Timeshare Exit Advice From Radio Personalities
Were you told that owning a timeshare was a great investment and that it could later be sold or exited for a profit? This could not be any further from the truth. Once a timeshare is purchased, it loses more than 75 % of its value. Financial advisors across the country advise against timeshare ownership, including infamous radio personalities like Laura Ingraham, Steve Harvey and Glenn Beck.
Financial talk show hosts are known as America’s trusted voice on money and business and is an expert when it comes to money management. These spokesmen and women state that your money would be better off in a shoe box than put into a timeshare purchase. They also advise that timeshares are one of the biggest scams on the market today. Once you are stuck in one, you are stuck in a never ending pit. The average cost of a timeshare is about $15,000 these days and at that price you would be better off purchasing a vacation property. Purchasing a property not only makes you more money as an owner but you are free to use the vacation home whenever you like. By purchasing an actual property you will also never have to wonder how to get rid of a timeshare because it is much easier to sell property that you actually own.
Unfortunately timeshare salesmen are very persuasive and often use high-pressure sale tactics to trick people into purchasing a timeshare. What most consumers do not realize about timeshare ownership is that the annual maintenance fees are completely controlled by the resort and they can raise the fees at any time. When fees continue to rise, owning a timeshare is impossible to budget for. To make things worse the average cost of timeshare maintenance fees rises by about 8% every year.
For those that already own a timeshare then you probably know how difficult it can be to find a reliable timeshare exit strategy. Financial experts like Hugh Hewitt suggests giving the timeshare back to the Resort but it is almost impossible that a resort will take back the timeshare, even at no cost. Timeshare resorts have little incentive to take the timeshare back because they benefit more from having you pay annual maintenance fees.
By working with a Resort Exit Team professional, successfully getting rid of you timeshare is easy and we offer the lowest timeshare exit team fees. Our team of timeshare exit professionals understand the legal complexities of timeshare ownership. When you sign up for a free consultation you will be walked through the entire Resort Exit Team review process by a timeshare expert. We have spent over 5 years perfecting our timeshare exit process and we are confident that it will effectively help you exit your timeshare. To learn more about our low timeshare exit team costs and our A+ rating with the BBB , contact us today to receive a FREE timeshare exit consultation.
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Reporter: Oh for many people a timeshare may seem like the perfect option, having a vacation home available only when you really want it and not having the burden of worrying about it the rest of the year. But our next guest says the timeshare may not be all they cracked up to be. We’re happy to be joined by one of our favorite money matters guest, Dave Ramsey, radio host of the Dave Ramsey show, he joins us now from Tennessee. Dave, thanks for being her today.
Dave: Oh thanks it’s good to be with you.
Reporter: Now, I know so many people who have either had timeshares or do you have time shares, my grandmother being one of them as well. And it seems like they don’t always use it, do you think the timeshares are a good investment or bad investment?
Dave: I think they are crummy investment and I recommend to my listeners never to buy a timeshare. The reason is real simple, it’s not an investment… an investment gives the idea that you could actually sell it and you can’t give the stupid things away once you owe one of them. They’re absolutely horrible, all you’re doing is prepaying your hotel bill for the next 20 years right now in advance. And those of us that knows about money know you’d be better off to put that money in an investment and the investment would produce enough to pay your hotel bill.
Reporter: Yeah, and it’s certainly does lock you in as my grandmother found out. Now this true for everyone, do you think? Or do you think that some people may would love the timeshare not might be the way to go for them.
Dave: Well, I think I like the use of the condo and they like having a place that they can go to. This is the family thing; we’d go to this location every summer and they like that. But families have done that for years, simply by renting the lake house or renting the beach condo. And and that can continue to be. But the problem is that you are locked in. And some of the timeshare people give you the ability to trade back and forth. But even then, they’re telling you where you can stay after you prepaid your hotel. And you are just stuck in these things; you cannot get rid of them. Of the people that called the Dave Ramsey show I would say we have 98% dissatisfaction with them. And they can’t get rid of them, they paid fourteen, fifteen thousand dollars, 20,000 bucks, they are paying payments on the them and it’s a mess in their lives.
Reporter: Why do you think it so difficult to get rid of these things? And how do you go about it? Is there any way to sell them?
Dave: [Laughs] Well, there’s no market for them; nobody wants them. Do not go to one of the list services where you pay two or three or five hundred dollars upfront to just get your name on a list. Because that’s all that happens, they slap your offering on the list and you never hear from anybody. Basically we’ve found a couple of things that work sometimes, I can’t give you lot of hope. . And you may not be able to get anywhere near two or three thousand dollars for your timeshare and it saves you that on your taxes to donate it. So donating it is one possibility, the other possibility is that we’ve had some luck going back to the company that is selling the timeshares, offering that sales manager who is told not to sell used units, but offering him to sell it… we sell our unit at half and we’ll pay you double commission. And basically since bribing them into moving your used unit and sometimes you’re able to get them to do that.
Reporter: It sounds like no what you do, you kind of… are losing money here.
Dave: It is a total consumption, when you write the check for timeshare, if you write check up front or if you borrow the money upfront, you have spent that money. It’s as if I just wrote a check and bought a hotel and it’s gone. I mean I bought a hotel room, when I rent a hotel room, I’ve written a check and that money is gone