Many timeshare companies have a reputation for being dishonest. This is there are so many lawsuits against them by disgruntled owners who are victims of timeshare scams.
Some timeshare resorts who are known for these scams can generate up to $1 million daily in sales. So, the scams must be convincing enough to catch even the most skeptical couples.
Here are the 5 most effective timeshare scams that end up getting clueless tourists to fork over an average of $12,000 in a single day. If they can convince a “whale” by applying the scam, they can bring in as much as $120,000 or more.
Timeshare Scam #1 – When you in trade your old timeshare for the “new and improved one,” they do not give you anything for your old timeshare.
That’s right. They’re not going to give you any money for your old timeshare regardless of where you own.
During the survey questions at the beginning of the sales presentation, one of the questions that they ask guests if they own a timeshare anywhere. If they admit that they do, they will ask for the name of the resort, the maintenance fees, and most important, if it is paid in full or not. The last thing that they want is to compete with an unpaid balance.
Once the word is out that the guest owns another timeshare, one of the managers will go in the back and put together some numbers and pretend to give the guest as discount should they purchase today.
What the guest doesn’t realize is that the price was already raised to justify trading in the old timeshare. In the end, the guests pays the same amount as anyone else with or without a timeshare to trade in.
Timeshare Scam #2 – The timeshare closing costs are not closing costs.
That’s right. When you look at the purchase agreement, there is always a closing that is separate from the purchase price. These costs average anywhere from $1,000 to well over $3,000 and are supposed to pay for all the documents and legal costs associated with the timeshare.
Sadly, the money goes elsewhere. It is typically shared with the sales person, all the closers involved, exchange club enrollment and the contract. The remainder goes to the management for a job well done.
What consumers do not realize is that lying is expected in many resorts and required in other resorts. There are many lies within the industry that if the sales person does not present, he will not get the support of the management during the sales process.
The sales process is a team effort and requires the support of management to use a variety of sales strategies called such as “playhouse” to get the sale. Most often, if the sales person doesn’t lie and his sales figures are not where the company wants them to be, the sales person will either be blackballed or fired.
All resorts have daily, monthly and annual goals that they must hit – at any costs.
When Timeshare Owners Trade in Their Old Timeshares for One at the Resort, They Give Them Zero Trade In
When an existing timeshare owner attends a timeshare presentation, they have the option of trading in their old timeshare for a new one.
The resort will offer a reduction in the price if the owner will trade in their old paid-in-full timeshare. In some cases, they will offer tens of thousands for their old timeshare.
This is an old sales tactic used in the industry to make a sale. The closer will originally present a much higher price for the timeshare to make room for this “trade in.”
In the end, the timeshare owner simply traded in one timeshare for another and paid the same price as those who didn’t trade in a timeshare. TIMESHARE COMPANIES NEVER GIVE TIMESHARE OWNERS ANYTHING FOR THEIR OLD TIMESHARE.
Set yourself free from your timeshare challenges by learning “inside secrets” that only timeshare professionals know about. These secrets will not be found anywhere else as they are secrets only privy to the timeshare industry.
Timeshare exit companies, timeshare cancellation companies and timeshare attorneys are not timeshare professionals and have never worked in the industry. They know nothing about what is shared in this free report, especially about foreign owned timeshares. All they want is your money. If they can charge you thousands of dollars to help you get rid of your timeshare without knowing anything about the industry, you can certainly do it yourself.
The report includes…
- Which timeshare companies do not own the resort where they sell. Some own just a few rooms.
- One of the reasons why timeshare owners cannot use their timeshares is because the rooms have been sold to the public.
- Many timeshare companies are operating illegally without business licenses. Owners can simply walk away. Learn which ones are included.
- Consumers who purchased a timeshare at an all-inclusive resort pay more than the general public for the same time period.