Timeshare news has become an important part of the industry’s narrative, with many new developments being announced. These changes are designed to keep the industry relevant in a time of economic and travel instability, while also keeping up with changing consumer preferences and trends.
ARDA Spring 2021 Conference
The American Resort Development Association (ARDA) held its annual spring conference May 1st-May 4th down in Hollywood, Florida at The Diplomat Beach Resort, with timeshare industry leaders from Wyndham, Marriott Vacation Club, Bluegreen Vacations and more gathered to discuss how they can push the industry forward. Among other things, they discussed how the timeshare industry is moving toward an experiential focus, where members and owners experience a destination rather than just book a stay there.
Time Share Scams & Other News
A recent episode of Last Week Tonight with John Oliver skewered the vacation home industry and shed light on how timeshare scams prey on ordinary people enjoying a cheap, relaxing getaway. The show outlined three common timeshare scams that are often overlooked by buyers when deciding whether to buy into one.
1. Do Your Research
Before you tour a timeshare property, do your homework – and make sure you have all of the facts about the location and price. This will help you avoid falling for the sales pitch that comes along with an initial tour.
2. Read the fine print before you sign anything.
While a timeshare sales agent will typically show you their best (and usually highest) price first, don’t forget to read the fine print before signing. This is a good idea for any purchase, but it’s especially critical when it comes to timeshares because you can get stuck with an expensive and complicated contract that could last your entire lifetime.
3. Ask for a copy of the contract before you sign it and make sure it’s written clearly and accurately.
A major problem in the timeshare industry is that many timeshares are written with ambiguous language that makes it difficult to interpret. This makes it impossible for consumers to legally cancel their contracts and thus stop paying their dues.
4. Timeshare Exit Companies Are Total Bullshit
If you’re considering buying a timeshare, beware of timeshare exit companies, which claim they can legally get you out of your contracts. In reality, they take advantage of you on a large scale by charging you a huge amount for services you won’t receive.
5. Timeshare Owners Are Getting Scammed
The influx of foreign timeshare owners in Canada is causing concern among regulatory agencies. Several provinces are investigating reports of timeshare fraud, including Manitoba and Saskatchewan.
6. The CJNG, a Mexican drug cartel, is targeting vacationers with fraudulent schemes and timeshares
If you have a favorite vacation spot in Mexico, don’t hesitate to call your local authorities to report any suspicious activities. The FBI and SEC warn that the CJNG, a criminal group that’s considered Mexico’s most powerful, is targeting timeshare owners in Puerto Vallarta with fraudulent activities.