Did you know that 85% of timeshare owners feel they have been scammed in some way after signing their timeshare contract?
Timeshare scams are increasingly common, and $1.5 billion is estimated to be lost annually due to timeshare fraud. Fraudulent activity is becoming more common as companies remain commodities in the travel industry. So, why do buyers continue to purchase and become susceptible to timeshare scams despite knowing their bad reputation?
Timeshare scams can be challenging to spot. It’s important to note that timeshare developers target seniors, who appear more vulnerable. Looking back at the data, you’ll notice similar stories about how someone came to own their timeshare. For example, almost everyone experiences some gift offered before attending a presentation. Once there, they are greeted and welcomed by salespeople who use high-pressure sales tactics until they agree to buy what’s for sale.
If vacation properties are as valuable as they say, sellers should not be deceptive. Let’s look into what makes up a timeshare, and we will find out what you can do to avoid timeshare scams.
WHAT ARE TIMESHARES?
Timeshares, marketed as shared ownership vacation properties, may seem appealing. However, the financial reality can be harsh and quickly become a financial nightmare. With multiple owners per unit, it seems remarkable that the costs are divided, but so is the availability. Then, as the bills pile up and the debt accumulates, the initial allure of a “shared” vacation property quickly fades.
Even if you’re current on payments, it can still be difficult to book your vacation each year, paying thousands of dollars for a vacation home and being unable to access it. Many timeshare owners experience a lack of flexibility, their interests ignored, limited access, and countless questions.
Number of Timeshare Owners
Nearly 10 million households in the US own at least one timeshare week, which means timeshare developers are a ten-billion-dollar industry.
A University of Central Florida study concluded that 85% of owners regretted buying a timeshare. As the timeshare industry grows, so does the number of people looking to get out of their timeshare. More and more buyers are left feeling disappointed or even scammed.
Know Before You Go
A few things you need to consider:
- Timeshare sales associates can use questionable tactics.
- The cost of your timeshare is typically more than the reveal.
- The resort typically does not keep its promise of a “lifetime of vacations.”
- Once in, it’s incredibly complicated to get out.
The Federal Trade Commission received over 7,000 complaints about timeshare scams in 2019, with timeshare scams being the number one complaint type.
Don’t be a silent victim of timeshare scams; take action:
- Report any potential fraud to the Federal Trade Commission
- Reach out to the State Attorney General in the state of the timeshare’s location.
- Post your negative experience to review platforms.
The Original Timeshare Exit Company
Timeshare Legal is a professional, full-service timeshare cancellation company. We aim to start the timeshare exit process for you without any upfront cost. Start with our online assessment to see if you qualify for a timeshare cancellation, or contact us directly to schedule a free, no-obligation consultation.