Oftentimes, timeshare owners do not realize how much of a bad idea purchasing their timeshare was for them until some time later. After years of ownership, only a handful of vacations to their name, and an increasing amount of debt, they finally realize this so-called investment they were sold on is not living up to its expectations.
Whether you are looking at it from a financial standpoint or just a vacation standpoint, timeshares are many times flat out a bad idea. Too often, people who are financially vulnerable are taken advantage of by the timeshare industry.
How Do Timeshares Work
Quite popular within the vacation industry, timeshares continue to bring in substantial revenue. Timeshare properties are essentially shared by multiple owners, with each having their own designated time spent there each year. It sounds like something that could work, but after running the numbers and seeing all the limitations they come with, they might not be that great of an idea after all.
Deception & Misrepresentation
If you have ever come across timeshare representatives, then you have probably been offered free prizes and gifts to attend one of their sales presentations. A favorite of theirs is to offer a free or discounted trip to their resort and in exchange, all you have to do is attend a very short presentation. Short for them must mean endless hours of nonstop intense sales tactics, leaving many feeling intimidated or pressured into buying just so they can get out of there.
Sale Pitches Full Of Lies
If they don’t go with the scare tactics route, then they also will often resort to simply lying their way to a sale. From making outlandish claims about resort locations and availability, to also withholding extremely important information from the clients regarding their purchase, timeshare representatives have proven time and time again they can not be trusted. These salespeople are not financial advisors, and so you should not seek out help from them or believe whatever it is they are trying to sell to you.
Those very same salespeople that tried to be your best friend during the sales pitch will turn around and disappear or give you the cold shoulder once the sale is final. They do not care for their clients after they get the sale because they know the chances of the clients ever getting out of their agreement are slim, so why bother? If you expect to contact your sales representative after purchasing, good luck getting a hold of them because they will go far out of their way to avoid you completely.
Expensive & Worthless
Something else that timeshare sale representatives are not fully honest about is the financing side of timeshares. From urging clients into opening new credit card accounts and destroying their interest rates, to also lying about the full payment of these vacation properties. Do not look at timeshares the same as other real estate options, because they operate much differently and hold much less value.
A timeshare property alone is very expensive, and when you are finally able to pay off that excessive mortgage it came with, you think the financial suffering is finally over. I am sad to inform you that is not the case. In fact, timeshares are never really paid off because they include maintenance fees that must be paid yearly and never end. Not only that, but the price for these fees increase every year. This responsibility can even become a burden to one of your loved ones if it is left behind to them. It is unfortunate the timeshare industry continues to downplay these fees in sales presentations and sometimes never even mentions them.
No Property Value
So, you bought a timeshare and after realizing how much everything was adding up to be, you decided something needed to be done. The salespeople told you it would be easy to rent out to other travelers, or you could even sell it for a good profit. Well, what have we learned about timeshare salespeople? They lie, so do not believe any of that either. Renting these units out is next to impossible because the resorts always have discount deals that cannot be competed with. Selling is just as difficult, I mean think about it. The only people who can sell them are those highly trained salespeople who constantly lie, deceive and bribe people to attend their pitches.
Difficult To Cancel
When timeshare owners come to terms that this vacation investment was actually a very bad idea, they begin looking for ways out. As we mentioned earlier, the timeshare industry is quite popular and successful in their own right. So how is that possible if they have so many dissatisfied customers? They simply give them no option to get out of their timeshare agreement and continuously collect payments from them. Knowing that many owners will want out of their timeshare eventually, they make it exceedingly difficult for it to be done and ensure more profits for the resort.
Currently Stuck In A Timeshare?
If you are one of these timeshare owners who are desperately seeking a way out but aren’t having any success so far, then we have a saving grace for you. Timeshare cancellation companies are still new in the business world, but they have been working wonders in such a short amount of time already. These companies work towards complete timeshare termination and debt elimination for their clients who were wronged by the timeshare industry.
Wesley Financial Group, LLC
One of our favorites of these companies is Wesley Financial Group, LLC, located in Franklin, TN, and Las Vegas, NV. Wesley was founded by a pioneer of the cancellation business, Chuck McDowell, and has helped over fifteen thousand families and individuals cancel their timeshares since 2011. If you are in need of timeshare cancellation services, these are your people. Find more information about the company here.