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Should I rescind my new HGCV NYC Purchase

watermargi

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Hi,

We just purchased 5000 points from Hilton in NYC for the Hilton Club Vacation Club ( 3 high floors) in Hilton Mid Town on 54th street. (Not the club/one on 57th)

They sold us the following:

5000 points for $38,000.00

Annual fee is $1550.00

Plus incentive: 20,000 Hilton Vacation Club points, transferable at 25/1

Permanent Hilton Gold member.

Opened and Used a new Hilton Honors CC, and they ffered no interes for 1 year.

What do you think?

Should we rescind?

Did we get hosed?

Thanks for your help!
 

fillde

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Hi,

We just purchased 5000 points from Hilton in NYC for the Hilton Club Vacation Club ( 3 high floors) in Hilton Mid Town on 54th street. (Not the club/one on 57th)

They sold us the following:

5000 points for $38,000.00

Annual fee is $1550.00

Plus incentive: 20,000 Hilton Vacation Club points, transferable at 25/1

Permanent Hilton Gold member.

Opened and Used a new Hilton Honors CC, and they ffered no interes for 1 year.

What do you think?

Should we rescind?

Did we get hosed?

Thanks for your help!
Yes. Rescind. Buy on the secondary market.
 

Egret1986

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Yes, what Fillde said.

Yes. Rescind. Buy on the secondary market.
I am not familiar with HGVC, but usually buying directly from the developer means you got "hosed."

I'm sure, just like most other timeshare purchases, you've just spent thousands and thousands on something that will drop in "value" like a lead balloon.

Rescind now!

If you do a search on TUG for "rescind", you'll find your type of query comes up at least weekly. No one is ever told "no, you should keep it because that's a great deal!"

Rescind now!
 

Talent312

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We just purchased 5000 points from Hilton in NYC for the Hilton Club Vacation Club in Hilton Mid Town on 54th street. (Not the club/one on 57th)

They sold us the following:
5000 points for $38,000.00
Annual fee is $1550.00
Plus incentive: 20,000 Hilton Vacation Club points, transferable at 25/1
Permanent Hilton Gold member.
Opened and Used a new Hilton Honors CC...

What do you think? -- Should we rescind? -- Did we get hosed?
RESCIND NOW!
HGVC is a class act and the properties are high-quality.
The program itself is flexible and customer-friendly.

However... You were hornswaggled. There is absolutely no reason to pay
developer prices, unless you want to throw good $$ down a rat-hole.
If you buy resale, you will be treated eggsactly the same as a retail buyer.

Follow the Rescission instructions in your contract to the letter.

.
 

Numismatist

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Think of all the other trips you could take with the money you save by rescinding and buying the exact same thing 'used'...
 

1Kflyerguy

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Hi,

We just purchased 5000 points from Hilton in NYC for the Hilton Club Vacation Club ( 3 high floors) in Hilton Mid Town on 54th street. (Not the club/one on 57th)

They sold us the following:

5000 points for $38,000.00

Annual fee is $1550.00

Plus incentive: 20,000 Hilton Vacation Club points, transferable at 25/1

Permanent Hilton Gold member.

Opened and Used a new Hilton Honors CC, and they ffered no interes for 1 year.

What do you think?

Should we rescind?

Did we get hosed?

Thanks for your help!
Hello and welcome to TUG.

Are you planning on mostly staying in NYC or were you hoping to travel arround the HGVC network?

The Hilton Club at the NYC MidTown Hilton is a special location with some extra restrictions. If you really like the location and plan to stay there often, you need to own there, as you can't trade in to that location with points from anywhere else.

I don't really follow the prices in NYC, but know those units, both at W57 and units in hotel that you purchased tend to sell for above average pricing, even in the resale market.
 

TUGBrian

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so happy you found us in time, you just saved 38,000 bucks!

and with that savings...you allowed TUG to break the 8 MILLION dollar mark in owners who have found TUG in time to rescind and buy on the resale market!
 

CalGalTraveler

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Hi,

We just purchased 5000 points from Hilton in NYC for the Hilton Club Vacation Club ( 3 high floors) in Hilton Mid Town on 54th street. (Not the club/one on 57th)

They sold us the following:

5000 points for $38,000.00

Annual fee is $1550.00

Plus incentive: 20,000 Hilton Vacation Club points, transferable at 25/1

Permanent Hilton Gold member.

Opened and Used a new Hilton Honors CC, and they ffered no interes for 1 year.

What do you think?

Should we rescind?

Did we get hosed?

Thanks for your help!
I am curious. What does the $38,000 buy you in NYC these days? i.e. how many bedrooms or studio? Gold Season?

You should rescind until you know what you are buying. No matter what the sales reps say, the same deal will always be out there and there is plenty of inventory.

This is a new club so you may need to wait a year or two until resales hit the market, or buy a W57 resale for half the cost. or rent from an owner here at TUG until you know the full ROI.

1KiteFlyerguy is correct. If you primarily plan on using NYC then you should buy NYC resale so you receive the 9 month planning window over club reservations. These are expensive points so you would not want to use them in Fla or Vegas. We reserve our points for NYC, and Hawaii which are more expensive locales.
 

Jason245

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I am curious. What does the $38,000 buy you in NYC these days? i.e. how many bedrooms or studio? Gold Season?

You should rescind until you know what you are buying. No matter what the sales reps say, the same deal will always be out there and there is plenty of inventory.

This is a new club so you may need to wait a year or two until resales hit the market, or buy a W57 resale for half the cost. or rent from an owner here at TUG until you know the full ROI.

1KiteFlyerguy is correct. If you primarily plan on using NYC then you should buy NYC resale so you receive the 9 month planning window over club reservations. These are expensive points so you would not want to use them in Fla or Vegas. We reserve our points for NYC, and Hawaii which are more expensive locales.
given that it is new, I would estimate that MF are being subsidized. I think until they "hash out" the new "system" owning in it doesnt make sense.

MF almost always go up more than inflation and everything still seems in flux as to how they will run this "urban" portfolio, especially once the company fully spins off and goes through its first few years and the risk of Acquisition by another company dissipates. .
 

CalGalTraveler

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given that it is new, I would estimate that MF are being subsidized. I think until they "hash out" the new "system" owning in it doesnt make sense.

MF almost always go up more than inflation and everything still seems in flux as to how they will run this "urban" portfolio, especially once the company fully spins off and goes through its first few years and the risk of Acquisition by another company dissipates. .
If this is a one or two bedroom, this appears to be subsidized. However, if this is a studio this may be in line. we pay approx $1500 including club fees for a Platinum studio at W57.

Rising maintenance fees (whether subsidized or not), is a real concern for TS owners. The fees are so high in HI for Hyatt and Westin (approx. $2500) that we have decided that it is more cost effective to 1) take as many discounted time share tour packages as possible 2) when discounted visit gravy train stops, then rent from owners or VRBO because we cannot seem to make the ROI viable even with a resale.

12 - 15 years of use every year to simply breakeven (not even applying NPV or annual fee increases) is too long. This is not even applying the cost of airfare to use what you own over 12 - 15 years.

With the exception of select HGVC properties at resale, the rest of the TS world seems to have poor return for buyers who want premium properties and platinum season.

With this said, the next economic downturn may provide an excellent opportunity to buy.
 

Ron98GT

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Hi,

We just purchased 5000 points from Hilton in NYC for the Hilton Club Vacation Club ( 3 high floors) in Hilton Mid Town on 54th street. (Not the club/one on 57th)

They sold us the following:

5000 points for $38,000.00

Should we rescind?

Thanks for your help!
Ouch :eek:

Rescind, check out these comps (note the one for $10,000):

http://www.sellmytimesharenow.com/timeshare/Hilton+Club+New+York/resort/buy-timeshare/


Here's one that's posted in the TUG Marketplace for $15,000 (you need to be a TUG member to see it):

Posted: 10/31/2016#162698
For Sale Floating | EY | Other
The Hilton Club of New York
USA | New York | New York
01 2016
52 2016
$15,000.00
$1,327.50
view ad
5000 ANNUAL HCNY POINTS!
 
Last edited:

Jason245

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If this is a one or two bedroom, this appears to be subsidized. However, if this is a studio this may be in line. we pay approx $1500 including club fees for a Platinum studio at W57.

Rising maintenance fees (whether subsidized or not), is a real concern for TS owners. The fees are so high in HI for Hyatt and Westin (approx. $2500) that we have decided that it is more cost effective to 1) take as many discounted time share tour packages as possible 2) when discounted visit gravy train stops, then rent from owners or VRBO because we cannot seem to make the ROI viable even with a resale.

12 - 15 years of use every year to simply breakeven (not even applying NPV or annual fee increases) is too long. This is not even applying the cost of airfare to use what you own over 12 - 15 years.

With the exception of select HGVC properties at resale, the rest of the TS world seems to have poor return for buyers who want premium properties and platinum season.

With this said, the next economic downturn may provide an excellent opportunity to buy.
By my book if you can't breakeven on buyin from a timeshare with in 2 to 3 years. .roi is bad, especially given the uncertainty with the future. .

Some traders into dvc make the roi work for them... although with rising exchange fees and misc other fees even that is becoming less cost effective.



Sent from my SAMSUNG-SM-N910A using Tapatalk
 

Ron98GT

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I am curious. What does the $38,000 buy you in NYC these days? i.e. how many bedrooms or studio? Gold Season?

This is a new club so you may need to wait a year or two until resales hit the market, ...
There are all kinds of comps/resales out there. I only looked at a few, but they range from $10,000 to $29,000.
 
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Maybe Hilton Club
Would it be worth it if it had a perpetuity interests for $38K for 5K club points?
 

brp

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Would it be worth it if it had a perpetuity interests for $38K for 5K club points?
No because the perpetuity should stay with the property even in a resale purchase. I know that this is the case with W. 57th (which we bought resale) and would think it would be the same with the new club.

Cheers.
 
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Maybe Hilton Club
brp, will it still be a good deal if you plan to only stay in Hilton 'Clubs' not Resorts?
 

brp

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brp, will it still be a good deal if you plan to only stay in Hilton 'Clubs' not Resorts?
Since I don't know the rules for the new Clubs, I can't really be sure. Just based on what I know of other places, buying resale has the same benefits as direct. So, a resale "Club" purchase would (if this holds true here as well) have the same rights as a direct "Club" purchase. And, of course, purchasing "Club" has different rights than other HGVC purchases. Same is true of W. 57th, where resale and direct are the same in this regard.

Cheers.
 
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