Timeshare or vacation ownership can have many different variations, each with its own unique features and drawbacks. Here’s a review of the five most common types of timeshare ownership:
1. Points-based: This is the most popular type of timeshare ownership and is used by Disney, Wyndham, and Marriot. Rather than purchasing an actual property, an owner will purchase “points” that can be used either at the home resort or exchanged for use at another location. Many people are drawn to this type of timeshare because of the flexibility they offer. Some programs may even offer the opportunity to use points for experiences, rather than the use of a timeshare.
2. Weeks: This refers to either a floating or fixed week timeshare schedule. In this option, an owner will be limited to using the timeshare within a specific week every year (fixed) or within a specific season (floating).
3. Lease: A leased timeshare is another attractive option for many owners who know they don’t want to own a timeshare long-term. This can also be referred to as a “right to use” agreement and the owner may be permitted to rent or transfer the timeshare within the leasing period.
4. Fractional: This type of timeshare ownership is a little rarer. Fractional timeshare ownership is divided between several buyers who share an equal part of the title. The owners generally have access to the vacation property for a longer period than a regular timeshare.
5. Vacation club: These types of “clubs” are often marketed to travelers who want more options than a regular timeshare at a single location. Purchasing a membership to a vacation club allows for access to several different properties in various locations. However, these types of deals are still full of hidden fees and restrictions.
Each of these types of timeshare ownership requires contracts that are often extremely difficult to cancel. Salespeople often use high-pressure tactics to entice customers to take advantage of these deals, which can often lead to regret.
If you’ve been pressured or deceived into purchasing a timeshare, contact Interval Settlement Solutions and let us help you cancel your contract.