Are timeshares a good deal?
The timeshare industry is know for presenting all the luxurious benefits of having a property, but what is really a timeshare? Are timeshares a good deal?
It is a business developed by the tourism industry through wich, under different modalities, people buy a membership, in some cases in a fixed week, in a fixed suite or buy apartments fro a week for their vacations. There are other modalities in which you buy some points that allow you to use a room, an apartment or a development several times.
Internationally, this type of tourism is widely implemented. In the Timeshare industry, the largest is probably in the United States, there are big brands linked to timeshare such as Marriot, Hyatt, Hilton, Disney, and many others. Mexico has also had a great timeshare development and it´s an important part of the tourism industry.
It is also considered one of the tourism businesses that generates the most doubts among tourists or clients interested in acquiring a property in a different country. This is due to some companies that have taken advantage of this market by selling packages that do not exist, or offering free timeshare promotions, according to the Mexican Association of Tourism Developers (Amdetur)
To avoid this type of scam, it is frequently advised about going directly to the points of sale in the hotels, and never buy on the street. In the touristic zones of any city they can try to do business on the boardwalk; Surely they are irregular companies free vacation timeshare.
Companies like AM Resorts, and Vidanta are responsible for the high demand on the timeshare makert, since these companies work with many high end resorts all over Mexico. But are also know for the tactics of sale they carry. One example is the timeshares promotions that according to many buyers, end up in nothing but disappoiment, anger and a waste of their money.
Although there are no cases of large-scale fraud, the most common is that false free timeshares promotions are sold without the resort chains approbation, so those are not really aware of the fraud. When buyers want to make his promotion valid, it turns out that it does not exist.
The problem always starts the same. A family of tourist arrives to a resort in Mexico, they are asked to attend a meeting and in exchange, they will be given a free meal, breakfast of drinks, sometimes, even the opportunity to win cash. During this meeting, some highly skilled salespeople claims that from $200 to $300 a month and a sign in the contract they can purchase a timeshare property in a paradise spot in mexico, and enjoy free vacation timeshare promotions, which will be avalable for the family whenever they want to return.
The salesperon claims that "real estate" in Mexico is an investment that always rises in value and you can make a profit if you want to sell it in the future. All sales are done in english, but when it´s time to sign the contract, it includes hundreds of pages in spanish. Here is where the problems begin.
The major problem with timeshares
If you were wondering: are timeshares a good deal? we will explain how the fraud usually works.
First, the sellers mention some costs you have to cover, but they do not indicate that you will also have to pay for administration of tha property, taxes, international transaction costs, among others. Secondly, since these companies sell thousands of timeshares a year, the offer is very high,which means that when the buyer decides to resell it, there will be no buyers and many times they will have to give it away.
In addition, during the sale, the sellers mention the possibility of canceling the contract at the time the buyer decides, but they do not mention that the cancellation period is generally only 5 days after signing a contract. So that, the buyer won´t be looking for a lawyer to cancel the contract within this time.
On the other hand, due to the fact that many people buy access to the same property at the same time, it is likely that, if the buyer wants to use it in high season, like Christmas time, the property will not be available, since another owner will already have made your reservation. Although, for an additional charge, the company can miraculously find an available unit.
Timeshare promotions: How to prevent problems?
You should know that everyone has the right to get up and walk out of those timeshare meetings, even more when high-pressure tactics are used.
No document should be signed that is not in the buyer´s native language.
Request the opportunity to take your time for reviewing the contract. If the seller states that the contract must be signed that same day.
Be suspicious of free vacation timeshare promotions. If it´s too good to be true, that is as sign that it may be fraud.
It is always necessary to be cautious and not be intimidated by these aggressive sales tactics.
You can review the PROFECO laws corresponding to timeshare contracts.
It´s worth doing a little pre-purchase internet research on timeshare promotions reviews sites like TripAdvisor.
The problems with timeshares are already well known in the Mexican touristic community, perhaps that is why these companies are now focusing on attracting foreign tourists, who do not know this tricky business or may be wondering: "are timeshare a good deal"
If you feel like you been tricked by a salesperson offering you free timeshare promotions, or regret buying a timeshare property in Mexico, you can check the Federal Prosecutor of the Consumer (PROFECO) website and access to the Federal Consumer Protection Law, wich protects foreigners as well, and act quickly. If you are lucky to cancel within 5 business.
Maybe you discover you are too late to cancel because it´s been more than 5 business days, but there is still the possibility to resind from your timeshare contract. Just remember that timeshare resale companies are not the best option available for you. The best and most safe option is to cancel your timeshare.
If you try to resell your timeshare the result will be most likely the same. We are talking about fraud, and sometimes this is even worse since resale companies use false contact information, so after you are scammed you won´t even know where did you money go or who did you give your credit card information because these companies vanish right after stealing your moeny, when you though they were helping you.
At Mexican Timeshare Solutions, we specialize in timeshare cancellation. We have a team of timeshare cancel professionals who are able to handle cases involved in the timeshare industry. It does not matter when your purchase, we can offer you help in fast. Contact us today for a free cnsultation and find out how to cancel your timeshare contract.