If you’ve ever been to a timeshare sales presentation, you know about all the promises and slick sales tactics used to get you to buy. Maybe you’ve even succumbed to some of these tactics and purchased a timeshare. These trained salespeople make the timeshares sound too good to be true, and unfortunately, it almost always is. Timeshare companies want to sell you their product and are in it to make money, and they’ll often tell you all sorts of things to get you to buy. Timeshares are usually not a good deal for the buyer, as all these promises from the sales pitch end up being quite empty.
Timeshare Presentation Lies
Timeshare salespeople are so desperate to make a sale that they will often tell outright lies just to close the deal. Let’s take a look at some of the most common lies timeshare companies tell:
- Timeshare ownership is a great value. The salesperson will often open with a ridiculously high sales price, telling you it’s an excellent value for your money when the truth is that you can find the same unit on the resale market for a fraction of the price they offer you.
- Buying a timeshare is a good investment. This is by far the biggest and most common timeshare lie used in presentations. Salespeople will tell prospective buyers that their timeshare is a real estate investment, implying that this “investment” will appreciate over time. But the unfortunate truth is that timeshare properties depreciate faster than a new car.
- If you can’t use your timeshare, you can rent it out and make a profit. This timeshare lie sounds great, but almost never happens. If you cannot use your timeshare week, you can try to rent it out, but it usually involves a lot of time and headache trying to find a renter, and you’ll be lucky to break even on costs. Making a profit this way is extremely rare. Many timeshare owners end up losing their week or their points because the hassle of renting it out is too much to deal with, or they just can’t find a renter.
- You can easily trade your timeshare for a different time or location. In vacation club-style timeshare programs, salespeople often mention other popular properties in the system, noting that you can trade your week at one property for a week anytime at another. While this is possible, what the salespeople fail to mention is that it’s usually very difficult to make a trade, especially if you’re looking for a specific week or a specific property. You may also need to bank your points for several years to have enough points to trade for a different resort.
- You can sell your timeshare property and make a profit. This lie is tied to the investment lie. Timeshare presentations usually claim timeshares have great resale value. You’ll likely be told that if, for any reason, you become tired of owning your timeshare, you can easily sell it at any time and make a profit on the sale. The unfortunate truth here is that timeshare properties rarely increase in value, and actually generally depreciate very quickly. The market is already flooded with timeshare properties for sale, and it’s often very difficult to sell your timeshare.
- The company will buy back your timeshare if you want out or will buy your old timeshares. There are all kinds of variations of this lie, commonly told at timeshare sales presentations. Presenters may tell you the company will buy back your timeshare if you change your mind about owning one. They may also say there are third-party companies that will help you sell your timeshare, or will help you trade out timeshares for another property. In truth, your timeshare company has no interest in buying back your unit, and these third-party companies don’t exist. There are other predatory companies out there, promising to sell timeshares, but it’s never at a profit, and more often involves a significant loss in value, massive headaches getting through the process or a complete scam that doesn’t sell the timeshare at all.
Timeshare salespeople will say all sorts of things to get you to buy, and may even lie about the presentation itself. To get people into the sales presentation, hawkers often promise the presentation will only be an hour or an hour and a half. They’ll also offer free lunch or vouchers for dinners, shows, hotel stays or other extras. However, the sales presentations often go on for hours, much longer than promised, have confusing tangents and high-pressure sales pitches, and sometimes run out of the promised extras.
The Truth About Timeshares
Timeshare salespeople are great at making timeshare ownership sound like a great way to vacation and a wise financial investment for your family. Sadly, many owners later find out that the timeshare salesman lied to them just to make the sale, and they end up with a property they can’t afford to keep and can’t get rid of. Buying into a timeshare or vacation club is simply pre-paying your hotel bill, whether you use that hotel room or not. It is never a true investment, and most timeshare owners, whether they keep the property for the full term or sell it early, lose significant amounts of money on the property.
Because timeshare properties depreciate so quickly and are such a headache to deal with, you are much better off investing your money in mutual funds, where you’ll actually see a significant return on your investment. This way, you can still afford to take a trip every year if you want, but you won’t lose extra money or be stuck with a timeshare you don’t want or can’t afford. You don’t own any equity in a timeshare, and even if it is paid off, there are always additional maintenance fees. If you want out of your timeshare, it’s best to cut your losses and move on.
Exit Your Unwanted Timeshare
If you’re tired of the timeshare company lies and are ready to get rid of your timeshare, EZ Exit Now may be able to help. EZ Exit Now provides timeshare liquidation services to make the process fast and easy for you. We’ll meet with you, wherever you feel most comfortable, to gather information about your current timeshare situation. Then, we present you with your options and work toward a resolution. Our favorite part is when we call to tell you that you no longer own your timeshare and can celebrate! If you need help getting rid of your timeshare, contact us today to get started.