Timeshare Exit Team is one of the oldest timeshare exit groups in existence, opening their business in 2012. The company’s headquarters is in Washington. They have more than 30 locations across the country. Despite their seniority, can you trust TET to get rid of your timeshare?
Timeshare Exit Team Overview
Despite being one of the leading timeshare exit companies, Timeshare Exit Team is no stranger to shady business tactics.
They operate under several names including Reed Hein & Associates and 321Exit.
A big flaw for TETis the fact that they do not offer an escrow payment option, nor do they offer a no upfront payment option. According to reviews on their website, they do offer some sort of a payment plan for their clients, but the details of that are unclear.
Timeshare Exit Team is open about the fact that they do not employ attorneys. In a statement, they said that they do not typically use attorneys to conduct their service, unless the situation is unique, then they hire an attorney on their client’s behalf.
According to Timeshare Exit Team’s website, they will first try to transfer their client’s timeshare to a different owner (in resale) or back to the issuing resort. If transferring ownership fails, then the timeshare will hire an attorney on their client’s behalf. From this point, the attorney will look for misrepresentations or other misconduct in your contract or presentation.
If you are in contact with Timeshare Exit Team, or any other timeshare exit company, it’s crucial to read the contract to make sure they will provide an attorney if their initial attempt at transferring fails. In the case of TET, the company determines your case through any misconduct you faced.
Timeshare Exit Team has been sued several times by different companies since it was founded almost a decade ago.
Most recently, they have been battling a consumer protection lawsuit with the Washington Attorney General. The Washington Attorney General pursued the lawsuit after receiving more than 90 consumer complaints from clients of TET.
The aforementioned complaints are regarding unfair and deceptive business practices.
On top of those complaints, the Better Business Bureau (BBB) has also received 350 complaints regarding Timeshare Exit Team. The BBB has issued a Pattern of Complaints warning potential customers against using this company. TET has a C- rating on the BBB website.
Timeshare Exit Team, of course, denies the allegations from the lawsuit.
One of the biggest issues from the lawsuit is what exactly TET considers a successful timeshare exit. According to Timeshare Exit Team’s guidelines, a timeshare going into foreclosure is considered a successful exit from the agreement. However, customers could let their timeshare go into foreclosure on their own, achieving the same effect without paying for services from an exit team.
As Timeshare Exit Team is one of the most popular timeshare exit businesses, they receive the most legal attention too.
Welk Resorts, a timeshare company, also filed a lawsuit against Timeshare Exit Team in July of 2017. According to the lawsuit, Timeshare Exit Team influenced Eelk customers to breach their obligations and payment agreements with Welk. Instead, their customers entered into a contract with TET.
According to Welk, Timeshare Exit Team would then send generic, one page letters to the resort. TET would claim to represent the clients who had breached their contracts. Owners who worked with TET would miss payments, completely abandoning their timeshare responsibilities. Consequently, their credit scores would suffer a massive hit.
Last year, a judge threw out this lawsuit, which was a big loss for Welk.
Additionally, in July of 2020, a Florida judge ruled that Westgate Resorts was unable to prove that Timeshare Exit Team was guilty of false advertising and unfair trade practices.
Timeshare Exit Team has also been in the news regarding a lawsuit with Holiday Inn Club Vacations that started over three years ago. As a result of this lawsuit, HICV ended up taking back 1,300 timeshares of desperate owners who were enlisting the help of Timeshare Exit Company.
Timeshare Exit Team’s Money-Back Guarantee
Timeshare Exit Team offers a 100% money-back guarantee on their website.
In the fine print of this guarantee, you will notice that customers are only eligible for their money back after three years has passed.
A money-back guarantee sounds promising, but it actually doesn’t mean much given the timeframe, considering a lot can happen in three years. Timeshare Exit Team may never honor their money back guarantee when they fail to provide a service. A company can go out of business in that time, and it would be very unlikely that the money would ever be refunded. The company could also get sued, resulting in the same outcome.
Plenty of other timeshare exit companies with similar guarantees have gone out of business. These are just a handful of them:
- Resort Release
- Castle Law Group
- UDI Consulting
- And many more…
Every single one of these timeshare exit companies also offered a money-back guarantee. However, customers never received the thousands of dollars they paid, because the company went out of business without completing the service.
Timeshare Exit Team Cost
It is almost impossible to find an exact cost for any timeshare exit company online. The fees associated with an exit service will be dependent on a lot of things – including resort, type of timeshare, and a handful of other legal aspects. Not to mention, some resort developers are harder to negotiate with than others.
The only way to get an accurate quote is to give them a call. Timeshare Exit Team offers free consultations for their potential clients.
Within this phone call consultation, customers will be provided with an estimated fee to cancel their timeshare.
However, a representative for TET noted that an average cost of their services is around $4,000. Transparency says good things about a company, and this is actually a lower cost than most other timeshare exit companies.
Timeshare Exit Team has a marketing budget that is greater than all of its competitors. This could be a large part of the reason why they are one of the most popular timeshare exit companies. Additionally, the reason they have more success stories than other timeshare exit companies is likely due to the fact that they have streamlined the process of timeshare cancellation.
This makes their services more efficient and more affordable than some of their competitors.
Remember to Negotiate
That being said, you may be surprised how easy it is to get a lower price just by asking for it. Timeshare exit representatives work on commission, meaning they get paid when you agree to the service. This typically means that they will be willing to work with you when it comes to price.
Additionally, these associates will usually have a certain discount allotment that they are able to provide to potential customers. However, they are trained to not offer this unless a customer adds.
If you decide to work with a reputable timeshare exit company, you should always ask for a discount.
Timeshare Exit Team Supporters
Dave Ramsey is among the most respected financial personalities in existence. He has a radio show that nets over 13 million listeners a week. His career and popularity stems from his success in real estate.
Dave Ramsey is also the author of more than 15 books regarding personal finance. He also runs a class that has taught many everyday Americans about fiscal responsibility and financial gain.
Steve Harvey has also endorsed Timeshare Exit Team on his various projects, including TV and radio shows.
Dave Ramsey and Steve Harvey support TET for now, but that support may waiver considering the growing number of lawsuits popping up against them.
It’s worth noting that timeshare exit companies have paid well-respected celebrities for similar endorsements in the past. Due to that, as well as the reasons listed above, we cannot currently recommend Timeshare Exit Team.
Timeshare Exit Team is very well-established and popular in the timeshare exit industry, but they certainly still have their cons. A lack of safe payment options, a plethora of lawsuits, and hundreds of clients that claim the business is guilty of false advertising.
The fact of the matter is that timeshare exit company reviews are a mixed bag. Timeshare Exit Team is no exception.
It raises a lot of questions when a timeshare operates under several different names, as TET does. It is also a call for concern that Timeshare Exit Team charges thousands of dollars for a service in which they do not hire an attorney.
Timeshare resorts and disgruntled clients both claim that the letters sent by Timeshare Exit Company are generic and unpolished. It begs the question… couldn’t a timeshare owner do this work themselves?
When working with a timeshare exit company, it is wise to go with a company that has positive and authentic reviews. Also, you should always go with one that offers an escrow payment option. Following these tips is is the only surefire way you will be protected from scams.