Different Names Used in The Timeshare Industry
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The majority of international travelers are aware of timeshare scams when vacationing, and it is more difficult for timeshare salespeople to sell them the ownership, for that reason, timeshare companies need to be ingenious to keep selling timeshares, and they began to use other names to call timeshares. Read this article and learn the different names used in the timeshare industry.
Every time, more and more people are realizing about timeshare scams in Mexico and timeshare companies are using tricks and false promises to get travelers attention. You can read more at:
What is a timeshare?
Timeshare industry is well known for the lots of timeshare scams and the thousands of travelers fall victims every day from this timeshare scams. First, let’s see what a timeshare is.
A timeshare is a fractional ownership that owners can use during a specific time of the year. It is important that people don’t consider timeshares as financial investments, which are not. In fact, there are many timeshare complaints about these memberships. The next are the five most commons complaints:
- Timeshares are overpriced and the value of a timeshare is almost zero.
- Timeshare maintenance fees and annual fees are too high and increase every year. Besides, the most of time the timeshare companies charge special assessment fees, which are not cheap either.
- Timeshare properties are not flexible; you are subject to many restrictions. In fact, it is very difficult to make a reservation in the timeshare resort.
- Timeshare weeks are very difficult to sell or rent; this is because the timeshare resale market is very poor, and you, can find timeshares listed for sale even for pennies. The same happens with the timeshare rentals.
- Timeshares don’t deliver what the timeshare salesmen promise. Some verbal promises made at the timeshare presentation are not in the timeshare contract.
Different names used in the timeshare industry
Many travelers around the world have realized that the most of timeshares are scams, due to what they see in the news, or what they read on the internet. For that reason, timeshare companies have been given themselves the task of search different names to call the timeshares.
Whatever it is the name in the contract, rest assured that is a timeshare. These are the different names used in the timeshare industry:
- Vacation Ownership
- Fractional Ownership
- Vacation Club
- Multiple Week System
- Points System
- Vacation Program
If you signed a contract under one of the above names, let me tell you that you bought a timeshare. It does not matter that your contract does not say “timeshare contract”, anyone of these names are exactly the same as “timeshare”.
How to get out of a timeshare agreement?
You have already realized what you sign for is a timeshare with a different name, and for sure you are looking to get rid of that purchase. The best solution is canceling the timeshare.
PROFECO, the Mexican Consumer Protection Agency, has a 5 day right of rescission timeshare law. If you are still within the 5 days, make sure you read every clause carefully. On the other hand, many timeshare owners don’t realize that they were scammed within the 5 day rescission period, which makes the timeshare cancellation more difficult.
It does not matter if you are still on your 5 days period or not, the timeshare resort will make very difficult the timeshare cancellation. The best thing to do is hiring a timeshare attorney to do all the process.
At Mexican Timeshare Solutions, we assist people to cancel their contracts within or not the 5 day rescission period. We guarantee that your timeshare contract will be cancelled. What characterizes us is that we do not charge upfront fees; you pay us until the contract is properly cancelled. Contact us to schedule a free consultation to tell you what we can do for you.
To receive more information about the different names used in the timeshare industry and how to cancel a timeshare, send a WhatsApp to +52 1 333 239 6589, fill in the form in the contact section or call us at +1 714 277 3662.
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