RIPPED OFF BY HGVC? HELP!

[PGRIF]

Here’s a strategy a TUG member used to make 2560 work for his Hawaii trips using HGVC.

From https://tugbbs.com/forums/threads/longtime-reader-new-member.344045/

I’m not f ing kidding you I think this is the sales man!!!!!!!!!!!

 

[bnoble]

Is there any kind of attorney we can contact?

To accomplish what?

 

[PGRIF]

You'll likely be wasting your hard earned money with an Attorney so do explore any other option. You'll only be spending more money in trying to break an iron clad contract that you willingly agreed to.

HGVC has been around a long time and they have firm footing in their documentation so you won't be able to break that no matter how much you spend to try to do so.




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Could I gift it to someone who already owns one? So essentially they get my points and deed without having to pay the 15k and it gets me out of the yearly obligation?

 

[Venter]

On Ebay a gold studio at Elara sold for $320. That is probably what you will get. Maybe a little more, maybe a little less.
Maybe, while you take those deep breaths have look at points charts of places you would like to go and see if it makes sence to pay $1000(that is you maintenance fees) somewhere for a weekend or a week. Remember you can use those points to book into something larger or go at a more peak season time. You must have seen some value in staying in something bigger than a hotel room. The $15 000 are sunk but you gould still leverage the $1000 a year to you advantage. I do not own Hilton but I understand that being part of the club could snag some pretty cheap and great last minute deals.

 

[PGRIF]

To accomplish what?

To get rid of it…

 

[TheTimeTraveler]

You can't gift it if you owe money on it......



.

 

[PGRIF]

You can't gift it if you owe money on it......



.

If it’s paid off

 

[dayooper]

If it’s paid off

Yes, that’s an option, but you will have to find someone to give it to. You may have to pay part of the fees and closing costs to make it more appealing.

 

[bnoble]

To get rid of it…

Here's the situation you find yourself in.

You signed a contract. That contract provided a period during which you could back out of it (rescind), but that period is over. At this point, you legally own (and owe payments on) a piece of real property.

Many people in your position want some way to undo this, but in general, no such way exists. Timeshare developers have many talented in-house lawyers who spent a lot of time drafting that contract you signed. It is crafted in a way that makes it very hard to undo after the rescission period has ended. The most a lawyer can do is write a strongly worded letter asking Hilton to take it back, maybe with a veiled threat of further action if they don't. But, Hilton has received thousands of such letters. Hilton knows they have a good contract, and that the chances that any lawyer will actually prevail in court are basically zero. So they will respond to your lawyer (if they respond at all) with a letter that effectively tells you to pound sand.

Hilton being Hilton, they will probably say it very nicely. But they will say it.

There is no legal principle that will magically get you out of this. Any lawyer who tells you otherwise is just looking for a fee. If you pay them that fee, you are only throwing good money after bad.

The only way to get rid of it is to get someone to agree to take it from you in exchange for some consideration. Hilton might be that somebody, but they probably are not.

I wish this were not the case. But it is.

 

[RX8]

If it’s paid off

Sorry about your predicament. HGVC gives you a period of time to review all that you signed up for with an opportunity to cancel everything. Unfortunately, as you are finding out, you are way past the period to cancel.

Your choices, as others have stated, are to keep it and learn to maximize the usage, which may include buying more points on the resale market to supplement what you own, OR pay it off and then give it away, which may even result in you paying closing OR stop paying and let it foreclose.

As @dayooper says, it can be given away or gifted, if it is paid off. There is very little chance that HGVC would exercise ROFR even at a $0 sale price. Unfortunately, your specific deed has zero resale value so you might even have to pay closing to entice someone to take it off your hands, even if free.

A suggestion. When you finally get ahold of HGVC fully explain your situation. If they refuse to let you out of your obligation, which I doubt they will let you cancel, then try to negotiate out. If the loan is in-house, tell them you will pay it off only if they take back the deed as a non-foreclosure otherwise they can proceed to foreclose with you paying nothing more. Only you can decide if this is the best route for you.

 

[PGRIF]

Yes, that’s an option, but you will have to find someone to give it to. You may have to pay part of the fees and closing costs to make it more appealing.

Yes…

 

[Passepartout]

@PGRIF, You weren't ripped off. Yes, you overpaid, but at least half of us did exactly the same thing. Bought at retail, and missed the one-time opportunity to rescind and dodge the bullet entirely.

You saw value in what you bought back in October. Try to concentrate on that value for you and your family. There are no 'easy outs' at this time. DO NOT call any of those 'get you out of your timeshare' outfits. They are ALL the real rip offs. They will take more of your money and do nothing more except ask for more to extend their worthless, obscure ad to sell it at some extravagant price. When this results in a foreclosure and credit hit for you, they say, 'We got you out of the TS like we promised.'

My advice: Pay it off as quickly as possible. USE IT for weekday getaways. HGVC is a good system and while you bought the 'low priced- entry' model, and expected the full featured luxury result, you are getting what you bought. If you want all the bells and whistles, you can add more points via resale at much lower cost. OR alternately, after it's paid off and current, you can sell what you have, and chalk this up to experience.

We wish you well!

Jim

 

[Hobokie]

If it’s paid off

If it's paid off, you can gift it yes.

Like others have said, take a breath (or 100!) and start to look at this in detail so you can make the best of it

Your annual HOA/Maintenance Fee is not quite $1k, I own an Elara Studio Plus unit which gives me 5,600 points and costs $901.24 including the $199 club dues... I just looked at the points (2,560) and it looks like you own a Studio Gold (but not plus) so you are prob paying at least $100-$200 less than me? Let me tell you what this gives you so that you don't feel so terrible...

• First things first, you can book a full week at Elara in a studio during the Gold season (this is the Home Week concept you will read about if you hang around here)
• You can use RCI and exchange for something really cool like a catamaran weeklong experience in St Martin (while on the HGV site, click on "Club" and then "RCI and Resort Exchange" and then "Access your RCI Account". So yes, your HGV includes an RCI membership
• You can use "Open Season" (book with cash vs points) to book HGVC when you don't have enough points or when it makes sense... For example, if you want to show off and invite friends to the pimp 4 bedroom with the red at the top of Elara, you can use cash and book this for 2 nights (Fri + Sat) for $1,064 all in... You can also book a studio at Ocean Tower (Big Island) for $1,122 all in for a week... so yes, Open Season could work out really nicely for you!
• You can use Bonus Points (I'm guessing you got at least 7k) -- @PGRIF how many did you get??

Did you get enrolled into the Max program with your purchase @PGRIF ? I ask because you paid $15k and this feels a bit higher than usual for the number of pts (sorry, not trying to make you feel worse, trying to help you dig into the details!)

In summary... yes, when you pay this off you can gift it, but in the meantime, might as well use it! We are here to help if you have questions

 

[magmue]

And to reinforce what Passepartout said:

You have probably been searching the internet for help, and have probably seen dozens of companies offering some version of help-you-get-out-of-your-timeshare. They are the biggest rip off of all. Do not sign on with anyone who asks for $ up front no matter how much you want to believe their can'promises. They prey on folks like you who signed up for a timeshare product they didn't fully understand. They will make promises they can't know they can't keep in order to part you from more of your money. Timeshare exit companies truly are a rip off.

 

[CalGalTraveler]

Do you or hubby like Formula 1 racing? Book home week ASAP for next November races. You can use it or rent it out for several thousand to cover the cost of Maint Fees ++++. This is a gold week so high value.

 

[chapjim]

How much do points typically go for on eBay?

You can do research on eBay as well as anyone else.

You are looking for someone to sprinkle pixie dust on your purchase and make it all better. Ain't gonna happen.

You didn't like what I told you, which I still think is your best way forward. HGVC has some fabulous resorts that will result in great vacations, which no doubt was what you had in mind when you signed the purchase agreement. Don't give up on HGVC so quickly. Here are five reputable internet timeshare sales sites, recommended time and again by TUGGERs:

Seth Nock's team - www.sellingtimeshares.net
Diane and Don Nadeau - https://www.timesharebrokersales.com/
Judi Kozlowski's team - www.timeshareprofessionals.com
Syed Sarmad - https://advantagevacation.com/
Carl Thomas - http://timeshare-resale.com

If the loan is paid off, you can stop paying maintenance fees right now and not send another penny to HGVC. HGVC will call, write, cajole, wheedle, and harrass you for payment but eventually, it will go to foreclosure. A credit hit is possible but will be much less painful than having wages garnished if you defaulted on the loan agreement. I don't advise this but it is an option.

Where (in what state) did you sign the purchase agreement? It might make a difference when it comes to foreclosure.

I am a licensed attorney (Virginia) in retired status so this is not and never would have been legal advice.

 

[tschwa2]

At this point I’ll take the loss to not hit our credit score because we are hoping to buy a house. Is there any kind of attorney we can contact?

An attorney would be useful if you have evidence/proof that there was fraud committed and/or that HGVC is not honoring the provisions of the contract. There really isn't any magic way a lawyer can get you out of a legal contract. They may help you negotiate with HGVC but that help probably won't be cheap and they may not have any better luck than you would have advocating for yourself.

 

[TUGBrian]

At this point I’ll take the loss to not hit our credit score because we are hoping to buy a house. Is there any kind of attorney we can contact?

a bankruptcy attorney would likely be your best bet...

there is no specialized attorney that can magically make your legitimate loan balance disappear.

 

[PGRIF]

If it's paid off, you can gift it yes.

Like others have said, take a breath (or 100!) and start to look at this in detail so you can make the best of it

Your annual HOA/Maintenance Fee is not quite $1k, I own an Elara Studio Plus unit which gives me 5,600 points and costs $901.24 including the $199 club dues... I just looked at the points (2,560) and it looks like you own a Studio Gold (but not plus) so you are prob paying at least $100-$200 less than me? Let me tell you what this gives you so that you don't feel so terrible...

• First things first, you can book a full week at Elara in a studio during the Gold season (this is the Home Week concept you will read about if you hang around here)
• You can use RCI and exchange for something really cool like a catamaran weeklong experience in St Martin (while on the HGV site, click on "Club" and then "RCI and Resort Exchange" and then "Access your RCI Account". So yes, your HGV includes an RCI membership
• You can use "Open Season" (book with cash vs points) to book HGVC when you don't have enough points or when it makes sense... For example, if you want to show off and invite friends to the pimp 4 bedroom with the red at the top of Elara, you can use cash and book this for 2 nights (Fri + Sat) for $1,064 all in... You can also book a studio at Ocean Tower (Big Island) for $1,122 all in for a week... so yes, Open Season could work out really nicely for you!
• You can use Bonus Points (I'm guessing you got at least 7k) -- @PGRIF how many did you get??

Did you get enrolled into the Max program with your purchase @PGRIF ? I ask because you paid $15k and this feels a bit higher than usual for the number of pts (sorry, not trying to make you feel worse, trying to help you dig into the details!)

In summary... yes, when you pay this off you can gift it, but in the meantime, might as well use it! We are here to help if you have questions

Thank you so much for this response! I think it’s 950 or something like that a year. I do believe it’s max but I didn’t know what the difference is. It sounds like what we have is very similar! If not the same pitch haha. I need to know what all I can do with this thing because from the sound of it we’re stuck with it.

 

[Talent312]

I recently gave away 5,600 annual-point TS that I'd owned for 22 years.
HGVC's resale peep said to list it for $1,500, but I knew that'd be wasted time.
So I listed it in TUG's "Buying, Selling... >Bargains" forum and found a taker.

How to make a unit with so few points work?
You can use club bookings for smaller sizes & weekdays only (M-F).
You can also borrow and bank points to aggregate the points.

But I agree with others who say to cut your losses and give it away.
.

 

[PGRIF]

a bankruptcy attorney would likely be your best bet...

there is no specialized attorney that can magically make your legitimate loan balance disappear.

I recently gave away 5,600 annual-point TS that I'd owned for 22 years.
HGVC's resale peep said to list it for $1,500, but I knew that'd be wasted time.
So I listed it in TUG's "Buying, Selling... >Bargains" forum and found a taker.

How to make a unit with so few points work?
You can use club bookings for smaller units & weekdays only (M-F).
You can also borrow and bank points to aggregate the points.

But I agree with others who say to cut your losses and give it away.
.

if you default on payments can they take your assets

 

[Passepartout]

Quote @PGRIF: if you default on payments can they take your assets.

Only if they get a judgement. You are a LONG way from being sued for whatever it may take to get a judgement. In the vast majority of cases, if you default (stop paying) you will have many opportunities to pay up, get current, and then unload the timeshare. Yes, you took on debt. Voluntarily. Nobody MADE you buy this. You are not alone in buying a timeshare on impulse from an aggressive sales team. Get over it. You saw value. Pay it off Use it. Then decide if you want to walk away.

Welcome to TUG. Stick around here. We have heard it ALL. There are NO Surprises.

You have been given good advice. You (as adults) made the decision to make a purchase. You in initialed on the contract that you understood the right to rescind. Either honor your commitment or prepare to deal with the consequences.

I'm done here. Good Night.

 

[chapjim]

a bankruptcy attorney would likely be your best bet...

there is no specialized attorney that can magically make your legitimate loan balance disappear.

If you stop making payments on the purchase loan, definitely yes,

If you stop paying maintenance fees, it is unlikely that HGVC would do much more than make noise for a while, after which they would start foreclosure proceedings.

 

[rrsafety]

How much do you think during the buy back they would give me for it? At this point im so upset we might just take the loss and have learned our lesson.

Ebay shows one at Elara that sold for only $1 but the buyer paid upwards of $2,000 in fees, but that money didn't go to the seller. Also, looking here https://www.go-koala.com/resort/ela...=0&mfBd=0&flexibility=&dateOption=exact_dates it seems you can get a week in a studio for about $840 including booking fees which is less than the "about $1000" in MF you mentioned. If Elara is your resort of choice, it is likely that doubling down on points even at $1 (plus the $2000 in fees) is still unlikely to work out for you. I might be cheaper to just make a reservation directly each time you want to use it.

 

[T-Dot-Traveller]

Even after it’s paid off it’s about 1000 a year so it’s really not worth it!

If you bought a new car for $ 15K - would you give it away for nothing ?

- because the dealer told you it got better gas mileage than it actually does / and you have to pay $ 1000 in gas each year........
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@PGRIF - Unless you have no plans to ever vacation again in your lifetime ; I would suggest you use the collective wisdom of TUG / Timeshare Users Group
to maximize your vacation and travel usage of what you bought.

@chapjim ,@bnoble , [USER=25028]@TheTimeTraveler[/USER] and others are giving you good advice.