our anniversary in a nearby resort using her Hilton Honors points. We were pretty impressed with the resort and stayed for a sales presentation. We ended up buying.

We've stayed in the resort about three times now and have paid our loan payment for four months and dues.

Our financial situation has drastically changed with two teenagers getting their licenses within a month of each other, so we've had to purchase two new (to us) cars.

We need to sell our timeshare, but I do not know how. I have bookmarked "How to Sell Your Timeshare and avoid getting scammed" and plan to read it this weekend.

I received a card in the mail yesterday from a company (no name provided) offering to buy us dinner and give us a $500 grocery gift card or a $100 gas card for attending. After sitting through several "owner's meetings," I know nothing is "free."

Has anyone dealt with this type of company? Is it a scam?

I've also read (elsewhere) that the first step in getting rid of your timeshare is contacting the resort to see if they can help. Has anyone been successful with that?

Sorry for all the noob questions. We're just trying to get our financial life in order, and a timeshare, at this point, is just not in our best interests. Maybe in the future, but not now.

TIA

 

[geist1223]

If you have an outstanding Loan you will not be able to sell the Timeshare.

Yes these companies that offer to help you get out of your timeshare are all frauds/scams.

 

[rickandcindy23]

If you have an outstanding Loan you will not be able to sell the Timeshare.

Yes these companies that offer to help you get out of your timeshare are all frauds/scams.

Yep.

 

[SmithOp]

Don't bother contacting Hilton, they won't consider buying two cars for teens as a financial hardship, and they won't take back with a loan balance.

The postcard companies will either offer to list it for sale at an unreasonable price, and it will never sell, or advise you to default on the loan and take the credit hit. Both things you can do yourself for little cost.

Sorry, no magic solutions to this dilemma.

 

[zentraveler]

We need to sell our timeshare, but I do not know how. I have bookmarked "How to Sell Your Timeshare and avoid getting scammed" and plan to read it this weekend.

Lots of information here. Read up and others who know more about this will help. Don't agree to anyone who contacts you offering to sell it.

 

[TUGBrian]

as mentioned above, all the usual options for timeshare disposal are unavailable to you due to the fact that you still have a loan balance.

the only two ways to eliminate the loan balance after your rescission period is over would be to pay it off/transfer to another line of credit, or default.

 

[Greg_L]

Thanks so much for the information/advice. If the only options are to pay it off/transfer to another line of credit or default, we will look into the payoff/transfer option. Our credit ratings are too good for us to default on it, and in all honesty, we got ourselves into this; it's our responsibility to get out of it.

That being said, if we find a way to pay it off, we can sell it for what we can get and then pay the loan/funding source back. Correct?

Again, thanks so much for the advice.

 

[bnoble]

we can sell it for what we can get and then pay the loan/funding source back. Correct?

It is unlikely that you can sell it for anything close to what you paid for it, but exactly how much (or little) will depend on what you bought.

 

[RX8]

Sorry to say the news isn’t good. Depending on what you own the market value can range from zero to maybe 15% to 30% of what you paid retail.

 

[Sandy VDH]

Harsh reality, but if you have a lemon, make lemonaid if there is no easy alternative path. Getting the best use out of what you paid for is the best revenge. Coming here to TUG is a good way to learn how to use it better.

Confused, but how could you be surprised your kids got their licences. They likely didn't go from 8 to 16 overnight. I assuming those events could have been anticipated.

 

[Greg_L]

I'm watching the videos and reading the articles, and a lot of information concerns weeks and locations. We purchased points, not a specific week, and we don't have a set resort.

Does that change things?

I looked in the marketplace, but everything I saw was certain weeks for sale at certain resorts.

I'm trying to wrap my head around how to list this for sale.

 

[Greg_L]

Harsh reality, but if you have a lemon, make lemonaid if there is no easy alternative path. Getting the best use out of what you paid for is the best revenge. Coming here to TUG is a good way to learn how to use it better.

Confused, but how could you be surprised your kids got their licences. They likely didn't go from 8 to 16 overnight. I assuming those events could have been anticipated.

No, our kids didn't go from 8 to 16 overnight. They didn't want to drive for the longest time until life made them have to. Our daughter is 19, and she just got her license. Maybe that is something we should have anticipated and slept on this purchase before pulling the trigger, but hindsight is 20/20.

 

[Sandy VDH]

hindsight is 20/20.

Isn't that the truth!!!

 

[alwysonvac]

You can try contacting Diamond if you haven't but honestly you took out a loan and there is no easy way out.
Here's the link to their exit program (Transitions) but it requires payoff of the loan and they charge a fee.

Hilton Grand Vacations

Discover the Hilton Grand Vacations exit program to get rid of your timeshare. Learn how to sell or transfer your timeshare with ARDA's trusted resources.

responsibleexit.com

On, TUG you can find Diamond point listings under the free timeshare forum or the marketplace for about the same amount.

Free Timeshares

Timeshare ownerships offered completely free by owners! Rehome an unwanted timeshare at no cost! Timeshares listed here must be offered completely free!

tugbbs.com

Search Timeshares for Sale, Rent, or Exchange by Owner | Save Thousands on your next Family Vacation!TUG Timeshare Marketplace Search Results - Hilton Vacation Club Points For Sale Points

Search thousands of timeshares for sale, for rent, or exchange by owner. Save money dealing directly with the owners—no hidden fees, just great deals for your next vacation!TUG Timeshare Marketplace Search, Hilton Vacation Club Points, For Sale, Points

www.tug2.com

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Outside of TUG, there are point resale listings on Redweek. Here are some of the asking prices

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Diamond Resorts International Points | RedWeek

Buy and sell Diamond Resorts International points on RedWeek, the largest online marketplace for timeshares. Find great deals and enjoy easy transactions.

www.redweek.com

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[Passepartout]

Thanks so much for the information/advice. If the only options are to pay it off/transfer to another line of credit or default, we will look into the payoff/transfer option. Our credit ratings are too good for us to default on it, and in all honesty, we got ourselves into this; it's our responsibility to get out of it.

That being said, if we find a way to pay it off, we can sell it for what we can get and then pay the loan/funding source back. Correct?

Again, thanks so much for the advice.

@Greg_L You might find that simply keeping the TS at this point may make the most sense. The money you've spent is gone. The value in timeshares is in the value of the memories they give families. Kids grow up, options change, but times spent together with families and loved ones are not replaceable.

If your financial situation allows it. Keep the TS. Pay the monthly/annual cost. If it is tight, book some nice prime weeks and rent them. You may actually make a few scheckels on them- or at least reduce the bleeding.

Good luck! We wish you and your family well!

Jim

 

[NachoDaddy]

I'm watching the videos and reading the articles, and a lot of information concerns weeks and locations. We purchased points, not a specific week, and we don't have a set resort.

Does that change things?

I looked in the marketplace, but everything I saw was certain weeks for sale at certain resorts.

I'm trying to wrap my head around how to list this for sale.

Yes. Points are worth ZERO on the resale market. A lot of that has to do with the restrictions on resale points. You would be lucky to give a points contract away.