What did we just do? Holiday Inn Club Vacations

[Donovan]

Hello all,
Here's a story I'll bet you've heard:
The wife and I ended up a 90 minute timeshare presentation... we swore we would not buy anything today and... several different salesmen... did the math on what we would... we bought a timeshare.

I do know that I have 10 days to do the research I should have done before, but hey, here we are.

I know squat about timeshares and how they play out, but travel is important to the wife and unless we plan vacations, they never happen. I was reading some other conversations on this amazing site and it all appears I should cancel. However, i think we got a better price than some of the others i have seen. I am also concerned about maintenance fees and anything else I may be learning the hard way. Anyway, here's our deal:

Purchase price $7500
Closing costs. $1260
Deposit $905
Assessments $390
Interest Rate 16%

50,000 points
Holiday inn club vacations
Orange Lake Resort Kissimmee Fl aka Orlando
Any advice is greatly appreciated

 

[Panina]

Hello all,
Here's a story I'll bet you've heard:
The wife and I ended up a 90 minute timeshare presentation... we swore we would not buy anything today and... several different salesmen... did the math on what we would... we bought a timeshare.

I do know that I have 10 days to do the research I should have done before, but hey, here we are.

I know squat about timeshares and how they play out, but travel is important to the wife and unless we plan vacations, they never happen. I was reading some other conversations on this amazing site and it all appears I should cancel. However, i think we got a better price than some of the others i have seen. I am also concerned about maintenance fees and anything else I may be learning the hard way. Anyway, here's our deal:

Purchase price $7500
Closing costs. $1260
Deposit $905
Assessments $390
Interest Rate 16%

50,000 points
Holiday inn club vacations
Orange Lake Resort Kissimmee Fl aka Orlando
Any advice is greatly appreciated

Hi welcome to Tug.

You are right cancel. Save your money while you can. Follow rescind directions exactly. If you can’t find them they are hidden in a pocket/sleeve. Your purchase is way overpriced like most developer deals. Most timeshare can be had on the resale market for pennies on the dollar or free.

Also noticed a 16% interest rate. If you have to take a loan to get a timeshare you can’t afford it and it isn’t the time to get one.

Stick around Tug and you will learn what you need and think of becoming an official Tug member for $15. One of the benefits you will get is being able to see our reviews and those will give you a better idea about the resorts you might like that are available in timesharing.

 

[Talent312]

RESCIND. You've been hoodwinked by these TS weasels.
You can buy "resale" from owners for 0-25% of what you paid.
See listings on redweek, myresortnetwork & ebay (closed auctions).
Also, that interest rate is a killer. It's money down a rathole.

BTW, did they tell you that Maintenance Fees (~$800-1200/month)
go up every year (~3-6%)? Thought not.

After you cancel this "deal," take your time to learn about TS's.

OTOH, someone needs to pay those absurd retail prices for a TS.
Otherwise, the rest of us wouldn't be able to buy 'em for pennies.

.

 

[DrQ]

Rescind. 50,000 Points/year will not get you anything other that the last minute deals. When is your season at your home resort? What is your home resort?

For a 2BR in the North Village, you are looking at 100K for Value season, 133K for Gold season, 166K for Prime season and 182K for Holiday season.
For a 2BR in the River Island(Forrest View), you are looking at 105K for Value season, 139K for Gold season, 174K for Prime season and 191K for Holiday season.

So to get a Gold season 2BR, you would have to save your points from a previous year, use your current points and then borrow points from the next year. Or do you have the flexibility to vacation within a 45 window? That is what you purchased.

If you want to buy on the secondary market for HICV, the only resorts where the purchase does not revert back to weeks are:

• Gatlinburg, TN
• Lake Geneva, WI
• Myrtle Beach, SC

That is what you want, otherwise you will have to pay the developer co$t to convert your Weeks to Points.

 

[silentg]

Recind, we have 127,000 points. You were cheated!
Orange Lake can make a better deal than that.
PM me if interested in details.
Silentg

 

[controller1]

BTW, did they tell you that Maintenance Fees (~$800-1200/month)
go up every year (~3-6%)? Thought not.

Those would definitely be some killer maintenance fees!

 

[plpgma]

I echo all that has been said -- rescind, rescind, rescind! We 'bought' our timeshare for free -- paying only the closing costs (~$500) and assuming ~$1,700 in annual maintenance fees. While the fees may seem a bit high, we view them as pre-paying our get-aways and have never regretted our decision.

However -- if we had also paid an enormous sum upfront and then also had to pay those same maintenance fees, I'm not sure that I would be as content with my decision.

Advice: Rescind per the exact terms of the contract -- then join TUG and learn all you can before moving forward.

-Pat

 

[Stark88]

Hello all,
Here's a story I'll bet you've heard:
The wife and I ended up a 90 minute timeshare presentation... we swore we would not buy anything today and... several different salesmen... did the math on what we would... we bought a timeshare.

I do know that I have 10 days to do the research I should have done before, but hey, here we are.

I know squat about timeshares and how they play out, but travel is important to the wife and unless we plan vacations, they never happen. I was reading some other conversations on this amazing site and it all appears I should cancel. However, i think we got a better price than some of the others i have seen. I am also concerned about maintenance fees and anything else I may be learning the hard way. Anyway, here's our deal:

Purchase price $7500
Closing costs. $1260
Deposit $905
Assessments $390
Interest Rate 16%

50,000 points
Holiday inn club vacations
Orange Lake Resort Kissimmee Fl aka Orlando
Any advice is greatly appreciated

Wow, I got this same exact deal on 11/8. Was planning on walking away from tour not purchasing but the last offer the final manager presented sounded good. I guess they wear you down a bit on hour 4 of the "2 hour" tour.

Thought it was a good deal at the time. Even if just for last minute deals and Sun-Fri bookings.

So resale is the way to go? Does buying resale still get you into HIVC for last minute deals? How do you trade if not in the club?

Thanks,
Bill

 

[TUGBrian]

grats on finding us in time to save 8700 bucks!

 

[LannyPC]

So resale is the way to go? Does buying resale still get you into HIVC for last minute deals? How do you trade if not in the club?

You can definitely find good deals resale. There are many out there that owners are wanting to give away for free just to get out from paying the MFs. But that's the reason they are free. You will have to assume payments of MFs.

What most here on TUG would recommend for someone in your shoes is to do a lot of research on TSs before even taking one for free. Some would recommend taking at least six months. Believe me, there will still be deals out there six months from now. Research all the ins and outs, ups and downs. Make comparisons such as owning vs. renting; weeks vs. points; floating vs. fixed; timeshares vs. hotels, motels, Air BNB, etc.

Take time to do some soul-searching and really analyze your travel preferences, needs, and circumstances and see what's you (not the TS sales people) feel is best for your situation. Owning timeshares is not for everybody. In fact, it's not for most people. If you have any doubts, try renting one first to see if you like it and if it would fit your traveling lifestyle. Sometimes you might be able to rent for less than the MFs (for instance, see TUG's Last Minute Rentals section for weeks that are available for no more than $700/week).

If you have any further questions, many here on TUG would be happy to answer them for you.

 

[Donovan]

I want you thank you all for your advice. I researched how to rescind by certified mail, found the clause in the contract and had me and my wife sign it. I emailed it as well. So I'm relatively sure im good here in Florida. I'll report back.

 

[Donovan]

Hi welcome to Tug.

You are right cancel. Save your money while you can. Follow rescind directions exactly. If you can’t find them they are hidden in a pocket/sleeve. Your purchase is way overpriced like most developer deals. Most timeshare can be had on the resale market for pennies on the dollar or free.

Also noticed a 16% interest rate. If you have to take a loan to get a timeshare you can’t afford it and it isn’t the time to get one.

Stick around Tug and you will learn what you need and think of becoming an official Tug member for $15. One of the benefits you will get is being able to see our reviews and those will give you a better idea about the resorts you might like that are available in timesharing.

Yeah, 16%. You gotta love that. Even if i kept the deal, I wasn't going to finance that.

 

[Stark88]

I also rescinded yesterday. Thanks all.

 

[DrQ]

Wow, I got this same exact deal on 11/8. Was planning on walking away from tour not purchasing but the last offer the final manager presented sounded good. I guess they wear you down a bit on hour 4 of the "2 hour" tour.

Thought it was a good deal at the time. Even if just for last minute deals and Sun-Fri bookings.

So resale is the way to go? Does buying resale still get you into HIVC for last minute deals? How do you trade if not in the club?

Thanks,
Bill

First, really consider HOW you want to vacation. Timeshare's are fun and sometimes addicting, but they are not for everyone. I would look at ALL the systems out there. They do have advantages as they have multiple resorts and that gives you more access within the system than outside. Also, inside the system will probably be lower cost than RCI trades.

BUT, if you are flexible and can vacation on short notice and during off season, renting may be a better answer.

 

[Donovan]

I wrote a simple letter and followed the instructions for mailing it certified. I sent an email as well, just to pad the file. I got a letter back saying, sorry you decided to rescind. Here's a copy of your receipt for your money, which will be back in your account shortly. Done and done. Thanks again everyone.