Timeshare news is a key source of information and discussion about the industry, helping consumers stay informed and protected from scams and pitfalls. The website provides impartial, expert advice and a safe space for people to share their experiences and knowledge of the timeshare sector.
Timeshare ownership has become a top option for many Americans, especially young people, who often work from home. It’s also a good fit for families with fixed incomes or those who like to return to the same vacation destination year after year. But the $8.1bn industry is rife with scams, as John Oliver highlighted in last week’s Last Week Tonight.
If you’re considering purchasing a timeshare, here are three things to keep in mind.
First, timeshare sales agents often use high-pressure tactics to get you to sign a contract. They’ll show you their best (and usually highest price) offer, and then push hard for a sale. This tactic can backfire if you don’t pay attention to the fine print and find yourself stuck with an expensive, ongoing obligation.
Second, a recession can depress demand for timeshares. That’s why some analysts say that it could be a challenge for timeshare companies to attract new owners. Besides sales, timeshare companies also generate revenue from financing, and they can increase the rates on their loans if economic conditions get choppy.
Third, if a consumer isn’t satisfied with a resort or its amenities, they can file a dispute or lawsuit with the company. This can be a costly and lengthy process, but it’s possible for a consumer to win their case against the company if they’re willing to fight.
Fourth, a consumer can also negotiate a price reduction for a timeshare with the company, if he or she can prove that the resort is in bad financial shape. This can help a customer avoid paying extra for a resort that is in poor condition or has unpaid dues.
Fifth, a consumer can also file for damages for breach of a contract or to recover damages if the company violates the law. For example, a company can be liable for the unauthorized transfer of a timeshare or if it tacks on additional fees to make up for the loss of the property.
Sixth, a consumer can ask for a refund of unused time, but this can be tricky to do. Most timeshare contracts allow for a limited amount of money to be returned, but you may have to wait several years for a refund.
Seventh, a consumer can file a complaint against the timeshare seller, and a court can impose a civil penalty on the company for violations of state or federal law. The court has ordered a number of companies to pay fines or refund customers.
Eighth, a consumer can sue to recoup damages caused by a fraudulent sales practice. This is a relatively rare situation, but it can occur when a company is selling fake products or services.