Equity Value Agreement (Vidanta)

[Alvin Olson]

Whoa, slow down. You dropped $20k on HGVC only 2 years ago? That means your vacations just cost you $10k per year plus maint fees if you get rid of it so soon. You would have been better off keeping HGVC and using it to trade into Vidanta than buying another timeshare so soon after buying from Hilton.

How can you possibly say you dont like HGVC locations, you haven’t owned long enough to try all of them! That was some strong kool-aid they served up at the Vidanta presentation, or should I say brainwashing session.

Stick around and learn to use what you have by reading here on TUG for at least 6 months before doing any more timeshare presentations.


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Honestly, when they offered me 50K for my 20K investment, I was hooked.. sucks to be so gullible. These guys know what they are doing. Hindsight is 20/20 for sure.
We bought minimal points and the resorts that we want to go with all seem to take more points that we purchased. We had to move points around and borrow just to go to the locations we wanted. I agree we should not have done what we did, but my time machine is out of order so I am trying to make best of the current situation.
I sincerely appreciate this good advice.

 

[SmithOp]

On the HGV website, you choose a destination and it listed the Grand Luxxe as an option, I called and spoke to a reservations person at HGV and they booked it. I am sure it was via their RSI Exchange, but that wasn't clear.

Not necessarily RCI. Hilton has an agreement to exchange using inventory that SFX gets.

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[Alvin Olson]

Not necessarily RCI. Hilton has an agreement to exchange using inventory that SFX gets.

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This makes sense on how that happened then.

 

[bogey21]

My plan is to see if Vidanta Customer Service will tell them to go pound sand and keep my HGVC points and try to sell them on my own maybe. I know if I do that, I will be on the hook for the HOA fees and such until it is sold.

Good move...

If Vidanta doesn't get TimeShare Resale Market off your back, tell them (TimeShare Resale Market) that you have decided to keep and use your HGVC Points.
It may take a while but my guess is they will get off your back at some point in time...

George

 

[VacationForever]

Thank You everyone for the help here. I have another question regarding this HGVC. If I choose option 1 and basically pay them $1879.00 to take it from me.
What happens next? Will I be on the hook for anything else from HGVC like the HOA Fees which are ~ $1,000.00 due at the end of the year, but invoiced in November?
If this asset sits on their books for 2 years, will I have to keep paying or is that on their dime?
My plan is to see if Vidanta Customer Service will tell them to go pound sand and keep my HGVC points and try to sell them on my own maybe. I know if I do that, I will be on the hook for the HOA fees and such until it is sold.

If I were you, I would not choose any of the options. Remember, this is a ploy for them to sell you Vidanta and then to suck more money out of you by offering the 2 options. You just need to tell them that you are keeping the HGVC points. You should learn to use HGVC as HGVC is a GOOD system. Your points do have a small resale value but certainly not $20K rack rate. If you are insistent on getting rid of HGVC then you can contact the 2 brokers mentioned above on the value etc. These brokers do not charge upfront fee, but instead take a commission of $1.5K or something out of the final sale amount. If the resale value is lower than that, you might sell it yourself on TUG or redweek, or even if resale value is above that, which I suspect it is, then you may want to sell it yourself. Selling is not hard. Many of us do it ourselves for low value timeshare by listing on TUG or Redweek. So far my success in selling on TUG is fabulous! The main thing is asking for a realistic market value. For closing, many of us us lttransfers.com . The cost of closing varies but for timeshare that I sold, their closing costs were under $200.

 

[T-Dot-Traveller]

If I were you, I would not choose any of the options. Remember, this is a ploy for them to sell you Vidanta and then to suck more money out of you by offering the 2 options. You just need to tell them that you are keeping the HGVC points. You should learn to use HGVC as HGVC is a GOOD system. Your points do have a small resale value but certainly not $20K rack rate. .

The OP - Alvin Olson signed a contract with Vidanta and is past the 5 day rescission period . That contract is a done deal .

The trade in and deal with TimeShare Resale Market is a separate transaction . There are choices on how to proceed regarding the HGVC
as others have stated .

 

[Alvin Olson]

Quick update.
I have reached out to Vidanta Customer Service and given them my story.
They will have the resort in Riviera Maya contact me within 48 hours to help resolve my concerns hopefully.
In the meantime, they have told me to just ignore timeshareresale or tell them to wait until this matter is resolved with Vidanta.
They have recorded the agent/salespersons contact information from TRM as well.

I will update here as I have more information.
Thanks again everyone here for the support.

 

[VacationForever]

The OP - Alvin Olson signed a contract with Vidanta and is past the 5 day rescission period . That contract is a done deal .

The trade in and deal with TimeShare Resale Market is a separate transaction . There are choices on how to proceed regarding the HGVC
as others have stated .

I know that. Duh. I was just telling OP not to choose 1 or 2 as it means more money sucked out of the OP.

 

[Alvin Olson]

and I appreciate not having money sucked out of me too I have a kids, that's their job.

 

[Eric B]

The OP - Alvin Olson signed a contract with Vidanta and is past the 5 day rescission period . That contract is a done deal .

The trade in and deal with TimeShare Resale Market is a separate transaction . There are choices on how to proceed regarding the HGVC
as others have stated .

Right there with you Tom, but I would emphasize that the deal with TRM is very likely not an enforceable contract. If it’s like others I’ve seen, TRM didn’t sign it and if someone from Vidanta signed or initialed it they didn’t do so as an agent of TRM. None of the terms of it appear to be binding on TRM either.

 

[Alvin Olson]

Right there with you Tom, but I would emphasize that the deal with TRM is very likely not an enforceable contract. If it’s like others I’ve seen, TRM didn’t sign it and if someone from Vidanta signed or initialed it they didn’t do so as an agent of TRM. None of the terms of it appear to be binding on TRM either.

the name at the Bottom of the agreement was never signed by Vidanta just me. Also on the Print Name side Accepted by Resort all it says is Vidanta

 

[Alvin Olson]

Update:
I spoke to Vidanta and they understood my situation and had me compose an email stating my case.
This was their response.

Hi Alvin,


I received your email and forwarded it as is directly to the Corporate Account Representative for Vidanta at TRM. I requested in the forward of the email to him to have Janice cease to contact you.

Just let me know based on our conversation if you want me to instruct him to proceed with transferring the HGVC out of your name and responsibility by moving the account to the transfer department for the $1879 as per the original transfer agreement. I got authorization to discount $1000 USD from your cashout balance to offset the cost of the maintenance fee that will most likely come due in the 150 days.

Alternatively I could cancel the EVA agreement with TRM and allow you to retain the rights to the HGVC and respect the credit that was applied to our contract but as I explained you would be on your own regarding selling that property.

Please let me know how to best proceed and I will be happy to get the ball rolling.​

What are the negative ramifications with either option?

 

[VacationForever]

First option, you may pay $1879 and still be stuck with the HGVC timeshare. I would take the 2nd option (not the original second option, but the offer to let you keep the timeshare), keep the HGVC and if you really do not want it, sell it yourself or with the 2 brokers suggested in this thread. You should call them to let them know what you have and they should be able to give you an estimate as to what they can sell for and what their commissions are. These brokers are not upfront free companies, only when the timeshare is sold, they get their commission.

 

[Eric B]

Update:
I spoke to Vidanta and they understood my situation and had me compose an email stating my case.
This was their response.

Hi Alvin,


I received your email and forwarded it as is directly to the Corporate Account Representative for Vidanta at TRM. I requested in the forward of the email to him to have Janice cease to contact you.

Just let me know based on our conversation if you want me to instruct him to proceed with transferring the HGVC out of your name and responsibility by moving the account to the transfer department for the $1879 as per the original transfer agreement. I got authorization to discount $1000 USD from your cashout balance to offset the cost of the maintenance fee that will most likely come due in the 150 days.

Alternatively I could cancel the EVA agreement with TRM and allow you to retain the rights to the HGVC and respect the credit that was applied to our contract but as I explained you would be on your own regarding selling that property.

Please let me know how to best proceed and I will be happy to get the ball rolling.​

What are the negative ramifications with either option?

... you mean the option of paying them $8995 for a share of the profits is off the table? Dang! I’d probably keep the old TS (and have a couple of times).

 

[Alvin Olson]

... you mean the option of paying them $8995 for a share of the profits is off the table? Dang! I’d probably keep the old TS (and have a couple of times).

I guess I could talk them into letting me do option 2, but I rather not. Too much of a risk I think.

 

[Eric B]

Don’t think there’s any risk of actual profits in that deal....

 

[Alvin Olson]

Hi Eric B, I am so new to this that I am worried that I am supposed to know more than I do.
I have to assume your response is tongue in cheek and that indeed paying them 9K for this is a bad idea.
I know so little, I might be misunderstanding you intention

 

[Alvin Olson]

Vacation Forever, you mentioned that there are some agents on this board that I might be able to work with to sell my HGVC at some point.? Would you mind pointing me to who I should be talking to?

 

[Eric B]

Sorry about that; sarcasm was intended. An honest broker can probably do no better than you can. If you look closely at the TRM agreement it promises nothing more than “marketing “ and you can bet that’s only putting it on the internet. There’s a good forum on selling/giving away a TS on here that is very much worth reading in order to understand the actual resale market.

On a happier note, the Vidanta resorts are fabulous, though not inexpensive. There’s a lot to figure out on how to best use your ownership there and they seem to change the rules a lot.

 

[VacationForever]

Vacation Forever, you mentioned that there are some agents on this board that I might be able to work with to sell my HGVC at some point.? Would you mind pointing me to who I should be talking to?

See post #22.
"Regarding your HGVC I suggest to contact Judi K or Seth Nock, two respected brokers on this site. Either can give you an honest opinion on what you can expect to receive by selling your HGVC."

I believe the poster was referring to these 2.

Judi Kozlowski http://www.judikoz.com/

Seth Nock https://www.sellingtimeshares.net/selling-timeshares/about-us/

 

[Alvin Olson]

It seems there is not a lot of resale value for my points. :-( With the option of me retaining the rights to the current HGVC points does this put me in the same position I am at before all of this?

In other words, does this statement from Vidanta mean something different than me just keeping what I have and I will have both.

Alternatively I could cancel the EVA agreement with TRM and allow you to retain the rights to the HGVC and respect the credit that was applied to our contract but as I explained you would be on your own regarding selling that property.​

With such low resale value and such a short time I have had the HGVC, maybe keeping them both is the best solution?

TIA

Alvin

 

[VacationForever]

Do not give money to Vidanta or TRM. If you want to give it away, you will find takers or even get a small sum back. Getting use out of it will be the best answer if you have the time to travel. Many of us own 5 weeks, 10 weeks, and/or lots of points. It is not an either or.

Did you call these brokers to get a fair assessment of the market value?

 

[Alvin Olson]

Do not give money to Vidanta or TRM. If you want to give it away, you will find takers or even get a small sum back. Getting use out of it will be the best answer if you have the time to travel. Many of us own 5 weeks, 10 weeks, and/or lots of points. It is not an either or.

Did you call these brokers to get a fair assessment of the market value?

I spoke to one of them, and he said the resale value of my points is about $500.00. :-(
I am trying to spend more time on holiday, so having the 2 timeshares is ok, I just wasnt sure if his term of "retain the rights" meant something different.
I am just trying to make best of a potentially negative situation I have put myself into.
If Vidanta will let me keep what I have and not charge me anything for that, then I think that is the option I will go with, I just am afraid they will want to use some terminology that is to their advantage.

 

[VacationForever]

I think it is exactly what they are saying... you can keep it.

 

[Eric B]

I’ve gone through the same thing with a different “broker” Vidanta uses and wound up keeping my other TS without any additional costs. In my opinion, your best option is what you’ve done, notifying Vidanta that you’re keeping it and learn how best to use it. Don’t pay TRM or anyone else to try and sell it for you.