Hi
I'm totally new to the timeshare subject and so far I have a pretty bad imagination about it :( My main question is to find out if I have any reasons to keep my timeshare or I should rather try my best to get rid of it as soon as possible. I would like to make an educated decision :doh:
I believe I should provide here a few facts so some of you will be able to advice me knowing all details.
Timeshare was purchased by my wife (finance that time) as something what guy like me, who used to travel a lot, will enjoy together with her in the future. It was typical hard push sell and she felt super educated, and totally felt into the trap, asked millions of questions, and all answers were clearly a bunch of lies to pleasure the future client. When I confronted Hilton about that, their answer was simple :wall: she had 10days to cancel the contract. Well, unfortunately she was way to busy, later we were busy with our lives and marriage, and when I tried to use it for our honeymoon in Florida... of course no chance whatsoever, everything booked months in advance. I tried to book something later in Hawaii, for our honeymoon part two, no chance for any place around our dream location and our scheduled vacation time. Completely useless product. I don't have explain here that it toke me about 10-20min to find some other place and book it for very reasonable price.
Details about this product
It is Hilton NY Club timeshare.
Amount financed : $36,000
Finance charge : $36,500
Annual % rate : 16 %
Total Price including all other costs : $80,500
(please don't judge my wife here, she is already crying everyday and working extra shifts :bawl:)
She purchased it this year, in January 2015
So far we already paid : $13,000
Every month payment : $605
We received 20,000 bonus points - expiration Jan 2017 and for each year 2015,2016,2017 - another 3x 5,000 points
however points for 2015 will expire in Dec2015. Of course we are not going to use it because there is no chance to book anything now.
So in total we have 35,000 points. I know that I could keep point from 2015 however this crap company charge a fee for every modification about $100
Now, we just received letter to pay annual fees : $1600
For me, this is clearly the biggest scam ever executed in white gloves without any sweat. Additionally it says made in compliance with Federal Law. Looks like law does allow for the legal robbery.
Simple calculation
This have to be paid in 10 years = $80,500
Add to this annual fees which will go up for sure = $19,500
Total = $100,000
It means that I will spent $10k each year for week of vacation,
well I actually can't really book anything so far.
I tried to convince myself and calculate it in a longer period of 20 years.
$100k + 10y annual fees ($22,000) = $122k
Now it gives me about $6.1k per each vacation
Wow ! we are still talking about pretty expensive rental for very limited amount of places with super limited availability :annoyed:
So... after doing some research, and simple math I already spoke with one place, where they promise to get rid of the contract and loan without any further payments. Sweet - we have to swallow that we completely lost $13k.
Nope !! They asked for $10k to do it and it may take 3-6months. WTF ? Not mentioning it was pretty much like a BS sale of another piece of crap.
I already have to accept losing such a huge money and somebody even dare to ask to double it ?! Why this country cannot just ban timeshare market completely. It allows to scam innocent people who would like to save a bit, do something in a better way, and actually ending up losing their life savings. I can't understand this.
Please help me to figure it out. Maybe I see it wrong. Maybe there is something positive about timeshare. Maybe I still could enjoy it instead of going on holiday and think all the time that I'm paying triple price for the same room which I could rent for close to nothing so now I'm on my holiday but I can't afford a drink because I'm totally an idiot.
:ponder: Do you think I should keep this timeshare ?
Why would I do that ? Why not just simply when I want to go on vacation research something on internet and book it without any complications.
:ponder: Do you think I should quickly find a good lawyer to terminate this ?
What is the main reason in your opinion ? Can you point any reasonable lawyer ?
Please keep in mind - I'm DO NOT PLAN to find a buyer for my timeshare - I'm thinking about getting rid of the contract and the loan in a legal way by an agreement with Hilton or taking them to the court. I will not recover any of already paid money however I will be able to save another $80k by not paying it in the future and wisely spending it on my vacations.
I'm reaching here to people who are more experience with this subject if they have any better advice and could actually suggest something smart instead of just another long difficult fight.
Thank you in advance for any help
Pete
I'm totally new to the timeshare subject and so far I have a pretty bad imagination about it :( My main question is to find out if I have any reasons to keep my timeshare or I should rather try my best to get rid of it as soon as possible. I would like to make an educated decision :doh:
I believe I should provide here a few facts so some of you will be able to advice me knowing all details.
Timeshare was purchased by my wife (finance that time) as something what guy like me, who used to travel a lot, will enjoy together with her in the future. It was typical hard push sell and she felt super educated, and totally felt into the trap, asked millions of questions, and all answers were clearly a bunch of lies to pleasure the future client. When I confronted Hilton about that, their answer was simple :wall: she had 10days to cancel the contract. Well, unfortunately she was way to busy, later we were busy with our lives and marriage, and when I tried to use it for our honeymoon in Florida... of course no chance whatsoever, everything booked months in advance. I tried to book something later in Hawaii, for our honeymoon part two, no chance for any place around our dream location and our scheduled vacation time. Completely useless product. I don't have explain here that it toke me about 10-20min to find some other place and book it for very reasonable price.
Details about this product
It is Hilton NY Club timeshare.
Amount financed : $36,000
Finance charge : $36,500
Annual % rate : 16 %
Total Price including all other costs : $80,500
(please don't judge my wife here, she is already crying everyday and working extra shifts :bawl:)
She purchased it this year, in January 2015
So far we already paid : $13,000
Every month payment : $605
We received 20,000 bonus points - expiration Jan 2017 and for each year 2015,2016,2017 - another 3x 5,000 points
however points for 2015 will expire in Dec2015. Of course we are not going to use it because there is no chance to book anything now.
So in total we have 35,000 points. I know that I could keep point from 2015 however this crap company charge a fee for every modification about $100
Now, we just received letter to pay annual fees : $1600
For me, this is clearly the biggest scam ever executed in white gloves without any sweat. Additionally it says made in compliance with Federal Law. Looks like law does allow for the legal robbery.
Simple calculation
This have to be paid in 10 years = $80,500
Add to this annual fees which will go up for sure = $19,500
Total = $100,000
It means that I will spent $10k each year for week of vacation,
well I actually can't really book anything so far.
I tried to convince myself and calculate it in a longer period of 20 years.
$100k + 10y annual fees ($22,000) = $122k
Now it gives me about $6.1k per each vacation
Wow ! we are still talking about pretty expensive rental for very limited amount of places with super limited availability :annoyed:
So... after doing some research, and simple math I already spoke with one place, where they promise to get rid of the contract and loan without any further payments. Sweet - we have to swallow that we completely lost $13k.
Nope !! They asked for $10k to do it and it may take 3-6months. WTF ? Not mentioning it was pretty much like a BS sale of another piece of crap.
I already have to accept losing such a huge money and somebody even dare to ask to double it ?! Why this country cannot just ban timeshare market completely. It allows to scam innocent people who would like to save a bit, do something in a better way, and actually ending up losing their life savings. I can't understand this.
Please help me to figure it out. Maybe I see it wrong. Maybe there is something positive about timeshare. Maybe I still could enjoy it instead of going on holiday and think all the time that I'm paying triple price for the same room which I could rent for close to nothing so now I'm on my holiday but I can't afford a drink because I'm totally an idiot.
:ponder: Do you think I should keep this timeshare ?
Why would I do that ? Why not just simply when I want to go on vacation research something on internet and book it without any complications.
:ponder: Do you think I should quickly find a good lawyer to terminate this ?
What is the main reason in your opinion ? Can you point any reasonable lawyer ?
Please keep in mind - I'm DO NOT PLAN to find a buyer for my timeshare - I'm thinking about getting rid of the contract and the loan in a legal way by an agreement with Hilton or taking them to the court. I will not recover any of already paid money however I will be able to save another $80k by not paying it in the future and wisely spending it on my vacations.
I'm reaching here to people who are more experience with this subject if they have any better advice and could actually suggest something smart instead of just another long difficult fight.
Thank you in advance for any help
Pete
Keep it or cancel it ? Hilton New York Club - is it really a scam ??
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