In the United States, about 7.1% of households own one or more weeks in a timeshare. This equals about 9.6 million owners or groups of owners that have a timeshare. While many people have a good experience with their timeshare ownership, others get involved in timeshare scams that are nearly impossible to get out of.
Do you want to learn how you can identify timeshare scams and cancel a timeshare that you already signed up for?
Keep reading this article for everything you need to know about the types of timeshare scams and timeshare cancellation.
Common Timeshare Scams
When you are interested in buying a timeshare, you must learn more about the most common timeshare scams. This way, you will be prepared to turn down a timeshare offer that seems too good to be true!
Here are some of the top timeshare scams that you should be on the lookout for.
The Hard Sell
One of the first timeshare scams you need to be prepared for is the hard sell timeshare scam. In this situation, the scammer may work with legitimate companies. During the presentation, they will be very persuasive and make a great sales pitch!
They will add more and more pressure until you are ready to sign up for your timeshare. They may also say things that seem too good to be true.
In most cases, they are too good to be true and you will be scammed into buying a timeshare that isn’t as amazing as you think it is.
Timeshare Resale Scams
Next, you need to be cautious of timeshare resale scams. If you have purchased a timeshare and want to get out of your contract, you may have people reaching out to you to buy your contract!
Most often, these include people that are either fake buyers or fake resale agents.
Fake buyers will call you out of nowhere and claim that their company is interested in purchasing your timeshare! This can seem too good to be true when you are stuck in a timeshare contract that you don’t use.
However, these fake buyers will often require money upfront for closing costs. Once you pay this fee, these interested buyers will disappear without a trace.
Fake Timeshare Resale Agents
There are also many fake timeshare cancellation companies. They prey on the people who are desperate to exit a timeshare and will claim that they can help you resell your timeshare contract.
This is quite similar to the fake buyer scam, where the resale agents will disappear when they receive the upfront payment.
Whenever you are working with a timeshare resale agent, you must research the legitimacy of the company to make sure the business actually will sell your timeshare.
Signs of a Timeshare Scam
Scammers are getting smarter and smarter. They are always coming up with new ideas to trick people. However, there are a few common signs of timeshare scams that you can learn to recognize to avoid getting caught in a trap.
Here are some of the most common signs you need to watch out for.
Unsolicited Contact or Cold Calling
When you are dealing with a timeshare resale scam, you should be wary of companies that use unsolicited contact. This often happens when people try to sell their timeshare online. Companies will use this information to target you, offering you a way out of your timeshare.
Instead, you should only use a company that you have thoroughly researched, vetted, and contacted on your own. You should only work with companies that reach out to you after you inquire with them for help.
Next, timeshare scammers will often close deals by telling you that they are providing you with a limited-time offer. This makes people jump into a decision without doing the right research.
However, it is important to realize that timeshares rarely go on sale. If a company is telling you that you have to purchase their products or services immediately, they are probably scamming you.
Sounds Too Good to Be True
Finally, most timeshare scams will sound too good to be true. When you are in the middle of a sales pitch, it is easy to follow along and get excited about the possibilities of your timeshare.
For example, you may get a call offering you a great deal on units in a resort. To make sure this is true, you can call the resort to ask them yourself. If you feel like you are getting an amazing deal on your timeshare or timeshare cancellation, it is likely a scam.
How to Avoid Timeshare Scams
When you recognize the signs of a timeshare scam, they are much easier to identify and avoid! There are a few tips you can always follow to avoid most types of scams.
Here are the top tips to help you avoid timeshare scams.
Research Companies Before Presentations
Before you work with any type of company, you must thoroughly research their company. This way, you can learn more about their services, whether or not they are reputable, and more.
For example, you can look at their reviews on the Better Business Bureau to make sure they do not have any serious complaints.
Don’t Act Impulsively
Companies that sell timeshares thrive on impulse. They make a great sales pitch and do everything in your power to sign up for a contract on the spot. This is why people often get trapped in timeshares!
Whenever you are invited to a timeshare presentation, you must carefully think through your options. Go home, consider the information, and then make an informed decision. Avoid acting impulsively when it comes to buying or selling a timeshare!
You should also learn what to expect from a timeshare presentation so you can be prepared for their sales tactics.
Learn More About Cancellation Policies
Finally, you can learn more about a company’s timeshare cancellation policies! Many reputable companies will include clauses in their contracts that allow you to cancel your contract within a certain amount of time.
Make sure you never sign up for a timeshare that seems impossible to get out of. Instead, ask questions about the cancellation policy before you sign a contract for a timeshare!
How to Cancel a Timeshare
There are many things you need to know about a timeshare cancellation. By finding reputable ways to cancel a timeshare, you can avoid many timeshare resale scams.
Here are some of the top ways that you can legally cancel your timeshare.
First things first, you must check your timeshare contract! Many contracts will have something known as a “cooling off” period. Basically, it will give you a set amount of time where you can cancel your timeshare contract with no questions asked.
This way, you can avoid the hassle of reselling your timeshare or finding a resale company. Often, timeshare companies will require a written timeshare cancellation letter. Make sure you keep a copy of this letter for yourself and send it with certified mail so you can prove you did send the letter within the right amount of time.
Try to Sell It to the Company
Next, you can try to give your timeshare back to the company. In some cases, the timeshare company will buy it back, even if it is not for full price. You can look into your contract to see if buybacks are an option.
Even if they are not, some companies will take your timeshare back for free. This will result in you losing money, but it will keep you from paying your annual fees and other things that make up timeshare prices.
Hire a Reputable Company
Finally, you can hire a reputable timeshare exit company. A company like Sapphire Cancellation specializes in timeshare exits and will not buy, rent, sell, or transfer your timeshare.
Instead, they will have laws and regulations on their side to legally get you out of your timeshare contract for good!
Make sure you do plenty of research to find a reputable company to work with and learn how a timeshare cancellation company can help.
Need Help Getting Out of Timeshare Scams?
When you are involved in timeshare scams, it can be difficult and nearly impossible to get out of your contract on your own. Luckily, there are a handful of companies that specialize in timeshare cancellation!
Sapphire Cancellation is one of the only exit companies that are licensed, insured, and bonded in the United States. We help timeshare owners across the world defend against unfair and fraudulent timeshare practices.
Contact us today to learn more about our timeshare cancellation services and to get a free consultation with our cancellation experts!