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Rescinded HGVC!

nindark

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We went to a HGVC sales presentation on 11/19 in Las Vegas and saw the "value" of us of purchasing an 8k property for $38,900. After doing a little research that night I realized we could get the same thing for less than 10% of the price, so as soon as we got home on 11/22, we sent the rescind letter. I sent it by FEDEX and the recieved and signed for it on 11/23. I figure we will get some kind of notification and see the refund on our credit card. Since we did see the value of it, we are in the process of buying a resale HGVC from ebay and could see the possibility of buying more down the road. Thanks TUG!
 

CPNY

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Harborside Resort at Atlantis
SVV - Key West/Bella
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Regal Vista at Massanutten
We went to a HGVC sales presentation on 11/19 in Las Vegas and saw the "value" of us of purchasing an 8k property for $38,900. After doing a little research that night I realized we could get the same thing for less than 10% of the price, so as soon as we got home on 11/22, we sent the rescind letter. I sent it by FEDEX and the recieved and signed for it on 11/23. I figure we will get some kind of notification and see the refund on our credit card. Since we did see the value of it, we are in the process of buying a resale HGVC from ebay and could see the possibility of buying more down the road. Thanks TUG!
It’s always recommended to use USPS rather than UPS or FEDEX. I’m sure HGVC won’t be much of an issue.
 

rickandcindy23

TUG Review Crew: Elite
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Wyndham Founder; Disney OKW & SSR; Marriott's Willow Ridge,Shadow Ridge,Grand Chateau;Val Chatelle; Hono Koa OF (3); SBR(LOTS), SDO a few; Grand Palms; WKORV-OF (2),Westin Desert Willow.
Congratulations on rescinding a ridiculously high-priced Hilton product.
 

nindark

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It’s always recommended to use USPS rather than UPS or FEDEX. I’m sure HGVC won’t be much of an issue.
Just out of curiosity. Besides being less expensive, why is USPS recommended rather than UPS or FEDEX signature required service?
 

Passepartout

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Just out of curiosity. Besides being less expensive, why is USPS recommended rather than UPS or FEDEX signature required service?
One good reason is that some (not all) rescission offices mail address is a P.O. Box. Couriers can't deliver to P.O. Boxes. Better to send it USPS than risk non-delivery.
 

TUGBrian

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strong work saving 30k!
 

LannyPC

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Besides being less expensive, why is USPS recommended rather than UPS or FEDEX signature required service?

Because that's probably what it says in your rescission instructions. We always advise here to people in situations like yours to follow the rescission instructions to the letter that you received. That way, there can be no dispute that you did no follow the rescission instructions. If the instructions tell you to send it via bicycle courier, the send it via bicycle courier.
 

Bill4728

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Please note if you still like the idea of HGVC, do buy a platinum week at either Orlando or Vegas. They have a lower up front cost and lower MFs.
 

nindark

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Albuquerque, NM
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HGVC
Please note if you still like the idea of HGVC, do buy a platinum week at either Orlando or Vegas. They have a lower up front cost and lower MFs.
Thanks! We did pick up a platinum week at Vegas Paradise from ebay. It passed ROFR and we have the estoppel. Now we are just waiting for transfer to complete!
 

bobby

TUG Review Crew: Expert
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Time to join TUG for support and increase public visibility
 

bobby

TUG Review Crew: Expert
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Oh I see you did join and the guest marker just hasn't been changed. Welcome.
 

heitmullerj02

TUG Review Crew
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Sheraton Vistana, HGVC Carlsbad
Took tour in HI 2 weeks ago, they wanted me to spend 70K. I bought from eBay too,did not have the heart to tell salesperson what I paid. easier and simpler and have enjoyed my HGVC for 4 years.
 

nindark

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Albuquerque, NM
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HGVC
Took tour in HI 2 weeks ago, they wanted me to spend 70K. I bought from eBay too,did not have the heart to tell salesperson what I paid. easier and simpler and have enjoyed my HGVC for 4 years.
Our sales guy texted us when he was notified. He wanted to "let us know some things" so we scheduled a time to speak to him. We actually liked him so we didn't mind talking to him. He did ask for details of our purchase, so we texted him the details. He never called or texted again... lol...
 

Arusso

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We went to a HGVC sales presentation on 11/19 in Las Vegas and saw the "value" of us of purchasing an 8k property for $38,900. After doing a little research that night I realized we could get the same thing for less than 10% of the price, so as soon as we got home on 11/22, we sent the rescind letter. I sent it by FEDEX and the recieved and signed for it on 11/23. I figure we will get some kind of notification and see the refund on our credit card. Since we did see the value of it, we are in the process of buying a resale HGVC from ebay and could see the possibility of buying more down the road. Thanks TUG!
Congrats on realizing that there is a sea of difference between what a developer's agent says a property is worth and what the market value actually is. I'm assuming the property is a deeded fixed week unit. If you don't mind me asking and to be clear on what exactly happened, I have a couple of questions : You stated: ".....saw the 'value' of us of purchasing an 8k property for $38,900." Are you implying you knew the value of the property was $8,000 before the presentation you attended? If you did, what source did you use? Also, you used the term "value." Do you mean market value or the intrinsic value one obtains in spite of monetary value?

Then, you wrote: "After doing a little research that night I realized we could get the same thing for less than 10% of the price." My question is which price - 10% of $8,000 or $38,900?

Thank you for sharing your experience with us and good luck.
 

nindark

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Albuquerque, NM
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Congrats on realizing that there is a sea of difference between what a developer's agent says a property is worth and what the market value actually is. I'm assuming the property is a deeded fixed week unit. If you don't mind me asking and to be clear on what exactly happened, I have a couple of questions : You stated: ".....saw the 'value' of us of purchasing an 8k property for $38,900." Are you implying you knew the value of the property was $8,000 before the presentation you attended? If you did, what source did you use? Also, you used the term "value." Do you mean market value or the intrinsic value one obtains in spite of monetary value?

Then, you wrote: "After doing a little research that night I realized we could get the same thing for less than 10% of the price." My question is which price - 10% of $8,000 or $38,900?

Thank you for sharing your experience with us and good luck.
The 8k I was referring to was 8k Gold Season HGVC points at Elara, not dollars. We saw we could get 2-3 weeks of stays at various other properties during gold/silver seasons with those 8k points so the purchase price ($38,900)plus maintenance fees (~$1100/year) seemed like a good deal based on what we had spent over the last year at hotels. It made sense especially when we spread that out over the next 7-8 years. We thought anything after the year 7 would be a bonus with only maintenance fees.

So like I said, after some research that night I saw we could get other 8,000 gold season properties for less than $3000 we decided to rescind. I havee seen some given away for free since then. We ended up buying an 11,200 point Platinum Season LV Paradise deed off ebay for $4950 with all of the 2022 points saved.

Looks like I can't edit my first post to clarify that the 8k is points not dollar. Thanks for reading.
 

Arusso

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The 8k I was referring to was 8k Gold Season HGVC points at Elara, not dollars. We saw we could get 2-3 weeks of stays at various other properties during gold/silver seasons with those 8k points so the purchase price ($38,900)plus maintenance fees (~$1100/year) seemed like a good deal based on what we had spent over the last year at hotels. It made sense especially when we spread that out over the next 7-8 years. We thought anything after the year 7 would be a bonus with only maintenance fees.

So like I said, after some research that night I saw we could get other 8,000 gold season properties for less than $3000 we decided to rescind. I havee seen some given away for free since then. We ended up buying an 11,200 point Platinum Season LV Paradise deed off ebay for $4950 with all of the 2022 points saved.

Looks like I can't edit my first post to clarify that the 8k is points not dollar. Thanks for reading.
That makes more sense......
 
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