Original Message:
Misrepresentations in the timeshare world .... beware (by R P.):
Although timeshares had a very bad reputation in the 1970s/1980s, in the last several years their reputation has gotten better with the advent of high end names such as Hilton, Marriott, Hyatt and the many ultra nice accomodations (apartments and amenities) in other resorts.
However, there are still misrepresentations and lies a prospective timeshare buyer should be aware of.
Developer Sales:
1. Lies told by (some) developer timeshare salespeople are that you can trade your week for anywhere in the exchange company's wishbook (catalog of resorts). Not true as it depends on supply, demand, season you own and VEP (Vacation Experience Profile) of your resort.
2. If you should desire to sell your timeshare week in the future, you can make a profit by doing so. If anything you will take a huge loss when trying to sell a developer bought timeshare (there are very few timeshares that hold their value).
3. You can rent your timeshare on years you don't use it and make a profit. Many owners who rent do well by merely recovering their maintenance fees if they can rent their week at all. Again, supply and demand are the key words in the equation for both rentals and resales.
4. Many developer salespeople will omit telling you about the 7+- day rescission period in your contract (called a cooling off period) where you can rescind your purchase without penalty. Please read your contract backwards and forwards.
5. This deal is good only for today.
5. They don't tell the prospective buyer about the resale market, but that's not their job. It's up to the consumer to educate themselves before buying any timeshare.
Resales:
1. Beware of upfront fee resale companies. They take your money and you will more than likely never hear from the company again.
2. Beware of companies such as Timeshare Relief that will tell you your timeshare is worthless and they will take it off your hands for $3000 +- and turn around and sell it on Ebay for $1.
There are many other misrepresentations and scams regarding timeshares. Before you commit to buying any timeshare, whether developer or resale, please educate yourself on the topic. Edcuation is knowledge and knowlege = power for the consumer.
If anyone can add to the timeshare misrepresention list above, please do so. Those I listed were some of the main things to look for off the top of my head.