Timeshare Exit Companies Look to Take Advantage During COVID-19
The American Resort Development Association (ARDA), the leading authority on the Timeshare industry in the United States, and its Coalition for Responsible Exit have taken measures in recent months to combat the rise of predatory Timeshare exit companies. These third-party companies have become particularly unscrupulous in recent months, as the United States and countries around the world grapple with the coronavirus pandemic.
Many Timeshare exit companies have taken advantage of vacation Owners for years with empty promises and scare tactics. Unfortunately, during this time of hardship across the nation, dishonest third-party entities are increasing their efforts to prey on the fears of unsuspecting Owners.
In recent months, Capital Vacations has recognized a significant rise in third-party companies presenting themselves as resellers offering assistance with transfer and exit services. These predatory tactics have already caused harm to many of our Owners, costing them thousands of dollars in up-front fees while delivering nothing in return. Capital Vacations and its managed resorts are in no way affiliated with any third-party Timeshare exit company. Owners should be on the lookout for the following red flags should they be contacted:
- Promises of an exit or ownership transfer guarantee
- Requests for personal Owner login credentials
- Suggestions to not discuss the exit plan with the Resort
- Requirements for upfront fees or offers that include money-back guarantees
- Claims that the third-party company is affiliated with the Resort or Capital Vacations
- Suggestions of foregoing account payments
ARDA strongly advises Owners looking to exit a Timeshare contract to work directly with the management company or Timeshare developer. If at any time an Owner experiences financial or personal hardship and requires exit options, they are advised to contact the Resort directly.
ARDA also advises, "Owners who believe they have been unfairly taken advantage of or defrauded by an exit company should contact their state's Attorney General (ConsumerResources.org), the Attorney General in the state where the business is located, their local BBB office, or local law enforcement. For additional help contacting these resources, consumers can reach out to the ARDA-ROC Consumer Support Team at 1-855-939-1515."
Capital Vacations continues to closely monitor this issue and is available to assist Timeshare Owners with rectifying any concerns relating to predatory exit companies.