The high-pressure timeshare sales meeting. A predatory formula the timeshare industry has relied on for decades.
Why is it that timeshare companies always rush owners through the signing of sales documents at the end of a lengthy sales pitch?
Could it be so the owners will sign without reading the “fine print?”
We have reported here on hundreds of timeshare horror stories – the wildly escalating maintenance fees, the long-term financial obligations and outrageous interest rates, and the difficulty exiting timeshare agreements, to name a few.
But it’s just a sample of the stories from buyers who feel deceived by what they were verbally promised by unscrupulous timeshare sales agents. A few weeks ago we shared a Court document that estimated hundreds of thousands of complaints for one timeshare company alone!
No wonder somewhere between 70% and 85% of timeshare owners regret buying a timeshare.
Finally, there may be some hope on the horizon.
Last December, U.S. Senator John Curtis (R-UT) and Senator Adam Schiff (D-CA) introduced the Timeshare Transparency Act (S.3502).
Essentially, it’s a long overdue “bill of rights” to prevent timeshare consumers from being sold a dream and delivered a nightmare.
The Timeshare Transparency Act (TTA) sets out clear, commonsense requirements for timeshare companies, so consumers understand exactly what they are purchasing:
- Total Cost Disclosure: Requires a single document itemizing all acquisition and maintenance costs (including fee increases).
- 14-Day Cancellation Period: Grants buyers in all states a 14-day, penalty-free period to cancel contracts.
- Exit Options: Requires clear, documented procedures for exiting ownership.
- Review Period: Allows buyers to review documents privately without high-pressure sales staff present.
- FTC Enforcement: Empowers the Federal Trade Commission to enforce these regulations.
Importantly, the bill preserves states’ rights to enact and enforce even stronger consumer protections in the timeshare marketplace.
To be considered further by the U.S. Congress, the Timeshare Transparency Act needs more support.
If you agree, contact your U.S. Senators and U.S. House Representative. Tell them you support the Timeshare Transparency Act (S.3502). Share your own timeshare horror story. Tell your representatives you’re tired of seeing families “misled and flat-out lied to” by an industry that seems to value profits over fairness and transparency.
- Find your Senator: senate.gov
- Find your Representative: house.gov
Predictably, the American Resort Development Association (ARDA), the trade association that represents the timeshare companies in Washington, DC., is already out there claiming this bill is “unnecessary,” “duplicative,” and creates “unnecessary federal regulations.”
Unnecessary? Tell that to the thousands who have filed lawsuits, or complaints with their state attorney general, or complaints with the Better Business Bureau.
Jason Gamel is the President and CEO of the American Resort Development Association (ARDA). Let’s ask Jason why he’s so afraid of affirming a nationwide 14-day cancellation window and why the timeshare industry needs to trap buyers before they can change their minds? Jason’s email is jgamel@arda.org
Sharing your timeshare horror stories does have an impact. If you have a story to share, tell us at info@timesharefacts.com
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