Are you seeking a way to exit your timeshare? We want to make you aware of the most popular timeshare exit scams. While you may be ready to sell your timeshare, we recommend thoughtfully approaching how you go about selling or exiting it. Many untrustworthy companies prey on owners. They understand timeshares are an emotional topic.
Enjoying your ownership may no longer be a viable option, whether you’ve come under financial burdens, familial issues, or a number of other reasons. We want to equip you with the knowledge to get out of your timeshare safely. As a leader in the resale market and timeshare industry, we believe owners and buyers deserve transparency.
Understanding Timeshare Exit Scams
What is a timeshare exit scam? Generally, these scams promise or guarantee that your timeshare will be canceled or exited. Then, whatever promises were made don’t come to fruition.
Purchasing a timeshare is not a simple decision, so when it comes time to sell, the emotions attached to selling are also not simple. Scammers take advantage of owners who are seeking a way out, many of which are willing to do anything to cancel their timeshare. Unfortunately, since a timeshare is a deeded contract and sometimes has a mortgage, ‘canceling’ it is not that simple. Much like you can’t cancel student loan debt, a car loan or a deed for a house.
Oftentimes, timeshare scams also include unmarked calls saying they have a buyer prepared to purchase your timeshare right away. Furthermore, many scams require exorbitant upfront fees. Many timeshare exit teams will convince you to get a lawyer to cancel your timeshare. So, this is where they justify you pay 10s of thousands of dollars to exit.
Realistically, you don’t need a lawyer to sell or cancel your timeshare, unless there were illegal means by which your timeshare was sold to you. This is generally not the case as many developers abide by ethical practices and transparent selling tactics. Not to mention, developers themselves are joining in to help beat fraud. The trade association for timeshare has even designed an entire program to protect owners from timeshare scams.
Examples of Timeshare Exit Scams
To understand two real-life exit scams, we recommend reading $500,000 Judgment Against Real Travel, Fraudulent Timeshare Exit Company and The Latest Timeshare Scam in Las Vegas Exposed. In both of these scams, the owners were promised they could get their timeshare canceled for thousands of dollars upfront. After reading these two scams, you’ll be better equipped to call one out if you find yourself unsure. There are ways to exit your timeshare responsibly. Below are just a few more scams that have come to light. There are likely still scammers out there, so that is why we want to share with you all the knowledge we have so you can stay safe and protect your money and your timeshare.
- Diamond Resorts Permanent Injunction Against Timeshare Exit Company, Castle Law Group PC
- Orange Lake Resort Lawsuit Results in Timeshare Attorney Disbarment
- Bluegreen’s Stance Against Timeshare Exit Companies
- The BBB Reviews Timeshare “Exit” Teams
- Welk Vs Timeshare Exit Team
- Westgate Win Against Mitchell Reed Sussman & Associates
If someone calls you out of the blue and solicits you to sell your timeshare, beware. Reputable timeshare resale companies have stopped cold-calling. You should only be contacted by a timeshare resale company if you initiated contact first. If a number calls you and offers to help with your timeshare, they likely have obtained a list of timeshare owners and, unfortunately, crafted a pitch to scam you.
What You Can Do To Stay Safe
Of course, we recommend calling your developer first. And, if you have been contacted by a suspected scammer, call your developer and your Attorney General’s office. They will be able to help you.
Additionally, you can learn about The American Resort Development Association (aka ARDA) or ARDA-ROC, which stands for the ARDA resort owners coalition. Most recently, ARDA developed Responsible Exit, another program designed to help owners in need.
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