Are you looking to cancel your Timeshare Contract?
If you’re on vacation, and someone approaches you asking for 90 minutes of your time in exchange for tickets or cash, it’s too good to be true. As of September 2019, 1 out of 8 households in America owns a timeshare. If you are a timeshare owner that wants out of your contract, you have options. Many timeshare exit companies build a case on the misrepresentations you faced during your timeshare presentation. If you faced any of the misrepresentations below, we suggest you fill out the form on the right for a free exit consultation.
If your timeshare salesmen told you that your timeshare would increase in value, then you were misled. Timeshares are in abundance on sites such as ebay.com, craiglist.com and they are listed for $1. Timeshares have lost their value due to the increasing new technology age, and anyone can go online and book a hotel anywhere in the world for far less.
Another misrepresentation you may have faced is if your timeshare was described as real estate. When you own a timeshare, you own a week in that year, and you are a part-owner along 56 other owners. Also, if your timeshare was real estate, wouldn’t you be getting passive income instead of shelling out thousands of year? We’ll let you decide if timeshares are real estate investments.
A very common timeshare misrepresentation you might have faced is if your timeshare purchase was described as a valuable gift for your heirs. Many timeshare sales representatives like to use emotional tactic in their sales pitch, and they like to describe the timeshare purchase as a gift for your future generations. If you aren’t aware by now, timeshares have lost the majority of their value, and since all new timeshare contracts are lifetime contracts, that means the maintenance fee will increase and be passed down generation to generation. Nobody wants a maintenance fee that can increase up to 20% a year for something they may not even use!
Here is common timeshare sales misrepresentations:
- The ability to rent or resell your timeshare: Another common misrepresentation is that you will be able to sell your timeshare for a profit, the sales representative might even say the timeshare company will purchase the timeshare back if you don’t want the property, or you can rent your timeshare, sell your points or weeks in order to cover maintenance fees, mortgage payments, and any other costs associated with your timeshare.
- Timeshare maintenance fees: You have to understand the maintenance fees associated with your timeshare ownership will go up with time. If the salesperson stated that your maintenance fees never increase or that your maintenance fees can be offset, this might be an area of misrepresentation. Timeshare contracts also state the maintenance fees can increase yearly and timeshare owners are liable for any property damage by natural disasters.
- The length of the tour or presentation: Timeshare tours are supposed to last no longer than 90 minutes. If your tour/presentation lasted longer than 3 hours, or you felt unable to leave, it may be considered coercion.
- Your ability to cancel your timeshare: All timeshare owners must have the right to fully understand all of the terms that go with their timeshare purchase; including their right to cancel their timeshare contract during the recision period. The time period for rescission must be documented, explained, and signed by all owners. Most timeshare companies will tell you that you have a month but an average rescission period is only 3-10 days.
- Your ability to exchange your timeshare: All timeshare owners must be allowed to understand what an exchange is, how it works, and any fees that are associated with exchanges. Any mention of never paying exchange fees must be clearly stated, and they usually are not.
- Any additional meetings such as dinner parties, owners updates, or any events, gatherings, etc. designed to be part of the timeshare sales process without mentioning the owners are attending a timeshare sales presentation is against regulations.
- Tax incentives available as a result of purchasing your timeshare: If there is any mention of a timeshare on the trip/tour/presentation being a tax break or tax incentive it is likely a case of fraud.
- The salesperson creating a false sense of urgency to purchase: If the salesperson made you think that if you did not buy at the time of the presentation you would not be able to get the same deal, or that you will never be able to take the tour/presentation again, this is considered high pressured sales and considered a misrepresentation.
There are numerous timeshare scams every year. Contact our team so we can help you determine if a timeshare exit company is legitimate, and we recommend working with timeshare exit companies that offer escrow, so you pay no up-front fees. Know your legal right so you can exit your timeshare contract legally. Read over our website and fill out the form on the right or contact us through Live Chat for a free informational consultation.