The timeshare industry landed in America around the 1960s, and it has since then grown into a more than $8 billion industry. In the 1960s, vacation rentals were just a trend, but now there are more than 200,000 timeshare units in the United States. Although timeshares are a popular vacation option for many Americans, few states have the proper rules and regulations to govern timeshares. It is for this reason that you must enter into a timeshare contract with extreme caution. 

Laws Vary by State

Even if a particular timeshare company holds properties in multiple states, each property is overseen by the state and local government where the property is located. This can sometimes cause a lot of confusion and miscommunication. Timeshares are regulated like real estate in some states, while in other states they’re handled with non-judicial processes. It’s inconsistencies like these that muddy the vacation waters. Once you learn more about ACA Group and timeshare cancellation, you’ll be prepared to handle the intricacies of timeshare contracts.

Critical Timeshare Issues

There are a lot of very concerning issues, including cancellations, resale, deceptive selling tactics, and purchases. When it comes to timeshares, most companies have moved away from helping folks find a better way to vacation into a sales organization whose goal is to get people to sign up by any means necessary. This means timeshare salespeople deploy high-pressure sales tactics with confusing legal jargon, hidden disclosures, false claims, and non-existent promotions. After a surge in unethical sales practices when timeshare sales slowed in the 1980s, the American Resort Development Association was founded to regulate timeshares and unethical practices. Even with ARDA regulations, many salespeople fail to disclose a large chunk of information, like the complexities and drawbacks of being a timeshare owner, the Federal Trade Commission still had to step in and advise consumers.

Cancellation Rights

Most timeshare owners are not aware that they have the right to cancel their timeshare agreement. They are also unaware that there is a small window where cancellation is possible because they are not given enough time to read and fully digest the fine print of a timeshare contract. Some states have instituted legislation that protects consumers, and as of 2022, every state except for North Dakota has a timeshare cancellation law. These laws allow timeshare owners to rescind their timeshare contract within two to fifteen days depending on the state without financial penalties. 

If you find yourself locked into an unwanted timeshare for the rest of your days, reselling your timeshare is an option. But it can be dangerous to do so, as there are resale scams that can leave you in a lurch. Someone will call pretending to be an interested buyer or a timeshare broker. They’ll ask for some fees and if you pay them, they’re a leaf in the wind or they try to get more money out of you. 

Timeshares can be a great idea for some families and individuals, but they’re not a one-size-fits-all vacation solution. A lot of things have changed over the years, and there’s a lot more change on the horizon.