Demand a path out of timeshare contracts right now for consumers struggling amid COVID-19

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Demand a path out of timeshare contracts right now for consumers struggling amid COVID-19 crisis

Right now, Americans are facing an unprecedented crisis unlike any other we’ve seen in our lifetime. Many have lost loved ones from COVID-19, while others are faced with medical or financial hardships. They have also lost their freedom to travel, including their ability to use their timeshare.

The need for consumers to exit their timeshares is more relevant now than ever, yet their ability to exit is stifled by the red tape put up by the timeshare industry. We have already heard far too many stories of consumers being stuck paying maintenance fees despite not being able to travel, or even feeling torn between being safe and using the timeshare they’ve paid so much for.

Here are some ways that timeshare developers can take action right now to ease the financial and psychological burden on owners:

  • Allow owners to unilaterally terminate an unencumbered, non-deeded timeshare interest with written notice to the developer
  • Give timeshare owners a one-year hiatus on all maintenance fees. If they can’t safely use the property, please do not charge them for it.
  • Provide responsible exits for all timeshare owners facing a hardship, whether medical, financial or other.
  • All paid-in-full timeshares should be able to be transferred back to the resort at no cost.
  • Resorts must establish a mortgage forgiveness program. The average timeshare this past year was sold for more than $20,000. At the typical interest rate of 17%, that’s almost $350 per month that many of these owners can no longer afford.

If you’d like to see developers adopt these common-sense solutions for consumers in crisis, we urge you to share this petition to help raise awareness; and if you or someone you know has felt wronged by the timeshare industry, we urge you to contact your state and local lawmakers as well as consumer advocates like the Better Business Bureau.

No one should feel trapped in a timeshare – especially right now.

Coalition to Reform Timeshare
1 year ago