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Should I rescind my HGVC?

Terence0414

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Today I attended a HGVC presentation with my wife. I ended up signing a contract for 7000pts every other year at around $25000 with another initial bonus of 7000pts.

Should I rescind my membership? Is mine a good deal? I like the idea of vacation club but I heard much better deal can be found from resale?

Thank you
 

Jason245

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You don't know what you bought or if it was a good deal...ergo you should not have bought in first place.. logic says to get out of contract

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alexadeparis

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Today I attended a HGVC presentation with my wife. I ended up signing a contract for 7000pts every other year at around $25000 with another initial bonus of 7000pts.

Should I rescind my membership? Is mine a good deal? I like the idea of vacation club but I heard much better deal can be found from resale?

Thank you
Considering you can pay about a dollar a point for an *annual* contract on the resale market, you should rescind ASAP!
 

presley

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If you want to pay 1/3 of that amount and still have all the exact same benefits, cancel that contract and buy resale through an independent broker.
 

alwysonvac

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RESCIND and RESEARCH

You'll only have one chance to rescind compared to multiple opportunities to purchase from the developer (if you chose to buy from the developer later). The timeshare developers will always have incentive offers (such as bonus points) to get folks to buy.

Don't have a discussion with the sales office. They will only try to scare you away from Resale
See this old thread "Eight Reasons NOT to buy Resale" - http://www.tugbbs.com/forums/showthread.php?t=97652

With HGVC resale, the only thing you don't get is Elite Status but that requires a purchase of 14,000 HGVC points. And normally not worth it
Take the time to make a decision that's best for you and your family after you have all of the facts. Hilton is not the only game in town.;)
And avoid being taken - http://www.tugbbs.com/forums/showthread.php?t=215883

Here's what I wrote on another thread

Whatever you decide, don't put all of your future vacation dollars into timesharing.
This will give you the flexibility in the future to choose the best way to visit your desired destinations. There might not be a timeshare at the location that you want to visit or if there is a timeshare it may be very hard to get an exchange. You may also want to visit a destination in an entirely different way via a cruise, hotel/resort stay, special discounted travel package, tour company, beach house rental, etc.

Also, don't base your purchase decision simply on the Hilton name or what you might have heard from a Hilton timeshare presentation.
I suggest that you take some time to research before you act on anything you heard from the sales guys. Try to learn as much as you can about Hilton's timeshare system ("reality" vs "fantasy"). Think about where you want to go. Look at the locations offered by Hilton. Also take a look at the RCI Resort directory to see if they offer resorts that meet your needs (in terms of location, quality, amenities, etc) and read the reviews. One size doesn't fit all. You'll have to decide what's best for you and your family.

Here are some links.
TUG Advice Page for HGVC - http://tug2.net/timeshare_advice/hilton-grand-vacation-club-timeshare-information.html
HGVC Program - http://www.hgvclubprogram.com/
HGVC Club Rules - http://www.hgvclubprogram.com/resources/club-rules/
HGVC Fee Schedule - http://www.hgvclubprogram.com/resources/fee-schedule/
HGVC Resorts (includes point requirements for each resort) - http://www.hgvclubprogram.com/resorts/
Number of units at each Club resort - http://www.tugbbs.com/forums/showthread.php?t=218728
RCI Resort Directory - http://www.rci.com/resort-directory/landing
Good Luck :)
 
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LannyPC

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Do you really want to spend $25,000 on something that will be worth a tiny fraction of that amount once your rescission period expires?

Now your financial situation is really none of my business, but...were you able to pay the 25,000 right up front or did you have to finance it? The general advice here on TUG is if you have to finance it, you can't afford it and should not buy it.
 

Terence0414

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Thanks for the comments. I have only put about $3000 (~10%) in my credit card as downpay and plan to pay the amount in full in a few months. I am going to rescind my contract now and do more research before investing in TS again
 

Karen G

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I am going to rescind my contract now and do more research before investing in TS again
That's a very wise decision. Stick around here and learn all you can about timesharing. No matter what the salesman told you, timeshares are NOT investments--they don't go up in value like most real estate purchases. In fact just the opposite is true--they go down in value the minute your rescission period passes. They do tend to force you to vacation and make lots of happy memories with your family and friends, though.

Glad you found TUG in time.:whoopie:
 

Talent312

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I can only echo everyone who told you to rescind... Run for the hills!
Follow the instructions exactly, even if you think there's a better way.
Do not take calls from the sales department... they are not your friend.

Too often we hear of buyer's remorse from those who bought on impulse...
who only later find out they paid way too much. Resale is the way to go.

Many peep will research the hell out of which coffeemaker or TV to buy,
but with TS's, act on impulse becuz the "nice" salesman gave them a deal.
.
 
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Sandy

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And please make sure that you come back to TUG once you rescind and let us know what happened. Brian, one of the TUG moderators, keeps track of how much TUG has saved buyers like yourself over the years. You can add your savings to the list!!!
 

Terence0414

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Thanks guys!
I am going to rescind on Monday.
Any old thread for instruction to rescind? Or any link for sample letter for rescission?


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Karen G

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Thanks guys!
I am going to rescind on Monday.
Any old thread for instruction to rescind? Or any link for sample letter for rescission?


Sent from my iPhone using Tapatalk
Look at all the paperwork you were given. There should be an address where you can send your rescission letter. The letter doesn't have to be worded in any particular way--just a simple statement that you wish to rescind your contract dated _____ and be sure each person who signed the contract signs the rescission letter. You could include a copy of the contract page you signed if you wish.

The most important part of your rescission is to mail the letter by certified mail so that you get an official receipt from the post office showing the date you mailed it. It must be mailed within your rescission period and you need that receipt as proof of mailing. It doesn't matter when they receive it, but it does matter when you send it.

You could also inform your credit card company that you are rescinding your contract and dispute the down payment charge.
 

brp

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Thanks for the advices. The TS is Elara Suite at Las Vegas
I'll also add a suggestion based on the way we've done things and my understanding of the system. (There are folks on here who know quite a bit more about HGVC and can correct anything I've missed, but the gist should be pretty accurate).

You don't need to buy at Elara to stay at Elara unless you would take advantage of Home Week (from 276-365 days out, IIRC)...and that also requires a full week.

Inside of that points are basically points. So, you could buy somewhere cheaper and still stay at Elara.

We own at Flamingo, which tends to be cheaper, and is not subject to ROFR (do some research on Right Of First Refusal in regards to resale purchase). We've used these points in Hawai'i as well with no problem. We haven't yet stayed at Elara, but we easily could.

I don't know of any other advantages to owning at one place over another (barring the New York properties, which have different rules).

Cheers.
 

vacationtime1

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Look at all the paperwork you were given. There should be an address where you can send your rescission letter. The letter doesn't have to be worded in any particular way--just a simple statement that you wish to rescind your contract dated _____ and be sure each person who signed the contract signs the rescission letter. You could include a copy of the contract page you signed if you wish.

The most important part of your rescission is to mail the letter by certified mail so that you get an official receipt from the post office showing the date you mailed it. It must be mailed within your rescission period and you need that receipt as proof of mailing. It doesn't matter when they receive it, but it does matter when you send it.

You could also inform your credit card company that you are rescinding your contract and dispute the down payment charge.
Certified mail -- so you have proof of mailing -- is always a good idea, but it is essential to send your rescission in the exact manner the instructions specify: U.S. Mail, FedEx, etc. If the instructions specify regular U.S. Mail, you need to send it by regular U.S. Mail. An additional copy sent certified mail or FedEx (so you have proof of mailing) is fine, as long as you also send your rescission in the manner specified in the instructions.
 

rodwalsh

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Terence,

Sounds like you are going to rescind or have rescinded.

Personal story.

I purchased my first timeshare at one of those sales meetings (in 1987 or 88). Used it once and sold it (at a big loss). I bought it because I thought it would "force" me to take vacations.

Even though I sold it, I purchased a few resales and I think that's usually the best way to go. The costs are so much less than new, it's a joke. And, you get the same benefits as buying new.

Now, I use my Hawaii timeshare 2 weeks every year - every single year. I bought my first week for about $5,000 and my most recent week for about $2,000. Both are 2 bedroom/2 bath. When the timeshare embarked on much needed upgrades, they imposed an assessment and many owners just walked away. So, the Assn has been selling weeks dirt cheap.

Good luck.
 

Karen G

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Certified mail -- so you have proof of mailing -- is always a good idea, but it is essential to send your rescission in the exact manner the instructions specify: U.S. Mail, FedEx, etc. If the instructions specify regular U.S. Mail, you need to send it by regular U.S. Mail. An additional copy sent certified mail or FedEx (so you have proof of mailing) is fine, as long as you also send your rescission in the manner specified in the instructions.
I've never heard of anyone's rescission being turned down because they mailed it with certified mail instead of without being certified. Both would be considered "regular" US Mail, whatever that is. But it is imperative that one follows the rescission instructions. If it says by mail don't try to do it by email or fax or telegram. And get some kind of proof that it was mailed within the rescission period.
 

schenriq

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"Better late than never"

And please make sure that you come back to TUG once you rescind and let us know what happened. Brian, one of the TUG moderators, keeps track of how much TUG has saved buyers like yourself over the years. You can add your savings to the list!!!
Where is this list?

True confession: In 2013, I successfully rescinded a purchase of 3,500 annual studio-plat. points @HGVC Elara. I did become a TUG member since then and did mention my 20K mistake on a couple of my threads but I have a sneaking suspicion that my savings have not been counted on that TUG tally (yet).

What would/should be the penance for this ingrate? :wall:
 
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