When you’re promised something by a timeshare representative that seems too good to be true, it probably is. Unfortunately, timeshare fraud is as common as any other kind. It is important to be aware of the false promises being made every day and how to avoid becoming a victim…
Timeshare Scams and Fraud
It is easy to fall prey to the false promises of an unethical sales representative and buy into a timeshare thinking that it will offer you everything that you were promised.
While genuine timeshares do have their advantages, investing in a fraudulent one will only incur your losses that keep growing the longer you stay subscribed to them. Falling victim to such a fraud can be a traumatizing experience, and will harm you financially as well as mentally. Bouncing back from such a loss can take years, and you will always find yourself doubting all the business decisions that you make in the future. While it may seem like avoiding timeshare scams is easy, only someone who has fallen prey can truly understand the toll that it can take.
Timeshares are an area where there are just as many genuine offers as there are fraudulent ones. Knowing how to differentiate between the two can be tricky business. At any point if you feel that you are part of a timeshare fraud, it is best to opt out of it. In the event that you have already passed the rescission period, then you are best advised to consult an attorney that specialized in timeshare scams immediately.
False promises are made by sales individuals all the time. You will be promised the world, but at the end of the day, when you are signing the contract, you will not find any of their promises in writing. Common promises made by timeshare scams include:
- Your timeshare will be a valuable investment
- You will be able to sell your timeshare to a third party at a premium
- You can rent out your timeshare and make rental income
- You will be afforded a priority over others when you are booking a reservation
- The interest that you receive on your timeshare will continue to appreciate and thus make your investment even more valuable
All these promises are made when you attend a sales pitch for a timeshare company. After you have signed the contract, and demand these benefits, you will be met with incredulous looks and told that you misunderstood the service. Since none of this is in writing, you cannot claim timeshare fraud, and will be forced to either stick with the timeshare for a reduced number of benefits, or sell it off for a loss.
The sales pitches by timeshare companies are nothing short of a circus and can last a very long time. This technique is specifically designed to wear you out. A pressure is created to draw you in, and once you are ready to commit, you are led through the contract signing process at record pace. The key intention here is to get you tired enough that you do not read the purchase documents. A wise step is to let them know you will consult a timeshare attorney first. Contracts are written using a language that is hard to interpret for a novice. Err on the safe side and involve a lawyer from the get go.
Most of all, get everything in writing! Whenever a promise is made, ask to be referred to the section in the contract where it is specified. Do not waive your verbal misrepresentation rights, and never ever fall victim to the limited period deal shenanigans. The offer will be there tomorrow as well, so take your time!
Trying to get rid of the timeshare you’ve paid in full? Find out more here.