Our timeshare exit team deals with timeshare scams all day, every day. Here are a few ways the industry tries to take advantage of consumers and how you can avoid being sucked in.
While there are reputable timeshare companies and owning a timeshare can be a great deal in some cases, there are plenty of timeshare scams out there. Take it from our timeshare exit team; we have heard it all.
Before we get into the details on timeshare scams, let’s briefly discuss what a timeshare is because our timeshare exit team believes that knowledge is power and the more informed you are on timeshares, the better.
A timeshare is a stake in a property that you can use once a year. There’s really just one kind of property that people only want to use once a year — vacation property. That’s why you’ll find the vast majority of timeshares in vacation hot-spots like Florida, Colorado, and Mexico.
The majority of timeshare sold are points based timeshares. You buy points that essentially work the same as credit card points. You make monthly payments on your timeshare in exchange for a certain number of points. You then use these points to spend on various vacations. Shorter vacations or vacations during off peak times cost less points than longer vacations to more popular destinations.
In addition to making your monthly payments, your timeshare will almost always involves a maintenance fee. A maintenance fee is basically what it sounds like, a fee you pay to help maintain the property that you bought your timeshare from.
In theory, you can save, trade, and spend points to ensure that you can go on a vacation every year. You can also save up for longer vacations or trade points to get weeks at a variety of destinations.
Sounds great, right? Well sometimes timeshares sound better than they actually are. The timeshare industry uses a variety of less than ethical practices to scam consumers and reel them in. Here are a few of the scams our timeshare exit team hears frequently.
From promising extravagant prizes to threatening legal action if you try to cancel, timeshares can be a dicey industry. Here are a few ways they try to scam consumers and ways that you can avoid being ripped off.
The pitch: Many timeshares have overly aggressive pitches. You may have been promised a free night at a resort in exchange for listening to a short presentation. That presentation could turn out to be an overly aggressive sales pitch that basically tries to bully you into a purchase. They may also call you at home frequently in an attempt to convince you to buy a timeshare.
The freebies: Many timeshare companies promise all sorts of free perks for attending a presentation and for purchase. These often are an attempt to get you to buy a timeshare, a decision that may leave your scratching your head or losing sleep wondering how to get rid of a timeshare.
Maintenance: Some below board timeshare companies may charge you a maintenance fee but not actually do anything to maintain the property. This makes the property un-enjoyable and means that your money is only going to line the pockets of the timeshare company. This can leave you wondering how to get rid of a timeshare and get your money back.
Cancellation: Every timeshare has a cooling off period. During this time, you can cancel your timeshare and have your deposit, and all other monies returned. This is known as the “right of rescission.” Once this period expires, however, most timeshare companies will have you believe that it is impossible to do a timeshare cancellation. They will want you to believe that you will be responsible for paying for your timeshare for the foreseeable future, and there is no way out. This is not true. As our timeshare exit team reviews timeshare contracts and knows first-hand, there is almost always a way to cancel your timeshare.
If you have been the victim of a timeshare scam, you may think that you are doomed. However, we can help you figure out how to get rid of your timeshare. Call us today to find out how to cancel your timeshare and reclaim your vacation.
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