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Have you wondered why timeshare contracts protect mostly the developer? Why the "exceptional" benefits told verbally by the sales representative are not in writing? Learn why.
Many vacationers become victims of timeshare scams by signing unfair timeshare agreements. Due to time restrictions and high-pressure sales tactics, clients usually won't get a chance to review their timeshare agreement with a fine-tooth comb.
As such, they rely on the word of their timeshare salespersons to tell them in detail what they are signing.
This is a remarkable mistake. The contract is only fair if what is written and signed in the timeshare agreement is in alignment with the verbal presentation given by the salesperson at the time of purchase.
This example is not the only form of timeshare fraud that leads to unethical timeshare agreements. Many recent timeshare purchasers question if they were treated fairly in the following respects:
Is the Timeshare sold for a fair price?
Timeshares do not have a fixed value. The timeshare salespeople gauge the financial capabilities of each client to determine the price they feel they can bear to pay.
The salespeople typically collect preliminary information (this is done casually and at the beginning of the presentation) to see if the client qualifies for credit.
This preliminary information gives the sales team an idea of the client’s yearly income so that they can determine a starting price.
The starting price is normally an exorbitant amount, which quickly drops to make the client feel that they are getting a bargain deal.
The salespeople also use sales techniques, such as offering to take back the client’s first year or two of use in order to bring the price down even more.
These sales tactics are scams because timeshares do not have a fixed value, so the offer to restrict their use for the client is just a ploy to give the illusion of saving money.
In actuality, the price of timeshares is normally very unfair. Most vacationers get better deals on the same resorts by booking online rather than through using their timeshare.
Also, the timeshare is a lengthy commitment that the owner will have difficulty selling.
The price of timeshares on the secondary market is a small fraction of what it would cost to buy the timeshare directly from the resort.
Does the Timeshare contract State all the Salesperson’s Verbal Promises?
Plain and simple: NO. In order for the timeshare purchase to be considered fair, it should be an exact reflection of what was explained to the client during the sales presentation.
Many timeshare scams occur because the verbal promises, such as rentals, resales, annuities, travel discounts, etc., are not stated in the contract.
Other timeshare contracts are actually worded to contradict the verbal promises, such as “the salesperson did not offer any rental programs”.
The salespeople take advantage of clients by pressuring them to sign without reading every single clause.
Timeshare agreements that do not state every verbal promise, and that clients have been given adequate time to read and understand, are not fair contracts.
Is the Timeshare Agreement Financed in the Manner that was explained by the Salesperson?
We hear from many clients that they were told that they were purchasing the timeshare with financing at a low interest rate, i.e., 2.9%, through the resort directly.
In reality, they are signed up for a credit card (this happened recurrently with BANK OF AMERICA RCI REWARDS ELITE) through one of the timeshare companies affiliated banks, which charges the entire balance onto the credit card.
The interest rate may be kept at 2.9% for the first 6 months, but after that time, the interest rate rises to a very high amount.
Many clients end up finding alternative financing, such as a home equity loan, to pay off the credit card faster and incur lower interest payments.
Ultimately, the timeshare resort is paid in full from the time that the charge is posted to the credit card. These types of agreements are not fair.
The agreement should clearly outline the terms of the financing, and get the client’s implicit authorization to set up a credit card.
Many clients don’t even realize that the paperwork they signed is actually a credit card application.
The terms of the financing should be clearly outlined by the timeshare resort and understood by the client in order for them to be considered fair.
Once the written timeshare contract is signed, the resorts are in a position of power because, according to the law, the client agreed to all the terms of the agreement by accepting to sign the document.
If you find yourself in the position of owning an unfair contract, and you want to cancel your timeshare agreement, do not feel helpless.
Our staff at Mexican Timeshare Solutions help clients every day to regain their power by canceling their timeshare contracts and recovering their hard-earned money.
With our service, we offer a free initial consultation to discuss your timeshare situation and unfair agreement in detail.
We will give you an honest assessment of your situation and what we can do to resolve your timeshare fraud.
We do not charge any money upfront, so what are you waiting for? You have nothing to lose, except your timeshare!
To receive more information about timeshare agreements and how to cancel your timeshare, send a WhatsApp to +52 1 333 239 6589, fill out the contact form, or call us at +1 714 277 3662
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Canadian Family is terrorized at Timeshare Presentation in Vallarta
I need some help selling my timeshare is already in “Foreclosure”. How I can get it off from taxes and stuff like that? Thank you.
I’ve never been as uncomfortable as I was during a high pressure time-share presentation.
I would never recommend it, unless you just want to get a lesson in old fashioned salesmanship without any ethics. And no I didn’t buy it.
We purchased a vacation package from Mexico about 3 years ago. In total it cost about 2500 and we made monthly payments. It is different than most timeshares in that it is just vacation weeks… There are no maintenance fees. We stopped making the payments just because we had financial difficulties and so still owe about $400. We have been contacted by phone and letters from the collection agency but I have never responded. It has not appeared on our cedit rarings either. My fear is that the next time we go to Mexico we would get arrested because we owe this money. Is that possible?
I want to gift my timeshare to a family member. How do I do that? I keep reading about title transfers and closing costs. As far as I know we only have a contract with the right to use the property, not a title. Not sure where to start. Does the resort need to be involved?
I want to gift my timeshare to a family member. How do I do that? I keep reading about title transfers and closing costs. As far as I know we only have a contract with the right to use the property, not a title. Not sure where to start. Does the resort need to be involved?
I went with "Just being sold enthusiastically" over "scams," simply because it's closer to my perception. My grandparents owned a few timeshares, and some of my best childhood memories are from vacations I shared with them. They willed that timeshare to my parents, who have used it (with me, my wife, and my child) to travel all over the country, and even for my folks to travel abroad.
Simply put, I cannot place time shares in the category of "scam" universally. Then again, my family's ownership of this timeshare dates back to an era where perhaps things were less competitive (read: shady sales tactics) and more consumer-friendly. So maybe that's the difference.
In the handful of cases I've sat through a presentation for the sake of 'free' tickets or 'free' vacations, the sales tactics are absolutely deplorable. Even if the time share itself is not a scam, the sales tactics of high-pressure, limited-time-offer, moving-target total cost-of-ownership, and other shady practices certainly border on that. Thankfully, I've had the very real 'excuse' to say "no" based on a lack of funds--I simply cannot afford the ticket price, no matter how 'cheap' they make it out to be.
LOL--the reason I'm taking a 'free' vacation is because I'm too poor to pay for it! And I'm not stupid enough to buy something I cannot pay for!
I want to get out of my contract. The timeshare is already paid. I want to know if you have other clients with the same goal with legacy vacation club, before Celebrity Resort (I bought to them). Thank you for the information I can get.
Hi i am in the same boat would love to get rid of this mill stone from around our necks maintenace fee are killing us
colin.
I want to get out of my contract. The timeshare is already paid. I want to know if you have other clients with the same goal with legacy vacation club, before Celebrity Resort (I bought to them). Thank you for the information I can get.
Hi i am in the same boat would love to get rid of this mill stone from around our necks maintenace fee are killing us
colin.
I’ve always been against government involvement in anything. However I believe if timeshare companies would offer an exit solution where people would be able to get a decent amount of money back from their timeshare people would be more viable to buy. However I was able to get my timeshare to buy back my unit but I only got back around 9 cent on the dollar. In the end I just don’t believe the timeshare industry is going to do anything to fix this problem.
run away, fast as you can. don't take their prizes or tickets.
Buy a resale if you really have to own one, but don't pay much since the annual maintenance will be near to a weeks stay by itself. many used units are given away by people fed up with paying the fees, so hold out until they are near free (see ebay for tradeable units that are low cost).
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