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Urgent Advice about HGVC

Silent23

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I will try to keep this as short as possible, but I need some advice.

After looking for an answer to a question about RCI resorts on TUG last night, I read some other threads and am learning that I overpaid for our HGVC TS.

We bought at Parc Soleil back in April, a 3400 EOY 1BR with 10,400 bonus points. We went to Vegas last week and used our points for the first time to stay 3 nights at the Flamingo, and 3 nights at HGVC on the Strip. Before we checked in at the Strip, we talked with a salesman about upgrading to more points since we realized what we had would not be nearly enough. We upgraded on 9/8/12, 4800 every year 1BR, with 6300 bonus points.

Purchase price for the upgrade was about 29K, after closing costs,down payments and transfer of equity, about 26K was financed. Payments will be about $412 a month. Maintenance fees of $517.86 and taxes $16.89 yearly.

We also get 4800 for use this year if we pay maintenance fees/taxes in 2012.

1. I realize it is too late to do anything about the points we bought at Parc Soleil, but should we rescind our purchase we just did in Vegas? We want more points, but I know we are overpaying now buying from Hilton.(Just read the contract under Rescission, and it says Nevada only gives you 5 calendar days to rescind, which would have been the 13th....)

2. If we rescind and buy more points on the resale market, we would then owe maintainence/taxes on each? Does it make any difference if they are at 2 different resorts or both at Parc Soleil, for example?

3. If buying resale, how do most people finance those purchases?

Any advice you can give would be appreciated. Wish I had read here first, but I didn't know.

Thanks.
 

ricoba

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Yes, rescind ASAP.

There are directions in the contract and HGVC is very good about not hassling you if you do rescind.

Don't worry about the other issues now, just RESCIND! :)
 

Talent312

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(Just read the contract under Rescission, and it says Nevada only gives you 5 calendar days to rescind, which would have been the 13th....)
Its too late to rescind, so your choices are limited to these:
-- Enjoy your purchase to the fullest, taking advantage of all the options.
-- Try to get HGVC to buy it back from you for what you owe on the debt.
-- Refuse to pay the debt and file Bankruptcy to avoid harrassment.
 

ricoba

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Well now that you have read the contract and see you are out of the rescission period, I suggest you do as Talent points out, enjoy HGVC.

We no longer own a timeshare, but when we did we owned HGVC, and also bought before TUG (like many people). We simply realized we paid too much and learned to enjoy the system. It really is a very good system and other than the lack of resorts (though they are improving) owning a HGVC unit can give you lots of great vacations. :)

Welcome to TUG.
 

itradehilton

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Learn how to use HGVC to your advantage, booking expensive places to stay using your points is one way to balance out money already spent. Look at the HGVC resorts and the RCI properties and start to enjoy all the places you may not have been able to afford before.
 

piyooshj

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Not to add to your agony. I bid on ebay for a 1BR plat 4800 pts HGVC flamingo (no ROFR) and won for 3439. With closing costs its about 4.4K. As other suggested on this thread the elite status and bonus points simply doesnt cover for the developer price premium.

Thanks to everyone on this forum, since I was able to understand the pros and cons and was able to purchase my TS.
 

Sandy VDH

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Most here on TUG, (but not all) and present company included, have bought a timeshare from the developer. In order for any resales to take place, they have to be sold in the first place.

So don't beat yourselve up. Learn and make good use of what you have. You may find you want even more and make the next purchase on the resale market.
 
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