- 1 Does Hilton Grand Vacations have an exit program?
- 2 How can I legally get out of my timeshare?
- 3 Can you get your money back from a timeshare?
- 4 How do I value my timeshare?
- 5 How do I sell my HGVC property?
- 6 Can you just walk away from a timeshare?
- 7 Can you refuse to inherit a timeshare?
- 8 What happens if I stop paying my timeshare?
- 9 What is the average cost to get out of a timeshare?
- 10 Why is it so hard to get out of a timeshare?
- 11 What to say to cancel a timeshare?
- 12 Are timeshares worth anything?
- 13 Do timeshares have resale value?
- 14 Do timeshares go up in value?
Does Hilton Grand Vacations have an exit program?
The Hilton Grand Vacations Club does offer an exit program of its own. But like any developer exit program, it has specific criteria that owners must meet first to qualify. So in other words, even a paid-off timeshare is not quickly sold. And not many retain a substantial resale value.
Looking to Get Out of a Timeshare? Here’s How to Do It Legally
- Call the developer.
- Rent it out.
- Sell it on the resale market (expect to take a hit).
- Gift it to a friend, family member or stranger.
- Stop your payments (but expect consequences).
- Avoid scams.
Timeshare cancellation is the process of exiting a timeshare purchase and receiving a full refund, without penalty. Though this is possible, there are some caveats. Most importantly, your cancellation must be executed within a certain period of time after purchase.
Your timeshare’s value is determined by the average asking price of similar timeshares being advertised for sale and rent on BuyaTimeshare.com at your particular resort. Values can vary by resort location, resort brand, season, unit size and more. Your ownership documents will have all of the information you need.
How do I sell my HGVC property?
As a Hilton Grand Vacations authorized seller, we work to connect buyers to sellers every day. Contact us at 877-884-9577 to purchase ClubPoints or speak with a broker to sell your HGVC timeshare.
You can’t just walk away from a timeshare. If you don’t stay current on your maintenance fees or your loan payment, the timeshare company or timeshare association could report you to a collection agency and ding your credit score.
If you are either left a timeshare in a will or are the legal heir of someone who owned a timeshare and died without a will, you may choose to refuse to accept your inheritance. In legal terms, this is generally called “ renunciation of property.”
If you stop paying on your timeshare loan, you face foreclosure. Foreclosure is the process whereby the lender files to take possession of the property and sell it at auction to recover the money you owe. Your contract authorizes the trustee to sell the timeshare in the event you stop paying on it.
Costs to Get Out of a Timeshare On average, it costs about $5,000 to $6,000 and takes 12–18 months to get out of your timeshare contract using a timeshare exit company. But the cost and the timeframe can vary depending on a number of factors including, how many contracts are attached to your timeshare.
In addition to higher interest rates, timeshares can also be hard to sell because most timeshare contracts financially obligate the timeshare purchaser to pay lifetime maintenance and special assessment fees. Maintenance fees tend to cover various operating costs and are similar to a condo’s HOA fees in that regard.
A cancellation letter should typically include the following information:
- the current date.
- the purchaser’s name as it’s written on the contract.
- the purchaser’s address, phone number, and email address.
- the name of the timeshare company.
- the timeshare description (use the description from the timeshare paperwork)
No, the timeshare has no value, because you don’t own anything in the normal sense of the word. It’s not like your regular home, which likely has some equity built up. In fact, a timeshare goes down in value from the moment you sign the contract. There are much better ways to invest your hard-earned money.
Chances are the salesperson may have also told you that your timeshare would appreciate in value. This is simply not true, except in rare cases at high-end fractional properties. Resale timeshares often sell for only 50% of the original price – some for as little as 20-30%.
It’s rare that a timeshare increases in value. In fact, expect it to lose value, as the total cost of your ownership was marked up to cover sales presentations, incentives and giveaways. Timeshares are usually sold to you when you’re on vacation and your defenses are down.