Not many customers are aware that there are plenty of lies involved within the realm of timeshares. These have existed since the industry first started, and there have been no signs of them ever going away. Before you think that a timeshare might be a good idea, here are the five biggest lies in the timeshare industry that you should be aware of.
Renting Out Your Timeshare
If you take a look at the information at https://acagroup.org/timeshare-blog, you’ll quickly learn the ins and outs of dealing with timeshare agents. You’ll be told that you can rent out your timeshare in order to make money, but what they don’t tell you is that you can rent it out in order to offset your maintenance fees. That’s because they want you to continue spending more on maintenance costs so that they can keep making a profit.
Doing A Buyback
A buyback occurs when the developer buys back your timeshare unit. A sales representative might offer you a buyback to make you think that your unit is worth more than it really is. This can incentivize you to buy in the first place. However, it is rarely true that the price offered by the sales representative will be the true amount that they buy back for in the future.
Creating A Sense Of Urgency
Sales representatives want to make as many sales as possible, so they will try to make the market look scarce and that there is a short time period for you to buy. However, that is rarely the case. They will also employ a false sense of urgency during the upgrade process as well in order to get you to get a better choice of weeks or upgrade to a better choice of locations. It’s all just a tactic to make you spend more money.
Reselling Your Timeshare
If you were told that you could sell your timeshare for a profit, then you were lied to. A timeshare is only a depreciating asset that will not net you any profit whatsoever. Timeshare units basically sell for pennies on the dollar, so you’ve basically bought a money sink.
Refinancing Options
Many reps will try to convince you to buy now and then you can refinance later in order to get a lower rate with your bank. But this is just a sales tactic and isn’t true at all. This is because a bank isn’t going to lend you money for something that they have no collateral in. If you stop paying, there is no value for the bank to foreclose on, making your timeshare invaluable to them.
Getting involved with timeshares is a recipe for disaster, but it can be extremely difficult to get out of these contracts. Speak with an attorney to receive the assistance that you need if you’ve found yourself caught in the timeshare trap and can’t find a way out on your own. There’s no reason anyone should be stuck in a timeshare contract for the rest of their lives.
