Timeshare sales scams make up most of the public perception of the timeshare industry as a whole – and with good reason. You see, where some people might benefit from owning a timeshare, well, those numbers are few and far between. As I always tell potential buyers: You have a better chance of winning the lottery than you do of benefitting from a timeshare.
While my quip is merely that – a witty exaggeration (to an extent) – the truth of the matter is that, more often than not, timeshare pitches are scams. Countless men and women have fallen victim to well thought-out timeshare scams, and we’ve helped our share of them. To keep others safe, we have compiled a list of timeshare scams you didn’t know were scams.
- Free Gifts: This is the classic means of roping people into buying timeshares. A salesperson comes to you and offers a fabulous prize, and all you have to do is sit through a “short” presentation. It seems innocent enough, but many companies merely use these as bait, and some even refuse to hold up their end of the deal if you don’t sign the contract.
- Ignore Rescission Periods: All too often salespersons have been trained to carefully read the contracts aloud while conveniently leaving out the portion that mentions your legally allotted rescission period. This is key, as this period is the amount of time you have to back out of a contract without suffering any cost. Hmm… I wonder why they leave that one out?
- Promised Value: Salespersons will promise that the value of your timeshare will increase as time goes on, but this simply is not true. When the time comes to resell a timeshare, you will find that the average asking price will be up to 50% less than you paid for it originally.
- The Double Up: With this scam, salespersons make the claim that buying a timeshare now will allow current timeshare owners to sell their original property at a price that’s too good to be true – and it is. Upon buying the second property you will be told that your first property couldn’t be sold. Now you own two timeshares, not just one.
This list only makes up the tip of the iceberg as scams flood the industry daily. However, they are a great place to start if you’re thinking of buying a timeshare.
If you feel you have been victim to one of these scams (or all of them) and you want to get rid of your timeshare for good, fill in the information below to hear back from one of our resale specialists. Consultations are free.