Here are some of the unethical, dishonest and illegal tactics used commonly used by timeshare companies that you may be a victim of:
Resorts are legally restricted to their presentation time with the public (90 minutes). The longer you sit there you'll be presented with lower cost options. Timeshare owners logging over 2-3 hours on tour usually end up with even or odd year usage only. Did your tour or owner update meeting exceed 90 minutes?
It's illegal and unethical for the sales staff at resorts to make any mention a timeshare is a great monetary investment as a means of earning your trust. They do not go up in value, most secondary market vacation properties can be found on eBay for less than $100. Nearly all new buyers are unaware they could have purchased their entire ownership outright with less than one of their monthly payments to the resort, on the resale market.
A closer will normally be brought to the table if a potential buyer isn't budging... this is when they really jump into the grey area with pushing the sale. Victims are often told this deal won't be available tomorrow because they're buying someone else's upgrade, a foreclosure or the prices are increasing soon (get in at a low rate while you can).
Complaints to our government referencing the horrific sales tactics used on the public at point of purchase from resorts has forced all states to have a rescission period set in place for new buyers. This cancellation period varies state to state, new buyers initial next to it on the contract yet are not informed verbally by the sales person. Rushing through the closing is common and intentional, most buyers would back out if fully aware of the hidden stipulations (such as main. fees increasing in the upwards of 7% annually) or the available rescission period. Florida buyers legally have 10 days to cancel the contract/membership.
AKA the "bait and switch" ; owners are often told they need to attend an owner update meeting in regards to all the great benefits they're now offering and entitled to. Owners are then told they need to upgrade, usually for booking priority (point based ownership's) or many resorts are now offering a new points program and hoodwink owners into relinquishing their previously purchased deeded weeks for club memberships.
Resorts issue 10 year personal loans (most resorts own the finance company listed on your contract) with a standard interest rate between 12%-19%. That loan amount will double over 120 payments with the high interest rate... rendering their "inexpensive vacations" statements useless. Resorts will often tell owners not to worry about the interest rate, they're easy to refinance through a local bank or credit union. This is only possible if you're willing to do a secured loan, no bank or credit union will loan $20-$30k more/less on a product that can be obtained for pennies on the dollar through the resale market (eBay).
You've just been told that you've missed out on a wonderful opportunity. And if you didn't take advantage that day, it wont be available again.
A representative tells you their company will buy back your timeshare after a certain amount of time and that they have the first right of refusal.
They told you that if you didn't put your deed in a trust your maintenance fees will go up.
The company will assist you in renting your timeshare while also guaranteeing that your rental income will offset maintenance and or the costs of your ownership.
A representative has told you that he or she will be your personal coordinator and will aid in reservations, renting, selling, or bank points, later to find out that it's almost impossible to get in touch with said coordiator
Were you ever told that you can get your ownership refinanced for a lower rate just to find out that they wont refinance timeshares.
Were you told that you had a certain amount of time to cancel and when you sent in your cancellation letter it was too late or not canceled by the developer?
Do these sound familiar?
Give us a call to determine if you've been a victim to an illegal timeshare sales scheme.
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