Criticism
Critics contend timeshare units are often overpriced, especially in places such as Mexico and Florida where almost every resort offers this style of accommodation.
The United States Federal Trade Commission provides consumers with information regarding timeshares. Timeshares are also known as Universal Lease Programs (ULPs). Due to the nature of timeshares, they are considered to be securities under the law.
Some individual timeshare owners also complain about the annual maintenance fee (which includes property taxes) being too high.
Pricing is compared to staying at hotels in the long term, when interest and fees are not included. However, a hotel guest doesn't have a fixed payment, upfront cost, fixed schedule, and set locations.
There are many Timeshare companies accused of "Scamming" their customers. Incentive Leisure group is a company accused strongly of "scamming" their customers. They have now been liquidated and claims that certain "firms" are helping Incentive Leisure's customers try to get their money back.
The industry's reputation has been severely injured by the comparison of the Timeshare salesman to the Used Car Salesman; because of the Sales Pressure put on the Prospective Buyer to "Buy Today". "The discounted price I quoted you is only good if you buy today"; is the Industry Standard's "Pitch" to close the sale on the first visit to the Resort. Many have left a Timeshare Tour complaining of being exhausted by the barrage of sales people they had to deal with before they finally exited the "Tour". The term "TO", or "Turn Over" man was coined in this industry. Once the original tour guide or salesman gives the prospective buyer the pitch and price, the "TO" is sent in to drop the price and secure the down payment.
However, the biggest complaint of all is the fact that Timeshare re-selling by the private owner is almost impossible. An owner looking to sell, literally cannot give the Timeshare away. Timeshare resale companies have sprung up, that actually charge the owner to assume his/her timeshare ownership; using the excuse that the resale company must assume the maintenance fees until that burden can be unloaded to a new buyer.
Read more about this topic: Timeshare
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