3 ways to offload a timeshare without paying an exit company thousands 

(WSPA) – Roughly 10 million people own timeshares in America, and when it comes time to get rid of them, a lot of owners have major trouble.  

Most timeshare “exit” companies charge hefty upfront fees, and many have not lived up to their promises.  

So, 7NEWS talked to experts about much less costly options for offloading your timeshare. Those experts also debunk several timeshare exit myths that they say every owner should know are misleading practices aimed to pressure them into giving up more money.  

Ada and Terry McGee’s love of travel led them to purchase not one but two timeshares 36 years ago. But in the last few years, the Anderson couple has been eager to sell or even give away the timeshares because of soaring fees.

“You have to pay for it whether you have the money or not,” Mrs. McGee said.  

What’s worse, the McGees signed on with a timeshare exit company in 2021 that took $5,700 and then disappeared.

“I just feel cheated.  Like in a financial prison,” Mrs. McGee said.

“I think they’re all liars,” Mr. McGree added.

High-pressure sales tactic

Their sentiment was reinforced after they paid $7,400 last summer to another timeshare exit company Legal Consulting Incorporated (LCI).

“I just kept telling {my husband} lets think about this lets think about this, and she said no you only have this chance to do it,” Mrs. McGee said.

“Yeah, you got to do it now, or don’t do it,” Mr. McGee said.

The couple said they now realize it was a high-pressure sales tactic, a major red flag.  

The McGees contacted 7NEWS Here to Help when months went by and Legal Consulting and their partners would not return their calls.    

In a statement, the company apologized “for any frustrations” and said they are working to “resolve” the McGees “situation.”

Right to cancel

Another concern, nowhere in their LCI documents does it say the McGees have the right to cancel within three days.  

Companies who sell at your home or a third-party location are required to inform buyers of that right.  

7NEWS asked LCI about that issue and they did not respond directly to that question.

Biggest red flag

Hunter Jones, the head of the Better Business Bureau of the Upstate, said the biggest red flag in the timeshare exit industry is when a company asks for money upfront.

“Thousands and thousands of consumers get scammed every year. I’ve actually went into people’s homes before and visited with people they end up paying more money to get out of the timeshare than they paid for the timeshare in the first place,” Jones said.

Three options to get rid of timeshares

There are far fewer companies that offer free guidance and a cheap portal to list properties for resale. Timeshare Users Group (TUG) is one of them.

7NEWS asked TUG’s owner, Brian Rogers, what a timeshare owner can do to get it off their hands.  

“You only have three options.

The first one is to sell it or give it away via the resale market and some resorts are easier to do than others.  
The second option is to negotiate or work out with the resort to give you ownership back.
The third option is to stop paying and let it go into default.”
Let’s explore those in more detail.  
1. Resales usually mean giving it away and even adding incentives like one year paid fees. Exit companies won’t tell you, you can create those enticing listings on your own.TUG’s site includes a resale marketplace for a $15 yearly subscription.  Timeshare owners can also list their units on resale markets like eBay.  Again, the more enticing the offer, think free gift cards etc., the faster you are likely to offload our unit.

2. As for giving back your timeshare, the American Resort Development Association (ARDA) which represents timeshares, lists the resorts that will take back paid-off units on its Coalition for Responsible Exit page. We should note, most of those resorts charge a $1,500 fee.  Finally, consumer advocates said if you ever do pay upfront for an exit plan, make sure you use your credit card since it offers more fraud protection.

3. Now, when it comes to stopping maintenance payments on units that are paid off, industry experts say while it may ding your credit, it will likely will not lead to foreclosure, since most resorts want to avoid costly legal fees.

Timeshare exit myths
Rogers with TUG said many timeshare companies will hound you with threats of foreclosure, but in his company’s 30 years in business, they have not seen any despite many people failing to pay fees.  He considered that threat a myth because normally timeshare companies will take the deed back after a year of failure to pay fees.  
Another myth, if you die, your heirs will get stuck.  
“There’s a misconception a timeshare automatically conveys to someone’s heirs.  As a matter of fact there are legal processes available to all heirs, those who may be named in a will or part of an estate where they can reject that timeshare in the process,” Jason Gamel, the President and CEO of ARDA, said.

The McGees said they were told that myth by two companies vying for their money. They said before you sign with a timeshare exit business, be forewarned, you may only feel more stuck.  

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