‘We about fell out of our seat’: This elderly Florida couple was shocked by timeshare bill of $55K — claims company took advantage of their trust, age. Here’s how to protect yourself

When high-pressure sales tactics take a toll

When Capital Vacations approached the Parks, they were told they could trade their timeshare week for points, giving them more options and flexibility to explore other Capital Vacations resorts.

“They made it sound like this is great. You know, you’re just switching your week to points,” Sandy Parks said.

The couple was bombarded with information and pressured to sign documents quickly. Weeks later, a surprise bill arrived, prompting them to take a closer look at their contract. They soon realized they had unknowingly agreed to purchase additional timeshares for about $55,000.

"Never once did they say that there was going to be any cost involved," she said.

To make matters worse, the salespeople falsified income information to make it appear as though the Parks earned more money than they actually did. The goal was to qualify them for credit cards to begin paying off the unwanted timeshares.

Given Capital Vacations’ reputation, this outcome isn't surprising. The company has received terrible Yelp ratings, with warnings like, "they will flat out lie to you" and "their salespeople are deceitful."

When asked about the Parks' situation, the company responded, "At this time, we do not have a comment." Meanwhile, the Parks remain trapped in a financial nightmare.

"I don't know how they could live with themselves. I don't know how they could sleep at night doing this to people," Sandy Parks said.

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How to avoid a timeshare scam

According to Morningstar, 87% of timeshare owners regret their purchases due to high maintenance fees and the difficulty of reselling.

However, there’s a big difference between signing a legitimate timeshare contract and regretting it versus being duped into buying a timeshare when you didn’t intend to purchase.

Unfortunately, the FBI has reported an uptick in timeshare-related scams, particularly targeting older Americans. A June report found that in the past five years, timeshare fraud had cost victims more than $300 million.

Timeshare scams can take many forms. Some buyers, like the Parks, think they’re simply trading weeks for points — only to discover they’ve actually purchased a new timeshare.

Others fall victim to fraudulent resale companies that claim they can find a buyer for an unwanted timeshare. These companies often charge you an upfront fee, only to disappear with the money while leaving the owner stuck with the timeshare.

To avoid becoming a victim, follow these precautions:

• Read every word of the contract. If you don’t understand something, don’t sign. It’s that simple.
• Research the timeshare company before signing. Look for reviews and check its Better Business Bureau page.
• Go beyond the Better Business rating. Investigate how many complaints have been filed and what they involve. A company may have a decent rating despite numerous complaints.
• Don’t be pressured into signing. If you’re unsure, walk away.
• Beware of “one-day-only” deals. These are designed to pressure you into making a rushed decision without proper due diligence.

Timeshares can be complicated, and scams are common. Taking your time and doing your due diligence can help you avoid a costly financial mistake.