| Fifty timeshare owners were recently surveyed | | | | They go into debt so willingly because they are |
| about their timeshare sales presentation | | | | often told they can rent out their unit and actually |
| experiences. Over 90% were given lies. Here are | | | | make some extra money. |
| the top three: | | | | The problem is that timeshare owners generally |
| 1. "The time you purchase will trade for anything, | | | | have no idea how to effectively rent out their |
| anywhere, anytime." | | | | unit. The resort is more than happy with this |
| Truth be told, exchanging can be very tricky. | | | | situation as they usually provide a service to rent |
| There is a complex system in place to determine | | | | out the unit for the owner -- for a fee. This fee is |
| the "trading power" between two resorts. | | | | typically around 35% of the rental price. And they |
| Basically the system tries to match like units with | | | | don't guarantee a rental. If it doesn't rent, you're |
| like units. Owners of a peak season unit at one | | | | out of luck. This is definitely not a guarantee. |
| resort, can likely trade for a peak season unit at | | | | Every timeshare unit also comes with yearly |
| another resort. All "peak seasons," however, are | | | | maintenance fees. These fees cover upkeep and |
| not created equal. Your ability to exchange for | | | | taxes at the home resort and range from |
| what you want, when you want it is never | | | | $500-$1000 per unit per year. Often an |
| certain. | | | | aggressively-priced timeshare rental doesn't even |
| Nearly half of the respondents felt they had been | | | | cover these fees. |
| lied to regarding the exchanging or trading power | | | | 3. "This deal is only good for today." |
| of their home resort. Victims were told such lies | | | | This is a standard sales line if ever there was one. |
| as, "We have the highest demand of any | | | | Creating a sense of urgency to get the sale is |
| timeshare in the system." | | | | one of the oldest tricks in the book. This is a lie. |
| Nearly every timeshare has the ability to be | | | | You don't have to act today. The greatly |
| exchanged for another. There are 3rd party | | | | overpriced timeshare will be available tomorrow as |
| networks of resorts which manage this process. | | | | well. They will never refuse your money when |
| Occasionally you can buy at a crumby resort and | | | | there is so much commission on the line. |
| trade for a great one. This is by far the | | | | Even with all the unethical selling techniques, 97% |
| exception to the rule. | | | | of the respondents were happy with their home |
| Exchanging can also be very expensive. One of | | | | timeshare resort/network. One respondent |
| the major timeshare exchange companies | | | | summed it up when she said, "Most people just |
| charges $250 to act as the middle-man in an | | | | do not realize that using timeshares is such an |
| exchange between two timeshare owners. This is | | | | affordable way to see the world!" |
| about 25% of the price you'd pay to rent the | | | | Timeshares are a great product if you know how |
| unit. | | | | to buy them and use them. A thriving timeshare |
| 2. "You can make money renting your unit." | | | | resale market exists. You will rarely if ever get |
| Most timeshare owners must go into debt to | | | | the best deal when you buy directly from the |
| purchase their timeshare from the developer. | | | | developer. |