Timeshare companies tend to ramp up sales efforts at the beginning of the year. Chuck McDowell, CEO and Founder of leading timeshare cancellation company Wesley Financial Group (WFG), cautions consumers to be wary of offers that seem too good to be true.
“Historically timeshare companies get very aggressive at the beginning of the year in ‘free night’ offers to entice consumers to visit their properties,” said McDowell. “I strongly advise consumers to have a full understanding of what this really means. Once they get to the property, they must attend a 60- to 90-minute presentation that can turn into several hours of high-pressure sales pitches.
“Every day, we hear from consumers who go into these with every intention of not buying anything and then they come out with a timeshare. They don’t fully understand the financial implications of what they’ve done and, ultimately, can’t afford the timeshare…but they are stuck.”
McDowell urges consumers to be very careful of accepting a timeshare trip. However, if they do, he shares his expertise on what consumers should know entering into a timeshare presentation:
- You’re told that purchasing a timeshare is an investment that builds value. It is not. You will basically own a never-ending debt.
- Often, the ploy is you receive two nights free and only have to attend a 90-minute presentation. It’s never 90 minutes. Many of these presentations are more than four hours. When 90 minutes is up, get up and leave. They cannot stop you.
- Be aware of hidden costs. Maintenance fees, in particular, will increase an average of 4% per year forever. It’s in the contract, but buried.
- You’ll be told the deal they are presenting is good today and today only. That’s not true. If they won’t let you take the contract with you and give you time to consider, stay away.
- Timeshare salesmen tell you this is an investment your children will enjoy after you are gone. With ongoing increases in maintenance and other fees, it actually can be a financial noose for your heirs.
“Just know this, you don’t have to purchase at that moment. They make you feel like you will miss a special deal if you walk away. That’s just not the case. If you do think you might want to purchase a timeshare, take your time to read and understand the agreement. It’s a big investment,” he added.
Chuck McDowell helped create the timeshare cancellation industry with the formation of WFG in 2011. In 2012, he successfully defended his company and the industry in a landmark case versus one of the largest timeshare companies in the U.S. The company has cancelled timeshare debt for more than 12,000 consumers.
Based in Franklin, Tenn., WFG holds a platinum business credit score rating from Dun & Bradstreet. Visit www.timesharecancellations.com for more information. WFG can also be followed on social media: Facebook, Twitter, Instagram and LinkedIn.