In America, economic changes are making it harder to retire comfortably. The whole topic is an uncomfortable one, as we all labor with the same expectations. We hope that after paying decades of taxes and contributions to social supports, that we will have earned a comfortable income that meets our needs in retirement.
Changes to healthcare insurance, and important programs like Medicare are concerning for anyone planning their retirement. What will healthcare coverage cost in the future? Will I be able to retain my primary residence, and how do I plan for the expense of assistive living and long-term care? As the global economy becomes more strained for resources to care for aging citizens, there is an increasing awareness that the discounted services and benefits may not be there in the future.
Why do timeshare sales teams target seniors? In this article, we’ll talk more about the promises and emotional selling that is deliberately designed to entice seniors into an expensive, and potentially catastrophic financial obligation. We will also discuss exactly how a timeshare you may not be able to afford later in life, can threaten the financial resources you may need for care, and other needs.
Selling the Desire for Family Time and Low-Cost Enjoyment
Do you know any American’s over the age of sixty, who wish they saw their family more often? Whether the cause is geographic distance, or busy and hectic lifestyles, some seniors can begin to feel isolated, when their children enter middle life. With kids of their own, adults may not have the time they once did, to spend with family members.
Because of client confidentiality, we can’t share the details of the hundreds of senior citizens we’ve heard from, and helped in terms of timeshare cancellation. When they seek out legally guided assistance, they’ve often tried many avenues to resolve their timeshare contract, only to be shocked at how difficult it is to cancel one.
Our timeshare cancellation counselors ask them questions, to better understand the liability and unique situation. When seniors have shared their stories, there were several common themes that lead back to a calculative, psychological trap during the timeshare sales process.
Here is what many of our senior clients have in common:
They wanted a vacation home, but were concerned about operating and maintenance costs. Although many lake houses, cabins and cottages appreciate as an asset, and are generally easy to sell, in high-demand areas, making them a true investment, rather than a long-term lease (with no options).
They were told that extra, unused weeks would be eagerly used by other family members, including children and grandchildren.
They were assured that membership and maintenance fees would only increase marginally, while contract terms typically outline a carte blanche, when it comes to raising annual premiums.
They believed that a timeshare would draw the family to vacation together, the same time every year, to build a warm tradition and memories.
They thought that the next generation of family members would want to inherit the timeshare, and ‘keep it in the family’ for the full duration of the contract.
They were promised that the timeshare they were purchasing, was in high-demand, and would therefore be easy to sell, if they found their contract to be unaffordable in the future.
Do any of those statement sound familiar? This is the morally fraudulent aspect of high-pressured timeshare sales. Questions asked by consumers are met with assurances that are not true, in most contacts and situations. But by the time the buyer has realized the nature of the false promises, they are already legally bound to a timeshare they now find, they cannot afford and do not want.
The Fine Print of Timeshare Contracts Allows for Almost Unlimited Fee Increases
Throughout virtually every timeshare contract our team has scrutinized, are cleverly worded statements that, unless you are a legal professional, would make a timeshare seem like a fixed-price purchase. In other words, timeshare sales teams want the buyer to believe at the time of purchase, that the timeshare will not be a burden to their budget. They may even show a sales prospect a chart, that demonstrates modest incremental increases to maintenance fees and other costs, over a three-year period.
If you were told that maintenance fees would increase slowly, or in tandem with low cost of living increases nationally, you are one of many that have been mislead. Your timeshare can, legally and at any time, double, triple or quadruple all fees associated with your factional ownership agreement. And because it’s in the contract, consumers make very little progress (if any) when they protest against the timeshare for aggressive fee spikes.
Timeshares are in most cases, owned by investors and accountable for profit to a board of directors. There are so many aspects to property management, that can alter or reduce profitability for investors. From tropical storms and natural disasters, to destruction of the grounds, or individual suites due to fire, floods and guest damage. Some timeshares have been legally accused of radically increasing expenses, without providing evidence or justification for the fee spike. And they can do it, anytime they feel that revenues are falling short of annual targets. It’s that simple.
Timeshares are at their heart, one of the most lucrative sales opportunities that a resort has. Nothing is accidental in terms of their strategy to promise everything, and deliver very little, with the exception of years of frustration and escalating costs. And if affordability of vacations was the primary motivator for purchasing, they are confident that their members will not want to spend more for legal counsel, to help terminate the contract.
This is why many timeshare owners wait years, and try other approaches including rent for profit, hiring resale ‘professionals’, or they simply pay monthly a fee that is financially burdensome, and stop using their timeshare out of frustration. This is why we work so hard to educate consumers about the nature of the contract and one-sided financial proposition; canceling your timeshare will save you far more than the cost of legally counseled assistance.
How can we help? We offer a free initial consultation, and allow our clients to tell us about their timeshare experience and the nature of their contract. For more than a decade, our team has been advocating for consumers rights against the timeshare industry. Depending on the contract, negating a timeshare agreement can take up to 12-months, during which time our clients protect their personal credit by paying maintenance and membership fees on time, knowing that the end is finally, in sight.
Call us today for a free consultation at 1-800-587-EXIT.
We are on YOUR side when it comes to finding the right path, to help you exit your timeshare contract permanently.