Are you trapped in a dead-end timeshare that you just can’t shake? Or, are you just looking into purchasing a timeshare, but want to ensure you are not going to fall into any traps? Smart move on your part, since the majority of people who purchase timeshares, find themselves in a trap that they don’t know how to get out of. In any case, you came to the right place. In this article, we will identify some of the tricks of timeshare developers that trap you and offer you a solution for a timeshare issue.
Welcome to the Timeshare Trap Zon
It started off great where you were convinced that you were getting the deal of a lifetime and making a smart investment on a wonderful vacation spot that you could always trade-in later.
However, later you find that things are not at all what they seemed. You are now stuck with paying monthly maintenance fees and maybe even special assessment fees, so you want out, but it’s not as easy as you thought it would be to trade.
The truth is that it is very difficult and time-consuming to get rid of a timeshare. Although, the seller convinced you that buying a timeshare is a great investment, which is true, but not for you… for them. The moment you agree to the terms by signing that contract, you will lose half or more of your money. It’s just like buying a new car, the minute you drive it off the lot it loses its value since it is now considered used.
When timeshare owners decide to sell their timeshare they find themselves in a catch-22 where not only are they unable to sell their timeshare, but they can’t even give it away due to maintenance and other fees. Besides that, why would someone want to buy a timeshare when they could usually pay less to rent one? Thus, the seller won’t take it back, after going through all that trouble to sell it, and don’t forget they are making money off the yearly maintenance fees you pay. This is all part of a timeshare trap.
How they Convince you to Buy Timeshares
First, let’s talk a little bit about how they get you to buy timeshares and let me tell you these guys are so good at what they do; they could probably convince someone in Alaska to buy a bikini.
It all starts with an invitation. You are invited to a presentation that usually takes place in a nice resort or a great vacation destination like Disney World or Las Vegas. You may even get a 3-day pass to the Disney Theme Park or free play to gamble within Vegas. They are not always that great though, some may offer you a $50 to $100 Visa or a gas card. The catch is you have to sit through a presentation that: supposedly, lasts 90 minutes.
Keep in mind that these guys are there to make a sale; they didn’t do all this for anything, so they will say or do whatever it takes to get you to buy including:
- Keeping you there longer than the regularly scheduled duration of the presentation
Once they get you there, timeshare salesmen are not going to let you go that easy. Some people reported being kept at presentations for hours.
- Pressuring you with a false sense of urgency
They don’t want you to have the chance to think about buying; therefore, they tell you that you must act now since this is only a one time offer that you won’t get again.
- Using guilt to intimidate you to buy
If all else fails, timeshare presenters may even use the old guilt trip to get you to buy a timeshare by saying you are getting a great gift free you should at least buy it or some will try saying they will lose their job if they don’t make a sale.
- Bombarding you with multiple sales pitches from other presenters
If one doesn’t close the deal, another will come to talk to you with a different pitch, and if he doesn’t get you to buy, there will be another, and another, and so on until you finally buy it or leave.
- Making you a Better Offer you can’t refuse
After going through the first half of their schemes and realizing you are just not going for it, they will move on to plan G, which is to use the oldest trick in the book and drop the price. This is the part most people can’t resist and end up buying.
- Providing you with only plusses without the minuses
During the presentation, they will tell you all about the pros of investing in a timeshare, but will never mention all the cons that go along with it.
What Timeshare Salesmen Don’t Want You To Know
At the timeshare presentation, you will be amazed at how great it is to purchase a timeshare by the way it’s explained to you. The presenters will make it sound so awesome that you will just hand over your checkbook or credit cards thinking you are getting a great deal. Even if you are smart enough to ask questions — as most people are — they already have answers thought up for every possible question.
- There are Hidden Risks Involved With Purchasing Timeshares
Aside from having to pay maintenance fees, you may also get hit with special assessment fees as well, to cover unexpected costs. With you being part-owner of the property, means you will also be responsible for paying a portion of repairs as a result of any damages.
- What Happens if You Decide Not to use the timeshare for One or more years?
The sales representative calculates how much money you will save, assuming you will be utilizing the timeshare every year, but a lot could happen in a year so what if you refrain from using the timeshare? They never even mention this, and if you ask them, I’m sure they will know exactly how to answer in their favor. Buying a timeshare is like paying for the same vacation accommodations in advance for ten years. You can’t possibly be sure that you will be able to make the same trip next year let alone in future years.
- Trading a Timeshare Is not as easy as they claim
A timeshare representative will have you convinced that you can always sell or trade your timeshare easily if you decide later not to use it, but they never mention how hard it is to do this or that there may be additional fees associated with trading.
- Did they fail to mention that your interest rates will probably be in the double digits and not tax-deductible?
Another thing they fail to include while calculating costs is finance charges. Timeshare buyers are not the same as homebuyers who qualify for home mortgage loans to lower their interest rates that are tax-deductible. Therefore, timeshare owners will have high-interest rates that won’t be tax-deductible.
How to Get Out of a Timeshare
Let’s put it this way, if timeshare cancellation were easy, then representatives wouldn’t have to go through all the trouble of creating presentations and spending a lot of money on giving away prizes in exchange for attending them.
Timeshares typically come with a perpetuity clause, meaning it’s yours forever. Even after you die it will go to your heirs and most don’t allow “voluntary surrender” where they don’t have to accept it.
The demand to get out of timeshares has grown so much that it spawned a new industry of “exit companies” that help people escape from timeshares. However, knowing how to distinguish between reputable professionals and crooked scammers is not always easy. Therefore, for a timeshare cancellation, you should always consult with a trusted company, such as, “The Resort Legal Team”.
Who Are the Resort Legal Team
The Resort Legal Team is a team of expert timeshare fraud specialists who can help you with timeshare cancellation as they have access to a whole network of attorneys who specialize in the subject. Yes the guys who sold you your timeshare were witty and cunning smart cookies who can convince you to buy a boat where there is no water, but fortunately the guys on the Resort Legal Team are ten steps ahead of them and will sink them in hot water with 100 percent guarantee of canceling your timeshare if you qualify or your money back.
Most people believe that they are stuck with their timeshare, but the truth is, they were misled into buying it and this is illegal. If you really want to get out of a timeshare contract, you can by contacting the Resort Legal Team for a no-risk, free consultation and before you know it, your contract will be canceled and you will be released from all the headaches and obligations tied to the timeshare including maintenance fees and debt.