posted 09-09-2004 09:15               

I wish I had known about TUG before I bought my first timeshare, and now I need some of the TUG'ers opinions on whether if we should cancel our purchase and buy it on the resale market. We have 24 hours left.

My wife and I (we're in our early 30s, no kids yet) just returned from a stay at the HGVC at the Las Vegas Hilton (not the one on the strip) and we attended a sales presentation at the Flamingo for the new HGVC on the Las Vegas strip which they're still currently building.

After sitting through the presentation, discussing it over lunch, we were impressed and liked the the concept of the HGVC timeshare (we're also HHonors members) and at the end, we signed on a 1 bedroom "Gold" (3400 points) for about $15K with 8000 bonus points thrown in for first time incentive. Originally, they were offering the 2 bedroom (7000 points) room for about $25K for the presentation but when we balked at the price, they offered us a lower cost alternative.

Now we're having second thoughts on whether if we paid too much when a quick browse on the internet shows that for about the same price, we can get a "resale" with 7,000 points.

1. Should we cancel and buy a resale? If so, any recommendations? I found a company called Hotel TimeShare Resales (they have a 7,000 point 2 bedroom for $16K) and they state they're the only recognized official resale office for HGVC?

2. How difficult is it to rescind or cancel our contract? I assume HGVC will refund our monies and we basically walk away?

3. If we were to cancel and then try to buy from a resale, do we get all the same benefits and perks as a new member purchase (obviously we won't get the 8,000 bonus points that they offered us) as if we had bought directly from HGVC?

4. In one of the threads here at TUG, I read that resale properties does not include membership to HGVC or HHonors and that it would cost extra? Is that true?

5. Does "location" matter? For example, we bought the HGVC @ LV Strip but some of the resales for more points with the same price (or less) is for the Flamingo or other properties in LV. Obviously we don't plan to return year after year to the same location that we purchased.

Thanks in advance!

Regards,
David

posted 09-09-2004 15:05               

Definitely rescind your contract and shop around. HGVC is a great organization, but you are paying half your money for that glass of champagne and whatever minor perks they threw in.

A great method that has worked for me on my 2 add'l timeshare purchases is to go ahead and enjoy the promotional tours, low cost trips, freebies etc. Then, get real good at saying NO and learn everything you can about the resort while you are touring it. Come back home and use TUG and the resale outfits to see what you can really buy that same unit for!!!

So far, I bought a unit the developer wanted $12,500 for and I got it for $5000. Another unit, developer wanted $18,000, said NO, came home and bought it for $4000.

Knowledge is power in this game!

Keith

posted 09-09-2004 21:28               

quote:

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Originally posted by surfmom2:
I sent a telegram because there was no phone or fax on the rescision paper. The bottom of my copied page was black and now I suspect that they covered up that info to make it harder to rescind. The telegram was expensive.

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I'd doublecheck that, call corporate, etc. I've read that if you don't rescind in EXACTLY the way they specify, they don't have to honor it. Your telegram may not be good enough.

posted 09-10-2004 14:41               

The Quality Assurance Managers (or Q.A.M. as they call it) AKA the contract department at the HGVC Flamingo are literally impossible to get a hold of on the phone. Seems one of them is out today so there's only two on hand. They must be writing lots of new contracts today as calls are all going to voice mails.

Last night after we got home from work, I faxed a letter indicating that we are revoking our contract and mentioned a copy will also be sent out via express mail. Fortunately, we live close to the airport so I was able to make it to the FedEx office right at the airport and got it out by FedEx.

FedEx said the letter was received and signed at 9:18 AM this morning.

Not knowing whether if they acknowledged or accept the notice of our cancellation of the contract is frustrating and the suspense is....

Last night, we reviewed through all the paperwork and I have to say that it was pretty sneaky how some of the disclosures (such as the front page of the public offering notice) was not shown during the paperwork process; the QAM conveniently placed the documents opened to the pages that highlights the product and we didn't even see the front cover page that states our rights under Nevada law, and watermark that says, "CONSUMER SHOULD READ THIS REPORT BEFORE SIGNING."

At no point was the cancellation procedure was even mentioned during the closing process. I can't say that I fault them but then again, how many people actually will sit in the manager's office and read through all the paperwork?

===

Update, 6:35 pm - Finally got a call back from one of the QAM's and she said they have received the paperwork and will process it.

Whew!

posted 09-10-2004 18:39               

Now having said that....don't give up on HGVC...as you can perhaps tell from the responses, it's a good system that overall gets good reviews here. No system is perfect but there are lots of pluses in HGVC.

Enjoy searching now for a good resale value!

posted 09-11-2004 07:55               

Welcome to the society of those saved from the developer's ripoff presentation.

Another one saved by TUG.

btw, I am going to the HGVC Las Vegas strip next summer. I can't wait for the pitch. I am going to offer $1/point and take it if they give me anything close.

posted 09-11-2004 08:48               

quote:

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Originally posted by BocaBum99:

btw, I am going to the HGVC Las Vegas strip next summer. I can't wait for the pitch. I am going to offer $1/point and take it if they give me anything close.
BB

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Let us know how that goes...but my gut tells me the only way you are going to get that price would be on the resale market...They are having pretty good success selling the property at full retail value....so make sure you let us know if you have any success...

posted 09-11-2004 09:32               

The developer's prices are fixed from what I can tell. I did asked and they wouldn't budge one single cent.

Regards,
David

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Update, 9/11/04

Just got a voice mail from the specific QAM that we had met with at the HGVC Flamingo, indicating that she had received our notice of revoking the contract. She also wants us to send back all the books/guides in the HGVC bag that we got!

Wow. I guess those books/guides in the bag must be expensive! ;-)

posted 09-12-2004 08:48               

quote:

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Originally posted by tayd:
[B] I found a company called Hotel TimeShare Resales (they have a 7,000 point 2 bedroom for $16K) and they state they're the only recognized official resale office for HGVC?
B]

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They ARE NOT the only official resale company recognized by HGVC. Joanne Peters, Judy Kozlowski, and I am also recognized. Syed Sarmed, Caryn Cook and many other resellers also sell HGVC and I don't think any of us would be asking $16,000 for the 7000 point HGVC. Check your prices before agreeing to pay that much.

posted 09-12-2004 09:00               

quote:

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Originally posted by derb:
Price; Offer $1.00 a point and expect to pay $1.25 to $1.50 a point on the resale market. Ignore asking price.

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I just sold a 3400 point HGVC Las Vegas. Purchase price was $3500. HILTON EXERCISED RIGHT OF FIRST REFUSAL.

posted 09-12-2004 20:30            

Wow. I guess those books/guides in the bag must be expensive! ;-)

QUOTE]

posted 09-13-2004 20:54               

quote:

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Originally posted by sethnock:
I just sold a 3400 point HGVC Las Vegas. Purchase price was $3500. HILTON EXERCISED RIGHT OF FIRST REFUSAL.

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How often are you finding Hilton using ROFR now Seth....I know we had some discussion of this a year or so ago...are they becoming more aggressive in exercising it?

Rick

posted 09-13-2004 23:54               

quote:

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Originally posted by ricoba:
How often are you finding Hilton using ROFR now Seth....I know we had some discussion of this a year or so ago...are they becoming more aggressive in exercising it?

Rick

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posted 09-14-2004 12:20               

quote:

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Originally posted by BocaBum99:
And, it would have cost them $13 to charge you the $25. Keeping the documents is worth the $25 since it is the only way you can get it.

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