Rescinding HGVC timeshare; what happens to financing?

[cf4302]

Hi all,

As it seems to be common, my wife and I were convinced during a HGVC sales presentation to buy into the Elara resort. The following day I did some better research and stumbled on this site. Following in the guidance of those before me, I am now in the process of rescinding. I'm going to put my letter in the mail (USPS certified) tomorrow, but I have a question regarding the loan we were going to take out to finance this through Hilton (I have also now realized that financing a timeshare in the first place was a huge mistake as well).

By submitting my letter, does this also null and void the loan we were going to take out through Hilton? Or will I receive a check for the full amount that I then have to turn around and pay back to Hilton? I know I have a hard hit on my credit and that's not going away, but the loan part isn't clear in my contract and my research on TUG hasn't turned up any guidance. Do I need to specify in my letter that the loan also needs to be canceled? I appreciate your help in advance.

 

[TUGBrian]

you should not have to do anything other than follow the directions as laid out in the sales contract to legally rescind your purchase.

congrats on finding us in time to rescind! most are not that lucky!

 

[vacationtime1]

The loan will be cancelled along with the purchase.

The credit inquiry will remain, but by itself, it has only a short-term and very minor impact on your credit score.

 

[Panina]

Welcome to TUG. Congratulations on finding us in time and saving thousands of dollars. Stick around and learn how to buy resale and enjoy timesharing.