The resorts will convince you that purchasing a timeshare is an investment, when in reality, it’s a depreciating asset.
NASHVILLE, Tenn., (PRWEB) June 15, 2015
The timeshare industry is finally looking up and summer is officially here. What more do consumers need to know before beginning the process of purchasing a timeshare? In light of the arrival of vacation season, Wesley Financial Group CEO Chuck McDowell explains what consumers should consider before financing a timeshare.
McDowell speaks from expert experience with the timeshare industry. His firm, Wesley Financial Group, helps timeshare owners void contracts that were entered into as a result of fraud, misrepresentations or a narrowly defined type of activities that were part of the sales presentations, closing discussions and/or during the term of the relationship itself. McDowell’s firm has helped hundreds of timeshare owners eliminate over one million dollars of debt.
Consumers often overlook many important details when purchasing a timeshare. While the thought of securing a vacation spot for years to come may sound appealing, purchasing a timeshare is not without its pitfalls.
“One nice thing about purchasing a timeshare is that is makes you take a vacation,” McDowell said. “However, after annual timeshare maintenance fees and the price of the upkeep, many find they cannot afford to take a vacation, so it’s a catch-22.”
What’s more, the annual maintenance fees do not go away after a timeshare owner dies. Oftentimes, the children of timeshare owners find themselves inheriting the property – and the hundreds of dollars in maintenance fees that accompany it. Filing for bankruptcy is the only way to get rid of these costly fees.
When purchasing a timeshare directly from a resort, consumers are often oversold, requiring them to cash in other investments to pay for the property. According to McDowell, buying on the secondhand market is the only smart way to purchase a timeshare.
“The resorts will convince you that purchasing a timeshare is an investment, when in reality, it’s a depreciating asset,” McDowell said. “Ninety percent of the value is gone as soon as you finalize the contract.”
McDowell has seen firsthand how scams can creep up on consumers. Salespeople tell consumers that timeshares come with instant equity and instant discounts, leading consumers to believe they’re investing in a good deal.
“When consumers purchase timeshares, they’re told it’s an appreciating asset, which simply isn’t the case,” McDowell said. “It’s important for consumers to do thorough research before making any decisions.”
For more information about Wesley Financial Group, visit http://www.wesleyfinancialgroup.com. To contact Wesley Financial Group CEO Chuck McDowell, call 615-288-2000.