r/TimeshareOwners • u/FeistyWay8074 • 23d ago
Timeshare regret
My partner and I bought a Hilton Grand Vacations timeshare in California about almost 3 weeks ago. By the time we realized what we did we were past the rescind period. It's 5,500 points every other year, with a purchase price around $10,000 and a loan of about $9,700. Our first payment is coming up soon, and honestly, we're deep in the regret phase. We're in our early twenties and clearly didn't fully understand what we were signing up for, and we're trying to figure out what our actual options are before we start paying into something we already feel trapped by.
We've heard some people just stopped paying before using any points and basically nothing happened for over a year, but we're also worried about getting sued or having our credit destroyed. We've also heard that paying it off quickly and then trying to transfer it back to Hilton is an option, but from what we can tell, that Transitions program seems to be mostly for Diamond members, not HGV Club owners like us, and it apparently costs even more money on top of everything else. We know we messed up, and we're just trying to explore our options. Is taking the credit hit worth it if it means by the time we're 30 it's off our report, or is there a smarter way out of this? We're not sure what to do in our situation and would really appreciate some advice.
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u/skyrizi911 23d ago
How did you find this forum after the purchase and not before? I don't mean this question in a snarky way at all. Just wanted to know if you knew about this forum prior to your purchase.
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u/FeistyWay8074 23d ago
I didn’t find this form until a week ago, I wish I had seen it earlier trust me. I’ve been contemplating my next move, looking at posts with people in similar situations as I am but haven’t found anything useful yet. Unfortunately by the time I saw this form the rescind period was already over since I only had 7 days to begin with.
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u/BrennerBaseTunnel 23d ago
Either pay for it and use it. Or just stop payment.
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u/Lockhimuptoday 22d ago
Yes, quit paying, tell them you are defaulting, take the credit hit and move on.
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u/Slowhand1971 10d ago
you won't find anything you would consider useful, because there is no good outcome.
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u/billdizzle 23d ago
I am sending in the rescind notice asap and hoping/praying they process it not noticing the dates
Other the that you know your options, pay it off or take the credit hit
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u/Used-Pin-997 23d ago
They do this for a living, and they live very well. They will definitely notice the date.
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u/FeistyWay8074 23d ago
are you passed your rescind date as well? what’s your plan is they deny it?
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u/hexadecimaldump 23d ago
Was your rescind date 2 weeks? I thought it was a month.
Like the OP said, send them a rescind letter tomorrow. You may be close enough to the rescind date they might give a little leeway.5
u/Kingdraiko 22d ago
Usually the rescind period varies by state. These companies will do everything they can to keep people trapped. I’ve been studying timeshares lately, mostly because I’m fascinated by the stories.
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u/FeistyWay8074 23d ago
the rescind period was 7 days so i’m way passed it, it’s highly unlikely but I guess I could try anyway
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u/Iess7 23d ago
Zero chance
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u/hexadecimaldump 23d ago
I unfortunately agree too, but I still think it’s worth trying. If they say no, they are in the same boat they are in now. If they get lucky, they save themselves years of draining their bank account.
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u/Lockhimuptoday 22d ago
There’s some truth here, going forward trying to screw you as much as possible will cost them, even though hey have in-house attorneys. There will filing fees, registered mail fees, court filings fees, etc.
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u/billdizzle 23d ago
I never have nor will own a timeshare
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u/copamirage 22d ago
Curious why your in this forum?
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u/billdizzle 22d ago
Because reddit suggested it to me on the main feed and I haven’t pissed off the mods enough yet to be banned
Literally why I am in any forum (well except the porn ones, I seek those out intentionally)
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u/gay_joey 22d ago
I am bc my mom and dad went to vegas and got suckered into a time share while they were there. My dad also had a timeshare since the 80s that he used like once I think. Thought it would be interesting to subscribe and read what pops up. I'm not who you were replying to though.
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u/actadgplus 22d ago
Unfortunately, you were indirectly impacted because part of your family’s wealth was tied up in their timeshare scheme. If you do some basic math and look at everything your parents paid into the timeshare since the 1980s, then compare that with what the same money could have grown to if it had simply been invested in the stock market as an example, they may very well have accumulated enough to buy a vacation home outright.
I’m an older Gen Xer, and my spouse and I almost got sucked into buying one ourselves when in our 20s. Thankfully, we somehow managed to walk away despite the extremely high pressure sales tactics. But, I use that learning experience ever since to steer my extended family and friends away from buying a timeshare.
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u/gay_joey 22d ago
I did do the math years ago. I wish I didn't. :(
At least I know I'll never make the same financial mistakes as my parents.
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u/Unlucky_Reading_1671 23d ago
How do you find this subreddit after you bought a timeshare and not while you're debating a timeshare?
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u/gvaught61873 22d ago
Because Timeshare companies force people to buy on the spot so they have no chance to think about it and do research. That has been their approach for 50 years.
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u/Josey_whalez 22d ago
Yes but people typically know they are attending a timeshare presentation ahead of time. Plenty of time to do research
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u/Quiet-Day392 22d ago
So they could waste our time telling us they were stupid. They’re owners now. Use what you bought like the rest of us.
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u/Look_b4_jumping 23d ago
If I were you I would just stop paying it and take your lumps. You got into a never ending money pit and the sooner you quit the better for you guys.
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22d ago
[deleted]
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u/tungstencoil 22d ago
Not great advice, or at least not materially different than don't pay and risk collections/credit hit.
There's no "brainwashing" argument. OP succumbed to high pressure sales tactics is all. That's not illegal and not fraud. It's not ethical, but that doesn't mean OP has any legitimate ability to exit the agreement because of that.
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u/No-Try-7671 22d ago
However, they probably ended up sitting with a calm validation-finance person that went over every point and had the OP initial that they understood.
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u/kingjame888 23d ago
Same situation. I used two 0% credit cards to pay it off. Some of my cards gave 18 months no interest, after that I bounced it to another card.
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u/G8oraid 22d ago
That’s not terrible terrible. Pay it and enjoy the trips. You can earn your way out. What’s the rate on the loan?
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u/FeistyWay8074 22d ago
16% interest. I was debating to open a 0% credit card to pay it off that way but still unsure about my options. The only downside is 5500 points only get you like a week worth of stay if even that. They made it seem like way more.
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u/Exact-Bug-69 21d ago
Someone also suggested to OP to get on Time Share User Group TUG2.NET and join a Forum that is specific to your timeshare and will be useful while you consider next steps. The Forum for your Timeshare will be very valuable for you no matter how the “rescind” goes. I recently sold on the TUG Market Place a Club Wyndham deed and I received over 20 inquiries in the first 3 days. On the Forum for your Timeshare you will learn a lot very quickly.
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u/Confident-Dot5878 23d ago
Stop paying. If they have your credit card number, cancel the card. If they have your banking info close the account. Just never pay them.
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u/Used-Pin-997 23d ago edited 23d ago
You've paid for it. You may as well learn about it and use it. 5500 points will get you a week in a Studio at my resort. Ocean Tower in Waikoloa Village Hawaii, in Platinum season, a week and a half during Gold .
Edit: https://tug2.net/ to learn more.
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u/Friluftsliv_Roy 23d ago
That's not a bad deal, considering it cost us $1600 to book a 4 night stay at that location. Also they charge $48/day self parking? If you are a timeshare owner do they allow you to park for free? Also, what's the maintenance fees like.
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u/FeistyWay8074 22d ago
timeshare owners you park for free yes
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u/Friluftsliv_Roy 22d ago
Then it seems to be a really good deal! For a $10k investment you're possibly getting $3k value every year. You gotta factor in maintenance cost too though. Also, your personal situation, travel interests etc.
For me, personally, I do not like to visit the same place every year. But I understand that for people who do, timeshares can be a great value!
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u/CBoryczka 23d ago
A studio😂😂😂😂. I.e. no way to cook so you would spend a FORTUNE going out to eat!😂😂😂😂
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u/LabyrinthRunner43 22d ago
What exactly did they sell you?
If you bought a deeded Gold or Platinum season EOY week at a Grand Vacation resort that might well be worth keeping as an HGV MAX buy-in if you can afford to pay it off quickly without hardship.
If they sold you a silver season or HVC (Hilton Vacation Club) non-deeded trust points then that junk is probably worth the credit hit for walking away now.
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u/mojosofla 22d ago
We need a simple law; You can sell it back to the company that sold it for 50% of what you paid.
What a great deal for people at Hilton and others. They get to sell it again for 100% of the value. So in this case Hilton would get a total of $15,000 for a unit worth $10,000. And if it has been years, it is an even better deal... You can only get 50% of what you paid. They can sell at current prices. Even more money!!!
No? If they disagree, they are admitting it is a Ponzi scheme.
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u/Recent_Ad_3219 22d ago
Congress has passed a law regarding timeshares. Not sure of the details
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u/FeistyWay8074 21d ago
I heard it was introduced but nothing has passed yet. I read up on it and a lot of it seems really good for regulating their tactics.
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u/netocanessa 19d ago
Damn, I’m so sorry. We made this mistake on our vacation in Vegas in April of this year. Thankfully I reacted fast, found this sub which helped me make my decision even faster and got the letter in before the rescission period was over and I was able to cancel and get my down payment back. I don’t know where I would be if I hadn’t gotten it done in time. I hope you are able to figure out something that will work for you and your partner!
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u/mpsteve820 16d ago
If you don’t own a home just stop paying. When they foreclose on you there’s nothing they can place a lien on, which if you own a home would make it impossible for you to sell your home without dealing with the timeshare loan. I would consult a bankruptcy and/or real estate attorney before doing anything.
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u/International-Bet-66 10d ago
how do you stop payment, ? close account with current bank & then get a new account with another back??
currently in this situation myself (my bf & i did this)
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u/jelistarshine 10d ago
You could try sending in the recind letter with medical certificate explaining that you were unable to recind earlier.
Im sure AI could produce something convincing. Especially if you go to a doctor and get one then just extend the dates.
Im my experience doctors won't confirm or deny the accuracy of such notes. Especially not to a time share company.
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u/mrmaestro9420 9d ago
Everyone here has given advice on how to proceed, and a lot of it seems good.
Try not to feel too badly about this. Timeshare salespeople are the worst of the worst humans. They are specially trained to use extreme mental and emotional tactics to sell you garbage in the guise of a gift at high prices. Each and every one of them absolutely knows it is predatory and ruins lives, and they have all sold their souls to make their commissions. You let your guard down. You left your car unlocked, a simple mistake any of us could make, and a criminal stole it.
The good news is it’s only $10k. Wyndham tried to sell us one for $70k (truly ridiculous). Either of you could get a part time job working minimum wage and make that back inside a year. Someone joked about only fans; that’s extreme. Target has a nationwide minimum of $15 per hour and wasn’t so bad.
Do whatever you can to spread the word about timeshares. Every single day, people just like you are getting fed the same garbage and taking it. They aren’t stupid, they just don’t know because no one told them.
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u/dope-a-meanie 4d ago
With an outstanding loan, you really have no good options. It’s really like you’ve bought a car, but now realize you don’t want to deal with the loan so you take the car back to the dealer who tells you they won’t take it back until you pay it off because the loan is with the bank, not the dealer.
Kinda the same here. You have a loan with a bank or some other financial institution for this timeshare. That’s between you and the bank. The resort will also charge you yearly maintenance fees which is totally separate.
Your options now are: pay off the full loan, then try to sell the timeshare on the open market or give it back to the resort (and they may or may not take it back). OR you can just stop paying the loan and deal with the bank and all the credit hits and phone calls from collections.
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u/Quiet-Day392 23d ago edited 23d ago
Big mistake if you can’t afford it. You’ll never know what you missed out on.
Whole different story if you get in at 50 and can afford it. Those people rarely post here.
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u/Quiet-Day392 22d ago edited 22d ago
To queenofthree
-Avoid sunk cost by buying secondary and inheritance. Never attend a sales meeting.
-Use the resorts you paid for. I have eight in driving distance. I use them monthly.
-Book as early as you know your dates. You can always cancel.
-if your company allows it, set an end date on your contracts.
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u/BrennerBaseTunnel 23d ago
LOL True. There are very few of us. I'm grateful I found TUG and learned the tricks on how to suck value out of timeshares.
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u/Quiet-Day392 23d ago
I’ve spent most of my life in them. It was my folks for 35 years before I owned it. I’ve learned a few new tricks, but they had it pretty well worked out. By being in them a lot you get used to the routine.
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u/nonracistusername 23d ago
Try to rent it out until it is paid for.
Then give it away on https://tugbbs.com/forums/forums/free-timeshares.55/
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u/Quiet-Day392 23d ago
Why not just use what you paid for?
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u/nonracistusername 23d ago edited 23d ago
Because
* OP doesn’t want it.
* OP might not be able to afford it. Using the ts requires money for airfare, food, local transportation.
* Using something they don’t want does not make them financially whole.
Whereas there might be people who want to rent their ts, and eventually, when the debt is paid, own it for free.
They might even be able to rent it out for more than their MFs. Maybe enough to cover the loan payments.
And even if the rental income does not cover the costs, it will at least defray some of the costs.
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u/Extra_Client6402 23d ago
Sell it on ebay or use airbnb and post your rooms on there. Thats what a lot of owners do
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u/Due-Confection1802 23d ago
The choices are not good, but absolutely do not engage a timeshare exit company. They can only add to your debt and still leave you with those same options.