Escape the timeshare cycle: a comprehensive guide to cancelling your hilton grand vacations club membership

Are you considering canceling your Hilton Grand Vacations Club (HGVC) membership? If so, you’re not alone. Many timeshare owners find themselves in a similar situation, seeking guidance on how to terminate their contracts. This comprehensive guide will provide you with all the essential information you need to cancel your HGVC membership successfully.

Understanding Your Contract

Before you take any action, it’s crucial to thoroughly understand your HGVC contract. Review the terms and conditions carefully, paying attention to the following key aspects:

• Contract Length: The duration of your membership and the annual fees associated with it.
• Exit Fees: Any potential penalties or fees for canceling your membership.
• Deed Restrictions: Limitations on selling or transferring your timeshare.

Exploring Cancellation Options

Once you’ve familiarized yourself with your contract, you can explore several cancellation options:

• Rescission Period: Most states offer a rescission period, typically 3-14 days, during which you can cancel your timeshare contract without penalty.
• Deed-Back Program: Some resorts offer deed-back programs, allowing you to return your timeshare to the developer in exchange for a potential refund or release from future obligations.
• Third-Party Resellers: You can consider selling your timeshare through a third-party reseller, although this may involve fees and may not guarantee a successful sale.

Preparing for Cancellation

Before initiating the cancellation process, gather the following documents:

• HGVC Membership Agreement: Your original contract and any subsequent amendments.
• Property Deed (if applicable): If you own a deeded timeshare, obtain a copy of the property deed.
• Mortgage Documents (if applicable): If you have a mortgage on your timeshare, contact your lender for instructions.

Initiating the Cancellation Process

Depending on your chosen cancellation method, the steps involved may vary. Here’s a general overview:

• Rescission: Send a written notice to HGVC within the rescission period, clearly stating your intention to cancel.
• Deed-Back Program: Contact HGVC and inquire about their deed-back program. Provide them with the necessary documentation and follow their instructions.
• Third-Party Resellers: List your timeshare with a reputable third-party reseller and provide them with all relevant information.

Dealing with Exit Fees

Canceling your HGVC membership may involve exit fees, which vary depending on the terms of your contract. Here are some tips for negotiating exit fees:

• Negotiate with HGVC: Contact HGVC and attempt to negotiate a reduced exit fee or alternative payment plan.
• Consider Legal Options: In some cases, legal action may be necessary to challenge excessive or unreasonable exit fees.
• Explore Fee Waivers: Certain circumstances, such as financial hardship or medical issues, may qualify you for an exit fee waiver.

Finalizing the Cancellation

Once your cancellation has been approved, HGVC will provide you with confirmation and any necessary documentation. It’s important to:

• Obtain a Release: Ensure that you receive a written release from HGVC, stating that you are no longer obligated to the timeshare contract.
• Update Your Credit Report: Notify credit reporting agencies to remove any accounts related to your timeshare.
• Seek Professional Advice: If you encounter any difficulties or have complex financial situations, consider consulting with an attorney or financial advisor.

Avoiding Timeshare Scams

Be wary of timeshare cancellation scams that promise quick and easy solutions for exorbitant fees. Remember the following:

• Legitimate Companies: Only work with reputable companies that have a proven track record and clear cancellation policies.
• Upfront Fees: Avoid companies that demand upfront fees before providing any services.
• Guarantees: Be skeptical of companies that guarantee successful cancellation without any effort or documentation.

Common Questions and Answers

1. What is the best way to cancel my HGVC membership?

The best method depends on your individual circumstances. Rescission is an ideal option if you’re within the rescission period. Deed-back programs and third-party resellers offer alternative solutions.

2. How much does it cost to cancel my HGVC membership?

Exit fees vary depending on your contract. Negotiate with HGVC or explore fee waiver options to minimize costs.

3. What happens if I stop paying my HGVC fees?

Delinquent payments can damage your credit score and lead to foreclosure proceedings. Always communicate with HGVC to discuss payment arrangements or cancellation options.

4. Can I sell my HGVC timeshare on my own?

Selling your timeshare independently is possible but can be challenging. Consider using a reputable third-party reseller for a more efficient and secure process.

5. What are the tax implications of canceling my HGVC membership?

Canceling your timeshare may have tax implications. Consult with a tax professional to determine the potential impact.