First off for our non USA readers, let’s explain a little about who CNBC are and where they fit in the American broadcast market. CNBC (formerly Consumer News and Business Channel) is an American cable business news channel and website. It provides business news programming on weekdays from 5:00 am to 7:00 pm Eastern Time. Along with Fox Business and Bloomberg Television, it is one of the three major business news channels. CNBC is owned by Comcast who in turn are the largest American multinational telecommunications and media conglomerate. The corporation is the second-largest broadcasting and cable television company in the world by reference to revenue.
From this it may be concluded that as a broadcast platform they have a good reputation. As we write, CNBC published a scathing report based on the American timeshare industry. When TCA viewed the content, the news piece had only been live for 15 hours; in that time alone it had amassed 194,357 views.
The content
No real surprises were contained, the piece pointed out areas of concern such as lies at the point of sale, high interest rate loans, rising maintenance fees, inability to exit and the fact that timeshares are virtually valueless literally from the signing of the purchase contract, probably before the ink is even dry.
Rather than go over the entire content, click on the photo below or follow the link to view yourself, however here is the introduction text:
“Nearly 10 million U.S. households take part in the $10 billion-a-year timeshare industry dominated by companies like Hilton Grand Vacations, Marriott Vacations Worldwide, Wyndham Destinations, Westgate Resorts and Capital Vacations. But while Americans are eager to buy a timeshare, 85% regret their purchase, according to a study. In the past three years, more than 3,000 Americans have filed complaints against the three largest public companies through the Better Business Bureau. Watch the video to learn more about why it is so hard to get out of timeshares.”
We are in no doubt that the content of the report is both accurate and covers major areas of concern, however we would have to add that the piece, whilst specifically commenting on the American market, mirrors the exact same problems for those who own timeshare in Europe, or being realistic, anywhere in the world for that matter.
TCA comment
From our point of view, as we said earlier, there are no surprises contained in the news item, most of the points covered by the journalist we have reported on over the years. We say “over the years” and that’s the truth, so if the same problems abound over all the years TCA have been in existence, (27 to be precise) why isn’t the industry waking up to these perennial complaints and doing something about it? As with all reports posted on YouTube, there are comments left by viewers, below we feature just a few:
- “I recently found out my future in laws got suckered into buying a timeshare/vacation club. My stomach dropped when they told me. Already explaining to my fiancé that under no circumstance will be ever have anything to do with these. I truly can’t fathom why anyone would want to go in massive amounts of debt with interest just to be limited on where they can vacation and be stuck with nonstop fees. Just save up for the vacations you actually want to take. If you can’t afford to pay for it in full, then you can’t afford to go on vacation. It’s that simple.”
- “I’m not a huge fan of governmental intervention in private business, but yes, laws and regulations are badly needed in this industry because corporate greed is unbelievably high in these companies. The only people that like or love timeshares are those who are able to use it on someone else’s dime.”
- “Why hold the exit companies more accountable than the actual timeshare company? Christ this country is backwards.”
- “During the presentation of timeshare they show all the new luxury properties, the reality is when it comes to actually book a property, all of them are fully booked for the next 2 years or can’t be booked. Only properties in the less desirable location are available. On top of that, the annual fees keep getting more expensive.”
- “I love timeshare presentations. I would go to the ones where they give you free 3 day vacations just for attending the presentations. They spend hours like car salesmen to sell it to me; I keep saying no and take my free vacations. I have done it like 6 times. Went to Mexico, Hawaii, Jamaica and Dominican Republic for pennies on dollar. Without ever signing up for anything.”
We will leave the comments there, except to add a final one from someone who actually worked in the industry:
“As someone who worked in the TIMESHARE industry management for 17 years (not in sales!)
My advice is simple:
NO. Hell NO !
Never buy one!”
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk