Plenty of us are aware that many of the timeshare developers in the industry are scammers. But is there a timeshare exit that isn’t a scam?
We’d all like to think that timeshare exit companies exist to fight back against the wrongdoings of the timeshare industry. In reality, however, these companies may be just as bad as the developers themselves. Here are some signs you should look out for if you want to avoid a timeshare exit scam.
Timeshare exit companies know that the people coming to them are in a vulnerable state. All the emotional and financial distress that their timeshare developer has put them through has left them desperate to get out of their timeshare contracts by any means necessary.
Unfortunately, timeshare exit services are acutely aware of this and take advantage of these poor timeshare owners by charging them gargantuan amounts of money for their services. Let’s discuss the signs that an exit offer may be too good to be true.
First and foremost, a timeshare exit company should be willing to discuss their process and what their plan is for helping you. If a company can’t tell or won’t tell what they do to get you out of your vacation ownership, then it’s likely they won’t do anything at all.
Wouldn’t it be a relief if you could get back all the money you wasted on your timeshare purchase? Just think about all the timeshare costs you’ve paid over the years — your initial upfront fee, annual maintenance fees, vacation club dues, and other special assessments you’ve paid to your resort. Unfortunately, getting all that back is a very unfeasible goal that no timeshare exit company should be claiming to accomplish.
Many timeshare exit companies, however, will tell you that if you’ve been over billed by your timeshare developer, they can get a portion of or even 100% of the money back to you. But advertising their ability to do this is cause for major concern — here’s why.
A timeshare company should not guarantee you any money back or even suggest that it is a possibility. Any legitimate law firm or timeshare exit team should analyze your case and be knowledgeable about your developer’s policies before they tell you whether or not they can proceed with a timeshare cancellation case, and they won’t have a way of knowing if you’ll get any of your money back.
The bottom line is most people escaping timeshare ownership will not get any money back. And if a timeshare exit company claims that you’ve been overbilled, they’re feeding into the scam because they would never actually have access to this kind of information. Exit companies should never make guarantees or lead clients to believe they will get any money back because of how rare refunds actually are.
Your goal with timeshare cancellation should not be to get reimbursed for the excessive fees you’ve paid your timeshare provider. Your goal should instead be to successfully escape ownership and return to a more financially stable life.
If you’ve been to a timeshare sales presentation, you know the great lengths salespeople will go to convince you to sign a contract. They’ll provide you with free perks, give you a tour of their beautiful resort, and mercilessly try to convince you that you can afford to own a timeshare. In order to do the latter, timeshare companies will present you with various financing options that make owning a timeshare sound totally manageable.
So you sign up for a loan with your timeshare developer or open a credit card to pay off the upfront costs. But what happens when you can’t keep up with your loan payments? Or when your new credit card starts racking up timeshare maintenance fees that you are unable to afford? Plus, the company is making it impossible to escape your timeshare contract, meaning that your debt will only get worse!
Timeshare exit companies will market themselves as a solution to the debt that owners often find themselves in. They will even tell you they can get rid of your credit card or loan debt along with getting you out of your contract.
Whether you had to take out a payment plan with your developer or get a home equity line of credit (HELOC) to finance your timeshare — or are swimming in debt from a credit card your developer signed you up for — your money problems will not be magically resolved by a timeshare exit company. This is just an alluring but ultimately fraudulent claim they make to get you to work with them.
Since the credit card was opened with another company altogether. This makes it nearly impossible to prove that your timeshare company is responsible for your debt when a third-party lender is the one you’re technically indebted to. Thus, the debt is not in place for timeshare exit.
If you’ve been trying to get out of your timeshare for a while, you’ve probably wandered over to the online resale market on eBay or Craigslist. In doing so, you’ve likely seen your fair share of ridiculously cheap properties from major timeshare providers like Wyndham or Diamond Resorts and wondered how you could compete with all these properties being listed for $1 or less.
When you don’t have the timeshare industry knowledge and marketing skills to set your timeshare apart from the rest, it can be tempting to want to pass the task off to someone who does.
That’s where timeshare resale companies stake their claim. They make a living off of exploiting people with timeshares on the resale market, reaching out to them through telemarketing and claiming that they have someone waiting to buy their unwanted timeshare.
This sales tactic works exceptionally well with people who’ve had their timeshare on the market for years and don’t know how to achieve a sale. Resale salespeople will claim that their company will do all the heavy lifting and take the property off your hands, all for a simple upfront fee.
If you’ve been tempted to reach out to a resale company or even been solicited by one without your permission, following through with it will put you at risk of a timeshare resale scam.
Companies like this will tell you they already have a buyer interested but won’t actually give you the buyer’s name. They’ll promise they can sell your timeshare within a given amount of time. They’ll even tell you it’s already sold.
Many of these resale scammers are operated out of Mexico and associated with cartels. They’ll say you can get the money after paying taxes on the property or a one-time fee. These claims are all classic red flags of a scammer that you should stay far from if you’re serious about timeshare cancellation.
The sad truth is that no matter what these companies tell you, timeshare resales are nearly impossible to attain. Making you feel as though a resale will be stress free, or going so far as to say you’ll actually get money back from the sale, are the same types of high-pressure sales tactics that your timeshare company probably used to get you to buy in the first place.
If you’re wondering if there is a timeshare exit that isn’t a scam, you are definitely not going to find your answer in the form of a timeshare resale company.
Timeshare exit companies prey on owners almost as much as developers do. They make empty promises to get back excess money you’ve paid your timeshare provider, to relieve you of your loan and credit card debt, and even to make a successful sale of your timeshare on the resale market. But the more upfront a company is about providing these things, the more they are identifying themselves as scammers who will not get you out of your timeshare.
So is there a timeshare exit that isn’t a scam? Yes, and that exit company is Centerstone Group. Over 100 positive reviews, an A+ rating, and 4.78 out of 5 stars on Better Business Bureau proves that you can trust us to resolve your timeshare contract issues.
Our timeshare exit team has over 33 years of experience in the industry and knows how to navigate release for our clients. Reach out to us and schedule your free consultation today.