Retail vs. Resale

[christee]

Hello everyone,

We just bought a biennial gold plan of 3400 points for $12,000 with 11,000 bonus points from Hilton last weekend. Then I came home and saw all the cheaper resale options on the internet. Before we exercise our right to rescind the contract and buy on the resale market instead, I was wondering if anyone had any opinion as to whether we got a good deal considering the ROFR Hilton has been exercising lately.

Also, apologies in advance for the newbie question, but how important are the gold, platinum, etc. membership levels and what are they actually for? From what I've read so far it seems like the number of points are all that matters...

 

[semicycler]

Welcome to TUG. Yes this is a poor deal. All deals directly from the developer are bad. For the price you paid you can find 7000pts annual platinum weeks. If 3400 every other year (EOY) is what you want, resales can be had for a fraction of what you paid.

Rescind now, do your research, and buy resale. HGVC is a great program. The only drawback is buying directly from the developer.

Good luck!

 

[Talent312]

OMG... You've been snookered. RESCIND NOW.
HGVC is a consumer friendly system and well worth buying.
Unfortunately, the sales division is full of sharks

Only buy direct if you're dying to gain "elite" status at 14K points.
Otherwise, resale buyers and retail buyers are treated eggs-actly the same.

Another reason: To encourage Hilton to build/acquire more units.
Thus improving options for the rest of us.

 

[Asl18940]

I have elite status. There are a few benefits, but not nearly enough to offset the higher cost of buying from hilton direct. Love the club, but would never buy from them again. Rescind and buy resale.

 

[Remy]

Platinum, Gold, etc. are seasons. You receive a number of points based upon the season you purchase. For instance, a week in a 2 bedroom Platinum is 7,000 points. A week in a 2 bedroom Gold is worth 5,000 points. Regardless of season, the annual maintenance fee for this unit is the same. That means annually someone who owns a Platinum week pays the same amount in fees as the person who owns a Gold week.

Platinum weeks generally cost more up front due to the higher demand and points allotment however.

You paid what one might pay today for a 2 bedroom platinum on the resale market. You could easily have twice the points annually with a fee of about $750 plus the annual membership fee (which is likely similar to what you are paying for the unit you bought).

Rescission is the only action that makes sense in this case.

 

[newportbeach]

You Already know the answer

Hi Christie: Most of us bought for a developer before we learned our lesson. We all thought we bought the most precious one of a kind week and location. I own at Hilton and I have no problem trading within Hilton at 9 months. Hilton is capable of making a huge profit by doing a great sales job. I don't think you want to be taken that much advantage of since the same product is available.

Look at it this way. Cancel now and look to acquire. If for some strange reason you cannot find what you want, then call Hilton and your deal will always be on the table despite what they say about this deal is only good until you leave the sales office.

 

[christee]

Thank you - we'll rescind right away

Thanks for your feedback everyone and for confirming my initial thoughts. We will rescind the contract and look for a good resale option. HGVC seems like a great program so we're looking forward to being owners. Thanks again for saving us some money!!