An increasing amount of people are choosing to work with timeshare exit companies. According to a study done by the American Resort Development Association (ARDA), more than 9 million Americans own timeshares.
While that number rises, so does the number of people looking for a way out of their contract. Due to hefty maintenance fees and travel restrictions, more timeshare owners are looking for a way out of their timeshare agreements. Over the past year, there has been an influx of timeshare exit companies.
Unfortunately, many timeshare exit companies are scams.
These fraudulent exit companies operate by charging their clients high upfront fees. From then, they will either complete the service poorly – such as letting a timeshare go into foreclosure – or close their company.
When either of these things occur, the timeshare owner is left with their unwanted timeshare. Not to mention, they also pays thousands of dollars for an uncompleted service.
Timeshare owners are seeking a way out of their timeshare contract more now than ever. In the current pandemic, finances have become an issue for millions of Americans – not to mention the restrictions on travel due to social distancing guidelines.
Due to this, many more fraudulent timeshare exit companies have popped up within the past year. The representatives working for these scams are looking to prey on those who are becoming increasingly desperate for a way out of their timeshares.
Many timeshare owners are willing to shell out thousands of dollars to a timeshare exit company that offers a “quick” and “easy” exit.
That being said, it’s hard to find a reputable timeshare exit company. It’s important that timeshare owners have peace of mind, knowing that they are in good hands with an exit company.
What to Look for in Timeshare Exit Companies
It’s important to know what you’re looking for in the search for a great timeshare exit company.
The timeshare exit industry is saturated by fraud and scams. It’s crucial to cover your bases and make sure you are going with the best possible choice. Luckily, there are some basic criteria that your ideal timeshare exit company should meet.
Does the timeshare exit company offer a 100% money-back guarantee or an escrow payment plan?
In timeshare exit, a client should have peace of mind that their money is in good hands.
A money-back guarantee will give a client confidence. A client will know they can get their money back in the event that the exit service is not completed to their satisfaction.
On the other hand, with an escrow payment plan, the timeshare exit company is not paid until after the exit service is completed. Learn more about escrow and its importance in timeshare exit here.
Ratings and Reviews
Does the timeshare exit company have good ratings online?
Trustpilot, Yelp, MyTER, and Better Business Bureau (BBB) are all very reputable sources for reviews.
Previous clients of the timeshare exit company in question can leave ratings and reviews about their experience. Testimonials from old clients can be very indicative of the service you should expect to receive.
If a company is BBB accredited, that is typically a good indication that they are trustworthy.
A good timeshare exit company will have a consultation with a potential client prior to taking any steps toward the exit.
In this initial consultation, a reputable exit company will be straightforward with the potential client. In some cases, exit companies cannot assist timeshare owners. If this is the case, the timeshare exit representative will try to lead you in the right direction.
A timeshare exit company that claims they can complete a service without any information about the particular situation is suspicious.
Utilization of Attorneys
Does the timeshare exit company in question use attorneys in the exit process?
Not every timeshare exit requires the use of an attorney. However, in some cases, an attorney might be necessary to find discrepancies and false information in the contract. This can be absolutely essential in getting an owner out of a timeshare agreement.
Resorts are almost always hesitant to let a timeshare owner out of their contract.
Attorneys are trained to negotiate, so they can effectively debate with resort developers.
What Are The Best Timeshare Exit Companies?
1. Resort Advisory Group
Located in Mission Viejo, California, Resort Advisory Group is one of the timeshare exit companies that can help you with your timeshare exit.
Resort Advisory Group has a very detailed FAQ page on their website, as well as positive reviews on a variety of reputable review websites.
According to their website and reviews, RAG does use attorneys in their timeshare exit process. Their average timeshare exit takes about 6-12 months, which is on par with the industry standard.
RAG offers a free consultation for their potential clients. They do not charge any upfront fees. It’s difficult to estimate how much their services cost, as they are dependent on the individual’s situation. All of that being said, the average cost for RAG between $3,000 to $6,000.
Another benefit of RAG is that they do offer an escrow payment option. As we mentioned earlier, this means they are not paid until after the service is complete.
2. Timeshare Compliance
Timeshare Compliance has been in business since 2015. They are located in California, and may be able to help you with your timeshare exit.
Most of the reviews for Timeshare Compliance are positive. On reputable sites such as Yelp, many previous clients report that they had a great experience with Timeshare Compliance.
Escrow, which eliminates all up-front costs, is also available at Timeshare Compliance.
Timeshare Compliance also employs legal experts to assist in timeshare exit, which is a great benefit.
A consumer advocate specialist will do an initial consultation for Timeshare Compliance clients, and then the fees will be discussed. According to their company website, the fees for timeshare exit typically average around $4,000 to $8,000.
3. Sapphire Timeshare Cancellation
Sapphire Timeshare Cancellation is located in Florida. They are another timeshare exit company that will be able to help you eliminate your timeshare contract.
According to their website, they focus on transparency, integrity, and efficiency with their clients.
Sapphire Timeshare Cancellation works with attorneys and also offers an escrow payment plan. Additionally, they have positive reviews on a wide variety of sites.
The average cost of a timeshare exit through Sapphire Timeshare Cancellation is $3,000 to $4,000. They do have a fixed rate, as opposed to calculating fees based on the situation
4. Timeshare Exit Team
Timeshare Exit Team can help you legally exit your timeshare.
TET is endorsed by several celebrities with trusting fan bases. Reputable sources including Dave Ramsey, Steve Harvey, Ben Shapiro, and a handful of other radio personalities.
Celebrity endorsements are typically paid and this transaction can make you question the authenticity. While celebrity endorsements aren’t necessarily indicative of the quality of service, it does prove that Timeshare Exit Team has a solid marketing budget.
It is unclear on their website whether or not they offer an escrow payment plan, but they do offer a payment plan for those who cannot pay in full upfront.
Using attorneys is not a priority of Timeshare Exit Team, but their site does say that they do use attorneys in certain cases. After failing an initial attempt to exit a timeshare contract, they will seek the help of an attorney.
It is hard to project the cost of Timeshare Exit Team’s services. All of the fees associated with Timeshare Exit Team are dependent on the situation. The situation can vary depending on whether the timeshare has a remaining mortgage or if everything is already paid off. According to reviews, the fee averages around $4,000.
5. Wesley Financial Group
Wesley Financial Group is based in Tennessee and has been in business since 2012.
In the past years, Wesley Financial Group has increased the amount of timeshare exits they’ve completed. This bodes well for the quality of service they provide.
While Wesley Financial Group does not have an escrow payment plan, they do honor a 100% money-back guarantee.
Escrow will cost more money than a money-back guarantee. Escrow, which is the third party company that holds the money during the transaction, will be paid too. A money-back guarantee can be a much cheaper option than having payment in escrow.
When a timeshare exit company offers a money-back guarantee, it’s crucial that the guarantee is put into writing. This will ensure your financial safety and peace of mind throughout the timeshare exit process.
The processing time for Wesley Financial Group is 6-18 months, which is pretty standard with their competitors.
Wesley Financial Group does also offer free consultations on their website.
Timeshare Exit Companies… In Conclusion
In an industry saturated by scams, it’s important to stay protected in your timeshare exit.
Luckily, the timeshare exit companies above have good reviews and reputable business practices. It’s important to find a timeshare exit company with good reviews on a variety of platforms. Additionally, it’s crucial that a timeshare exit company offers a money-back guarantee or an escrow payment option.
Most timeshare exit companies also offer free consultations, and it’s important that timeshare owners take advantage of this.
A good timeshare exit company will be willing to be open and honest about their business practices and process.