Rescinding HICV Timeshare

[trvlwthprpz]

Grateful that I found TUG! My husband and I attended a timeshare presentation on Sept. 13 at the Smokey Mountain HICV in Gatlinburg. We purchased 100K points for US$21K and made a deposit of US $8K+. After stumbling with TUG and reading through all the posts about resale timeshares and that we can cancel our contract if we are within the cancellation period, I went through our contract and sent our notice of cancellation on Monday. I checked our tracking # and it showed that they received it yesterday. I will try to call tomorrow to find out the status as what one of TUG members did. We hope all goes well with the rescinding process. Will keep you all posted. We would like to buy from the resale market, but need to learn more about the different timeshares and see which timeshare is best for us. We would be travelling more international, so we feel that a timeshare who has the most exchange power for RCI points would be best for us. I know there’s II too, but we are not well versed with it, so we need to research more about it.

 

[TUGBrian]

so glad you found us in time to save 21k!

 

[LannyPC]

We would like to buy from the resale market, but need to learn more about the different timeshares and see which timeshare is best for us. We would be travelling more international, so we feel that a timeshare who has the most exchange power for RCI points would be best for us.

First of all, good for you for finding TUG and its information and advice how to rescind.

As for your other points, don't be too hasty to buy (or even accept for free) any timeshare. Take lots of time and do your research. Deals will be out there many months down the road. Another suggestion is to try renting from a current owner to see if timesharing is right for you. It allows you to "try before you buy". Even if you have to pay a couple of hundred dollars above the MFs to rent, that $200 will seem like a bargain if you take on an ownership and shortly later, try to get rid of it.

Also, be careful when looking for a property that you want to trade in Europe. The sales person probably painted this rosy picture for you that belonging to an exchange company will get you these great accommodations in popular European tourist cities. That's not usually the case. Most exchange properties available in Europe are usually in the countryside and not in popular large, tourist, European cities.

 

[trvlwthprpz]

so glad you found us in time to save 21k!

Truly grateful for all of you TUG members!

 

[kanerf]

If you do want to try HICV make sure you only purchase resale at the three locations where resales will provide you with points that you can use elsewhere. These are Gatlinburg, Lake Geneva and Myrtle Beach.

 

[trvlwthprpz]

First of all, good for you for finding TUG and its information and advice how to rescind.

As for your other points, don't be too hasty to buy (or even accept for free) any timeshare. Take lots of time and do your research. Deals will be out there many months down the road. Another suggestion is to try renting from a current owner to see if timesharing is right for you. It allows you to "try before you buy". Even if you have to pay a couple of hundred dollars above the MFs to rent, that $200 will seem like a bargain if you take on an ownership and shortly later, try to get rid of it.

Also, be careful when looking for a property that you want to trade in Europe. The sales person probably painted this rosy picture for you that belonging to an exchange company will get you these great accommodations in popular European tourist cities. That's not usually the case. Most exchange properties available in Europe are usually in the countryside and not in popular large, tourist, European cities.

Thank you for your advice LannyPC! We will definitely take time to research the different timeshare offerings. We are actually thinking of renting first to try, so thank you for suggesting it.

Thanks for the heads up about Europe properties. One of our vacation plans for next year was for my hubby to take our son who will graduate from university for a Europe trip. That’s why we were excited to get timeshare.

I see you are from Canada. We are from Ontario. Would you mind me asking what timeshare you own?

Thanks again!

 

[Passepartout]

Thanks for the heads up about Europe properties. One of our vacation plans for next year was for my hubby to take our son who will graduate from university for a Europe trip. That’s why we were excited to get timeshare.

Thanks again!

Timeshare works great- or at least pretty good- for travel in tourist areas of the US, Mexico and the Caribbean. Not so good elsewhere. In Europe, people LIVE in the cities, so Europeans want to holiday out in the countryside. Not where N. Americans generally want to visit.

If you are still actively looking for the best ratio of RCI Points for the least annual cost look for resales in the Vacation Village and Grandview Las Vegas groups.

There is no need to try to get an update on your rescission. You are unlikely to get it. They are required by law to process it, but NOT to notify you of it's progress or completion. We know it's stressful, but just know that the refund is on it's way and can take up to 45 days. Probably won't take that long, so just watch your credit card account for a refund.

Jim

 

[LannyPC]

Would you mind me asking what timeshare you own?

We no longer own one. We used to own at Orange Lake in Kissimmee which I believe is now HIVC. It was a nice place to vacation but timesharing later faded out as our choice and preference for travel. That's not to say that timesharing is bad. It just no longer suited our travel tastes and circumstances.

 

[trvlwthprpz]

If you do want to try HICV make sure you only purchase resale at the three locations where resales will provide you with points that you can use elsewhere. These are Gatlinburg, Lake Geneva and Myrtle Beach.

Thank you for the advice!

 

[trvlwthprpz]

First of all, good for you for finding TUG and its information and advice how to rescind.

As for your other points, don't be too hasty to buy (or even accept for free) any timeshare. Take lots of time and do your research. Deals will be out there many months down the road. Another suggestion is to try renting from a current owner to see if timesharing is right for you. It allows you to "try before you buy". Even if you have to pay a couple of hundred dollars above the MFs to rent, that $200 will seem like a bargain if you take on an ownership and shortly later, try to get rid of it.

Also, be careful when looking for a property that you want to trade in Europe. The sales person probably painted this rosy picture for you that belonging to an exchange company will get you these great accommodations in popular European tourist cities. That's not usually the case. Most exchange properties available in Europe are usually in the countryside and not in popular large, tourist, European cities.

Grateful that I found TUG! My husband and I attended a timeshare presentation on Sept. 13 at the Smokey Mountain HICV in Gatlinburg. We purchased 100K points for US$21K and made a deposit of US $8K+. After stumbling with TUG and reading through all the posts about resale timeshares and that we can cancel our contract if we are within the cancellation period, I went through our contract and sent our notice of cancellation on Monday. I checked our tracking # and it showed that they received it yesterday. I will try to call tomorrow to find out the status as what one of TUG members did. We hope all goes well with the rescinding process. Will keep you all posted. We would like to buy from the resale market, but need to learn more about the different timeshares and see which timeshare is best for us. We would be travelling more international, so we feel that a timeshare who has the most exchange power for RCI points would be best for us. I know there’s II too, but we are not well versed with it, so we need to research more about it.

UPDATE: We received our refund today. Thank again so much for all your help!!! Now, on to learning more about timeshare ownership! Will try to rent first but definitely very interested in buying a timeshare.

 

[trvlwthprpz]

We no longer own one. We used to own at Orange Lake in Kissimmee which I believe is now HIVC. It was a nice place to vacation but timesharing later faded out as our choice and preference for travel. That's not to say that timesharing is bad. It just no longer suited our travel tastes and circumstances.

We initially bought Orange Lake HICV. I understand. There is a time for timesharing and a time to part with it. Thanks for sharing your experience!