An infrequent but brutal pain point for timeshare owners that we encounter is the dreaded special assessment fee. Special assessment fees come in many forms but are, at their essence, bills that timeshare resorts charge their owners beyond regularly-scheduled maintenance fees or ownership dues. Unlike maintenance fees, which are scheduled payments and therefore somewhat predictable, a special assessment fee could land on a timeshare owner’s doorstep at any time.

As of 2017, 9.2M Americans own some type of timeshare, unfortunately, many of those people find it incredibly difficult (or seemingly impossible) to leave their timeshare contracts if they want to.

That’s exactly why companies like Timeshare Exit Pros exist – to support consumer financial health and assist people in exiting their timeshare contracts when they have no other option. That said, there’s not always a one-size-fits-all approach to exiting your timeshare.

We’ve entered an age where toddlers operate smart phones, cars can drive themselves, and soulmates are found with a swipe. For many individuals, innovation has fueled their consumer behavior with a need for instant gratification and social acceptance. While several industries haven’t been able to stay in tune to meeting these needs, most of the travel industry has proven to thrive in this environment.

How much would you pay for an annually recurring week-long vacation? Does a $22,000 price tag with 14% interest and an additional $970 fee each year sound like a good deal?

It shouldn’t, but those numbers are standard in the timeshare industry, according to the American Resort Development Association (ARDA). While many timeshare resorts tell potential buyers that they’ll save money over time, simple math shows that those promises just don’t add up. Timeshare resorts assure travelers convenient recurring trips, but in the age of the sharing economy where affordable short-term rentals are available, the arrangement makes less sense.

The top reason for this regret stems from the financial burden that comes with timeshares. Not only is there the significant cost of the original purchase, but there are also rising maintenance fees, the risk of special assessments, and the reality of lifetime contracts.  On average, a timeshare costs over $20,0003 purchased new from the resort. Many owners finance this purchase, oftentimes through a credit card through the timeshare company directly. This means that they are making money off of both the original sales price, and interest accrued through the mortgage. With an average interest rate of 14%4, these high interest loans are a huge profit center for the timeshares.