• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 27 years!

    Join tens of thousands of other owners just like you here to get any and all Timeshare questions answered!
  • TUG has now saved timeshare owners more than $17,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $17 Million dollars
  • Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
  • Sign up to get the TUG Newsletter for free! Join tens of thousands of other owners who get this every week! Latest resort reviews and the most important topics discussed by owners during the week!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    Read more Here
  • A few of the most common links here on the forums for newbies and guests!

Purchased Diamond - Should we Rescind?!

Foster102

Guest
Joined
Jul 19, 2021
Messages
8
Reaction score
12
Points
3
Resorts Owned
Diamond 750 points
Purchased another 7500 and may rescind.
Hi all! We have been diamond owners for the last 3 years. This is the first year we’ve used our ownership. We’ve taken 2 vacations and on this one we purchased or “upgraded” from term ownership to full ownership and purchased an additional 7,500 for $2.68 a point.

In addition, we added in club combo and moved from standard to Gold.

So, our all in total for 15,000 points and Gold status and benefits was $36,300.

Maintenance fees are now set at $3178 per year.

DID WE GET A GOOD DEAL? Shoild we back out? Do people actually get to use”Gold benefits”
 

HudsHut

TUG Review Crew
TUG Member
Joined
Jun 6, 2005
Messages
2,839
Reaction score
570
Points
348
Resorts Owned
Marriott
Please rescind ASAP. Get your contract, find the address and address the envelope. RIGHT NOW.

You haven't used it in 3 years? What makes you think you're going to use it now?

Stay away from Owner updates. They are all sales pitches.
 

CPNY

TUG Member
Joined
Jun 18, 2019
Messages
5,382
Reaction score
2,860
Points
349
Resorts Owned
Harborside Resort at Atlantis
SVV - Key West
SVV - Bella
Regal Vista at Massanutten
Hi all! We have been diamond owners for the last 3 years. This is the first year we’ve used our ownership. We’ve taken 2 vacations and on this one we purchased or “upgraded” from term ownership to full ownership and purchased an additional 7,500 for $2.68 a point.

In addition, we added in club combo and moved from standard to Gold.

So, our all in total for 15,000 points and Gold status and benefits was $36,300.

Maintenance fees are now set at $3178 per year.

DID WE GET A GOOD DEAL? Shoild we back out? Do people actually get to use”Gold benefits”
Oh lord, please rescind that ASAP.
 

T_R_Oglodyte

TUG Lifetime Member
Joined
Jun 6, 2005
Messages
13,614
Reaction score
4,609
Points
648
Location
Belly-View, WA
FWIW - we are Gold owners in Diamond, having purchased some added points and brought in other ownerships using Club Combo.

My frank advice is to rescind. There are possible circumstances where there might a be a good rationale, but if you have to ask if it makes sense you are clearly not in one of those situations.

So rescind and take your time, so that you can go into a meeting knowing what you are ready to propose, rather than trying to respond what they want to give you.
 

dayooper

TUG Member
Joined
Apr 14, 2018
Messages
2,418
Reaction score
1,869
Points
224
Location
The Land of Ice and Snow
Resorts Owned
HGVC: The Flamingo, The Boulevard
Hi all! We have been diamond owners for the last 3 years. This is the first year we’ve used our ownership. We’ve taken 2 vacations and on this one we purchased or “upgraded” from term ownership to full ownership and purchased an additional 7,500 for $2.68 a point.

In addition, we added in club combo and moved from standard to Gold.

So, our all in total for 15,000 points and Gold status and benefits was $36,300.

Maintenance fees are now set at $3178 per year.

DID WE GET A GOOD DEAL? Shoild we back out? Do people actually get to use”Gold benefits”
No, you did not get a good deal. Especially with the uncertainty of HGVC taking over Diamond in the near future. Rescind while you still can. That deal (or a better one), will still be there if you do your research (or just listen to what others are saying) and still want to buy from Diamond (you won’t).
 

jwalk03

TUG Review Crew: Veteran
TUG Member
Joined
May 3, 2016
Messages
1,248
Reaction score
770
Points
223
Location
Ohio
You should rescind. Do it today and dont delay, you have a very limited window of time to save yourself thousands and thousands of dollars.
 

Foster102

Guest
Joined
Jul 19, 2021
Messages
8
Reaction score
12
Points
3
Resorts Owned
Diamond 750 points
Purchased another 7500 and may rescind.
Please rescind ASAP. Get your contract, find the address and address the envelope. RIGHT NOW.

You haven't used it in 3 years? What makes you think you're going to use it now?

Stay away from Owner updates. They are all sales pitches.
Thank you. So, we didn’t use it for the 3 years because the first year we only had a few months left after purchase and had other vacations already planned. Year 2 was 2019 and that year we had a new baby. 2020 is obvious why we didn’t use.

This year, we spent 2 weeks in Hawaii (2 bedroom suite, ocean front with a corner unit - 180° views of the water) it was amazing. Right now we’re in VA Beach (again, 1 bedroom suite ocean front). So, we’ve definitely used it this year and are still planning another trip before years end.

We believe we will use the benefits. I’m just curious what better deal we could’ve got that would keep us Gold members. Seems if we buy “dirty points” we can’t use those to bring us to gold.
 

Foster102

Guest
Joined
Jul 19, 2021
Messages
8
Reaction score
12
Points
3
Resorts Owned
Diamond 750 points
Purchased another 7500 and may rescind.
FWIW - we are Gold owners in Diamond, having purchased some added points and brought in other ownerships using Club Combo.

My frank advice is to rescind. There are possible circumstances where there might a be a good rationale, but if you have to ask if it makes sense you are clearly not in one of those situations.

So rescind and take your time, so that you can go into a meeting knowing what you are ready to propose, rather than trying to respond what they want to give you.
Thank you. I very much value what you’re saying. The truth is, I don’t think we got a bad deal. I think we got a good deal. I’m satisfied with it. We paid it in full. We don’t have debt, work from home, and can travel last minute. I believe we will make use of the ts and the benefits. Is this what you’re speaking of where a situation may make sense?

We travelled to Hawaii and stayed in a luxury 2 Bedroom suite for 2 weeks with only 8k points. We’re ocean front now in VA Beach for the week for only 5k points - during peak season.

I know how to use the system. My family has had time shares for 30 years.

I guess I’m just wondering how, if possible, could I get a better deal?

We brought in 2 units for club combo - units we sell each year, but would make more depositing them to diamond.

Would love to hear your thoughts. Thanks!
 

Foster102

Guest
Joined
Jul 19, 2021
Messages
8
Reaction score
12
Points
3
Resorts Owned
Diamond 750 points
Purchased another 7500 and may rescind.
If you're posting here then you obviously are having doubts about your purchase. RESCIND and don't even think twice about it.



.
So, I’m not having doubts. I just like to make sure I got the best possible deal and if there is a way to make it better I want to do that.

I’m good with what we have. It’s already paid in full and we plan to travel again (we’re on vacation now using the club) later this year.
 

dayooper

TUG Member
Joined
Apr 14, 2018
Messages
2,418
Reaction score
1,869
Points
224
Location
The Land of Ice and Snow
Resorts Owned
HGVC: The Flamingo, The Boulevard
Thank you. So, we didn’t use it for the 3 years because the first year we only had a few months left after purchase and had other vacations already planned. Year 2 was 2019 and that year we had a new baby. 2020 is obvious why we didn’t use.

This year, we spent 2 weeks in Hawaii (2 bedroom suite, ocean front with a corner unit - 180° views of the water) it was amazing. Right now we’re in VA Beach (again, 1 bedroom suite ocean front). So, we’ve definitely used it this year and are still planning another trip before years end.

We believe we will use the benefits. I’m just curious what better deal we could’ve got that would keep us Gold members. Seems if we buy “dirty points” we can’t use those to bring us to gold.
Are those Gold Member benefits worth $36,000 to you? You can get “dirty“ points almost free on the resale market. You are also banking on that HGVC won’t change or devalue the benefits.
 

Foster102

Guest
Joined
Jul 19, 2021
Messages
8
Reaction score
12
Points
3
Resorts Owned
Diamond 750 points
Purchased another 7500 and may rescind.
No, you did not get a good deal. Especially with the uncertainty of HGVC taking over Diamond in the near future. Rescind while you still can. That deal (or a better one), will still be there if you do your research (or just listen to what others are saying) and still want to buy from Diamond (you won’t).
Thanks! How would I go about purchasing resale points and using them to bring us to gold with our club combo?
 

Foster102

Guest
Joined
Jul 19, 2021
Messages
8
Reaction score
12
Points
3
Resorts Owned
Diamond 750 points
Purchased another 7500 and may rescind.
Are those Gold Member benefits worth $36,000 to you? You can get “dirty“ points almost free on the resale market. You are also banking on that HGVC won’t change or devalue the benefits.
When I run the figures. If we were to continue with this deal. In 30 years we would have paid $132k. If we divide that by 33 years (since we’ve owned for 3 years) we would pay approx $4k per year for multiple vacations. Is that not good?

just this year alone we did 2 weeks in Hawaii, a week in VA beach during peak, and are planning Disney in December. That’s more than a $4k value. No?

Our room in Hawaii retail was $900 a night. We stayed 13 nights and only used 8k points.

Just trying to understand
 

dayooper

TUG Member
Joined
Apr 14, 2018
Messages
2,418
Reaction score
1,869
Points
224
Location
The Land of Ice and Snow
Resorts Owned
HGVC: The Flamingo, The Boulevard
When I run the figures. If we were to continue with this deal. In 30 years we would have paid $132k. If we divide that by 33 years (since we’ve owned for 3 years) we would pay approx $4k per year for multiple vacations. Is that not good?

just this year alone we did 2 weeks in Hawaii, a week in VA beach during peak, and are planning Disney in December. That’s more than a $4k value. No?

Our room in Hawaii retail was $900 a night. We stayed 13 nights and only used 8k points.

Just trying to understand
You are making so many assumptions. 30 years is far too long to amortize the cost as developers consistently change the systems to what benefits them. Take a look at what Wyndham is currently doing. All of the major systems have devalued their benefits over time. Marriott Bonvoy and Hilton Honors have all increased their needed points and the conversion rates have stayed the same. Marriott is notorious for introducing higher status levels and then telling their owners that what they have is garbage and need to buy more to reach the new level. Especially with HGVC buying out Diamond, benefits and even resorts available could change. In my estimation, I look at savings in ownership at most 10 years down the road. Anything after that is gravy. The industry changes too much to bank on those benefits for 30 years.

I just want to get straight what you are saying about the finances. Are you saying the potential vacations you could potentially take would cost $132,000 or through Diamond you plan on spending $4000 a year to get to $132,000? Did you include maintenance and upgrade fees (and their yearly increases) in your calculations? If not, add another $2000 a year or more to your total cost. Diamond has expensive MF’s and most resorts will need to be brought up to Hilton standards so who knows if they will go down? The money has to come from somewhere.

FYI - When is your break even point? My savings from my HGVC resale ownership is just as good or better. Just an example where my family has gone: Myrtle Beach 2 bedroom high season (Hilton rack rate $4500), Hilton Head Island 2 bedroom high season (rack rate $5500), 5 nights at Elara in Vegas 3 bedroom mid season (rack rate $3800 when I booked in January, it was $8500 a few days ago), 3 nights Downtown Chicago 1 bedroom high season (rack rate $1100). This is for a total ownership cost of around $10,000 ($6000 for deed, transfer and closing costs and 3 years of MF’s and booking fees). After 3 years, by Hilton rack rates, I’m already up close to $5000. All in more highly rated accommodations than Diamond. And yes, I could go to Hawaii with my points. Now, could I rent these rooms from owners for less? Absolutely, many here say you should.

It seems your mind is made up and that’s fine. You asked for opinions and they were given to you. While many owners love their Diamond vacations, there are just as many or more that abhor them for their practices. When the merger/takeover was looking like it was going the other way (Diamond/Apollo buying out HGVC), I was prepared to dump my deed for whatever I could get (as were many other HGVC Tug members). This is a lifetime commitment. If you are unhappy, Diamond will allow you to give back your points for the low, low cost of $1000. That $36,000 would be gone.

As to your question above on achieving gold status from resale, it’s most definitely possible. There are Diamond members here that can tell you how to go about making dirty points clean (I “love“ how Diamond uses words like dirty to shame resale owners feel like they shouldn’t own and use them). I believe they involve buying a portion of your points directly from Diamond.

Here‘s my last piece of advice: rescind now. Find out how HGVC plans on dealing with Diamond (HVC is their new branding) and purchase then. Research other systems. Rent from different current owners. Maybe HGVC or Marriott (if I were to buy from a developer, it would be Marriott) might be a better fit? Both of those are much more upscale (Diamond’s Cabo Azul not withstanding) with accommodations in much better condition. Maybe Wyndham‘s extensive resort network might be to your liking? We aren’t just talking about $36,000 here. We are talking about a lifetime of MF’s and changing benefits. If, after research you still feel that you want to buy from Diamond (or HVC), that deal, or better will still be there.
 

Ty1on

TUG Member
Joined
Jun 10, 2015
Messages
4,114
Reaction score
1,048
Points
298
When I run the figures. If we were to continue with this deal. In 30 years we would have paid $132k. If we divide that by 33 years (since we’ve owned for 3 years) we would pay approx $4k per year for multiple vacations. Is that not good?

just this year alone we did 2 weeks in Hawaii, a week in VA beach during peak, and are planning Disney in December. That’s more than a $4k value. No?

Our room in Hawaii retail was $900 a night. We stayed 13 nights and only used 8k points.

Just trying to understand
It seems like you might be rationalizing an emotional purchase. I don't say that to offend you.

I want you to look at it this way: You have a very, very limited time to rescind and rethink, and all the time in the world to go back and buy after you've done full research on whether they offered you the best deal you can get. You are correct that you have to buy from them if you want the status (though per dayooper's post, I may be wrong! I don't know if they still allow you to piggyback resales onto new contracts, but that would def save you some money if they do).

Salesmen of every ilk create an air of urgency to get you to buy. If you don't buy this NOW it will never be available again! In timeshare, that is just untrue. In fact, after you have rescinded, it gives you leverage to, after armed with more facts, walk into your next sales presentation and say, "I rescinded my last purchase. I still want to increase my ownership, but I need better terms than that offer."

Editing to add: You have calculated your total cost of ownership, which is good (hopefully you calculated a 3%-5% annual MF increase into that number). What you haven't done is calculated the cost vs benefit of the additional capital VIP status has cost you over buying resale.

Editing the edit to add: IF you DO decide to rescind and go back to the well, KEEP a copy of the contract you are rescinding. When they give you an offer you like next round, take that contract out and compare it to the new contract in detail. Don't let them get impatient and push you. They might be trying to hurry the decision, or they might not want you to notice what they took away from your last contract to get to a lower offer. Once they present you with a new contract, it's now your move in an untimed chess game. Take as much time as you need to understand it and think it through. If you get anything from them pushing you to sign now or they will withdraw the offer, get up and walk away.
 
Last edited:

bogey21

TUG Member
Joined
Jun 8, 2005
Messages
8,988
Reaction score
4,094
Points
499
Location
Fort Worth, Texas
I’m good with what we have.
What you have is the way it is now. The problem is what you have will surely change when HGVC's acquisition of Diamond takes place. And since you don't know what the changes will be you are flying blind. Clearly the consensus here is rescind and wait until you know what is going to happen...

George
 

geist1223

TUG Member
Joined
May 20, 2015
Messages
4,238
Reaction score
3,817
Points
349
Location
Salem Oregon
Resorts Owned
Worldmark 89,000
Seaside Oregon Residence Club
DRI Cabo Azul 50,500
Royal Solaris San Jose del Cabo
We love our DRI and bought most but not all DRI Points from DRI. With our Club Combination we are Platinum. I do not know if DRI still allow this but in the past you could clean the dirty Points by buying DRI Developer Points. The ratio was 2 to 1. If you had 10,000 dirty Points you could clean them by buying 5,000 Points from DRI.

Some of the limitations of resell/dirty Points are they can only be used in their Home Collection and you can not combine the dirty Points with clean Points to make a Reservation. So one time when we stayed at KBC for a week we made a 4 day Reservation with DRI Points and a consecutive 3 day Reservation with the dirty Points.
 

rickandcindy23

TUG Review Crew: Expert
TUG Member
Joined
Jun 6, 2005
Messages
24,983
Reaction score
4,285
Points
599
Location
The Centennial State
Resorts Owned
Wyndham Plat,RCI pts,Shell,WorldMark,OKW,SSR pts; Marriott's Willow Ridge;Val Chatelle; Hono Koa; SBP; SDO; Blue Ridge Village
Yes, absolutely do rescind!
 

Patri

Tug Review Crew
TUG Member
Joined
Jun 6, 2005
Messages
5,326
Reaction score
1,673
Points
448
Your salesperson is counting the day til the recission period ends. Then they will whoop and holler and celebrate at the bar, free drinks for everyone. “I’m in the money. I’m in the money.”
Your plan works for you today, but that baby will grow, and your jobs could change. Health issues may surface. Your flexibility may diminish. Will the plan work for 30 years?
 

Foster102

Guest
Joined
Jul 19, 2021
Messages
8
Reaction score
12
Points
3
Resorts Owned
Diamond 750 points
Purchased another 7500 and may rescind.
UPDATE: we decided to rescind. Letter is written, printed, copies of signature page and receipts printed as well. Will be sent out certified with signature receipt tomorrow.

We will take time to explore this group more and the ideas of buying resale points and other network timeshares as well.

Thank you everyone for the guidance and advice
 

LannyPC

TUG Member
Joined
Jul 5, 2010
Messages
3,571
Reaction score
1,109
Points
398
Location
British Columbia
Now that you have taken the steps to rescind, there are a couple of things to watch out for or keep in mind.

1) The company has up to 45 days to refund your money (or credit your credit card). Keep an eye on your credit card statement if you paid with a credit card. It does not usually take that long but if it takes a few weeks, don't panic.

2) The company is under no obligation to update you on the rescission process. Some will but most don't. It's not necessary to contact the resort or Diamond about the rescission process.

3) Watch out for unfamiliar phone calls coming your way. Sometimes, someone will phone from the resort "inquiring" about your rescission. Likely, it's just someone from sales trying to get you to change your mind about rescinding.

4) If someone from sales does contact you, that person will try to do one of two things. Either try to sweeten the deal if you keep (eg., easier booking options, more points per year, first year MFs paid, etc.) or threaten you saying you will face serious legal and/or financial consequences if you rescind. That's a lie!
 
  • Like
Reactions: RX8

CalGalTraveler

TUG Member
Joined
Dec 21, 2014
Messages
6,713
Reaction score
5,417
Points
498
Location
California
Congrats on rescinding. As you know HGVC is acquiring Diamond. Best to wait and see how things unfold. Take your time, get the most out of what you've got, then you can decide what's best. I imagine that HGVC may be running some incentives in the future for owners. Best to wait and see. Resale prices are not going up.
 

RX8

TUG Member
Joined
May 5, 2011
Messages
2,987
Reaction score
2,450
Points
449
Location
CO
Resorts Owned
Grand Pacific Palisades (HGVC) and DVC (VGC)
@Foster102 you just saved $36,000, congrats! If you decide after researching that you still want this deal from Diamond then @Ty1on has a good suggestion to use your rescission as leverage for an even better deal. You may also find that a free or almost free resale gets you 90% of what your looking for and the $36,000 in savings will provide many years of “free” vacations in the form of prepaid maintenance fees.

You could also think of your savings as $35,985 and use the $15 difference to join as a full member of TUG. Just a thought:)
 
Top