Timeshare Companies Overcharge Owners to Survive the Pandemic Crisis
According to a recent study, 85% of all timeshare buyers regret their purchase. Their reasons include money, fear, confusion, intimidation, and distrust. The timeshare industry has relied on high-pressure sales tactics for decades, and more people are starting to look at options to end their timeshare ownership.
Some owners start out with maintenance fees as high as $3,000 per year in exchange for points they can use toward resorts in exotic locations, such as Hawaii. When the time comes to book their vacation, the units they were promised are not available, meaning they were tricked into overpaying for their timeshare.
Back in the day when timeshare was sold as weeks, once all units in a property were sold out, the company would build a new property. The point system originated from bigger resorts entering the timeshare market and creating a system that would help them avoid building new properties. Instead of selling weeks, they sell points that can be exchanged for a booking. The problem is that resorts are selling more points than there are units available, making it extremely difficult for timeshare owners to reserve the unit they prefer.
Many timeshare contracts also include a perpetuity clause that states the length of the contract and who becomes responsible after the owner’s death. In most cases, the contract lasts until the owner dies. When that happens, timeshare becomes part of the estate and automatically passes down to the heirs, which means they would become responsible for paying all the fees.
Before the pandemic, timeshare companies were in competition with easy to book vacation websites such as Airbnb and Expedia where people can find affordable places to stay for a fraction of the cost of a timeshare. Due to this competition, timeshare companies have been increasing their prices, charging lots of fees, and adding strict conditions to make up for lost business.
Now, on top of having competition, resorts do not have a reliable way of selling their timeshare. Due to travel bans, resorts no longer have visitors they can lure into attending on-site sales presentations.
As of right now, none of the major timeshare companies have plans to refund maintenance fees, offer discounts, or move reservations. That means many owners are losing their chance to use their timeshare this year and not getting any money back. The sensible thing to do for timeshare companies would be to allow owners to cancel their contract freely, but that is not what is happening. Maintenance fees for 2020 have already been paid and are not eligible for a refund regardless of whether owners got a chance to use their timeshare.
As people start to realize that owning a timeshare does more harm than good, they explore options to cancel their contract or sell their ownership. Many have turned to eBay and are giving away their timeshare for $1 with no success. The best and sometimes the only way to cancel a timeshare contract is to get help from a timeshare exit expert and sometimes involve an attorney.
Timeshare Selling Team in St. Louis specializes in timeshare exit and can help answer all timeshare related questions. To see if you qualify to sell or exit your timeshare, visit timesharesellingteam.com or call (877) 700-3948(EXIT) to speak with a representative about the details of your timeshare contract.
Timeshare Selling Team
15933 Clayton Rd #139,
Ballwin, MO 63011
At Timeshare Selling Team, our mission is to free owners of their timeshare contracts. We handle negotiations and sometimes hire attorneys to fight resorts on behalf of our clients. We have a proven track record of canceling timeshare for good and protecting our clients from bankruptcy and credit score damage. Our exit specialists are trained professionals with years of experience in the timeshare relief industry and are the best at identifying personalized exit strategies.
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