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Timeshare Agreement: is it a Fair Contract?

Timeshare Agreement: is it a Fair Contract?
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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:

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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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31 Comments
  • Christopher PerezMay 7, 2014, 1:00 pm

    Honestly, timeshares aren't cheap so one should be able to maximize the value of this investment. If it does not fit your lifestyle, it wouldn't be a good investment for you.

  • TechMarzo 3, 2014, 1:49 pm

    Timeshare owners don't have any rights. Hell you could buy every unit in the resort, pay in full and be the solo owner without having to share with anyone and you still don't have any rights. The management can charge you what ever maintenance fee they feel like it. There no way to vote them out, appeal, surrender your property. It's the ultimate scam.

  • JBccNovember 12, 2013, 4:32 pm

    This almost happened to my husband and I. When we spoke to Mr. Kravitz he sounded legimate until he ask for our credit card number without so much as a piece of paper stating what he was going to do. We refused and decided to check him out, there were several complaints against him. He actually had the nerve to contact us again and we confronted him about the complaints. He insistenced that the complaints were old. It took us several weeks before he stop calling but thank goodness he never got a penny from us.

  • zzz62zzzOctober 31, 2013, 11:44 am

    when times get tough, the fraudsters come out in force...if it's sounds too good to be true, it probably is...

  • Avery GuestOctober 6, 2013, 5:17 pm

    Nothing illegal with selling a bag of beans to an idiot at an exorbitant price when the idiot knows he is buying a bag of beans. The story did not say the maintenance fees were not disclosed. It is not illegal to be on the good side of a bad deal.

  • PeteSeptember 6, 2013, 2:25 pm

    is simple, read the contract carefully and if you do not agree with something, just say no.

  • laura kaczkaSeptember 3, 2013, 8:18 am

    La verdad vacances evidentemente no tiene ni depto de venta no informan nada e incluso es sentirse estafado mal.
    Prefiero donar la plata a quienes no tienen que pagarle a estos chantas

  • MiliSeptember 3, 2013, 7:33 am

    No matter what that slick salesman tells you, vacation timeshares aren’t a good deal. Surprised? Don’t be. Many timeshares owners lose the freedom to vacation wherever and whenever they choose — or even skip one, considering annual maintenance fees currently average $731. Timeshares are also notoriously overpriced to cover sales commissions approaching 35 percent and marketing expenses for prizes used to lure potential buyers suckers. Maybe that’s why timeshares depreciate faster than new cars; they’re so unpopular, weary owners can’t even resell them on eBay for $1.

  • IsabellaAugust 21, 2013, 2:49 pm

    Please help I need help in drafting a letter to say I’m giving my timeshare back as I was mis-sold it and I need to know how to word it, I have just had my first letter threatening to take me to court because I haven’t paid this years maintenance

  • jason hoangAugust 12, 2013, 1:37 pm

    Please help me to dispose my timeshares and they keep calling me.

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