6 Things to Know about Timeshare Purchases

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Before you go through with your timeshare purchases, read this first to make sure you have all the facts!

  1. It’s easy to sign a contract, it’s hard to get out of one.
    Timeshare companies are multi-million dollar enterprises. Their legal teams draft contracts that make it difficult for the average citizen to understand how they can go about getting rid of their timeshare and cancelling their mortgage. In those cases a timeshare attorney or timeshare cancellation service can be the timeshare owners greatest ally.
  2. A timeshare is NOT an investment – it doesn’t appreciate in value.
    In the long run a timeshare will end up costing you much more than what you paid for it. You will not generate money from it. It is an illiquid asset that will to lose its value over time.
  3. Timeshares continue in perpetuity – your children and grandchildren will be obligated to keep paying the maintenance fees.
    Many times timeshare contracts are written so that not even death offers a way out of them. Instead the maintenance fees, assessment fees and other liabilities are passed down to children, grandchildren and so on. Many times these family members do not want the responsibility and are faced with ever increasing costs as these properties age and need continual improvements.
  4. The only value of a timeshare is the time it is used, they have little to no residual resale value.
    Timeshares often sell for less than 50 percent of their original purchase price, if they resell at all. A search on Ebay finds hundreds of timeshares listed for sale at $1.
  5. Selling your timeshare at a loss is typically not tax deductible.
    Tax laws generally treat a timeshare as a personal asset, much like your personal automobile. Therefore when you sell the timeshare at a loss, it is not tax deductible.
  6. Get any promises about the quality of the property, its current value, and its resale and exchange value in writing!
    Timeshare companies are notorious for their deceptive sales practices, false promises and inflated numbers. If they are making any sort of promises to you regarding the property, values, resale or exchange get it in writing. Therefore if you have a contract dispute later or decide you want to cancel your timeshare you have a solid standing to work from. Let their lies work to your advantage.

 

American Consumer Credit is an Attorney staffed Timeshare Cancellation agency dedicated to helping consumers with getting out of timeshares and vacation properties, cancelling your timeshare mortgage, deed cancellations, deceptive sales solicitation practices and other areas of fraud. Contact us at 800.611.0631 to see how we can help you cancel your timeshare contract.