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The Timeshare industry is known for being very susceptible to scams. Year after year, thousands of people around the world feel they were scammed by a timeshare developer.
The reason why fractional ownership is successful, is that shared properties have become a tremendously profitable way for resorts to sell real estate, mostly suites in important tourist destinations.
On the other hand, despite their success, timeshares have gained a bad reputation.
Is Timeshare Scams?
Timeshares are not scams. A timeshare is a fractional ownership that you can use during a specific time of the year. However, regardless of what the salespeople claim, a vacation property should not be considered a financial investment.
In most cases, the customer has to pay an initial price and periodic timeshare maintenance fees, which are likely to increase each year, therefore, a timeshare should only be considered as a vacation option.
There are many complaints about timeshare, with the following being the most common:
- Timeshares are overpriced
- Timeshares depreciate over time
- Timeshares don’t deliver what salesmen promise
- Timeshare maintenance and assessment fees increase constantly
- They don’t guarantee a vacation. You don’t have to own a timeshare to travel
- Timeshares are not flexible, in fact, you are subject to numerous conditions and restrictions
- Timeshares are not easy to sell, in fact, it is almost impossible to sell a timeshare
- Timeshare weeks are very difficult to rent
Because of the numerous timeshare complaints, many people believe that timeshares are scams.
Before making any purchase, it is important to read your contract very carefully, ask as many questions as possible, research the company and understand how timeshares work. Visit our article on how timeshares work?. to learn more about them.
The Sales Tactics
Most timeshare companies are legitimate, but they are also known for using frightening tactics to sell vacation memberships.
Nevertheless, these sales practices are not really illegal, but they are without doubt unethical.
Sellers often encourage vacationers to attend timeshare presentations by offering them attractive prices and discounts, in fact, timeshare scams are easy to spot when the sales tactics are hard-core and high-pressure.
Even so, there are many people who enjoy attending timeshare sales presentations just to get the freebies, but a considerable percentage end up buying a vacation membership, even though that wasn’t their first intention, and very few of them know their timeshare cancellation rights.
Do not underestimate the ability of timeshare salespeople to sell vacation memberships.
They do this every day, and they do their job very well. That being said, timeshares are scams only when the sales tactics are unethical and high-pressure.
Also, do not believe everything you hear, if it’s not written in the contract, it’s an invalid affirmation.
To know more about fake promises told at timeshare sales pitches, visit our article Timeshare Scams: 8 Common Lies Told at the Sales Presentation.
There are many resorts that use fraudulent tactics to sell vacation memberships.
Visit our Black List of Timeshare Fraud Resorts to learn about the most fraudulent timeshare companies in Mexico.
A Dead End for Many
Is timesharing a scam? The truth is that Timeshare scams are increasing, and every day more victims fall for them.
Fortunately, there are many solutions to get rid of an unwanted timeshare; however, the best way to dump a timeshare is by canceling the contract.
Timeshare cancellation has many advantages, but the most important is that once the contract is properly cancelled, there are no further responsibilities attached to the resort.
At Mexican Timeshare Solutions, we care, and to prove this to you, we guarantee our results by offering you a contingency fee.
If we achieve the results promised, we get paid; if not, you do not spend any more money on your timeshare claim. This is our commitment to you.
Contact MTS for a free consultation and full advice on how to get out of timeshare legally and get a final relief from your vacation ownership.
To receive more information about timeshare scams and how to cancel your timeshare, send a WhatsApp to +52 333 239 6589, fill out the contact form, or call us at +1 714 277 3662
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YES, timeshares are a biiiiig scam, messing with a timeshare is like playing with fire, and at the end you're going to burn
In addition to the great information you have provided, I would like to add that the resale market for timeshares are significantly cheaper than buying them from the big hotel developers such as Starwood and Marriott. Often times on Ebay, I see them selling for 10 cents on the dollar. Just make sure you review the transfer fees and yearly maintenance fees to see if it makes sense for you.
Timeshares are not an investment. I think most folks agree.
But further, they are not a tenable approach as a mechanism to travel and see the world. You can buy them for this purpose, just realize this is a fool’s errand.
Better options, as in MUCH more mileage for the buck, same or better quality (same places in most all cases), more options, no restrictions, no obligations, etc. etc.
almenos podriamos intentar sacarle provecho al timeshare si es que esto fuera posible, pero tambien parece ser una opcion bastante complicada, no?
This could well be true but I’ve not seen a system in place to show people the difference between a legitimate operation and a scam. In Mexico, in my experience, the scams are rampant. Not knowing how to tell the difference, I avoid all time share pitches.
I bought and timeshare about 8 years ago and it was the biggest mistake of my life. I still have it and can’t sell it but I pay $908 in fees every year. Stay far away from them.
Timeshare is a mess! so frustrating when they wont let you to cancel it after 10 days, what they expect while on vacation? some Rich people are just greedy, cant believe some big resorts they ripped people off, getting consumers to pay their big resorts
We have owned a timeshare for almost twenty years. It is fully paid. We have decided to get rid of it but didn’t want to sell it outselves. We were advised to donate it, but after looking into the process and the limited tax benefits that would ensue, we decided against this also.
Our timeshare is in the Caribbean, but we live in North Carolina. We were told by someone who would know that a timeshare is considered real estate in North Carolina. I looked it up, and that, indeed, is the case. Therefore, if we were to give ours away, we could claim a capital loss for North Carolina tax purposes. But what about our federal taxes? Could we do likewise in that case?
Timeshares are not a good buy!
They’re commonly known as a ripoff.
If you’re rolling in cash, and don’t really care that they’re a ripoff, then they can be perhaps worth the price for the convenience, but as far as being a good deal, no.
I too was conned into attending the Wyndhan timeshare scam. I was told there was no selling – it was just a presentation to show me how great there hotels were – and for my time I would get a $100 gift voucher – great!. It was awful – high pressure selling at it’s worst. At best the presentation was misleading, at worst it was blatantly dishonest. I was blown away when I questioned the manager about a pamphlet that acknowledged that at any time all of the perks of this package could be cancelled – without notice. He just lied, said it actually meant I could cancel any part of the package without notice…what???? I could go on and on and on about how predatory the whole thing was, when I got home and read the prospectus – that they didn’t let you read before asking you to sign up to a $95,000 package that they claimed was only $32,000 (???) – I was furious. I can NOT believe these people are allowed to operate. I want to put in a complaint to the authorities – my Mum told me not to bother, because these scams had been around for decades – despite the littany of complaints…lowest of the low selling scam.
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