The Shocking Reality Behind the 8.1 Billion Dollar Timeshare Industry
- Time shares have grown into an 8.1 billion dollar industry, with nearly 10 million households owning one or more types of timeshare
- Often sold aggressively by big hotel chains and companies like Wyndham and Westgate Resorts
- Rebranded as vacation clubs or vacation ownership plans, including floating weeks that can be used any time throughout the year or time share points which can be redeemed in a number of resort properties owned by the same company
- Sales reps are known to lie about the ease of making reservations and the total cost of the timeshare
- Many timeshare agreements contain a clause absolving the developer from responsibility for anything said by a sales rep
- Buyers often have 3-10 days to rescind their signature, however this is difficult if they signed on vacation as their time may expire before they get home
- 85% of timeshare owners regret their purchase.
Warning: The Dangers of Timeshare Ownership
- People regret buying a timeshare due to the upfront cost averaging around $24,000 and rising maintenance fees of up to $3500 a year
- Customers are pressured to upgrade their timeshares for an additional fee
- Many agreements contain a perpetuity clause which binds the owner to an on-cancelable lifetime obligation
- Resale websites often list timeshares for free
- Inheriting a timeshare can be difficult and requires filing a disclaimer with the court within nine months.
Personal Finance Guru Endorses Timeshare Exit Company Shut Down After Paying 2.6 Million Dollars in Restitution
- Timeshares are difficult to exit due to the paperwork involved and a whole industry has grown up around the concept of timeshare exit
- Dave Ramsey, a personal finance guru, actively endorsed a timeshare exit company which was later sued by the Washington State AG and shut down after paying 2.6 million dollars in restitution
- Local stations have been allowing companies to purchase fake segments that look like news but are in fact ads
- Consumers are misled into paying exorbitant fees for services that often do not deliver what they promise.
Beware the Dangers of Timeshare Purchases: Exit Companies an Unreliable Solution
- Timeshare exit companies are often scams that exploit people
- The shame should be on those companies, not the people they victimize
- If considering a timeshare purchase, don’t do it and warn others against it
- If already stuck with one, try to give it away for free or contact the company to see if they’ll take it back
- Exit companies have been met with sporadic legal action, but new ones pop up quickly
- Timeshare Exit Squared offers an alternative solution at a high cost.