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Timeshare Myths: Separating Fact from Fiction

timeshare myths

February 4, 2019 – by Primo Management Group

timeshare myths

Don’t believe these common timeshare myths—your wallet depends on it!

In part one of our Timeshare Guide Series, we covered timeshare vocabulary. Now let’s turn to a more serious topic: timeshare myths. Like any good sales person, the timeshare industry does its best to portray its products in a positive light. Unfortunately, many consumers believe the hype and get trapped in timeshares they can’t afford or don’t need. Here’s the truth about some common timeshare myths.

Myth 1: A Timeshare is an Investment

One of the most common and destructive timeshare myths is that a timeshare is an investment. The truth is that timeshares aren’t investments by any measure. First, they don’t increase in value over time. And in fact, timeshare values plummet as soon as the contract is signed. Further, unlike traditional real estate, the timeshare itself doesn’t have any intrinsic value. Sure, you might have fun at your timeshare, but it’s no more of an investment than a trip to the amusement park would be.

Myth 2: Timeshare Sales Incentives are a Bargain

Timeshare companies rely on lengthy sales presentations to sell their products. And many reps offer tantalizing “free” gifts such as meals, rental cars, and travel vouchers to convince people to attend these presentations. On the surface, it seems like you’re getting, say, a fancy dinner for free. But the actual cost can be quite high. First, you pay for the “gift” with your time. Expect to spend at least the required 90 minutes of your precious vacation time. But many consumers report having difficulty getting out of the presentation. Second, you may end up buying a timeshare you don’t want. That’s an expensive “free” gift.

Myth 3: A Timeshare is Easy to Sell

Remember those sales incentives we were just talking about? Ask yourself whether sales reps would be offering them if it was easy to sell a timeshare. As it turns out, timeshares are hard to sell. In fact the timeshare resale market is flooded with timeshares at rock bottom prices. With so much competition, you may have trouble finding a buyer. On top of that, resorts are making it harder for owners to sell their timeshares with Right of First Refusal clauses or scaling back on perks for timeshares purchased on the resale market. If you were hoping to get out of your timeshare by selling it, you may face an uphill battle.

Myth 4: Timeshares are a One-Time Cost

Timeshares are often presented as one-time purchases in exchange for a lifetime of free vacations. However, buyers soon realize they’ll be paying for their timeshare forever. Maintenance fees are the most significant ongoing cost. These fees cover routine maintenance, housekeeping and other costs. And like most costs, maintenance fees increase year after year. In addition to maintenance fees, you may also pay special assessments to pay for unexpected repairs or big upgrades. Finally, you’ll always pay for travel to and from your timeshare. And since your location is fixed, those highly coveted cheap fares are harder to find.

If you’ve fallen victim to these or any other timeshare myths, there’s still hope. We specialize in helping people like you get out of their unwanted timeshares. Contact us for a free, no-risk consultation today.

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Frequently Asked Questions ?

How does PMG get me out of my timeshare contract?

PMG is not a resale, transfer, or donation company. We are consumer advocates—we help to negotiate the release of your timeshare contract obligation. We do not buy, sell, or rent your timeshare. Simply put, we help you to get out of your timeshare contract forever.

How long does the process usually take?

Usually less than 12 months, but it all depends on your situation. If your timeshare is free and clear with no mortgage, then the process may only take 3-9 months.

Speak to your advisor about the time, and what delays the resorts have put into place to prevent timeshare owners from departing their ownership. If you have a mortgage or past due maintenance fee, the process takes more time.

How much is my timeshare worth?

This is probably going to hurt, but whether you paid $5,000 or $50,000 for your timeshare, the IRS values all timeshares as worthless investments. In addition, that timeshare would have negative value due to the annual maintenance fee bill which compounds year after year. That is until PMG helps you cancel your timeshare.

Can I use your service if I still have a balance owed on my mortgage?

Yes. Whether you bought your timeshare 20 days ago or 20 years ago, PMG has a solution for you and is here to help.

Will my name be off the timeshare?

Yes! Permanently! GUARANTEED!

In addition to getting me out of my timeshare, can you recover the money I’ve already spent on mortgage payments and maintenance fees?

While we are able to recover money in rare cases, beware of any timeshare cancellation company that entices you with the promise of fund recovery. The truth is, timeshares are loath to give back the money they’ve already taken.

Are your consumer advocates really “consumer advocates”, or is that just a fancy word for salesperson?

Because most of our clients have had their trust betrayed by timeshare salespeople, we understand how some consumers can become a bit jaded. When you call us for a consultation, that’s exactly what you get, a consultation. At PMG, our job is not to sell you; our job is to help you get out of your timeshare. Which is why we have numerous 5-star reviews and an “A” (excellent) rating from the BCA.

Why should I choose PMG to get me out of my timeshare?

We pride ourselves on providing our customers with the best customer service in the industry. When you contact our company, you speak to a live person, not an automated system or voicemail. We go above and beyond for our customers by helping you to protect your credit and even repair your credit if needed. We offer a 100% money back guarantee, and we can provide documented proof of our success in helping customers just like you.

What happens after I sign up with you? Will I be apprised of your progress?

At PMG, we pride ourselves on our hands-on, boutique-style customer service, so every new client is assigned a case manager whose job is to keep you in the loop throughout the entire cancellation process. Your case manager is always just a phone call away.

How much is your fee?

Not all timeshare experiences are created equal. Some are more complicated than others, and every situation is different. That’s why our trained timeshare elimination consultants will ask you a series of questions designed to determine exactly what needs to be done to terminate your timeshare, how long it will take, and how they can best advocate for you. We will always seek the most cost-effective route for you.

What if I still have more questions?

Canceling a timeshare contract is not a cookie cutter process. With each situation being unique, once you complete the form below an experienced consumer advocate will call you today to discuss your options.