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5 Things You Wished You Knew Before You Bought A Timeshare

by Lisa Ann Schreier
written by Lisa Ann Schreier

We all know that the timeshare buying process is daunting, and it might seem like the salesperson is either the devil incarnate or your best friend- neither of which is true. Everyone has something to say about timeshare, but who should you listen to? We asked Lisa Ann Schreier a former timeshare salesperson and now the consumer advocate known as The Timeshare Crusader for her thoughts. Here are the 5 pieces of advice she thought were worth sharing.

  1. Understand all the costs involved. It is not just the purchase price, which averages more than $20,000 when buying from the developer. There’s the annual maintenance fees which rise over time, usage fees, reservation fees, exchange company membership fees and the occasional special assessments. In one notorious case, a developer assessed owners over $5,000 for water intrusion.
  2. Using your timeshare is not as easy as the salesperson makes it out to be. You’re not going to be able to pick up the phone or go online and book a winter vacation in Vail or Kauai two or three months out. There are rules that you need to fully understand in order to use your timeshare and it’s never as simple or easy as booking a hotel.
  3. It makes all the difference in the world if you own a fixed week, floating week or a point based timeshare.Each time has its pros and cons. For instance a point based system may offer more flexibility in usage, but the majority of them are not inflation proof so you might find yourself continually having to buy more to do what you want to do.|
  4. Timeshares are not investments, have extremely low resale value and many come with restrictions for anyone purchasing on the secondary market. If you owe on it, your chances of selling it are slim to none.
  5. Despite the proliferation of so-called exit companies, it’s nearly impossible to be released from your financial responsibilities of a timeshare once the legal rescission/cancellation period has lapsed. It’s not unusual for people to be scammed out of thousands of dollars and still owe on the timeshare.

Lisa Ann Schreier has been involved in the timeshare community since 1998. After cutting her teeth as a timeshare salesperson and manager at a number of Orlando area resorts, she grew increasingly frustrated with the antiquated marketing and high pressure sales techniques that were (and sadly still are) the norm in the industry.

Seeking to be a catalyst for positive change, she wrote Surviving A Timeshare Presentation…Confessions From The Sales Table and Timeshare Vacations For Dummies. In addition, she co-authored the definitive college level textbook on timeshare. She is a frequent contributor to major media outlets and a sought after speaker at consumer advocacy groups.

In addition to her articles at SeniorNews.com, she is on the Advisory Board of ConsumerAffairs.com where she ensures that content is unbiased, accurate and helpful for consumers as well serving as the lead timeshare advocate at Elliott.org and a featured blogger on RockStarFinance.com.

Her tell it like it is blog (https://thetimesharecrusader.blogspot.com) covering timeshare issues is a source of solid information and continues to alert consumers to the myriad of less than reputable companies and practices.

Twitter users can follow her at @LisaLooksAt
Questions? Looking for assistance? Email Lisa a lisaschreier617@gmail.com

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Timeshare

6 Timeshare Questionable Practices Targeting Seniors

by Lisa Ann Schreier
written by Lisa Ann Schreier

While timeshares can be good for some people, sadly there are bad guys at every step of the way when it comes to timeshare matters. Unfortunately, seniors fall prey to these practices more often than other consumers. It’s imperative to keep your wits about you when dealing with timeshare matters.

Here are 6 ways that unscrupulous individuals take advantage of seniors:

Lying About How Your Heirs Will Be Stuck With The Timeshare Unless You Do Something

Unless your heirs are actually on the timeshare deed or whatever form of ownership you have, they are under no obligation to accept the timeshare when you die. It’s important to understand that your estate will be required to pay off any debt you still have on the timeshare however. Buying more timeshare or upgrading to some made up ownership level will only increase your debt, but will have zero impact on your heirs being stuck with your timeshare.

Keeping You At A Sales Pitch Longer Than The Required Length Of Time

When you accept the terms of whatever sales presentation you attend, there will be a stated minimum length of time you are required to stay in order to qualify for whatever you’re receiving. This time limit must be in writing. Find it and stick to it. You are under no obligation to stay for anything longer than that. I’ve heard countless stories of hapless seniors who were kept for 4, 5 or more hours, often without food or drink by sales personnel using one ruse or another. Don’t fall for this. Get up and leave at the appropriate time. Remember that you, not the salesperson is in control.

Lying About How You’ll Be Able To Pay Your Maintenance Fees If You Buy More Timeshare

Just not true, or at the very least, not the way they make it sound. Do not ever buy more timeshare for any other reason that you want more vacation time.

Claiming That They Have A Buyer For Your Timeshare And Need Money For Costs Which Will Be Refunded To You Upon Completion Of Sale

If you own a timeshare you may want to sell it. In any event, it’s imperative that you maintain control and do not ever engage with any company or person that initiates contact. 99% of timeshares are worth only a tiny fraction of what you originally paid, and there are millions of timeshares currency for sale on the secondary market. No one has a buyer for your timeshare that you haven’t even advertised yet. You should not ever pay in advance for selling your timeshare.

Lying About The Fact You Have To Attend An Update Or Survey

There are only a few cases where you are obligated to attend a sales presentation. One is if you accept those conditions in exchange for something that you’re receiving such as a discounted stay, theme park tickets, dinner show tickets, etc. Another case is where you previously purchased some sort of trial timeshare and each time you use part of it at a resort, they have another opportunity to sell you on the full program. That’s about it. There is no such thing as a mandatory owner update or customer survey.

Pretending To Be Your Friend

Sadly, I hear this one more than any other story. Remember that the sales person is just that, a sales person. They have no other reason to be nice to you or appear to have your best interests at heart other than to sell you something. However much they might remind you of your children or grandchildren, however many family photos they may show you or however many personal stories they may tell you, it’s all done with only one purpose-to sell you something. These people are very well trained in these tactics because they work so well. Don’t fall prey to them. You’re not being mean to them by not buying anything they’re selling.

Lisa Ann Schreier has been involved in the timeshare community since 1998. After cutting her teeth as a timeshare salesperson and manager at a number of Orlando area resorts, she grew increasingly frustrated with the antiquated marketing and high pressure sales techniques that were (and sadly still are) the norm in the industry.

Seeking to be a catalyst for positive change, she wrote ‘Surviving A Timeshare Presentation…Confessions From The Sales Table’ and ‘Timeshare Vacations For Dummies.’ She is a frequent contributor to major media outlets and a sought after speaker at consumer advocacy groups.

In addition to her articles at SeniorNews.com, she is on the Advisory Board of ConsumerAffairs.com where she ensures that content is unbiased, accurate and helpful for consumers as well serving as the lead timeshare advocate at Elliott.org and a featured blogger on RockStarFinance.com.

Her ‘tell it like it is’ blog (http://www.thetimesharecrusader.blogspot.com) covering timeshare issues is a source of solid information and continues to alert consumers to the myriad of less than reputable companies and practices.

Twitter users can follow her at @LisaLooksAt

Questions? Looking for assistance? Email Lisa at lisaschreier617@gmail.com

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Quick Tips Before you Listen to a Timeshare Presentation
Timeshare

Quick Tips Before you Listen to a Timeshare Presentation

by Lisa Ann Schreier
written by Lisa Ann Schreier

If you’ve ever sat through a timeshare sales pitch, you know that they can be high pressure. The sales staff has been trained to do one thing and one thing only—-influence you to purchase on the spot. Because of that high pressure, these sales pitches can be laced with, ahem, some misrepresentations. Here are the most common things that are misrepresented at timeshare sales pitches:

Price Today vs Price Any Other Time

This is the one that is used the most, often in conjunction with ‘quoting’ some State Statute. If there is such a statute, such as in Florida, it has to do with whatever gifts you’re being bribed with to sit with the salesperson, not the price. Trust me, they’ll take your money tomorrow, next week or next month.

Resale Value And Your Ability To Resell

The truth of the matter is that the resale market is awash in timeshares that owners are willing to sell for $1,000 or less. Sales agents simply refuse to disclose that. In some cases, licensed brokers will refuse certain listings because the timeshare literally has NO resale value because of the draconian restrictions placed by the developer in secondary market purchases.

Maintenance Fee Relief Programs That Do Not Exist

There are many permutations of this misrepresentation. Suffice it to say you should not purchase additional timeshare under some bizarre plan that you’ll be able to pay off your fees with the points. Read that again. It makes no sense, does it?

The Value of Travel Awards

Again, there is a myriad of promised schemes using timeshare points and the ability to purchase certain travel rewards. Bottom line, buy timeshare only to use as timeshare, not for the promise of being able to use it for airline tickets, etc.

Stating A Lower Interest Rate Can Be Obtained From A Bank Or Credit Union

In the event you’re smart enough to balk at the ‘convenient’ 15%, 16% or 17% financing the resort will offer you (and you’d be stunned to find out how many people agree to those insane rates), some salespeople will tell you that you can get a personal loan. Wrong. I have yet to find a bank that will finance a timeshare. What are they going to do if you’re foreclosed on? There is however a reputable source for people with good credit history. Check out LightStream.com.

Ease Of Ability To Return To Your Home Resort

Unless you purchased a fixed week/fixed unit timeshare, highly doubtful, you’re going to have to make reservations to come back to your home resort. You’ll be battling other owners and owners who are exchanging into your resort for prime season. You better fully understand exactly when you need to make a reservation and what the process is before you purchase. Don’t rely on the salesperson, talk to other owners.

Ease Of Ability To Trade/Exchange

If you think coming back to your home resort takes some doing, it’s nothing compared to attempting to trade or exchange into another resort. In addition to the fee averaging over $200 (!) most owners find out too late that they need to make plans either 12-13 months out or less than 60 days out in order to get what they want. A week in Branson, Missouri is not going to get you Christmas Week in Hawaii.

Bottom line here is do not do anything in haste. If you’re looking for assistance in determining what’s true and what’s false, figuring out if a timeshare is for you, or like millions of people who already own and no longer want or use what they have, contact me at lisaschreier617@gmail.com.

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5 Things To Avoid In Timeshare Matters
Timeshare

5 Things To Avoid In Timeshare Matters

by Lisa Ann Schreier
written by Lisa Ann Schreier

If you are interested in purchasing a timeshare, here are 5 things to avoid: 5 Things To Avoid In Timeshare Matters

  1. Buying anything under pressure or duress. Timeshares can be great for some people, however since the majority of timeshare contracts are in perpetuity, they are not to be entered into on a whim, or under pressure at a sales pitch. If you must sit through a timeshare sales pitch in order to take advantage of a discounted vacation package; listen, ask questions, be polite but remember that whatever price they might dangle in front of your face will be available tomorrow, next week or next month. Have you ever heard of any company that will turn down your money?
  2. Buying any timeshare without fully understanding how it works. If you don’t understand the difference between fixed week, floating week and point based timeshare and don’t have a clear understanding of how tracing/exchanging works, you have no business buying a timeshare. Don’t rely on what the salesperson says. Do your homework or enlist the help of an independent advisor.
  3. If you own a timeshare, do not engage with any person or entity that initiates contact. I’ve yet to find one cold caller that does what they say they will. If you’re ever in doubt, ask yourself if you’d proceed if someone called you out of the blue about your car, your computer or your house. The answer should be no.
  4. Not understanding or factoring in all of the costs associated with owning a timeshare. Owning a timeshare is not just the purchase price, which if you’re buying from the developer averages around $22,000. There are the annual maintenance fees which are close to $1,000 on the average. If you want to trade or exchange your timeshare there’s a fee for that as well as a membership fee to the company that does the exchange. Some resorts levy a special assessment. You may be asked to pay closing costs when you purchase and many resorts charge an administrative fee. Many fees are negotiable. Most are not.
  5. Falling for one of the four ‘red flag words.’ Free, perfect, always and never. Free and perfect simply do not exist and always and never are exceedingly long periods of time.

If you’d like to obtain a copy of ‘19 Questions You Must Ask Before Buying A Timeshare’ and get the 9 Bonus Questions When You’re Buying On The Resale Market, drop me an email at lisaschreier617@gmail.com.
If you have a timeshare that you aren’t using, no longer want, can’t afford or feel you were mislead into purchasing, there may be one or more viable solutions out there. I offer a flat consultant rate of $250 which provides you with solid information depending on if you’re looking to for resolution, relinquishment, refund, foreclosure or resale. I’m not an attorney and I do not offer legal advice. Every situation is different, but if you know what to say to whom, you have a much better chance of a successful outcome. Remember that the timeshare industry has had 40+ years to hone their methods and their contracts. There are no easy solutions for anyone looking to get out, but it is possible in some circumstances. Knowledge is power.
Guide to Purchasing Timshares

5 Things To Avoid In Timeshare Matters

5 Things To Avoid In Timeshare Matters 5 Things To Avoid In Timeshare Matters 5 Things To Avoid In Timeshare Matters 5 Things To Avoid In Timeshare Matters 5 Things To Avoid In Timeshare Matters5 Things To Avoid In Timeshare Matters

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10 Reasons To Work With An Independent Timeshare Consultant
Timeshare

10 Reasons To Work With An Independent Timeshare Consultant

by Lisa Ann Schreier
written by Lisa Ann Schreier

10 Reasons To Work With An Independent Timeshare Consultant

  1. You’ve “Googled” timeshare and come up with 15 million responses. Need a little help editing those responses?
  2. 2. How do you know which of the thousands of timeshares on the resale market is the best fit for your needs?
  3. How many timeshare sales pitches have you gone on? Do you know the “timeshare movie” by heart?
  4. Hmmm, the timeshare salesperson started by saying that the price was $40,000…by the time the manager came over, the price dropped down to $10,000. Did you find that confusing?
  5. Did you really believe the last timeshare salesperson you dealt with…the 22 year old who said that he owned a 3-bedroom in Hawaii?
  6. What does “all red, all the time” really mean?
  7. You get the price of just about everything else online, why won’t the developer give you the price of the timeshare online?
  8. You’re confused with all the media coverage about timeshare being a lousy investment. Isn’t spending money on hotel bills a lousy investment?
  9. Why would you buy anything after listening to a biased salesperson for 2 hours? Do you buy anything else that way?
  10. How many more “cheap” timeshares do you want to buy before you realize “cheap” isn’t necessarily good?

Lisa Ann Schreier has been involved in the timeshare community since 1998. After cutting her teeth as a timeshare salesperson and manager at a number of Orlando area resorts, she grew increasingly frustrated with the antiquated marketing and high pressure sales techniques that were (and sadly still are) the norm in the industry. Seeking to be a catalyst for positive change, she wrote ‘Surviving A Timeshare Presentation…Confessions From The Sales Table’ and ‘Timeshare Vacations For Dummies.’ She is a frequent contributor to major media outlets and a sought after speaker at consumer advocacy groups. In addition to her articles at Senior.com, she is the lead timeshare advocate at Elliott.org and a featured blogger on RockStarFinance.com. Her ‘tell it like it is’ blog about timeshare issues is a source of solid information and continues to alert consumers to the myriad of less than reputable companies and practices.
Lisa’s blog can be accessed at: http://www.thetimesharecrusader.blogspot.com
Twitter users can follow her at @LisaLooksAt
Questions? Looking for assistance? Email Lisa at lisaschreier617@gmail.com
10 Reasons To Work With An Independent Timeshare Consultant 10 Reasons To Work With An Independent Timeshare Consultant 10 Reasons To Work With An Independent Timeshare Consultant 10 Reasons To Work With An Independent Timeshare Consultant 10 Reasons To Work With An Independent Timeshare Consultant 10 Reasons To Work With An Independent Timeshare Consultant 10 Reasons To Work With An Independent Timeshare Consultant

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