Blog Post on the painful reality of timeshares Provided By Aaronson Law Firm
Oftentimes, our clients express embarrassment over having entered into their timeshare agreement. The typical reasons are something like this: “Yes, I know that timeshares are a scam, but the salesperson made it sound like a real investment.” Or, “I love to travel, and I thought it would be more affordable.”
Predictably, only after the brief cancellation period had expired did the client realize that the market for timeshare rentals is so weak as to be non-existent or that when considering maintenance and transfer fees, a timeshare stay can cost thousands of dollars more than simply booking a room directly.
Unfortunately, many individuals would rather continue making outrageous payments on a bad deal than admit the mistake and seek legal help. For anyone out there kicking themselves over being “duped” by high-pressure sales tactics and false promises, you’re not alone.
According to The New York Times, timeshare sales are on the rise – up 25 percent since 2010 – with around nine million American households owning at least one unit.
The Times article, which focused on Diamond resorts, noted the dramatic increase in that company’s profits in recent years and the rising number of customer complaints that culminated in two ongoing lawsuits in California and Florida. Last year, Diamond doubled its revenue from 2010, totaling $845 million, all the while engaging in sales tactics that journalist Jeff Weir of RedWeek described as “ambitious, aggressive and downright nasty,” the Times states.
In our experience, such questionable sales practices are not limited to Diamond. Most clients undergo similar experiences. Sales presentations that are supposed to last for two hours drag on for eight. Repeated refusals to sign are rebuffed or ignored, with clients feeling as though they can’t physically leave the salesroom. Salespersons play up the potential investment opportunities of ownership while downplaying or avoiding discussion of future fee increases or use restrictions.
Then comes the painful reality. The Times report looked at nearly 700 timeshare sales on eBay, many of which went for $1. One person interviewed for the story paid $3,262 a year in interest, taxes, and maintenance fees for a unit he could have rented on Expedia for $2,000 over the same time period. Bottom line: The developer seeks to perpetually overcharge you for a product that you can’t resell.
Whether you are making your payments or have defaulted, it’s important to know all of your legal options. Ironically, the same high-pressure sales tactics used to trap someone into a contract may serve as the key to financial freedom. Legally, a developer’s misrepresentations or vagaries as to the actual quality of the timeshare can be viable defenses to the enforceability of these unwanted contracts
We understand that hiring a law firm is an important decision. Should you have questions about your case, you can leave a message on our homepage or call 407-644-1336. Mistakes happen; the good news is you have options.
Learn More about the painful reality of timeshares from a Timeshare Lawyer who has you in mind at www.aaronsonlawgroup.com
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