New Purchase of Holiday Inn Club Vacation Membership, Weak Moment

[Dave2024]

So in a weak moment on vacation this past weekend my wife and I purchased 30k points for about $8.2k. Charged on a credit card. Signed the paperwork yesterday. Part of the deal was 30k free points. Would have had 90k points after the 1st of January with 30k annually after. Maintenance costs are about $340/annual for the 30k points. Going through the paperwork, the resort we actually purchased points for wasn't even the resort we purchased the points at. We were physically in Florda. Actual points were purchased for a resort in Illinois.

I plan to start the rescind process tomorrow after reading some of the threads and articles on this website.

Couple items -
- Any tips or recommendations?
- Any unique concerns or considerations given that it was charged on a credit card?
- Looking at the paperwork the $8.2k included closing costs and every other fee you could conceive of. Should I expect to see a full refund?
- My wife is going to be bummed on this one. She was looking forward to using the RCI exchange website to find a vacation. Obvious solution would be to purchase a resale timeshare to use for exchange. Any recommendations for a low maintenance cost option for points? Any options to go this route without the obligation of a perpetual maintenance charge?

New to all of this. Any advice appreciated.

 

[jackio]

30,000 HICV points are not enough for most vacations. Ex- I owned 98,000 points that got me a 1BR in a prime week.
In my opinion, should rescind immediately, following the precise instructions, and buy a resale that will get you the vacations you want.

The yearly maintenance fees will be more, but you will save thousands on the purchase price.

 

[WorldT]

So in a weak moment on vacation this past weekend my wife and I purchased 30k points for about $8.2k. Charged on a credit card. Signed the paperwork yesterday. Part of the deal was 30k free points. Would have had 90k points after the 1st of January with 30k annually after. Maintenance costs are about $340/annual for the 30k points. Going through the paperwork, the resort we actually purchased points for wasn't even the resort we purchased the points at. We were physically in Florda. Actual points were purchased for a resort in Illinois.

I plan to start the rescind process tomorrow after reading some of the threads and articles on this website.

Couple items -
- Any tips or recommendations?
- Any unique concerns or considerations given that it was charged on a credit card?
- Looking at the paperwork the $8.2k included closing costs and every other fee you could conceive of. Should I expect to see a full refund?
- My wife is going to be bummed on this one. She was looking forward to using the RCI exchange website to find a vacation. Obvious solution would be to purchase a resale timeshare to use for exchange. Any recommendations for a low maintenance cost option for points? Any options to go this route without the obligation of a perpetual maintenance charge?

New to all of this. Any advice appreciated.

Rescind, rescind, rescind. IMMEDIATELY!

After cancellation, you can now do some research to understand how the system works and what will work for you based on your travel pattern.

To answer some of the questions you asked.
1. You can't skip the maintenance fee. That is the whole concept of timesharing. There are some resort systems that will take back your timeshare but that may change anytime.
2. There are other timeshare systems that people here on TUG prefer for RCI access and RCI points. Vacation village have resorts with good MF/points ratio. Keep in mind there is another big exchange company known as Interval International. Each one has pros and cons but they both have last minute (and sometimes not so last minute) deals for cash.
3. Follow the cancellation steps in the paper work you got. If there is more than one way to cancel use all listed. Will only cost you a few dollars. You should get the refund on your card within 45 days. If not, you can contest the charge. Make sure you keep a copy of the cancellation. Make you and your wife sign the cancellation.
Should you still decide you want holiday inn, you can get it for less. But after your research, I am not too sure you will want a holiday inn vacation unit. Unlike some other timeshare systems, HIVC generally treats resale owners like second class citizens.

 

[Passepartout]

@Dave2024 'Rescind' means to set affairs back to before the purchase was made. You will get back every penny you paid. It may take up to 45 days. Probably less.
Follow the instructions that MUST be contained in your paperwork. They just don't have to make it easy to find.

Yes, you can buy a resale from an owner, or likely get one for free. It will take a bit longer for the title to transfer into your name, but believe me, the savings make it worthwhile. As stated above, when you are an owner, there is nobody else to keep the resort up, so those maintenance fees go on as long as you own.

Welcome to TUG. Hurry to the post office and get that rescission letter in the mail- It's the date of the postmark, NOT when they receive it- that matters. It IS critical that you get it postmarked this week to dodge this bullet.

Jim

 

[gravityrules]

After rescinding, be very careful if you're considering HICV resale as most (with a few exceptions) have severe restrictions on resale usage. There are posts here on TUG explaining that in detail.

 

[TUGBrian]

congrats on finding TUG, rescinding and saving 8200 bucks!

 

[Dave2024]

Drafted up the letter and mailed off today certified with return receipt. Included first and last page of the contract along with the schedule of estimated closing expenses. Specifically requested refund or cancellation of the various credit card charges. Address in the contract was the title company. I also scanned in electronically and will be mailing off to the various emails included in the paperwork packet I was given. Will also send a follow-up letter within the 10 day cancellation period. Curious if I start getting calls from HIVC. I'll post an update with my cancellation experience.

Thanks to everyone that commented on here for the reinforcement and advice.

 

[WorldT]

Drafted up the letter and mailed off today certified with return receipt. Included first and last page of the contract along with the schedule of estimated closing expenses. Specifically requested refund or cancellation of the various credit card charges. Address in the contract was the title company. I also scanned in electronically and will be mailing off to the various emails included in the paperwork packet I was given. Will also send a follow-up letter within the 10 day cancellation period. Curious if I start getting calls from HIVC. I'll post an update with my cancellation experience.

Thanks to everyone that commented on here for the reinforcement and advice.

Ignore the calls. They will try to sweetened the deal. Don't bite.

 

[silentg]

Recind