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!
Contracted Amount
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 | |
| Apr. 2019 | 1316.50 | 1316.50 | 12348.35 | 12348.35 | ||
| May 2019 | 2700.92 | 2700.92 | 15049.27 | 15049.27 | Annual Fees* | |
| May 2019 | 1316.50 | 1316.50 | 16365.77 | 16365.77 | ||
| May 2019 | 2695.92 | 2695.92 | 19061.69 | 19061.69 | HOA fees?? | |
| Jun. 2019 | 1316.50 | 1316.50 | 20378.19 | 20378.19 | ||
| Jul. 2019 | 1316.50 | 1316.50 | 21694.69 | 21694.69 | ||
| Jul. 2019 | 0 | 20000.00 | 21694.69 | 41694.69 | 20000.00 | Prepayment |
| Jul. 2019 | 1316.50 | 1316.50 | 23011.19 | 43011.19 | 20000.00 | |
| Aug. 2019 | 112.25 | 112.25 | 23123.44 | 43123.44 | 20000.00 | Some fee or other |
| Sep. 2019 | 1316.50 | 1316.50 | 24439.94 | 44439.94 | 20000.00 | |
| Oct. 2019 | 1316.50 | 1316.50 | 25756.44 | 45756.44 | 20000.00 | |
| Nov. 2019 | 1316.50 | 1316.50 | 27072.94 | 47072.94 | 20000.00 | |
| 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 | 1316.50 | 1316.50 | 33166.56 | 53161.56 | 20000.00 | |
| 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 |
| Jan. 2020 | 1316.50 | 1316.50 | 34613.99 | 54608.99 | 20000.00 | |
| Feb. 2020 | 1316.50 | 1316.50 | 35930.49 | 55925.49 | 20000.00 | |
| Mar. 2020 | 1316.50 | 1316.50 | 37246.99 | 57241.99 | 20000.00 | |
| Apr. 2020 | 1316.50 | 1316.50 | 38563.49 | 58558.49 | 20000.00 | |
| May 2020 | 1316.50 | 0 | 39879.99 | 58558.49 | 18678.50 | We say "Wait a minute!" and start demanding answers |
| Jun. 2020 | 1316.50 | 0 | 41196.49 | 58558.49 | 17362.00 | |
| Jun. 2020 | 0 | 25.00 | 41196.49 | 58583.49 | 17387.00 | A fee not disclosed or agreed to charged to credit card |
| Jul. 2020 | 1316.50 | 0 | 42512.99 | 58583.49 | 16070.50 | |
| Aug. 2020 | 1316.50 | 0 | 43829.49 | 58583.49 | 14754.00 | |
| Sep. 2020 | 1316.50 | 0 | 45145.99 | 58583.49 | 13437.50 | |
| Oct. 2020 | 1316.50 | 0 | 46462.49 | 58583.49 | 12121.00 | |
| Nov. 2020 | 1316.50 | 0 | 47778.99 | 58583.49 | 10804.50 | |
| 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!