Barron’s is a highly-regarded financial news magazine. Journalists that write for Barron’s provide insight that any timeshare owner should consider. Primarily, the timeshare industry is designed in such a way to bring profits to developers. Unfortunately, consumers unknowingly feed developers those profits because of the high-pressure sales tactics and the exploitive terms that developers offer to finance those timeshare purchases.
At Resort Advisory Group, our team helps owners when they want to cancel their contracts or obligations to the timeshare developers.
According to Barron’s, timeshare developers fought hard against legislation that would have offered more protection to consumers. One piece of legislation, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, had a provision in the law that would have protected consumers from exploitation. The provision required developers to verify a prospective borrower’s income and employment status before approving a loan.
So why would this legislative provision influence consumers?
Since timeshare developers succeeded in avoiding this provision, they were able to design high-pressure, manipulative sales tactics. If developers were required to verify income and employment status before approving a loan, they would not be able to pressure people into signing extortionate contracts. If consumers had to provide developers with more financial information when applying to finance a timeshare, they would have more time to think about the value proposition and they would be less susceptible to the high-pressure.
Besides the high pressure tactics developers use to manipulate consumers into purchasing timeshares, many take advantage of consumers a second time with extortionate finance charges. Interest rates have been at historic lows for longer than a decade. Yet when timeshare developers finance contracts, Barron’s tells us that they charge rates that average more than 11.5%.
For those exploitative reasons, many consumers want to cancel timeshare contracts. At Resort Advisory Group, our team is ready to help. We will document the misrepresentations during a series of free consultations. If we agree to work together after the free consultations, and if the developer doesn’t cancel the timeshare contract, we will refund our fee. That’s the 100% guarantee that all customers of Resort Advisory Group can count on. Call us at 1-800-334-9176.