SEATTLE, Jan. 30, 2019 /PRNewswire/ -- The Coalition to Reform Timeshare (CRT) has been launched to advocate for the rights of over nine million timeshare owners in the U.S. The Timeshare Industry is infamous for high-pressure sales techniques, for locking millions of people into non-cancellable "lifetime" contracts, and for practices which can make it difficult for owners to vacation where and when they want.
"The Timeshare Industry has a dark underbelly and it is time for reform," said Brandon Reed, a founding member of the Coalition. "The Coalition to Reform Timeshare will be forcefully advocating for a strict code of ethics for timeshare companies, transparency in their sales techniques and for the rights of all timeshare owners."
Large numbers of timeshare owners regret their purchases. Contributing to this dissatisfaction are the financial burdens of steadily growing maintenance fees that average almost $1,000 a year, astronomical interest rates on financing, a virtually non-existent resale market, and the inability for owner's to ever cancel their timeshares.
According to the industry's trade association, The ARDA International Foundation, timeshare owners who finance their purchases with a mortgage, can pay interest rates of up to 17.9%, far higher than today's typical mortgage rate of 4%. This results in tens of thousands in extra interest costs for timeshare owners.
The Coalition to Reform Timeshare is made up of individuals and organizations dedicated to reforming the timeshare industry. CRT is advocating for consumer rights in these key areas:
- Establish a strict code of ethics for timeshare companies
- Reform high-pressure sales practices
- Transparency in marketing and sales
- Educate consumers about state, local and federal legislation or regulations that would be damaging to timeshare owners
- Advocate legal exits from timeshares
"Timeshare companies have been preying on consumers for decades, often targeting the elderly and people who are not financially sophisticated," said Brandon Reed. "The Coalition to Reform Timeshare is going to change that by finally holding the timeshare industry's feet to the fire of honesty and consumer fairness."
SOURCE Coalition to Reform Timeshare