Some Iowans will be using the Thanksgiving holiday to plan for a longer holiday at the end of the year, and if you’re thinking about an extended vacation, be very careful before putting down any money on a timeshare. Consumer advocate Michael Domke says some new timeshare contracts say you aren’t tied to a single vacation home.
“They make the pitch that you have a catalog of other properties that you can stay at, which can seem very inviting and enticing,” Domke says, “but as they may not be available, or you may have to pay an additional fee.”
Domke says it pays to read the fine print on any contract. Plus, he says if someone is trying to get you to pay right away for something you haven’t had a chance to read, you should just walk away from the deal. Domke notes there are other factors you should weigh before buying into a timeshare.
“Do a comparison against how often are you really going to go to the same spot?” Domke says. “Or is it cheaper for you to maybe go to that same area and stay at a hotel or some of these other rental homes that you see at a cheaper price, and then you’re not locked into it?”
Even if you’ve signed the contract, many such deals contain a built-in cooling off period where you’re able to void the contract without penalty.
“If you sign that contract and you go home, or you go back to your room, when you realize, ‘Yeah, I just fell for it, I really didn’t want to do that,’ you have the opportunity to cancel that contract.”
If you think you may’ve been swindled, contact the Consumer Protection Division of the Iowa Attorney General’s Office.