Owning a Timeshare is much more than the monthly payment. Did you know you have to pay for:
- Your share of the property taxes on “your” property?
- Your share of HOA dues on “your” property?
- Your share of any repairs?
- Your share of any refurbishment, remodeling, or furniture replacement?
- Your share of insurance on “your” property?
And then if you have the gall to want to use your “ownership” to actually take a vacation at a resort, they charge you to make a reservation to stay at “your” property!
If we had any wits about us after hours and hours of high-pressure sales tactics, and well past dinner (we had nothing to eat all day except the small snacks they offered — and they knew this), here’s the summary of the loan they offered us:
Number of Points Provided per Year: 14,000 (two weeks = “Elite” level)
Amount Financed: $88,609.50
Annual Percentage Rate: 15.22%
Finance Charge: $84,371.70
Total of Payments: $172,981.20
Total Interest Percentage: 95.217%
Were we insane? In a way, yes: we were exhausted and unable to understand what they were putting in front of us to sign! This is called “diminished capacity.”
What We Actually Paid
|Date||Contract Amount||Actual Paid||Contract Total||Total Paid||Excess Paid||Note|
|Mar. 2019||10974.85||10974.85||10974.85||10974.85||Down Payment|
|Apr. 2019||57.00||57.00||11031.85||11031.85||Unknown fee|
|May 2019||2700.92||2700.92||15049.27||15049.27||Annual Fees*|
|May 2019||2695.92||2695.92||19061.69||19061.69||HOA fees??|
|Aug. 2019||112.25||112.25||23123.44||43123.44||20000.00||Some fee or other|
|Nov. 2019||2816.50||2816.50||29889.44||49889.44||20000.00||Annual Dues|
|Nov. 2019||1960.62||1955.62||31850.06||51845.06||20000.00||Annual Fees*|
|Dec. 2019||108.00||108.00||33274.56||53269.56||20000.00||Some fee or other|
|Dec. 2019||22.93||22.93||33297.49||53292.49||20000.00||Some fee or other|
|May 2020||1316.50||0||39879.99||58558.49||18678.50||We say "Wait a minute!" and start demanding answers|
|Jun. 2020||0||25.00||41196.49||58583.49||17387.00||A fee not disclosed or agreed to charged to credit card|
|Dec. 2020||1316.50||0||49095.49||58583.49||9488.00||FORECLOSURE INITIATED|
*Annual Fees include Operating Fee, Reserve Fee, Real Estate Taxes, Club Dues, “Inventory Activation Fee” (one-time) and “Voluntary ARDA Fee”. (There are voluntary fees?! Sure …and they opt you in.)
Do You See the Outrage?
Hilton Grand Vacation Club foreclosed on us — they refused to look into the problems we pointed out and instead took away everything — even though we were $9,488.00 ahead in our payments.
Let That Sink In!
Next: Plus Timeshare Fees!