Rescinding HICV after a couple of months

[Grnmn1]

My wife and I attended the timeshare presentation, and you guys already know the story. We purchased ~45,000 points for ~$10,000. The first bill just arrived, and it is really making us second guess this whole deal. I just started looking online the other day to see if the offer was a good deal, and unfortunately, it seems that the vast majority of people think it is a horrible deal at best. I, unfortunately, found this forum too late, and we weren't even told that we had a period of days to reconsider. We were told that it's not final until the last signature is signed but after that it's final. So we didn't think too much about it afterward, thinking that what's done is done. I have a few questions and would really appreciate any response!

1. Is it possible to rescind now that we are 2 months in? If not, would hiring a lawyer help?

2. How much has the annual feel gone up over the past few years/decades?

3. We were told that there will always be suites available, and just book within a couple of weeks of the desired time period, and most suites will be 15,000 points for a week. How accurate is this? They recommended this program called "pointguard" (it may be called something similar) where you purchase it for $15 up front, and then closer to time of reservation you cancel your reservation for full refund and can reserve that same reservation for 15,000 points instead of the original price. Does this work?

4. We were hoping that the points would help cover some transportation costs of future travels, but now that the flights anywhere portal is down, what is the best way to go about this?

5. What would you recommend now?

Thanks everyone for your time!

 

[Grammarhero]

My wife and I attended the timeshare presentation, and you guys already know the story. We purchased ~45,000 points for ~$10,000. The first bill just arrived, and it is really making us second guess this whole deal. I just started looking online the other day to see if the offer was a good deal, and unfortunately, it seems that the vast majority of people think it is a horrible deal at best. I, unfortunately, found this forum too late, and we weren't even told that we had a period of days to reconsider. We were told that it's not final until the last signature is signed but after that it's final. So we didn't think too much about it afterward, thinking that what's done is done. I have a few questions and would really appreciate any response!

1. Is it possible to rescind now that we are 2 months in? If not, would hiring a lawyer help?

2. How much has the annual feel gone up over the past few years/decades?

3. We were told that there will always be suites available, and just book within a couple of weeks of the desired time period, and most suites will be 15,000 points for a week. How accurate is this? They recommended this program called "pointguard" (it may be called something similar) where you purchase it for $15 up front, and then closer to time of reservation you cancel your reservation for full refund and can reserve that same reservation for 15,000 points instead of the original price. Does this work?

4. We were hoping that the points would help cover some transportation costs of future travels, but now that the flights anywhere portal is down, what is the best way to go about this?

5. What would you recommend now?

Thanks everyone for your time!

You are too late to rescind. Hiring a lawyer won’t help you more than what you can do yourself. Lawyers will tell you to default, take the credit hit, and then forget TS.

We will tell you to learn how to use your TS. Using pts for flights is horrible. You likely overpaid by $10k but it’s not the end of the world

 

[tony_i]

My wife and I attended the timeshare presentation, and you guys already know the story. We purchased ~45,000 points for ~$10,000. The first bill just arrived, and it is really making us second guess this whole deal. I just started looking online the other day to see if the offer was a good deal, and unfortunately, it seems that the vast majority of people think it is a horrible deal at best. I, unfortunately, found this forum too late, and we weren't even told that we had a period of days to reconsider. We were told that it's not final until the last signature is signed but after that it's final. So we didn't think too much about it afterward, thinking that what's done is done. I have a few questions and would really appreciate any response!

1. Is it possible to rescind now that we are 2 months in? If not, would hiring a lawyer help?

2. How much has the annual feel gone up over the past few years/decades?

3. We were told that there will always be suites available, and just book within a couple of weeks of the desired time period, and most suites will be 15,000 points for a week. How accurate is this? They recommended this program called "pointguard" (it may be called something similar) where you purchase it for $15 up front, and then closer to time of reservation you cancel your reservation for full refund and can reserve that same reservation for 15,000 points instead of the original price. Does this work?

4. We were hoping that the points would help cover some transportation costs of future travels, but now that the flights anywhere portal is down, what is the best way to go about this?

5. What would you recommend now?

Thanks everyone for your time!

1. Contract has time period for cancellation, unfortunately, if it is 2 month already, that time has passed. If it is already paid, HICV has a free program where you can return the unit/contract to them and you do not have to pay any MFs in the future. Avoid anyone with the promise of getting you out of the contract for a fee. HICV Horizon is the only option.

2. MFs increase between 4-7% yearly on average.

3. 15k hicv points units are those in RCI and are last minute deals that cost 15k or less. If using RCI for these reservations, there is a $239 echange fee. I have used this and if you login multiple times per day, you can get good deals, but these are last minutes (up to 45 days out in RCI)
3b. Pointguard is offered by HICV when youake a reservation. It is actually $35. It is insurance in case you cancel your booking in hicv only (not RCI). You still loose the $64 reservation fee plus the $35, but you keep your points. I always use this when booking in the system for big reservations.

Also, what they said about booking and canceling, I would not do. They were probably talking about Maxtime. These are discounted HICV properties, but usually are low season/last minute, you can book 2-4 nights at most, and usually not weekends. It is a good value it you are flexible. Can save up to 45% in points, but not worth paying 2 reservation fees if you were to cancel an original reservation.

4. Points have best value when used in HICV system, RCI, and maybe trading for IHG at 4/3 ratio. No much value in any other way they offer.

5. If you are able to travel in the 45 day window, and have availability to travel on low seasons, you can get great value with the 15k RCI reservations at great Resorts. Unfortunately 45k points is not much inside HICV, you have to get very familiar with point charts in order to get best value.
The only way to try to get even is to purchase a resale unit with good MFs ratio at South Beach, Gatlinburg, or Lake Geneva (those transfer as points on resale) and enjoy the system with more points. If not, hicv's horizon would be the best option to forget about the whole thing.

Hope this help, and let us know any other questions.



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[Grnmn1]

1. Contract has time period for cancellation, unfortunately, if it is 2 month already, that time has passed. If it is already paid, HICV has a free program where you can return the unit/contract to them and you do not have to pay any MFs in the future. Avoid anyone with the promise of getting you out of the contract for a fee. HICV Horizon is the only option.

2. MFs increase between 4-7% yearly on average.

3. 15k hicv points units are those in RCI and are last minute deals that cost 15k or less. If using RCI for these reservations, there is a $239 echange fee. I have used this and if you login multiple times per day, you can get good deals, but these are last minutes (up to 45 days out in RCI)
3b. Pointguard is offered by HICV when youake a reservation. It is actually $35. It is insurance in case you cancel your booking in hicv only (not RCI). You still loose the $64 reservation fee plus the $35, but you keep your points. I always use this when booking in the system for big reservations.

Also, what they said about booking and canceling, I would not do. They were probably talking about Maxtime. These are discounted HICV properties, but usually are low season/last minute, you can book 2-4 nights at most, and usually not weekends. It is a good value it you are flexible. Can save up to 45% in points, but not worth paying 2 reservation fees if you were to cancel an original reservation.

4. Points have best value when used in HICV system, RCI, and maybe trading for IHG at 4/3 ratio. No much value in any other way they offer.

5. If you are able to travel in the 45 day window, and have availability to travel on low seasons, you can get great value with the 15k RCI reservations at great Resorts. Unfortunately 45k points is not much inside HICV, you have to get very familiar with point charts in order to get best value.
The only way to try to get even is to purchase a resale unit with good MFs ratio at South Beach, Gatlinburg, or Lake Geneva (those transfer as points on resale) and enjoy the system with more points. If not, hicv's horizon would be the best option to forget about the whole thing.

Hope this help, and let us know any other questions.



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Thank you so much for your response.

Unfortunately, no one informed us that there would be a fee for using RCI. Is that applicable to every time we use RCI points?

What would be the best way to travel without a fee/ I am considering getting an airline card (right now I have Chase Sapphire prefered), to just get points for flights. Was wondering what you think is the most versatile airline (card) for domestic and/or international flights? Thanks again!

 

[silentg]

They also didn’t tell you that 45,000 points when put in RCI will be only 27,500 points
We usually put point in IHG but you have a very low amount of HIVC points that putting them anywhere else would be a waste. If you use this year’s points since you have paid maintenance try to go to one of the resorts. If you live driving distance to any of the many resorts you wouldn’t have to fly.
Good Luck!
Silentg

 

[tony_i]

Thank you so much for your response.

Unfortunately, no one informed us that there would be a fee for using RCI. Is that applicable to every time we use RCI points?

What would be the best way to travel without a fee/ I am considering getting an airline card (right now I have Chase Sapphire prefered), to just get points for flights. Was wondering what you think is the most versatile airline (card) for domestic and/or international flights? Thanks again!

Yes, there will be a fee when you exchange points for a reservation in RCI. It is $239 for a weeks reservation. There is also RCI Points reservation, and this fees is somewhat prorated if you book less than a week, not exactly sure the exchange fee. RCI has last call reservations and these cost $269, and $299 for the week. There are no exchange fees on these, but there are taxes added on top. There are not taxes when you exchange. Lastly, there are RCI extra Vacations, and these start at $289 for some units and could go up over $2999.

There is no way to travel without a fee. Best value is booking in the HICV system, but even then you have to pay $64 reservation fee and the $35 pointguard. There is no fee to book your deeded unit, however, you are likely on land trust points so I am not sure if you do have that option.

Someone mentioned that you 45k hicv is half in RCI, this is a confusion there has been. The price you see in RCI is the amount of points that will cost. The confusion comes that a 15k RCI reservation, it is actually worth 7500 RCI points. So the conversion is 2/1, but do not worry, again, the amount of points you see in RCI is what will be deducted from your account.

In regards to airline miles credit cards, it will depend on many factors. I would check thepointsguy.com to see a list recommendations in your case. I have an airline miles credit card and I would be better with a hotel card. I see more value in that for my needs. Last year we booked a $400 a night hotel using hotel points and in my case I see better value there. I have not gotten into the whole credit card thing, but I am sure there are expert here that you could ask in the appropriate section of the forum.

With your HICV you get a gold IHG membership, and you can purchase discounted points from IHG at discount. Sometimes they have 100% bonus wich works great. There is also IHG credit card. But I recommend you do research for what would work best for you.


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[DrQ]

Once you get your IHG account established with HICV, if you pay your mortgage with the card, you should get IHG points for the payment.

Depending on your financial situation, you might look at the trade-off of taking the 3%-4% transfer fee to a 0% credit card for 12 to 18 months based on the offer. One of my cards gives me a monthly offer of 0% for 12 months or a small % rate for 2 years. You need to run the numbers and be in a situation where you can seriously bump your payments to pay nut off in that shorter time before the CC high interest rate kicks in. Our Westgate branded CC gave us an offer to transfer $12K for 0% transfer fee for 12 months. Look around, but you have to be disciplined.

With the 0% offers, you need to calculate how much interest you would pay on your original contract if you paid it off over the time you are going to pay off the transfer before the CC HIGH interest kicks in. Balance it against the 3%-4% transfer fee, it makes financial sense, BUT, you are committed because if you don't pay it off within that time period, you are in WORSE shape. I imagine 21+% per year interest is quite a bit more than your contract.

You might want to calculate what it would take to pay the nut in a year and accelerate your payments and see how that affects your budget. Check your contract to see how you can apply extra money the principal (nut). Some some loans assume that excess funds will be applied to future payments.

 

[Gypsy65]

I didn’t read all the posts yet so this may have been mentioned

$10,000
Yep. Sucks but it wasn’t $100,000
Learn how to use what you have and if you can afford it buy secondary from a points only resort and make it a 300k points ownership or whatever you can afford / use and that will make the $10,000 more reasonable and a cheaper lesson

 

[CPNY]

My wife and I attended the timeshare presentation, and you guys already know the story. We purchased ~45,000 points for ~$10,000. The first bill just arrived, and it is really making us second guess this whole deal. I just started looking online the other day to see if the offer was a good deal, and unfortunately, it seems that the vast majority of people think it is a horrible deal at best. I, unfortunately, found this forum too late, and we weren't even told that we had a period of days to reconsider. We were told that it's not final until the last signature is signed but after that it's final. So we didn't think too much about it afterward, thinking that what's done is done. I have a few questions and would really appreciate any response!

1. Is it possible to rescind now that we are 2 months in? If not, would hiring a lawyer help?

2. How much has the annual feel gone up over the past few years/decades?

3. We were told that there will always be suites available, and just book within a couple of weeks of the desired time period, and most suites will be 15,000 points for a week. How accurate is this? They recommended this program called "pointguard" (it may be called something similar) where you purchase it for $15 up front, and then closer to time of reservation you cancel your reservation for full refund and can reserve that same reservation for 15,000 points instead of the original price. Does this work?

4. We were hoping that the points would help cover some transportation costs of future travels, but now that the flights anywhere portal is down, what is the best way to go about this?

5. What would you recommend now?

Thanks everyone for your time!

too late to rescind. Now just double down and buy more
Points on resale for dirt cheap and make the ownership work for you

 

[Grnmn1]

too late to rescind. Now just double down and buy more
Points on resale for dirt cheap and make the ownership work for you

Thank you for your response, I tried looking online (mainly Ebay) for these points. And I see the ones that people are selling things like $75 for 10K nights at somewhere. Was this what you were referring to? If not, do you think you could send me a link to one example? or just what I should be putting into the search bar or another site that I should be using instead of Ebay? Thanks!

 

[tony_i]

Thank you for your response, I tried looking online (mainly Ebay) for these points. And I see the ones that people are selling things like $75 for 10K nights at somewhere. Was this what you were referring to? If not, do you think you could send me a link to one example? or just what I should be putting into the search bar or another site that I should be using instead of Ebay? Thanks!

HICV points are not cheap anymore. Sellers and buyers know what resorts transfer as point on resale market (south beach, lake geneva, Gatlinburg), so these tent to sell for more. Here are some of the ones that have sold recently:

93,750 Holiday Inn Club Points Timeshare Lake Geneva WI | eBay

Lake Geneva, WI 53147. (7,500 Marcus Vacation Club Points). This spectacular Midwestern retreat is located in the tranquil Wisconsin countryside a short drive from Chicago and Milwaukee. Guest have access to indoor/outdoor pools and activities.

www.ebay.com

HOLIDAY INN SOUTH BEACH RESORT 176,000 POINTS *FREE 2020 USE!* MYRTLE BEACH SC | eBay

Enjoy popular Myrtle Beach attractions nearby. MAINTENANCE FEE STARTS 2021. A washer/dryer is also included in most villas. Wi-Fi, parking, and a beach shuttle are free for all guests! Hit Splash Cove which has a lazy river and giant waterslides (must be at least 48" tall to ride).

www.ebay.com

HOLIDAY INN CLUB VACATIONS SOUTH BEACH ~73,000 ANNUAL POINTS~ TIMESHARE SALE | eBay

Oceanfront Breezes Beach Club. Hit the water at Splash Cove with lazy river and giant water-slides. We also have an indoor pool and hot tub open year-round. The two most common forms of usage are Annual (every year) and Biennial (every other year).

www.ebay.com

7,000 POINTS ANNUAL DEEDED HOLIDAY INN CLUB VACATIONS AT LAKE GENEVA | eBay

Deeded Annual Points. Usage: Annual Use, Floating Weeks 1-52. (The Pictures In This Ad Are General In Nature).

www.ebay.com

HOLIDAY INN SOUTH BEACH RESORT 115,000 PTS EVEN *FREE 2020 USE!* MYRTLE BEACH SC | eBay

Enjoy popular Myrtle Beach attractions nearby. MAINTENANCE FEE STARTS 2021. A washer/dryer is also included in most villas. Wi-Fi, parking, and a beach shuttle are free for all guests! Hit Splash Cove which has a lazy river and giant waterslides (must be at least 48" tall to ride).

www.ebay.com

The better the points/MFs ratio the higher the cost. Lake Geneva is UDI, so everyone pays the same MFs per point.