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 basically 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 hotspots like Florida, Colorado, and Mexico. A timeshare provides a nice place to stay while on vacation, so people who tend to return to the same vacation spot year after year are prime candidates for timeshare ownership. They never have to worry about finding accommodations for their annual trip, and the property is maintained for them, although share owners do have to pay maintenance fees.
Most timeshare purchases are deeded (or “fee simple”) timeshares. This means that the purchaser is buying an actual share of ownership in the resort. Non-deeded timeshares, also known as right-to-use, certificate or vacation-interval timeshares, are more like a club membership. The purchaser owns the right to use the property for a specific time period but doesn’t own any real property. The terms of a non-deeded timeshare can include an expiration date while deeded timeshares confer permanent ownership.
Most timeshares are purchased for use for 1 week a year, meaning you own 1/52 of the property. You can use the property one week of the year. Sounds great right? Well, the only problem is that you may not get the week you want, and there is an abundance of timeshare scams that can suck you in.
How Timeshare Companies Scam Consumers
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. Our timeshare exit team has heard reports of presentations that last for hours with threats to rescind “free” accommodations if no purchase is made. In addition, once they have your information you may receive follow-up phone calls for months until you finally cave.
- The freebies: Many timeshare companies promise all sorts of free perks for attending a presentation and for purchase. We’ve even heard reports of a free boat. However, these often turn out to be scams. In the case of the boat, it was actually a toy boat that buyers were given once their cancellation period ended.
- Maintenance: Another way consumers might be scammed is with maintenance fees that do nothing. Your maintenance fee should pay to maintain the property, but all too often it goes to line the pockets of the timeshare company. A poorly maintained resort is not anyone’s dream destination and can cause you to become disillusioned with your timeshare.
- 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 their contract is not cancellable. 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.
- Foreign timeshare: Timeshares in foreign countries are gaining in popularity, but proceed with caution. You may not have the same protection or rights in a foreign country and getting out of your timeshare may prove to be extremely difficult. Our timeshare exit team does have experience with foreign timeshares so if you find yourself in this situation, don’t hesitate to call us.
If you are looking for information on timeshare cancellation, cancel timeshare memberships, timeshare scams, or cancel my timeshare our timeshare exit team can help. In addition, to anything to do with timeshare resale scams, timeshare rentals, timeshare resales, timeshares, selling timeshares, sell my timeshare, how to sell a timeshare we are here to lend a helping hand. Our timeshare exit team reviews the contents of your timeshare contract and can help you get a timeshare cancellation today!
Want to learn, how to cancel timeshare or how to get out of timeshare scams. If you need a timeshare cancellation letter, our timeshare exit team can help you do a timeshare cancellation, or if you want to learn how to get rid of a timeshare as fast as possible, we can show you how to get out of a timeshare. All we do seven days a week is timeshare cancellation.
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