Timeshares are meant to be an investment tool to secure future vacations at a reasonable price. Learn why seniors are easy targets for resorts to fall prey to timeshare scams.
The timeshare contracts are normally made for a period of 25-30 years, and some for up to 99 years.
At Mexican Timeshare Solutions, we receive several calls and emails per day from seniors who have been taken advantage of for thousands of dollars of their retirement savings.
Many of these clients will not be able to use their 30-year timeshare package, as they are already in their late 70s or early 80s.
We hear from many clients that they were either confused about what they were purchasing, or realized afterward that the package was not presented in an honest manner.
The following are some of the sales tactics that the timeshare scam companies use to attract seniors to buy:
Senior timeshare scam No 1:
The timeshare can be willed to their children or grandchildren.
Many seniors purchase the timeshare package, thinking that it will be a nice inheritance for their family members to receive upon their passing.
As the timeshare is sold under high pressure, they are not given the time to contact their families at home and consult with them whether they would like to own a timeshare in Mexico.
After returning home, most of the seniors find that their family members do not want the commitment of having a timeshare contract and an associated maintenance fee payment.
When the seniors contact the resort to try to cancel the contract, it is often past the 5-day rescission period, and the resorts do not give them an option to cancel.
The timeshare company will not charge them annual maintenance fees.
Most timeshare owners are expected to pay an annual maintenance fee, which increases substantially each year.
This is often a deterrent to senior citizens who are on a fixed income.
The timeshare salespeople claim that because they are seniors, they do not have to pay maintenance fees due to a special type of contract they will have.
In some cases, this is true; however, if a family member who is not a senior citizen inherits the membership, they will be required to pay an annual maintenance fee.
In other cases, the promise of no maintenance fee is a lie that the timeshare scam salespeople use to entice seniors to purchase.
The seniors are often shocked to receive a bill each year for several hundred dollars.
Senior timeshare scam No 3:
Resales of Previously Owned Timeshares
Many retired seniors have already been timeshare owners for several years and are used to traveling in this manner.
They are accustomed to the idea of paying a maintenance fee and having a fixed vacation every year.
Timeshare salespeople are skilled at asking leading questions to find out if potential buyers already own another membership.
They used this old timeshare as a way to sell the new timeshare to the elderly people, claiming that they would sell the old timeshare for a high ticket value and use that money to pay for the new timeshare, which does not have an annual maintenance fee.
Even if the claim of no maintenance fee is true, the other property never sells, and the pensioners are responsible for paying the maintenance fee for the old timeshare as well as the total amount for the new timeshare purchase.
Senior timeshare scam No 4:
A good financial investment when pension funds are failing in a desperate economy.
The recession that started in 2007 is the worst recession since the Great Depression in the 1930s.
Many pensioners are suffering from large financial hits to their retirement savings, and are looking for other ways to invest to make their dollars stretch.
It is difficult for many seniors to survive, let alone take a vacation, in these uncertain economic times.
The timeshare salespeople are aware of this and promise large returns for the rental of their timeshare weeks.
If they choose not to use the weeks, the amounts they can rent them for can pay off the initial investment and provide the pensioners with extra money to live on.
Unfortunately, this false promise of a financial investment is one of the most common timeshare scams.
Senior timeshare scam No 5:
Ability to accelerate weeks
Another timeshare scam that the salespeople in Mexico used to sell contracts is the false promise of accelerated weeks.
The salespeople claim that seniors have the special privilege of being able to use their allotted weeks in a shorter period of time.
For example, if the clients purchase 1 week for a 30-year contract, the salesperson will make claims that they can use 2 weeks for 15 years, or 3 weeks for 10 years.
When the clients try to book the weeks on this accelerated program, they are denied.
This is a common verbal promise that is not stated in a written contract.
Senior timeshare scam No 6:
Time and Size
For many elderly people, high-pressure sales situations are very stressful.
They are not given the time to read the contract thoroughly and carefully.
Also, the font size of most of the contracts is so small that even a person with 20/20 vision struggles to read the fine print.
The timeshare scam salespeople take advantage of many seniors who trust that their word matches the written contract.
If you or one of your elderly family members has fallen victim to a timeshare scam in Mexico, contact Mexican Timeshare Solutions today! We are committed to helping people of all ages obtain a swift resolution to their timeshare problem.
To receive more information about seniors in timeshare 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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Leave your comment below and share your opinion with us. To know more about timeshare scams go to: Timeshare Resorts in nayarit: Under investigation.
If you want to look at timeshare, either go to the resort you might be interested in, or at least utilize a reputable agency to set up a tour. Regarding the street sharks, simply ignore them. You do NOT need to feel you are being rude…don’t respond, just keep walking. It’s your VACATION, and you don’t need to feel any guilt whatsoever by avoiding their pitch.
In laws bought a time share. I never understood the logic, since most people who buy them don't seem to have the time or money to travel back and forth to the same place year after year. You are basically "renting" a vacation unit, without the flexibility of not owning it--so you have all the downside but no real upside. And for your money, you are still sharing your unit with perhaps 50 other "owners" you don't know. And you are stuck in the same place, year after year.
Timeshares are a elatorate con game that suck people in in a “High Pressure” sales meeting tell you a bunch of lies in order to appeal to your desires. By the time the consumer figures out that they have been told nothing more that lies and misleading promises.
We don't own a timeshare, but we love them! They pay for our vacations! We rented one on the cheap in Mazatlan, then attended a presentation every morning to pay for our trip. We found a cabby who sets up appointments, he met us every morning outside our resort, took us to our presentation. We got free breakfast, and $100 cash everymorning. (along with assorted t-shirts, mugs, and tequilas) We tell the salesman to "pound sand" asap, and we are on the beach by 11:00 a.m. Our total trip cost for two people, one week, including air fare,(from MN) food, lodging, booze, (in a 5 star resort) was $300.
We purchased what we thought were UDI points. We were told upfront they were converted from a fixed week but they were now fixed week points We were assessed a higher than normal assessment because Wyndham UDI points were exempt but fixed converted to UDI were not so we bore the brunt of the burden. Requests for paperwork have been met with stall tactics.
This is just a bad company. Everyone at Wyndham tells you it is someone else's fault but never do they own up to their actions.
que falta de conciencia, esta gente vive de lo que bastante les ha costado conseguir para que cualquier estafador como estos llegue y les quite todo
ésto me deja con cierto coraje de enterarme que los vendedores no tienen alma para almenos reservarse hacer esta clase de cosas
que triste que estas personas no tengan ni un poco de etica, no es posible que esto este pasando
course, they cheat everyone, especially people easier to defraud!!!!
It's a shame that there are people inconsiderate and not cares rip people off, I think they should at least think twice.
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