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To Rescind or not to Rescind

stimy

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So, I spent a week at the Hilton Parc Soleil and purchased from Hilton. Here are the details...$24,990 for 5000 points annual and 15,000 bonus points. MF, taxes, and all for $1,113. RCI membership included(I assume this is standard). Purchase date of November 8th so still some time to ponder decision.
Here are my concerns...
1. Sales person and manager stated time and time again that Hilton would purchase back the timeshare for original purchase price at any time. I have read through all my documents and through TUGS forums and do not see this anywhere! Is this true?
2. Sales person stated that the bonus points, 'open season'(not exactly sure if this is RCI or HGVC terminology), and last minute travel deals are not available through resale. I understand the bonus points aren't available through resale but what about the other perks?

So, I need some advice...did I make a foolish decision or is this a decent deal. I have no concerns over whether I will use the points or not, my family and I travel two to three weeks a year at least. Money was not a huge concern as I keep a decent amount in cash and out of the market(especially with current market volatility).

Just a newbie needing some help....

thanks
 

Gophesjo

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Rescind Now

Not worth anything close to that asking price!
 

Gophesjo

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Aquaman55

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1. Sales person and manager stated time and time again that Hilton would purchase back the timeshare for original purchase price at any time. I have read through all my documents and through TUGS forums and do not see this anywhere! Is this true?

The Sales person and manager are lying to you. You will never get original price, 50% tops...usually much less. (I have bought from both the developer and resale.) The sales pitch at Parc is particularly intense. I've been through one there myself. (I remember the finance manager looked like a pot bellied extra on Miami Vice.) I suggest you call the manager and tell him that you want what he said in writing, if not...you will rescind. This could be your out. There are a few advantages from buying from the developer...but if they lie to you...and this seems to be the case...get out and find a reputable broker to buy resale. Tuggers often mention two of them. I used the services of one and he is very good...plus he's honest! Good luck to you!
 

Talent312

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RESCIND NOW. Use the process stated in your contract exactly as written.
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1. Sales person and manager stated time and time again that Hilton would purchase back the timeshare for original purchase price at any time. I have read through all my documents and through TUGS forums and do not see this anywhere! Is this true?
NO. This is total BS. The only time they do this, is IF you buy another higher-priced unit from them, so they can rip you off again, for even more money.
----------------
2. Sales person stated that the bonus points, 'open season'... and last minute travel deals are not available through resale. I understand the bonus points aren't available through resale but what about the other perks?
Open Season is available to resale buyers. Open Season is HGVC's "last minute" cash reservation system. It and RCI's Last Call are both available to resale buyers. I would know, as I am one.

The only thing that resale buyers do not get are bonus points and the use of resale points for "elite" status -- both of which are not worth the extra $$ you'd have to pay.

-----------------
HGVC is actually quite a good system. Its very flexible (which can be confusing), and once you are past the TS sales division, rather consumer friendly. Its a shame that the sales-peep feel the need to mislead their marks, 'cuz the system can sell itself, EXCEPT FOR the absurdly high prices they charge.

IOW, get out of this while you can, but do consider buying resale.
 

stimy

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Thanks for the responses. My thought process was that I would purchase the timeshare, burn through my 25,000 points in 2012 and 2013, then resale back to Hilton. I found it quite odd that you could receive full purchase price back on upfront cost and asked the question repeatedly. Hell, I even went back to the room and had my father come back to the presentation with me just to make sure I was hearing it right!! They made the statement that I could sell back at anytime, from next week to 10 years from now, and receive 100% of my purchase price. Even went as far as to tell me that it would only take a phone call to sell and would have the money back within 14 days. Obviously I am going to rescind and will probably consider a timeshare with Marriott just for spite.
 

Aquaman55

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As Talent said, Hilton is a good system. There is a learning curve to using the points. Buying from the developer...any developer...will cost more. I really do think the manager should be called on this. You could start by reporting him to corporate. Maybe, they could cut you a better deal. The trick is to prove the manager said this to you.
 

pianodinosaur

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Thanks for the responses. My thought process was that I would purchase the timeshare, burn through my 25,000 points in 2012 and 2013, then resale back to Hilton. I found it quite odd that you could receive full purchase price back on upfront cost and asked the question repeatedly. Hell, I even went back to the room and had my father come back to the presentation with me just to make sure I was hearing it right!! They made the statement that I could sell back at anytime, from next week to 10 years from now, and receive 100% of my purchase price. Even went as far as to tell me that it would only take a phone call to sell and would have the money back within 14 days. Obviously I am going to rescind and will probably consider a timeshare with Marriott just for spite.
Talent312 gave you the most accurate information. The sales rep will refer to the buyback as an upgrade. It will cost you more. I know from personal experience. Talent312 is also very accurate when he describes the flexibility of the HGVC system. I own at both HGVC and Marriott. HGVC is much more flexible and easier to use than Marriott. However, Marriott trades with II and HGVC trades with RCI. It is pretty easy to purchase into MVCI at a low price on ebay at this time. However, you can easily purchase HGVC on ebay as well. The Marriott TS salesmen are just as aggressive as the HGVC salesmen.
 

stimy

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Thanks, I've contacted Seth about resale opportunities. Is there much difference between II and RCI? I have the RCI book and have looked through it pretty extensively...not terribly impressed with the quality of the resorts but have been able to find some that look worth putting points towards.
 

phil1ben

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If you buy resale I think you will be happy with the flexibility of the Hilton system. We bought our first and only timeshare via resale last February and are very happy with it. Although the initial purchase price is important (read about ROFR on this forum), it is important to keep the annual maintenance fees in mind when making a purchase. The maintenance fees continue forever and you must analyze whether you feel you are (and will be in the future) getting value for the fee.
 

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The "Rescind" Question

NEW RULE - If you have to ask if you should RESCIND ... then you should DEFINITELY RESCIND!!
 

falmouth3

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Hopefully I save a couple some big bucks

Just vacationed at the HGVC on the Strip in Las Vegas. One morning we were headed out to our car with another couple in the elevator. As we were walking to our cars, the man asked if we were owners. I told him that we owned other TSs and were there on an exchange. I asked if they had bought. They said no, but they were thinking about it. We talked for a while and I told them about TS4MS and Tug and resales. I also gave them my email address. They thanked me because they learned more in those few minutes than they ever thought when they asked if I was an owner. Hopefully they will log in and learn even more. So far they haven't written with any questions, but I hope they do.
 

rgong

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There really needs to be a sticky at the top of this forum (and the other timeshare system forums for that matter) entitled: "YES, you should Rescind NOW. Here's why and how." Someone mentioned in an earlier thread that this issue comes up fairly often, which I thought was a bit of an exaggeration, but apparently not.

As a relatively new (resale) HGVC owner, I just recently took advantage of open season, which was easy as pie using the HGVC online reservation system. So the sales person was at best sorely misinformed, or at worst... well you be the judge.
 

timeos2

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RESCIND (or at least RESCIND - NOW!) Otherwise, rescind.

Thanks for the responses. My thought process was that I would purchase the timeshare, burn through my 25,000 points in 2012 and 2013, then resale back to Hilton. I found it quite odd that you could receive full purchase price back on upfront cost and asked the question repeatedly. Hell, I even went back to the room and had my father come back to the presentation with me just to make sure I was hearing it right!! They made the statement that I could sell back at anytime, from next week to 10 years from now, and receive 100% of my purchase price. Even went as far as to tell me that it would only take a phone call to sell and would have the money back within 14 days. Obviously I am going to rescind and will probably consider a timeshare with Marriott just for spite.
First of all RESCIND THIS "DEAL" as it isn't a good buy and you were outright lied to by sales (buy back at full price? Yeah, and the economy will rebound to 2006 level next week too. The chances are about equal with the economy holding a far better chance of coming true).

Second no matter what resort/system/brand you decide to go with as a purchase - IF purchase makes any sense rather than just renting - then remember NEVER buy from the Developer. Take advantage of the exact same unit / resort/ system with out the 50%+ automatic purchase price loss EVERY retail timeshare takes. No exceptions. Some are much worse 9Wyndham, a great system, takes a 99%+ hit on the day the right to rescind ends. So quality, flexibility, location etc all have nothing to with it. IF you foolishly buy retail / developer you WILL lose 50% or more of what you pay immediately and get nothing whatsoever in return. DON'T FALL FOR THOSE SLICK PRESENTATIONS & FALSE PROMISES LIKE YOU JUST DID! THEY ARE ALL EXACTLY THE SAME AND NONE ARE WORTH RETAIL PRICE!

Now rescind your mistake and venture very carefully ahead. Buy ONLY if you plan to USE IT not trade or rent as those are also losing propositions.
 

bogey21

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Just vacationed at the HGVC on the Strip in Las Vegas. One morning we were headed out to our car with another couple in the elevator. As we were walking to our cars, the man asked if we were owners. I told him that we owned other TSs and were there on an exchange. I asked if they had bought. They said no, but they were thinking about it. We talked for a while and I told them about TS4MS and Tug and resales. I also gave them my email address. They thanked me because they learned more in those few minutes than they ever thought when they asked if I was an owner. Hopefully they will log in and learn even more. So far they haven't written with any questions, but I hope they do.
After I decided to replace my Marriott Weeks with Weeks at Independent HOA controlled Resorts I found that the best way to make an informed decision was to visit the Resort and talk to as many Owners as possible.

George
 

funtime

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Rescind and do not wait - usually only have a seven day period and you have to follow the rules of recission laid out in your contract to the letter. I would not try to find an excuse to rescind or stall around trying to get something in writing, just rescind - no reason necessary and no discussions necessary.

The attractive parts of your package are the attractive parts of timesharing. Although with the market downturn there is a lot more negativety associated with timeshare purchases and the market etc, there is much positive about timeshare and you will do much better buying resale. And, I like Interval much better than RCI so I suggest you reciind first and the go on ebay and do a search for Marriott timeshares - you will have your pick! Welcome to timesharing. Funtime
 

levatino

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Do not rescind. Developer purchases ensure resale owners get future deals.
:D
 

Gophesjo

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Tis a conundrum...

BUT, Parc Soleil is already built, and probably paid for a couple of times over already.

So, RESCIND!

Do not rescind. Developer purchases ensure resale owners get future deals.
:D
 

Talent312

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Do not rescind. Developer purchases ensure resale owners get future deals.
The theory is that retail sales increases the supply of "used" TS's for downstream buyers.
However, this doesn't work that well with HGVC for two reasons:

1. HGVC skews the market by using their ROFR to act as a resale buyer with deep pockets.
B. When buying from HGVC, chances are you're buying a recycled TS, not a new one.
 

Purseval

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Hilton will give you back 100% of your purchase price only if you upgrade to a bigger point package. They even offered me 100% of the original purchase price when I bought resale for 10% of that. In spite of that I could buy the same contract they were offering for pennies on the dollar via resale.

I have the RCI book and have looked through it pretty extensively...not terribly impressed with the quality of the resorts but have been able to find some that look worth putting points towards.
Disney vacation club uses RCI. I'm staying a week at Bay Lake Tower with a lake view through my exchange. That room cost $700/night through Disney and about $400/night if you rent DVC points. That's more than I paid for my HGVC through the resale market, plus we'll have enough points left over for a couple of mini vacations. Our timeshare has paid for itself in less than 3 years, even if you add in the maintenance fees.
 
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GTLINZ

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Thanks for the responses. My thought process was that I would purchase the timeshare, burn through my 25,000 points in 2012 and 2013, then resale back to Hilton. I found it quite odd that you could receive full purchase price back on upfront cost and asked the question repeatedly. Hell, I even went back to the room and had my father come back to the presentation with me just to make sure I was hearing it right!! They made the statement that I could sell back at anytime, from next week to 10 years from now, and receive 100% of my purchase price. Even went as far as to tell me that it would only take a phone call to sell and would have the money back within 14 days. Obviously I am going to rescind and will probably consider a timeshare with Marriott just for spite.
As others have said you need to rescind asap and follow the rules exactly. And also you will love the system, so please consider buying back via resale - the flexibility of HGVC is awesome and the open season is unique and something we really use a lot. You do not have access to II but we have done an II exhange before thru SFX. I only own one timeshare and we get a lot out of it.

Not sure this was mentioned, but you want to buy a platinum package. For example, your 5000 points is a gold season 2br unit. A platinum 2br is 7000 points and has the same maint fee. Or you could get a plat 1br for 4800 points with a smaller MF. And it will STILL be much less than the developer price. You will notice that the non platinum packages are much less on the resale mkt because it costs more per point in the long run with maint fees. Seth is great to work with (as is Judy) so you are on the right track.
 

dwojo

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So, I spent a week at the Hilton Parc Soleil and purchased from Hilton. Here are the details...$24,990 for 5000 points annual and 15,000 bonus points. MF, taxes, and all for $1,113. RCI membership included(I assume this is standard). Purchase date of November 8th so still some time to ponder decision.
Here are my concerns...
1. Sales person and manager stated time and time again that Hilton would purchase back the timeshare for original purchase price at any time. I have read through all my documents and through TUGS forums and do not see this anywhere! Is this true?
2. Sales person stated that the bonus points, 'open season'(not exactly sure if this is RCI or HGVC terminology), and last minute travel deals are not available through resale. I understand the bonus points aren't available through resale but what about the other perks?

So, I need some advice...did I make a foolish decision or is this a decent deal. I have no concerns over whether I will use the points or not, my family and I travel two to three weeks a year at least. Money was not a huge concern as I keep a decent amount in cash and out of the market(especially with current market volatility).

Just a newbie needing some help....

thanks
It is a no brainer rescind immediatley. Read the contract and follow the instructions.
 

stimy

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Thank you to everyone for all the comments. You will all be happy to know that I have rescinded the contract and have confirmation from HGVC that my letter has been received and is in processing. They called to advise that I can expect a refund of my 10% deposit within 10 business days.
 

travelguy

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Thank you to everyone for all the comments. You will all be happy to know that I have rescinded the contract and have confirmation from HGVC that my letter has been received and is in processing. They called to advise that I can expect a refund of my 10% deposit within 10 business days.
Congrats on your decision to rescind. You will not regret it. Well Done!!
 
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