Timeshare Exit Companies

Know the Facts about Timeshare Exit Companies

Don't Fall Prey To A Fraudulent Timeshare Exit Company
More and more timeshare owners are being taken advantage of by timeshare exit company scams. In fact, the Better Business Bureau (BBB) surveyed 400 timeshare consumers in the Missouri area alone who believe they were victimized by third party exit companies. However, Missouri is not the only state where these owners are being scammed by exit programs in the timeshare industry, there have been complaints from 46 states and the District of Columbia. These fraudulent timeshare exit companies are promising to cancel timeshare contracts in return for thousands of dollars in upfront fees, but then fail to ever contact the owners again. Some of the timeshare exit companies go out of business or file for bankruptcy, after collecting thousands from timeshare owners. In the end, timeshare owners walk away further in debt and usually with damaged credit after they stopped paying their maintenance fees.

Timeshare Exit Companies
Recognize The Signs Of A Timeshare Exit Company Scam
One of the most telltale signs of a timeshare exit company scam surrounds large upfront fees for services that are not rendered. Timeshare owners have lost thousands of dollars falling victim to contracts that scam them into agreeing to pay unnecessary fees when they can work directly with their timeshare company for free! In a recent study conducted by the BBB, victims of a timeshare exit company scam paid upfront payments of $3,000 - $4,000 per property.

There Are No Guarantees With Timeshare Resales
The sale of your timeshare is completely based on the economic principles of supply and demand. Selling your timeshare will depend on the market and the competition of your product. Remember, timeshares are not meant to be a financial investment. Timeshares were designed to be an investment and commitment to future vacations with your family.

Timeshare exit companies often guarantee 100% satisfaction or your money back, but a closer look at their reviews suggests otherwise. Fraudulent timeshare exit companies will also make unsolicited calls to timeshare owners, faking their company name and falsely promising to help consumers exit their timeshare safely. ARDA warns timeshare owners to be cautious the moment they receive a call or email from a timeshare exit company claiming to have an interested buyer for their property on the secondary market. There are more timeshare exit strategies available than solely using third-party exit companies to sell your property.

Research Before You Sign A Timeshare Exit Contract
Before safely and responsibly exiting your timeshare contract, it is important to double check all the available options and speak directly with your timeshare company. If canceling your contract is the right move for you, your timeshare company will be able to walk you through the process and possibly put you in contact with a recommended broker. If you wish to work with a third-party exit company, the Better Business Bureau (BBB) recommends timeshare owners perform thorough research, examining the company's ratings and reviews before signing any contracts. Find out how long they have been in business and whether or not they have any pending litigation. In addition, you should inquire about the fees and services they are claiming to provide to see if it that same service can be completed through your timeshare company directly. Don't be afraid to speak up. This is your property and your well-earned money!

If it sounds too good to be true, it probably is. Timeshare owners should know and understand exactly what they are paying for and whether or not they will be guaranteed a safe and affordable timeshare exit. Always contact your timeshare developer first. Before selling you may want to considering renting or exchanging your timeshare. You can find more advice from ARDA and ResponsibleExit.com about selling your timeshare.

To read the BBB's full report and to better understand the timeshare exit scams within the timeshare exit industry, click here.

Have more questions about timeshare ownership? Click here for frequently asked timeshare exit questions.