Consumers paying thousands to buy timeshares that don’t exist or selling timeshares to buyers who don’t exist
Travel season is just around the corner and BBB warns consumers trying to shore up their vacation rental properties that timeshare scams are still alive and well.
BBB investigated the industry and found one consumer in Corpus Christi who paid thousands of dollars to scammers promising to sell him a timeshare in Mexico. His story is very common, with scammers often asking for money up front to cover closing costs, taxes, fees or other charges on a timeshare property that doesn’t exist.
However, BBB also found warnings from the FTC and the FBI about other types of timeshare scams. Some target current timeshare owners, where the scammers claim to have a buyer lined up but need money to close the deal. The FBI said those scammers often return once the consumer realizes the whole thing was a fraud and claim to be a company that can get the consumer’s money back.