New to timeshare- HICV cancelled

[Tiffini Bridgett]

Hello! First off I just want to say I’m so thankful for finding this site. My husband and I attended Holiday Inn Club Vacation presentation in Scottsdale AZ and bought a $44,000 timeshare points package for 200,000 points. I can home and found this site and sent out my letter to cancel yesterday. I’m hoping I did everything right. I will say though that the reason we liked the package so much is because the points could be spent anywhere and we love to travel but we don’t always know when we can. I am going to fill out this survey so any advice is appreciated. I would love to buy into a point system but for much less obviously. Thanks in advance!!

) Is there a vacation destination you wish to visit most of the time or on a regular basis? if so where? I would love Florida

2) Do you want to visit your home resort at least half the time, or do you want to trade more than half the time? Probably half the time go to the home resort

3) What are your 5 top trade destinations?
California
Florida
Arizona
Hawaii
Caribbean

4) How many people do you usually travel with?
4-8

5) Can you travel any time, or are you locked into the school schedule?
School schedule

6) Can you make firm plans 12 or more mos. in advance?
Yes

7) Can you vacation for a full week at a time?
Yes

8) What level of accommodations do you prefer on a scale of 1 to 5 stars?
4-5

9) How much can you afford to spend upfront, without financing? 10K

10) How much can you afford to spend every year for a maintenance fee that will come due right after Christmas, and increase each year?
$1000-$2000

11) Are you a detail oriented planner?
Yes

12) Do you understand that once you buy a timeshare, it may be very difficult to sell or give away, and you are responsible for all fees, until you do? Yes

 

[DrQ]

Welcome to TUG! I'm glad you found us in time.

There are many systems out there, my only advice is that Westgate resale is no bargain.

 

[bogey21]

Think of it this way. $44,000 plus interest on your money will buy you a lot of vacations and no ongoing obligations. My advice is frequent TUG for at least 6 months (maybe ever a year) before you do anything. Maybe rent a Week for your next vacation. All the while keep mulling TimeSharing over and over in your mind. After that you should be ready to decide what you want to do going forward...

George

 

[TUGBrian]

amazing savings, so very glad you found us in time!

 

[LannyPC]

I will say though that the reason we liked the package so much is because the points could be spent anywhere and we love to travel but we don’t always know when we can.

First off, good for you for finding TUG in time to rescind. The one caution I will offer is that once the resort or HICV receives your rescission letter, you might get phone calls from the resort or sales people trying to convince you to change your mind about rescinding. Remember you are taking $44,000 out of their mouths.

Second, what the sales people told you is usually a lie or a gross exaggeration. For instance you said "the points could be spent anywhere." Maybe they can anywhere within the HICV system, but there are lots of hot tourist destinations that are not within the HICV system.

The other thing in point 6 is that you said that you could make firm plans at least 12 months in advance. But you also said in your post "we love to travel but we don’t always know when we can." That seems like a discrepancy to me or am I misunderstanding/misreading something?

 

[skimeup]

First off, good for you for finding TUG in time to rescind. The one caution I will offer is that once the resort or HICV receives your rescission letter, you might get phone calls from the resort or sales people trying to convince you to change your mind about rescinding. Remember you are taking $44,000 out of their mouths.

Second, what the sales people told you is usually a lie or a gross exaggeration. For instance you said "the points could be spent anywhere." Maybe they can anywhere within the HICV system, but there are lots of hot tourist destinations that are not within the HICV system.

The other thing in point 6 is that you said that you could make firm plans at least 12 months in advance. But you also said in your post "we love to travel but we don’t always know when we can." That seems like a discrepancy to me or am I misunderstanding/misreading something?

One thing that isn't noted too often here is that timeshares frequently appear on ebay at the lowest price you will find anywhere. Tug bargain basement is also pretty terrific. Otherwise, prices are all over the place - both on sites like redweek and here on tug. So take your time and watch for prices per point, etc. Having said that, my first purchase was almost twenty years ago at a place I knew I'd return to over and over. And I DO return every year. While my mf plus tax is close to $1300 per year, the nightly rental on my one br, 2bath place runs $300 - $450 per night, depending on time of year. I also own point plans that let me go lets of places or deposit and trade. There is a LOT to learn and this is the right place to be doing it. Just saying if there is somewhere you really love, look into owning there as well as getting into points.

 

[Tiffini Bridgett]

The other thing in point 6 is that you said that you could make firm plans at least 12 months in advance. But you also said in your post "we love to travel but we don’t always know when we can." That seems like a discrepancy to me or am I misunderstanding/misreading something?[/QUOTE]

I guess yes and no. Our school system is balanced calendar and there are 3 weeks of vacation each year that we have off along with holidays. Those three weeks are typically around the same time but sometimes give or take a week or two. The one in February is typically the week of Presidents’ Day. This might be a dumb question but the week of Presidents’ Day the same every year?

 

[DrQ]

Most new HICV contracts are out of the trust and not for a fixed unit/week. Without that you can only make reservation to the home resort 13 months out. All other resorts, you are restricted to the 10 month window.

 

[Barbara Steacy]

Hello! First off I just want to say I’m so thankful for finding this site. My husband and I attended Holiday Inn Club Vacation presentation in Scottsdale AZ and bought a $44,000 timeshare points package for 200,000 points. I can home and found this site and sent out my letter to cancel yesterday. I’m hoping I did everything right. I will say though that the reason we liked the package so much is because the points could be spent anywhere and we love to travel but we don’t always know when we can. I am going to fill out this survey so any advice is appreciated. I would love to buy into a point system but for much less obviously. Thanks in advance!!

) Is there a vacation destination you wish to visit most of the time or on a regular basis? if so where? I would love Florida

2) Do you want to visit your home resort at least half the time, or do you want to trade more than half the time? Probably half the time go to the home resort

3) What are your 5 top trade destinations?
California
Florida
Arizona
Hawaii
Caribbean

4) How many people do you usually travel with?
4-8

5) Can you travel any time, or are you locked into the school schedule?
School schedule

6) Can you make firm plans 12 or more mos. in advance?
Yes

7) Can you vacation for a full week at a time?
Yes

8) What level of accommodations do you prefer on a scale of 1 to 5 stars?
4-5

9) How much can you afford to spend upfront, without financing? 10K

10) How much can you afford to spend every year for a maintenance fee that will come due right after Christmas, and increase each year?
$1000-$2000

11) Are you a detail oriented planner?
Yes

12) Do you understand that once you buy a timeshare, it may be very difficult to sell or give away, and you are responsible for all fees, until you do? Yes

 

[Barbara Steacy]

I own a 3 bedroom at Orange Lake Golf and Country Club in the East Village, Kissimmee, Florida.
I have approximately 375,000 points. If you are interested please let me know and I will verify points and we can discuss price. I’ve never done this before so I will need some guidance about how much information to disclose via email in an open forum such as this.

 

[DrQ]

I would verify that the sale would remain points and not revert to a fixed or floating week contract.

 

[tschwa2]

The only HICV that do not revert back to a non enrolled week are Gatlinburg, Myrtle Beach and Wisconsin. Orange Lake when sold would lose its ability to use points and would become a fixed week that could only be exchanged through RCI not internally through HICV.
Scottsdale was sold as a UDI but the points would only be good at Scottsdale (any time of the year and number of days based on how many UDI points) but still not eligible for HICV internal exchanges.

The new trust resales remain in points but there are a lot of restrictions placed on resale, no banking or borrowing, no guest certificates- only usable by owner, limited booking window, etc. The points would also only be good for booking weeks that are a part of the trust not enrolled HICV from deeded weeks owner inventory.

 

[DrQ]

The new trust resales remain in points but there are a lot of restrictions placed on resale, no banking or borrowing, no guest certificates- only usable by owner, limited booking window, etc. The points would also only be good for booking weeks that are a part of the trust not enrolled HICV from deeded weeks owner inventory.

What is banking?

When you say: "The points would also only be good for booking weeks that are a part of the trust", is that for any UDI trust points or just at the home resort?

If I understand correctly, HICV is in the process of converting all of its unsold inventory to UDI. If I remember correctly, our UDI is not a particular "week", but a float within a quarter and that is just to establish our 13 month reservation window at the home resort.

 

[tschwa2]

right now if you don't use your 2019 points by December 31, HICV points can be used the following year. With trust resale points if you have points you haven't used at the end of your use year they expire.

And while unsold inventory is being added to the trust there will always be some owners who never turn in their deeded weeks. Lets say 40% do but 60% don't. Resale trust members will never have access to the weeks that are held as deeded weeks only those that have actually been added to the trust.

 

[tschwa2]

right now if you don't use your 2019 points by December 31, HICV points can be used the following year. With trust resale points if you have points you haven't used at the end of your use year they expire.

And while unsold inventory is being added to the trust there will always be some owners who never turn in their deeded weeks. Lets say 40% do but 60% don't. Resale trust members will never have access to the weeks that are held as deeded weeks only those that have actually been added to the trust.

These restrictions don't apply to trust points bought through HICV. They only apply for resale trust points. Trust points bought through HICV function like normal points, except you don't have a home resort booking period.

 

[DrQ]

These restrictions don't apply to trust points bought through HICV. They only apply for resale trust points. Trust points bought through HICV function like normal points, except you don't have a home resort booking period.

So on resale UDI points you only get 10 months advanced reservation?

 

[tschwa2]

So on resale UDI points you only get 10 months advanced reservation?

Scottsdale was sold UDI. That one still has home resort priority.
The trust is like a UDI but I am not sure if it technically is. According to the trust documents I don't even know if resale gets 6 months. Retail, trust I believe only gets 10 month booking. When I get a chance I will have to re-read the trust resale restrictions.

 

[DrQ]

Scottsdale was sold UDI. That one still has home resort priority.
The trust is like a UDI but I am not sure if it technically is. According to the trust documents I don't even know if resale gets 6 months. Retail, trust I believe only gets 10 month booking. When I get a chance I will have to re-read the trust resale restrictions.

10 months is the open booking window when everyone gets a shot. That is what I would expect.