Should You Buy a Timeshare? 5 Reasons You Shouldn’t

***Note that I no longer recommend TimeShare Exit (not that it matters much since they are no longer a company). I was never affiliated with them, I just mention that Dave recommended them. I will get around to changing that in the video, but for now, just ignore that recommendation. Since they've apparently gone out of business, I'm not worried about anyone using them.

In this video, I give you 5 compelling reasons you should never buy a timeshare. I also tell you our timeshare story and how you can take advantage of timeshare resorts without buying one. So don’t buy one before you watch this entire video… or after you you watch this video.

————————————

📂 VIDEO RESOURCES

————————————

📖 MY BOOKS

————————————

[GuillermoLG]

A timeshare company can do ANYTHING IT WANTS after you sign! you have NO CONTROL over the annual payment. They can change the rules, raise the payment, do anything and you CANNOT GET OUT OF THE CONTRACT!!! That alone should dissuade you from wanting one.

[johnnycostilla]

I love timeshares 🙋‍♂️ but I don't own one. My wife and I love going to timeshare presentations and taking full advantage of them. They scam people for a living so it makes me feel good knowing I'm just a little bit of pay back. We've been to several pitches and have gotten free or dirt cheap vacations, gift cards, tickets to attractions ect., and we never bought a timeshare . What we do is we go in knowing what to expect. We let them know We've been to multiple timeshare pitches and we never bought one. Then we ask what's the mandatory time that we have to be there to receive the gifts? usually about 90 minutes so we set a timer and place it on the table . We're usually out in less than half the time with our free gifts.

[Jillousa]

When I was a kid, My parents went to a timeshare presentation to earn one free Disney ticket and breakfast for the family. They said no but all that time we wasted we felt like it took time out of our vacation. My dad regretted doing that

[NDUWUISI]

The only reason I was able to go to Disney World as a kid was because my parents signed up for those high pressure time share sales events. My mom was so exhausted that she almost signed up but stubborn my dad wasn't having it and didn't let up the whole time. They listened to Clark Howard and knew time shares were terrible but they wanted to be able to take us to Disney World so they endured the sales tactics and didn't sign up for any time shares and I am glad for that!

[themotofixery]

A local consumer advocate who does a radio show here in Denver calls them "financial herpes" because you can't get rid of them. The fact that you can't even give them away should be an indication why not to buy one.

[ztbtdpc]

My wife and I went out to Vegas for a few days and when we checked in signed up for the sales pitch after being offered $150 and a free room for a week. I went in knowing they were trying to scam me and wasn’t going to buy anyway. They offered a 31K time share 6K down and payments of $560 for 120 months. I didn’t do the math at the presentation because I wasn’t buying but after I got back to the room I added it up and with the maintenance fees it came out to over 92K after the 120 months of payments. But I spent the $150 the same day which the extra cash was nice lol.

[lauralangham]

Great video. I've never understood the interest in timeshares unless you really want to visit the exact same location every single year. And even then when you calculate the fees involved you are better off just visiting the location without 'owning' a timeshare.

[peternorthrup]

We ended up with 3 flat screen TVs. Each time we walked out. After 1 hour we told them thanks and we were done. They actually each time followed us out to are car. Never ever give them your SS number. They always asked for ares. No way. We had a blast.

[DestinationTimeshare]

I agree that for a majority of people, timeshares are not worthwhile. People buy a timeshare dreaming of endless vacations but the truth is that they simply don't take the vacations they thought they would. The worst timeshare is the one you never use. Kind of like a year long gym membership. We are able to make timeshares work for us and we get incredible savings from them vs paying cash rates for hotel/resort stays. That said, there was some real bad advice at the end about Timeshare Exit Team. They, along with other timeshare exit companies, are just there to victimize the owner again by taking tens of thousands of dollars from the owner and not delivering on the promise. Dave should never have endorsed them and even indicated in a deposition that he didn't vet them through the sponsorship process. He threw his team under the bus. It does look like Timeshare Exit Team might be done though. Their website no longer works. Good riddance. The first step someone should take if they want out is to call their timeshare company. Most of the big chains have programs where they will take back paid in full timeshares.

[snezailic]

I totally agree! I was saying everything you just said to a family that were on a free holiday. We told them not to invest and of course they did. Fast forward 5 years later they were in financial crisis and lost their house. However, they couldn't get out of the timeshares!

[Iconoclasher]

Crazy. 10 years ago the wife and I took a 14 day cruise to Hawaii on a cruise ship. Total cost with excursions, extras and tips was around $8k. Best part is I paid the $8k once. If we got a timeshare I'd be still paying $8k a year. 🤔

[mnewt]

@6:08
“Take advantage of other people’s poor financial decisions.” 😂

[JT-yjtr]

About 15 years ago, my SIL went to a vacation to a Mexican resort, and she went to “timeshare” meeting. She ended up buying for $30k and all proud upon her return to tell us all what she did, but I told her she bought actually a timeshare, but she insisted it was not, but it was a point system where she can book in other locations anywhere and anytime. Like her attitude was “do not contradict me, I know what I am talking about”. So past a few years maybe 4-5 years after, I don’t see her ever using her “points” when she went travel, or going Mexico.

[ytrbro]

way to go brother! thank you! thank you! for the honesty and the straight forward explanation.

[MichaelSmith-lmsl]

While most timeshare presenters will try to answer all of your questions, there may be some questions they're hesitant or unwilling to answer. Here are ten questions that the presenter may not answer:

How much is the timeshare worth on the resale market?
How much commission does the salesperson earn from each sale?
What are the current legal issues or complaints against the timeshare company?
Can you see the actual contract before signing, and can you take it to an attorney to review?
What happens if you default on your timeshare loan?
Can you cancel the contract and get a full refund within a certain period after signing?
What is the occupancy rate for the property?
What are the total fees that you will be charged for the entire contract period?
Can you see the financial statements for the resort and the company that manages the property?
What is the likelihood of getting the dates and locations you want for your vacation, given the competition for availability?

If the presenter is not able to provide clear answers to your questions, or if they seem evasive or pushy, it may be a sign that the timeshare is not a good investment. It's always a good idea to do your own research and consult with a financial or legal professional before making any major financial decisions.

[themaninblack]

My wife and I went to Orlando Florida to a timeshare presentation. Man, they are aggressive salesmen.

[hermanrogers]

There were people calling me telling me I had a time share and I need to start making payments I asked them if they are crazy I cannot afford what ever that is all they were trying to do is convince me to give them my personal information and I would not because they would’ve signed me up.so I hung up the phone in their face and they kept calling for a few months and quit. They won’t take no for a answer just walk or run away I will always hang up in their face and be nice doing it to

[marcelomartinez]

Love your content! Liked and subscribed!

[bradleygoyzen]

what if your timeshare is in hawaii and you bought your timeshare in a dump
like Florida or Pennsylvania?

[camsteremail]

Gf got a timeshare going into this recession I knew she went based on emotion. I refuse to use it I’d rather go on a cruise with a one time charge.