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TIMESHARE EXIT - AN INDUSTRY BOTH NEEDED AND IN NEED OF REFORM How Timeshare Owners tried ending their timeshare ownership before hiring Newton Group. Data in graph compiled from 9,000 recent Newton Group questionnaires
HIRED A BAD EXIT COMPANY
LISTED FOR SALE
26.9%
38%
TRIED DONATING TO CHARITY
5.4%
13.9%
TRIED GIVING IT AWAY
65.5%
TRIED GOING BACK TO THEIR RESORT
I first published the Consumer’s Guide to Timeshare Exit in 2018 because, as the Co-Founder of one of the nation’s longest-standing timeshare exit companies, I had spent over 15 years working with timeshare owners and hearing first- hand from countless consumers who have been taken advantage of when trying to end their timeshare ownership. While the Consumer’s Guide received national attention and provided much needed consumer education—more needs to be done. The fact is an astounding 25% of our clients, that’s 1 in 4 timeshare owners, who tried ending their ownership before hiring Newton Group, had previously hired a bad exit company who failed—costing them more time, money and aggravation. A whopping 60% initially asked their resort (see graph) to terminate their ownership but were denied or even upsold. These numbers paint a bleak picture of desperate consumers and strikes at the heart of why the exit industry is both needed and in need of reform.
The lack of effective regulation has led to the proliferation of timeshare exit companies— many of which are not able to fulfill their promises to their customers, regardless of whether their intentions are good or bad (see section 3). In fact, I published a Consumer Alert informing consumers that six well- known timeshare exit firms had either gone out of business or filed for bankruptcy within a year. Since my alert was issued, the number of failed exit companies has grown— financially damaging even more consumers who are still stuck with their timeshares. But the threat to timeshare owners doesn’t stop at a lack of effective regulation—one large resort developer is calling for the end of the entire exit industry as means of preventing consumers from having access to a third party exit professional.
Need To End Your Timeshare Ownership? Call The Timeshare Exit Hotline At: (877) 323-9923
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