Question about Visa card value when converting from Silverleaf to HVIC and other concerns.

[jka8168]

HI,


I also posted this as a conversation while I got some log in challenges worked out. Some of you may see this post twice. Sorry.

We have owned with Silverleaf with a resale lodge destination Ozark Mountain red deed Week 31 with EE from the early 1980's. We purchased for nearly nothing in late 1990's so have owned the deed ourselves for about 20 years. MF started at about $59 and have increased to $94 now and they just tacked on the $25 fee for EE weeknights, etc :-( I am quite sure that original deed didn't allow for charging for EE!

We have gotten our money's worth so far, although the past several years our oldest boy who lived with us with some disabilities became sicker and it prevented much distance travel. We still managed to use Fox River, which is close, by a few times, mainly for R and R for me, mom. Our son recently passed, (thanks, we miss him terribly). Its bittersweet, but we are more free to travel now so our use patterns may expand.

We had not attended the meetings in 2016 to explain conversion from Silverleaf to HIVC so recently we agreed to an update meeting. Of course we got the usual "buy now or lose" dance, and we walked as always in order to do the needed homework.

Main question? - One claim that was made was that points could be converted to a Visa card and used at gas stations, etc. Ok, first is that true? but how much are they worth in dollars? They knew we were cheap, so they offered us the usual 145,000 points and then the standard minimum 50,000 extra points/year for $14,000, $1400 down, plus monthly payment of $220 which earned points??? (did I get that right that it earned points?). The hook was that that the maintenance fee went away?? and also we could use the points for items such as gas or at Walmart, etc., so we were only spending $26 more monthly than we are now, considering that we always buy gas, etc. Forgot to tell us how many payments and I was trying to get out the door and forgot to ask so am assuming high interest.

A missing piece of info is that we do not know how much those points purchased from them convert to in dollars on a Visa card. Suspiciously but not surprisingly, I cannot "find" anyone at HIVC on the phone who seems to know current value. I understand that they could change later. I am still trying to decode points as I have always studiously avoided them due to TUG influence in the past.

Also I am absorbing here that MF can skyrocket unacceptably once the conversion is done? Any way that can be controlled with creative wording that is built in at purchase? (I guess I'm dreaming!)

I am very protective of EE and they promised it carries over, but I am distrustful. Has it carried over as promised, but with fees now?

I did really like a lot of the perks with HIVC. We and our other kids and gkids could use them. The Silverleaf and HIVC locations work very well for us and we would trade also.

I am concerned that the system will eventually just force us to convert anyway with little availability and rising MF.

I'm all about buying resale, weeks or extra points, and am open to advice. I am well aware that buying from the developer is rarely a good idea but we heard the pitch so we would have somewhere to start as we do the legwork.

Thanks and blessings

 

[Shankilicious]

Throwing the credit card in the mix just seems like it would over complicate things and be an extra layer to not work correctly. Credit Card interest rates are also insane, anywhere from 15-30%. I definitely would not buy from the developer especially before the big changeover. I'd wait until after because things will almost certainly change, a lot.

 

[T-Dot-Traveller]

Hi jka8168,
Congratulations on starting your first thread .
It sounds like you have already read some or all of the existing Siverleaf / HIVC threads ; & have been a TUG member for 10 years .

Personally , I am skeptical of card / point conversion for long term use .
This is a “hook “to a buy in : where they can always adjust the ratio to make it less valuable to you later on.
HIVC has already done this with EE which was part of your original deed . Why wouldn’ they change the point conversion ratio to THEIR benefit in the future.

Your deeded”Silverleaf” week continues to have vacation use value for you . I would leave it as is . That is the best way to protect your EE use .

If you wish to add to your usage - I would consider getting another TS (possibly for close to free);after researching what best suits your plans.
Just remember a "cheap" timeshare is not always the most frugal long term purchase BUT many great use timeshares can be very inexpensively obtained via resale .

The TUG bargains/ free sub forum and Marketplace / TS under $ 500 section ,
ebay and places like Timeshare Nation(if you want free) are all places for research .

When I first started reading TUG - I could not understand why members had multiple timeshares . Eventually it made sense - different uses and purposes.
(FYI - We "traded in" our first TS - Taranova to Mayan Palace in 2006 - then got it back when it didn't sell / now it is our trader via RCI TPU's - I have learned a lot after finding TUG about 10 years ago )

Your HIVC presentation was the “ one size fits all “ concept . I would explore
other / different options in added ownership(s) as that could be a better fit for you.

There is a current TUG thread on buying a Marriott trader .
It is an interesting read to see the thinking process , even if you have no interest in Marriott .
Thread is : Choosing between Marriott Grand Chateau 2 bdrm or 3 bdrm Trader / started by FamilyEsq - Feb 2019 / In the Marriott Forum .

Wyndham / Worldmark / Hyatt / Hilton-HGVC / Diamond / Vistana & Marriott / Blue Green - Vacation Villages fixed weeks -in RCI points / RCI-TPU's / resorts in Intervals International ; using SFX to exchange ;and others - are all options. Each seems to have pluses / minuses and quirks . Each has TUG members who can help you to learn how to best use that particular system and or exchange company.

If you want HIVC points - I believe there are 3 property locations , that can be bought resale and not revert to a fixed week upon transfer to the new owner .
<Lake Geneva - Smoky Mountain - South Beach at Mytle Beach >
See thread : HICV Resale - which resorts keep their points as points /started by Sandy VDH - Dec 26 2018.


In all of the above : always remember to factor in the ease and cost of an exit plan
when that time comes .

Sorry for your loss .
I hope planning & vacationing with your children & grandchildren bring future
joy to your lives .