After nearly a year of timeshare uncertainty, it’s maintenance season again. Despite quarantines, local mandates, travel restrictions and massive amounts of job loss, it appears most owners are going to be on the hook for another inflated timeshare maintenance bill.
Nearly every person that attends a timeshare seminar has been incentivised to do so. Whether they eagerly arrive for a free vacation or a simple voucher, most aren’t exactly interested in purchasing a vacation package for tens of thousands of dollars.
Every year, (well, except 2020), tens of millions of Americans travel the country to escape the repetitive reality of their everyday lives. During these vacations, many become intrigued by timeshare opportunities that appear to offer annual trips at discounted rates.
Over the past few weeks, we’ve been sharing a few hypothetical situations that vacation owners should most certainly consider. While it’s still difficult to tell when travel bans will be lifted or the economy will reopen, it’s safe to say that the hospitality industry will incur quite a bit of loss.
A global pandemic isn’t exactly something you can anticipate or really even prepare for. Within weeks, each of our lives have been altered in some way shape or form. No matter how social you were before, we’re all getting used to the disappearance of familiar faces and places.
Although it may be difficult to make a timeshare payment right now, facing reality can help you avoid a number of devastating outcomes. At some point, the resort has to acknowledge the aftermath of a pandemic. Staying in communication with them is the best thing you can do – even if making payments isn’t an option.
As we enter a time in history that most have never seen before, luxury items tend to lose their luster. Although the closing of restaurants and local entertainment venues forces us to avoid indulgence, we’re also forced to look at our expenses. When it’s difficult to obtain basic needs like food, water, milk and toilet paper – our priorities shift tremendously.
While the timeshare purchase is sold as an affordable expedition with ideal dates that are too good to pass up – you must understand that you’re still going to pay a premium to vacation this way. Nothing is guaranteed unless it is in writing and you should remain skeptical until evidence is presented or you’ve had time to compare your options.
Floating the idea that buyers can effortlessly resell or rent a timeshare is down right criminal to say the least. But resorts aren’t the only entities that deceive fractional owners. Learn more about the process of leasing timeshare intervals and why it’s risky business for nearly any type of consumer or investor.
After speaking with thousands of timeshare owners over the years, we’ve confirmed that a majority are completely misinformed on the way the resale market works. Some of our clients were even told that purchasing multiple agreements creates multiple revenue streams that’ll cover the purchase while allowing them to travel nearly anywhere.
When seeking timeshare relief, owners normally have no idea where to begin. Most file complaints or join online conversations to share their story with users who’ve experienced similar misconduct. When complaints aren’t pursued to their satisfaction, they have no choice but to find someone who can advise them on what to do with their timeshare.
Most owners are eager to refinance their timeshare because they’ve been battling high interest since making the purchase. Like we’ve mentioned before, timeshare presentations do a great job of misleading potential buyers. Many would have never signed the agreement had the timeshare salesman not told them they could revise their borrowing rate shortly after signing.
At some point in time, you’re going to have to realize that whatever you were promised during the timeshare presentation is questionable at best. To the timeshare, it never happened if you can’t prove it. You’ve signed an agreement and they’re going to do everything in their power to collect the payments you already acknowledged – whether you agree or not.
When it comes to most major purchases, borrowing money is a common way to get what you want. The ability to easily do so in today’s culture is the main reason why so many people are in debt. Things that used to be out of reach can be had for “affordable” monthly payments.
Knowing what timeshare ownership might entail is enough to persuade vacationers to pursue other travel options. Instead of waiting for timeshare companies to get with the program, consumers seem content with watching the entity fade off into the sunset. Unless the industry makes a hard right turn, it’s difficult to envision a mass recovery over a mass exodus.
