Friday, September 7, 2018
A Closer Look at What ‘Timeshare Exit Companies’ Say
Before you get tricked into paying thousands of dollars to a company that claims to be able to ‘get you out of your timeshare’, let’s take a look at what one of these companies recently posted on Facebook. (Their words are bolded)
“In the past 12 months I have helped nearly 1,000 timeshare owners get rid of their timeshares completely.”
Maybe, maybe not. You have no way of verifying this.
FACT #1: Renting or Selling Your Timeshare is near IMPOSSIBLE
This is the one part that has a modicum of fact in it. Many timeshares, particularly point based ones, are very difficult to sell. Renting your timeshare is generally a much easier proposition. In either case, much depends in location and type of timeshare. All is not lost.
FACT #2: Your Maintenance Fees Will Rise for Eternity
Again, let’s look at the facts. Yes, maintenance fees do rise. ‘For eternity’ is a rather broad statement though and not all resorts are so poorly managed that they access large increases each year. Again, take a breath here and look at what your experience has been.
FACT #3: Your Children WILL Receive Your Timeshare When You Pass
This is just plain false. Your children, grandchildren and/or any heirs are not required to take possession of your timeshare when you die. Any competent attorney, such as the one handling your estate can take care of this.
FACT #4: The Timeshare Salesman LIED To You
This may or may not be true. However, the examples that this company uses as ‘legitimate reasons to get you out of your contract’ are in fact not legal grounds to do so. They include:
“You’ll be able to go to any location you want!”
“You will want to pass this to your children.”
“Your fees won’t go up.”
“You own your house - you should own your vacation!”
A timeshare contract had been carefully crafted by seasoned professionals. Getting out of a contract is nowhere near as easy as these companies make it out to be.
And this company and all the other similar companies dodge the one question that you should be asking them:
Why would anyone pay thousands of dollars upfront to anyone for this type of service and why won’t the timeshare developer take back the timeshare when they can turn around and sell it the very next day?
Knowledge is power.