Hilton Grand Vacations

[MissGyal]

Hey.

I am just interested to know if anyone has gotten out of their Hilton Grand Vacations timeshare after the recession period? If so, who did you sell it to or go through?


Has anyone ever contacted the President of the company to see what can be done? If you have any further tips, please let me know!

Thank you!

 

[sb2313]

If you don't owe anything, try contacting resales@hgvc.com to see if there is a buyback offer for your week. Won't be a ton of cash but will get you out of your week

 

[RX8]

Do you have an outstanding loan or is it paid off? How long ago did you purchase? Has something changed since you purchased?

HGVC is one of the rare timeshares that holds some resale value, if you own 4800 or more points. Less points than that and the resale value is zero or slightly higher.

If you have an outstanding loan than you likely owe more than what you could sell it for. Be careful of scammers. This is the scenario where scammers prey on owners who convince them they have a buyer waiting to pay them big bucks (but need money wired to them first) or an advertising listing company that will convince you that you could sell it for big bucks on their website but you need to pay them an upfront fee. In both cases you will be scammed.

 

[MissGyal]

I have one company that wants me to pay half the fee $700 so that they can list it. I have been looking everywhere to see what my options are. I do have an outstanding loan however, I have paid off $3000 and already covered the maintenance fee. I purchased in July when I was on vacation and I did not have the time to send off a letter because I was still on vacation. Once I called about the recission period Hilton gave me the run around and I was not able to do it anymore even though it was a day off and when I got back home.

I have 5000 points on my timeshare. Do you know anyone I can contact or the best places to sell it?

Corporate time share network contacted me but they seem extremely iffy.

 

[RX8]

Paying an upfront fee to list on a hard to navigate website with outrageously high sale prices will not result in a sale of your timeshare. You will only be out the upfront fee. The listing company may try to convince you that your timeshare is worth big bucks but that is only because it makes sellers think that paying hundreds or thousands to list it is still a good idea because they would still net big bucks. Once they have your upfront fee they could care less what happens to your timeshare as they have already been paid.

The sad reality is that a 5,000 point deed is worth maybe $4,000 resale, but likely less than that. eBay has a few sold 5,000 deeds that ranged from $9 to $2800. Since you still have an open loan you likely owe way more than it is worth. While you could write a hardship letter to HGVC the loan is likely with an outside lender and they won't be as forgiving.

Unfortunately most of the options are difficult. They include to payoff the loan and then sell it, keep it and learn how to get the most out of it (many on TUG have purchased retail too), or default and let them foreclose.

 

[MissGyal]

Paying an upfront fee to list on a hard to navigate website with outrageously high sale prices will not result in a sale of your timeshare. You will only be out the upfront fee. The listing company may try to convince you that your timeshare is worth big bucks but that is only because it makes sellers think that paying hundreds or thousands to list it is still a good idea because they would still net big bucks. Once they have your upfront fee they could care less what happens to your timeshare as they have already been paid.

The sad reality is that a 5,000 point deed is worth maybe $4,000 resale, but likely less than that. eBay has a few sold 5,000 deeds that ranged from $9 to $2800. Since you still have an open loan you likely owe way more than it is worth. While you could write a hardship letter to HGVC the loan is likely with an outside lender and they won't be as forgiving.

Unfortunately most of the options are difficult. They include to payoff the loan and then sell it, keep it and learn how to get the most out of it (many on TUG have purchased retail too), or default and let them foreclose.

I figured as much. The company told me to list it at $16,000. At this point, I just want to get rid of it but get something to help with the payments. Hilton told me they can give me more points and I am thinking about working that into my advantage. However, I saw someone that posted that they emailed the President and was able to get out of their contract. This has just been such a hassle.

 

[RX8]

If you want to get out of it why would you consider buying more points direct from HGVC? That will only add thousands more to a loan.

 

[MissGyal]

If you want to get out of it why would you consider buying more points direct from HGVC? That will only add thousands more to a loan.

They were offering to give free points. I would not purchase more points.

 

[RX8]

If HGVC was willing to give some additional free bonus points even though you are outside the rescission period that would be something I haven't heard before. Makes me wonder if they are aware that something was missed in the disclosures. Wouldn't hurt to send a rescission letter following the instructions on your contract and see what their response is.

 

[MissGyal]

Just a follow up - I sent an email to the CEO and it was forwarded to the customer care. At first, they told me I could walk away and then it turned into giving me 13,000 points. The sales lady then stated that it may or may not hurt my credit by not making the payments. That is something absolutely ridiculous.

She said I could pay for 6 months and gain all the extra points and then stop paying and take a nice vacation in Paris for 2 weeks..

If HGVC was willing to give some additional free bonus points even though you are outside the rescission period that would be something I haven't heard before. Makes me wonder if they are aware that something was missed in the disclosures. Wouldn't hurt to send a rescission letter following the instructions on your contract and see what their response is.

 

[RX8]

You've got two threads going.

Customer Care told you that you could walk away? Was it then that they passed you off to a salesperson? Don't listen to the sales department anymore. Call back to Customer Care and tell them you want to accept their offer to walk away.

 

[Talent312]

As Brian told you in the beginning:
1. Learn to best use what you purchased and make the most of it (consider renting it out).
2. Stop paying, default on both the loan and the maint fee, and suffer the credit ramifications.
New #3...
3. Ask them to accept a deed-in-lieu-of-foreclosure, but forgiveness of the loan may = income tax.

Whatever you do, DO NOT pay any 3rd-party any $$ up front to sell it for you.
No one will buy a TS with a loan-balance, when it's really worth LT $1/point.
If you want to use the extra points first, fine. But then, you'll have to do something.

 

[MissGyal]

Hey everyone!

Just wanted to give a quick update. I have written another letter to the CEO and other members and am sending it certified return receipt tomorrow morning. Someone from customer care called to follow up again on Saturday evening. Once again, she told me more about additional points and she would hate that I did not get a trip out of purchasing from the Hilton. I made her aware that money has been lost and I have come to terms with my mistake. I also referenced her saying that I should walk away 6 months from now so that I could get 8,000 points and the additional 13,000 points they will add to my account. She said that would be the pro of staying for 6 months. Plan additional trips and THEN walk away.

Then she went on to say if I were you I would walk away because we "may or may not hit your credit." Once my fiancee heard what she was implying, she got the same idea that I did. Without really saying it, she said it. She said it is a form of foreclosure however, they may or may not due to the deed of lieu. She put us on hold and she told us she put her headphone in and stepped out. For her protection, she was telling us what she needed to but because she knew us and she knows who we are, she is telling us to walk away at this point.

I have let the CEO know, that I am walking away. I still have fingers crossed that they will buy it back because all they will do is flip it.

 

[RX8]

Wish you luck in getting out.

My gut says "customer care" is actually sales trying to keep you hooked. Her advice to use it for six months and then walk away makes me still wonder if salesperson commissions are charged back within six months. Additionally, any use of the club benefits will possibly be viewed as acceptance of your contract, if you ever decide to fight this in court. Full disclosure, I am not an attorney but I watch Judge Judy.

 

[CalGalTraveler]

I hope this works out for you. The loan and resales group is different from the sales dweebs. I would still try to get someone live to speak to you on your deed-in-lieu of foreclosure and get the agreement in writing.

I hope your significant other is not on the loan or deed. If this does hit your credit then there is still someone with decent credit to qualify for a home loan, lower insurance rates, or apartment credit check. Lastly, google whether your state allows potential employers to run credit checks on new hires and employees.

Let us know what happens. Good luck.