Timeshare news is the latest news that affects timeshare owners, including updates on new developments and resort openings. It also covers other topics such as reselling, cancellation and legal issues.
Timeshare scams and fraud are still a major problem for timeshare owners, but the industry is making significant progress to protect consumers. One of the most important recent efforts is an ongoing federal investigation into third-party exit companies that bilked owners out of billions of dollars for “exit” services they never delivered.
The FBI and SEC issued a joint warning in 2020 that criminal organizations in Mexico, most of them controlled by the CJNG cartel, were targeting timeshare owners for fraud and money laundering. They smuggled large amounts of narcotics into the United States using timeshare sales as a front for illegal activities, according to the Treasury Department.
Aside from narcotics trafficking, the CJNG has also been linked to timeshare fraud and bribery schemes. In the past, they have targeted timeshare owners in Puerto Vallarta and Los Cabos.
There are now a variety of ways to escape from timeshare contracts, but the most common method is to use a professional timeshare attorney. These attorneys have years of experience dealing with timeshare contracts and can help you to understand your rights under the law.
Many timeshare attorneys also have years of experience working with credit reporting agencies. They can help you dispute any negative information on your credit report related to timeshare ownership, such as late payments or derogatory accounts.
These attorneys can also help you file for bankruptcy or foreclosure, if necessary. This may prevent you from getting stuck in a timeshare debt and save you from the expense of legal fees.
More than ever before, it’s important to do your homework before purchasing a timeshare. There are lots of consumer-friendly sites to consult, from timeshare forums and Redweek to a variety of Facebook groups that can provide valuable tips and resources on the timeshare industry.
Buying a timeshare is a major purchase. It’s a big investment and requires a lot of research and thought.
But if you can stomach the financial burden and if you love traveling to your vacation destination, it could be worth the effort. Even during a recession, timeshares offer a low risk of price increases compared to hotel rates.
A recession could have a positive impact on the timeshare industry as hotels struggle to fill rooms and resort owners face higher interest rates on their loans, Geller told Skift. He said that in a down economy, buyers are more likely to consider timeshares as a long-term investment, rather than just a short-term vacation.
The timeshare industry also has a strong track record of selling more units in bad economic times. As a result, it’s able to charge higher prices for those units.
As a result, sales of timeshares have grown more than 20 percent year-over-year, according to the company. In addition, timeshare companies have started to take advantage of a number of sales strategies that were not available when the global financial crisis hit, such as cross-marketing and subscription clubs.