Why do we keep falling for the common scam that someone will rent our weeks for a profit to help us offset the cost of the new timeshare? timeshare salesreps are very convincing about it.
Common responses to as why timeshare are easy to rent are the following:
- “Renting your timeshare is guaranteed."
- "The demand for rooms is greater than availability, so renting your timeshare will never be a problem."
- "the resort will handle the rental of your timeshare for you."
- "You can purchase a 2 bedroom lock-off suite, so that you can use 1 bedroom and rent the other bedroom to pay for your holiday."
- "You will receive several thousands of dollars per week for renting your timeshare."
- "The resort will send you a check for your profit from rental income."
If you have been coerced into purchasing a timeshare based on these promises, you are a victim of timeshare fraud.
In order to make their timeshare sales, the salespeople in several resorts make fraudulent promises that you can rent your weeks for unrealistic prices, such as $2500 US per week for a 1 bedroom suite.
Upon investigating online, many clients realize that the market value for their timeshares are often less than $500 US. If you visit sites such as EBay, non timeshare owners are able to rent weeks at the same resorts for a lower price than timeshare owners, so why would they pay exorbitant prices for something that they can purchase online for very little.
Sometimes full timeshare contracts that were purchased for thousands of dollars are for sale online for less that $500 US as many people just want to get rid of their financial obligations. In addition, there is an overwhelming amount of rental availability, making it virtually impossible to rent the timeshare as promised by the salespeople. The claim that rentals are guaranteed and there is a great demand for room rentals is another lie used to close timeshare sales.
To make matters worse, the resorts often rent weeks in their hotels for as low as $199 per week to entice people to come to the resort and purchase a timeshare. The resorts state that they will help people rent their timeshare weeks for inflated prices, but then they practically give away weeks to entice more potential consumers into buying. By doing this, they are creating a conflict of interest and continuing the vicious cycle of timeshare scam.
Timeshare fraud victims are often persuaded into purchasing timeshares that are beyond their financial means with the intention to rent it out as a financial investment. They are persuaded into purchasing a plan when they have no prior intention to do so. Other times, clients are convinced that they should purchase more weeks or a larger unit than they need. They plan to use the rental income to pay for their yearly maintenance fees, pay off the purchase price quicker, or to make a profit.
When it is not possible to rent the weeks, they realize that they have entered into a contract that was not what they were promised and they are unwillingly placed in a position of financial hardship. Without the rental income to be able to pay for the maintenance fees, special assessments and monthly payments, many people are forced to default on their contracts and are sent to collections, which can negatively affect their credit score.
Timeshare fraud is a very serious issue, and can affect the client’s credit history for years, making it difficult for them to make other investments that could be beneficial for their financial situation.
At Mexican Timeshare Solutions, we dedicate ourselves to informing clients about potential timeshare fraud and scams. We hope that if you are approached to buy a timeshare based on the rental income you will earn, that you will avoid the purchase.
If what these salespeople promised was true, then millions of timeshare owners worldwide would be very rich by now; however, this is not the case. The only people getting rich are the fraudulent timeshare developers and salespeople who take advantage of people who trust in them and want to invest in a potential business opportunity for their future.
If you purchased a timeshare as a financial investment and it is not delivering the profits that you expected, please don’t hesitate to contact us. We can help you to resolve your timeshare fraud issue by canceling your contract and refunding your investment!
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