INTRODUCTION
Did you know that there are 1,541 timeshare resorts in the U.S.? If the mere thought of having various exotic locations at your disposal entices you, chances are you’ve thought about enrolling in a timeshare exchange program.
But before doing that, it’s advisable to understand the legal considerations and contact timeshare lawyers. Continue reading to learn what timeshare exchange programs are, the two major types of programs, and common timeshare scams to avoid.
What Are Timeshare Exchange Programs
A timeshare program is a network of vacation property owners in affiliated resorts where the owners can exchange their vacation time at a given resort and stay at a different one. This means you can stay at a location of your preference if it’s available for an exchange during the allocated vacation time.
Typically, vacation resorts are affiliated with timeshare exchange companies, which provide access to discounted rates. The company measures the trading potential of your stay time for your timeshare unit. Multiple segments are in play here. Major ones include place, size, and perceived attractiveness.
Once the assessment is completed, the company decides the exchange value of your property. So, choose your exchange company carefully, as it determines your timeshare exchange rate.
Types of Timeshare Exchange Programs
Timeshare Exchange Programs are divided into two major types. To help you decide which one is more suitable for you, we’ll examine their specifications:
- External Exchange Programs: Through these programs, timeshare developers are affiliated with a third-party company that allows exchanges with various resorts. Resort Condominiums International and Interval International have the most prominent exchange networks.
- Internal Exchange Programs: In contrast, internal exchange programs don’t permit third-party companies. The resort developer already possesses a network of resorts in numerous locations, so time exchanges from one resort to another are allowed.
Timeshare Exchange Program Scams
At first, timeshare exchange programs seem like any owner’s dream. Still, a second look reveals that timeshare exchange scams occur in various forms. For instance, some resorts offer alternative exchange programs instead of letting you decide. This means they can choose a location and resort you don’t like. Add the risk of having to pay hidden fees that continuously rise, and the struggle gets even more real.
But here’s another factor to consider. These programs have the reputation of being destination-rich when, in reality, they might not include your favorite getaways. What’s worse, you’ll find this out after they’ve persuaded you to enroll. Also, the canceling process with some is lengthy and inconvenient, not to mention the risk of contracting with anonymous companies where vacation exchanges aren’t possible.
How to Avoid Timeshare Exchange Scams
What you must do before joining an exchange program is thorough research. Get to know the companies through online reviews and timeshare owners’ experiences. Apart from that, regularly consult with your timeshare attorney, and don’t hesitate to ask questions.
Instead of enrolling right away, take your time to ask about extra fees or cancellation policies. Finally, your best bet is to immediately dismiss those programs that force you to enroll and give you alternatives to timeshare cancellation.
Let Our Experienced Timeshare Defense Attorneys Guide You
Exiting a timeshare might come off as complicated after you’ve enrolled and realized it’s not as promising as it initially sounded. If you are currently facing that, your next step should be to consult a timeshare lawyer.
At Lonestar Transfer, we are dedicated to protecting our clients’ rights. Our team of timeshare lawyers can ease the process for you with legal assistance and expert advice.
Schedule a free consultation now to make the most of your timeshare exchange program and enjoy a new holiday destination of your choice!
