My wife and I purchased one week at the Hilton Grand Vacation CLub on the Strip in Las Vegas in May for $16,000.00 because we wanted a good vacation program and invest. The salesman spoke to us about minimal maintenance cost and low cost of ownership, that it was real property and that we would get a title deed and that it was a great investment which we could resale and get our money back on.
Less than half of what he said was true. The true part was, "it is real property" and "we did a title deed". The part that was/is a lie is the low cost of ownership. The 1st partial year we paid $300.00 for maintenance and membership, the 2nd year we paid $440.00, the 3rd year $550.00, and for 2009 $660.00 for maintenance and membership! At this rate of increase the annual fees will be over $2500.00 at the end of the 10th year. Add to that the $16,000.00 paid for the timeshare and the works out to over $500.00 a night. So much for the great deal with HGVC!
As to reselling our property, one of their representatives told us during a meeting that HGVC would only give us what we paid for our property to buy it back, but when we approached them about the sell back of the timeshare we were told that HGVC would not buy it back and they gave the name and phone numbers of 2 companies in Florida that could help us resell it. We called them and we told that the best we could hope for was to get maybe $4000.00 for the timeshare!
They say that there is a "Sucker" born every minute! Well, I guess its true, though I never thought that I would be one of them, but Hilton Grand Vacations Club made a Sucker out of me!
Do the math before you buy a timeshare.
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