How to Get out of your Timeshare Contract
Over the last eight years I’ve been flooded with potential clients that want to “get rid of their timeshare”. Even our most affluent clients that are sophisticated investors fall into these timeshare traps and do not know what to do after they sign a timeshare contract.
From my experience, it is obvious that timeshare companies prey on people with good credit and solid financial backgrounds. They pull the bait and switch trick by enticing people with anything from free dinners, shows, free trips, or appliances. (We heard one timeshare company offering free toasters). Trust us; your “free” prize will be one of the most expensive purchases you will ever make in your life!
Once you walk into the presentation, the timeshare salesman will try to sell you a package at whatever price you can afford. It will be guaranteed to be on the most high- pressured sales pitch you’ll ever experience with promises of how it is a great investment for you and your kids. Here’s the truth and example that we give our clients:
For the purchase price you just paid for the timeshare and future maintence fees: you could have booked the Presidential Suite in whatever hotel they’re offering you, order 10 cases of fine champagne, take a bath in it, and it will still cost you less money than paying for a timeshare. The unfortunate part is, most people are forced to quickly sign the timeshare contract without reading it and they do not bother to do the math.
Most companies have figured out that people are sick and tired of the timeshare craze, so there are plenty of timeshare buy-back programs. From what our clients have told us, they are also scams. The only companies that are worth your money are the ones that don’t charge an up-front fee and actually pay you only after they sell your timeshare. Our law firm has heard excellent feedback from a company called “Preferred Timeshare Resales” and owner Karen Phelan. Every other company, be careful if the program asks for an upfront fee of $500 to $3,500.
Feel free to give me a call and I can discuss with you the options you have to get rid of your timeshare. Our law firm does not specialize in timeshare resales but we have handled numerous cases where we have terminated our clients’ timeshare contracts. We just ask that you are not emotionally attached back once we initiate your case.