New Florida Attraction Hopes To Bring Timeshare Relief

A new attraction in Universal Orlando Resort, which opened on June 18, brings hope of timeshare relief to the timeshare owners, and industry as a whole, in Florida. The brand new $200 million attraction is called The Wizarding World of Harry Potter and has brought high hopes to cause a surge of vacationers looking to spend time in Florida. Because the timeshare industry is over flooded with people who want to get out of their timeshare properties, and avoid paying high maintenance fees when they are not using their timeshare, any new and exciting attraction, such as this one in Orlando, should increase timeshare sales as people start enjoying this vacation hot spot. By creating this demand for vacation accommodations hopefully many timeshare purchasers will be able to enjoy new timeshare properties in and around the Orlando area to check out the new Harry Potter themed attraction.

With the timeshare industry in the state it is now, any added incentive to visit a timeshare will help to provide more people that are interested in investing in vacations. This will ultimately help travelers find a little timeshare relief. And with the current environmental disaster in the gulf the gulf coast areas need all the travel and vacation incentives available to provide not only business for tourism but also for the timeshare industry in this location. Any way you look at it this new Universal Orlando attraction can only mean good news for everyone with a timeshare in Florida or anyone who loves the Harry Potter story.

What’s Your Timeshare Rescission Period aka Cooling Off Time?

We’ve all done it – been impressed by a salesperson’s charm and persistence and written a check for more than we knew we should.

What if you realize you made a mistake the next day?

Timeshare Relief appointmentSome states have “cooling off” time, a period after a purchase during which the purchaser has the right to return goods for a refund, or to cancel a contract without penalty.  The right to cancel a contract is governed by both state and federal law.  Please check with your attorney for specifics.  The remainder of this post is not intended to be legal advice.

There are very specific circumstances when these statutes and regulations apply; they do not apply to all circumstances.  Usually real estate, stocks or securities are not covered.

Under the U.S. Federal Trade Commission’s cooling-off rule, you have the right to cancel a purchase of $25 or more for a full refund as long as certain conditions are met:

  • If you make a purchase entirely by mail or telephone, the rule does not apply.
  • When you initiate the sale at the seller’s permanent business location, the rule does not apply, even if the deal is closed in your home.
  • Despite popular misconception, there is no cooling-off rule for automobile purchases. Make sure you want that car before you buy it.
  • In order for the rule to apply, the purchase must be for personal, family, or household purposes.
  • This rule isn’t applicable to purchases made to meet an emergency, such as a natural disaster or a home insect infestation. Nor does it apply to repairs and maintenance on your personal property.

If you just bought the timeshare, many states have a mandatory “cooling off” period when you can undo the deal and demand a return of your payment. Of course, those periods are usually only a week or 10 days, not months, so they relieve are only going to relieve short-term buyers’ remorse.  If you are a timeshare owner, you must be aware of your state’s laws.  Do not rely on a timeshare company to tell you what the law allows you to do.

If you have questions about your state’s cooling-off period, call your state attorney general’s office.  If you’ve experienced buyer’s remorse and you’ve passed your state’s cooling off period, then you may have to consider other options to let go of your timeshare purchase.

Timeshare Resales: Hand Me Down Vacations?

Timeshare Relief golf clubsIn this economy, most families are learning to save pennies wherever they can.  Fashionable consignment stores have sprung up in even the most metropolitan of cities, selling brand-name clothing at a fraction of the retail price.  Other resale stores sell everything from sports equipment, furniture, and wedding dresses, to high chairs, electronics and kitchenware.

Depending on what you need, buying a used item saves money-sometimes as little as 10-15%, often as much as 50%.  Timeshare properties are no exception.  Owners are often looking to get rid of timeshares.

Timeshare developers accumulate significant marketing related expenses – primarily through costly timeshare promotions which offer free giveaways in exchange for consumer attendance at high-pressure timeshare sales pitches. Even if you don’t attend a timeshare presentation, when you purchase directly from a resort, you pay to absorb all of the administrative and marketing costs associated with the sale of the property. When buying from a current owner, you pay only the fair market value of the timeshare – a price that’s often 65 percent less than the developer’s price.

However, unlike buying golf clubs, the price for a timeshare also includes future debt- the amount of money you will be required to pay in the future – from annual maintenance fees to surprise surcharges that you might not expect.  Regardless of where you buy, do your homework.

Friends Don’t Let Friends Buy Timeshares

The timeshare market had been booming until the economic crisis affected all industries.  In 2007, the timeshare industry had an all-time record in revenue with over $10.6 billion!  At that time, there were 4.8 million households that owned one or more timeshares.  As the number of timeshare owners has increased, so have the number of people who wanted out but could not find a viable alternative (hence Timeshare Relief).  These owners have some common pieces of advice for those looking to purchase a timeshare and 5 reasons not to purchase one.

1. You are prepaying for something that you might or might not use in the future.  Use your money in better ways.

2. Scheduling the use of our timeshare was a nightmare.  We had to go through the sales department to get into our own timeshare.

3. The timeshare contract seemingly lasts forever…and in some cases it is.  These are obligations that are very difficult to renege.

4. You pay maintenance fees whether you use the timeshare or not, and the fees rise every year.  Special assessments can hit your mailb0x at any time.

5. The timeshare resale market is flooded with sellers but has few buyers.

Friends don’t let friends buy timeshares. Learn from those that have experienced the pain.  The timeshare may seem like a great deal in the short term, but over time they just are not worth the hassle.

Timeshare Relief – Consider Renting, Not Buying

With the huge inventory of timeshares out there and the global economic downturn, there are tremendous rental deals out there.  If you are looking to buy, don’t.  Having a contract obligates you more than anything.  Instead simply rent.

You’ll have plenty of choices for low cost – perhaps less than an owner’s annual maintenance fees at the same resort!  You won’t have the obligation of paying for something you don’t use if you don’t go next year, or the year after that.  You’ll also be treated very nicely by the staff as they will be trying to sell you their timeshare.

Timeshare Relief Advice – Best Tip On How To Say No at a Timeshare Presentation

At Timeshare Relief we’ve encountered many timeshare owners with multiple timeshares.  Once a buyer, owners tend to like to buy more.  Timeshare sales people know this and love to see timeshare owners at their presentations. We cannot believe some of the numbers of timeshares people have purchased in the past.

Here’s the best tip in how to say “No” to offers by timeshare sales people at a presentation…

Ask that you take their documentation to your lawyer.

Timeshare sales people are trained to 1) never let you simply leave the room; 2) never let you take any documentation out of the room.  So, if you ask to take the paperwork out to show to your lawyer, you’ll set off all kinds of alarms in the heads of the salespeople.

Sure, they’ll ask you why you want to take it.  That you have a rescission period if you change your mind.  But if you just keep saying that you’d be more comfortable taking it to your lawyer, there’s really nothing they’ll be able to do about it.  And, don’t worry if you don’t have a lawyer…you can say that you’ll go find one  or you have a friend who knows one.

This objection also takes all the pressure off of you to keep saying “No.”  Salespeople are trained to overcome negative responses.  Eventually they can overcome almost every objection.  But the “take the documents out of the room” is a big no-no and can’t be done by the salespeople.  Why?  Our guess is that they don’t want their documents scrutinized by you, lawyers, news media and possibly the competition.

So, the next time you go to a timeshare presentation for a free prize, hold this objection “up your sleeve” so-to-speak.  It might still take you some time to get out of the presentation, but it’s one should ultimately get you out of that room.