If you’re anything like us, you’re probably feeling stressed and overwhelmed in the lead-up to your holiday vacation. That’s why we wanted to take the time to share with you 15 easy steps to cancel a timeshare contract without any drama.
From working out a payment plan to simply sending a letter, these steps will help you through this delicate process without any hassles. So, if cancelling your timeshare contract is on your agenda, check out these tips!
That way, you can identify the steps to complete your cancellation. Ready to take action? Let’s get started!
How to Cancel a Timeshare Contract
In most cases, you can cancel a timeshare contract without penalty if your contract is in good standing and up to date with your payments.
If this is the case, you can cancel for any reason. However, if you cancel past the first 3-14 days of the contract of your contract, you may have to pay a cancellation fee.
Use your Right of Rescission
You’ve decided you don’t want or need the timeshare you’ve bought, but you’re unsure how to cancel your contract.
It can be hard to know all your rights when cancelling a contract. And sometimes, you don’t even know you violate the cancellation policy until it’s too late.
- Luckily, you’re right that rescission is every consumer’s legal right.
- This means that you have the right to cancel the contract within a specific time frame after purchasing the timeshare, regardless of whether you have used it.
- If you’ve decided you no longer want or need the product, it’s important to understand your state’s restrictions laws. Each state has different rules around the cancellation of contracts.
- Most states allow you to cancel your contract anytime within the first 3-15 days of signing it.
- This is called your right of rescission. If you cancel within this time frame, the timeshare developer has to refund your money, including deposits.
In nearly all cases, you can cancel your timeshare by providing written notice to the other party. The notice must be given within a reasonable time after discovering a problem with the goods or services involved in the contract. Conditions for cancelling a contract vary from state to state, but generally, you must give your reasoning in writing.
Most companies won’t refund you your money unless the contract is cancelled in writing. Be sure to keep a copy of your cancellation letter for your records.
Call Your Timeshare Developer
When buying a timeshare, you should always call your timeshare developer first. This will help you clear up any questions about the contract. Additionally, most developers offer “buy-back” or “deed-back” programs.
These programs allow you to sell your timeshare back to the company and get some of your money back. You can call your developer and inquire about these programs to get the maximum benefit from your timeshare purchase.
A timeshare is a property that allows you to vacation at a specific resort for a specific period each year. If you purchase a timeshare, you can use it whenever you wish. Some resorts strictly enforce their policies regarding renting or selling your timeshare property.
Rent Out Your Timeshare
If you have a timeshare, you can rent it out. This can be a great way to make extra money and have more freedom. But there are a few things you need to know before you start renting your timeshare.
- You can hire a property manager to handle the rentals.
- A good property management company will be able to handle everything for you, including marketing your rental and screening potential renters.
- They will also be able to collect payments and maintain your property while it is being rented.
- You need to advertise the rental in as many places as possible. Posting an ad online is a good way to reach people, but you should also talk to people in your area about the rental.
Note that many things can go wrong when you try to rent out your timeshare on your own. For example, only some developers allow renting! Mainly for the protection of the unit, of course. You don’t want your renters causing any damages that YOU will be responsible for! The developers won’t want to involve themselves with customer complaints to renters who are strangers.
This is why it’s important to read the details of your agreement. You could spend much time doing things that conflict with your contract.
Sell Your Timeshare
If you have a timeshare and are considering selling it, now is the time to do so! Timeshares have been declining in popularity for a few years now, and there are many reasons why this has occurred.
- There are many reasons why people no longer want to own a timeshare, but the most popular reason is that they can’t travel as often as they want because of the hassle and stress of owning a timeshare.
- Due to maintenance fees, timeshares tend to be very expensive to maintain and upkeep.
- They don’t always have enough bedrooms and bathrooms to accommodate the entire family anymore.
- Some people just don’t want the responsibility of owning a timeshare anymore and would rather sell it than deal with the headaches that come with it.
- Selling a timeshare can be very stressful if you’ve never done it before.
- First of all, many different companies offer to sell your timeshare for you, and they will charge you a commission.
- That’s why it’s important to do your research and choose a reputable company that will help you through the process without charging you an exorbitant fee.
Also, it’s important to realise that while you may be able to sell your timeshare for the price you want, you may not get that much money for it. This is especially true for older or outdated properties. To save time and money in the long run, your best bet is to sell the timeshare yourself so that you don’t have to pay commissions.
Stop Your Payments (But Expect Consequences)
Many timeshare owners run into trouble when they cannot use their vacation weeks and decide to either continue making payments or terminate their ownership agreement. When deciding whether or not to terminate your timeshare contract, you should consider the ramifications of doing so and be aware of the potential consequences before making your decision.
- The most obvious reason you would discontinue payments on your timeshare is if you have completely unused vacation time on your reservation that you can no longer use.
- If you do not plan to use your week in the upcoming year, you should cancel your reservation to avoid incurring additional maintenance costs for the units that have not been used.
- If you absolutely cannot cancel your reservation for a maintenance fee-based resort, you may be able to sell your week to someone who can use that week.
- You should check with the resort management before selling any reservation to ensure no restrictions prevent you from selling it.
There are many ways in which you may face negative repercussions if you decide to terminate your timeshare contract. Some common consequences of terminating a timeshare agreement include not being able to recoup your initial purchase price, having to pay the remaining balance on your contract, having your credit negatively impacted due to late payments, and having your property foreclosed upon if you do not continue to make payments.
Trade-In your Timeshare into an Exchange Program
There are many reasons to trade your timeshare into an exchange program. Are you no longer using it and would like to get the most out of your investment? Or maybe you’d like to be able to transfer the ownership of your unit to someone else?
- Whatever your reason for wanting to trade your timeshare, it’s important to research and choose the right exchange company to work with.
- When buying a new timeshare, you can also trade your current timeshare into a different location through an exchange program offered by your developer.
- In addition, you can also trade your timeshare into another company’s ownership program if you already own it through a different exchange provider.
- These programs allow you to get all of your maintenance fees and points back in exchange for a vacation package at the new location of your choice.
It can be daunting to understand all the options available for trading your timeshare, so it’s helpful to talk to a timeshare expert who can help you choose the right one for your needs.
Negotiate with your Timeshare Developer
If you want to eliminate your timeshare, now is the time to negotiate. Timeshare developers are usually willing to work with you and will try to get you the best deal possible. Most developers have a reputation for being rather stubborn when it comes to negotiations, but there are a few things that you can do to increase your chances of getting a better deal.
- The first thing that you should do is start preparing yourself for the negotiation process.
- You should research different developers to see if yours is reasonable to work with.
- You should also gather information about comparable timeshares on the market to get an idea of what you can negotiate for.
Once you are ready to negotiate with the developer, there are a few things that you should try to keep in mind: Don’t Be Aggressive! Sometimes, people try to pressure people into accepting a deal when negotiating, but this rarely works. If you try pressuring the developer into accepting an offer, they will probably reject it. Instead, you should attempt to negotiate with them neutrally and try to create a friendly relationship.
Donate Your Timeshare
Most people don’t realise that donating a timeshare is not as easy as it sounds. While many timeshare owners are reluctant to part with their vacation timeshares, donating them is generally easier than selling them on their own. However, a few donation scams in the past have complicated this option.
- First, you have to find a donation organisation you can trust. Some legitimate organisations will be happy to accept your donation and give you a tax write-off at the same time.
- These organisations are often nonprofit organisations run by people with a personal connection to the cause (like cancer or victims of domestic violence).
- You can also contact the individual charity instead of the organisation itself to see if they will accept your donation.
Another option is to contact an auction company in your local area and let them know what you have to offer. They can help you advertise your timeshare and sell it for a reasonable amount of money. You can also contact them to ask if they will sell the timeshare for you at a discounted price, which you can then use as your donation amount.
Hire a Timeshare Attorney
If you are considering buying or selling a timeshare, consulting with an experienced legal professional is important. Timeshare law is complex and can be extremely expensive to pursue independently.
- A timeshare attorney can help you understand the contract you have agreed to with the seller and any clauses that may impact your rights if you decide you no longer wish to keep the property.
- They can also help you assess whether your seller is giving you the appropriate disclosures and guide you through the resale process if you decide to sell your ownership interest in a property.
- Time is money, so even if you choose a “do it yourself” approach, you will save time in the long run by consulting with an attorney in the early stages of the process.
- Finding a professional that you can trust can make the selling or exit process a lot less stressful for you and your family.
Though a timeshare cancellation can be a frustrating experience, it doesn’t have to be! There are many options available. Contact your state’s attorney general or consumer protection agency for more information. Or you can initiate a Live Chat with one of our representatives to help you explore your available options!
Hire a Timeshare Transfer Company
Timeshare transfers can be a hassle, and they can also be expensive. That’s why it’s important to use a reputable company when transferring. Here are three tips to help you choose the right company:
- Choose a company with good reviews. Do your homework before hiring a company to transfer your timeshare. Read online reviews to find out what others say about them. It’s also a good idea to ask around for recommendations. If you know someone who has used a timeshare transfer company, ask them for their recommendation. Look for a company with positive reviews and a track record of success. A good transfer company will have a good reputation and be experienced in dealing with various situations.
- Check the company’s credentials. Verify that the company you hire is legitimate. A good transfer company will make it easy for you to contact them. They should have a website where you can learn more about them. They should also have contact information so you can call them with any questions. You should also look for a fully licensed company with the necessary insurance. When you choose a company with proper credentials, you can be sure you’re dealing with a professional and reliable company.
- Don’t cut corners. Don’t choose a company based solely on price. Your priority should be choosing a transfer company with a reputation for providing quality service. You should avoid companies that offer extremely low prices because you may end up paying more in the long run if you hire a company that offers poor service. Choose a company that charges a fair price but doesn’t compromise quality or service. A good transfer company can save you a lot of time and money. They can help you avoid the headache of dealing with a timeshare transfer on your own.
These companies will help you cancel your timeshare quickly and more easily than a lengthy sales process. But the problem is meeting the requirements for a “timeshare transfer.”
Your timeshare must be paid off, but other factors must be considered. A customer service representative at a reputable Timeshare Transfer Company will be able to answer your questions and help you determine if you meet the qualifications for a transfer.
Hire a Timeshare Exit Company
A timeshare exit company will be an intermediary between you and the developer. They will analyse your contract to determine the best way to cancel it. They will also help you negotiate with the developer to receive compensation for your timeshare.
- When you hire a company to act as an intermediary, you give up some of your rights as the consumer.
- However, you may be able to negotiate a better deal than you would have been able to on your own.
- The company will help you understand the terms of your contract and how to get out of it.
The timeshare exit company will ask you to provide information about your contract and situation. They will also ask you about your financial goals so that they can advise you on which option is best for you. This process can be frustrating for some people because you may be asked a lot of information you don’t want to reveal. But in the end, it could be worth it if you get out of a bad contract or you are compensated well for your timeshare.
Hire an Escrow Timeshare Exit Company
An escrow company is a third party that holds onto your fees while your exit company works to get you out of your timeshare. This can be a helpful option if you don’t have the time or resources to deal with your timeshare. With this option, you can spend more time working and less time dealing with your timeshare.
- Before you give money to a company, ask them whether or not they are a licensed and bonded business.
- Also, you should ensure that your money is held in a secure escrow account and that it will be refunded if you don’t receive compensation from the developer.
- You should also receive monthly statements to know exactly how your money is spent.
- There are a few companies that provide escrow services. Before you choose a company to work with, you should research to ensure they are reputable and trustworthy.
- Talk to friends and family members who have used an escrow service in the past and ask them for recommendations.
- You can also read reviews online to see if other people have had positive experiences with the company.
When you are ready to hire an escrow company, be sure to give them all the information they need to do their job properly. Your escrow company should have all the required documentation from your timeshare developer before they can begin working on your case. You should also provide them with any information relevant to your case, such as the name of your attorney or the settlement amount offered by the developer. They will use this information to evaluate your case and determine whether it will likely succeed.
Hire a Timeshare Credit Repair Company
Timeshare credit repair companies can help you restore your tarnished credit reputation and improve your chances of being approved for future purchases.
A Timeshare credit repair company can often identify and correct any errors on your credit report that may hurt your credit scores.
One of the best things about hiring a timeshare credit repair company is that you can get advice directly from someone with experience dealing with the issues you’re facing. This will help you get your credit situation back on track. Here are some of the benefits of hiring a timeshare credit repair company:
- Saves you time and money – Going through a reputable timeshare credit repair company can save a lot of time trying to deal with this issue on your own. Sometimes, it may save you money since you won’t have to hire an attorney to handle your case.
- Getting professional assistance – You can consult someone about the best way to handle your situation, and they can advise you on the best course of action. This will make it easier for you to get your credit rating back where it needs to be.
- It helps you avoid further legal trouble. If you hire a timeshare credit repair company to help you fix your credit rating, you can prevent yourself from getting into further legal trouble.
Transfer to a Family Member
If you are thinking about transferring your timeshare to a family member, here are some things to keep in mind:
- Talk to your family member about the transfer before you make it happen. Tell them why you think it’s a good idea and that you won’t do it without their support. If you don’t get their support, it will be impossible to complete the transfer. If they are against the transfer, it’s best not to bring it up again. But if they do support you, you can take the next steps.
- Check with the resort to see if it will accept the transfer. Many resorts will only accept a transfer if the member has been active for a long time or has an outstanding balance on the account. If the resort allows you to make the transfer, you must complete some paperwork and send it to the resort. If the resort refuses to accept the transfer, you must consider other alternatives.
If your family member can complete the purchase, you must provide them with the funds for the down payment and closing costs. You can give the money to them in person, or you can send a check. Remember that there will be fees associated with the transaction, so you must also pay those.
Reach Out to TimeshareExitAdvice.com!
Still, trying to decide which option is right for you? You can reach out to us here! TimeshareExitAdvice.com is a website that provides valuable advice and resources to those who want to cancel a timeshare contract. They provide in-depth information on every aspect of the process, including how to get out of a contract, use your hard-earned refund money wisely, avoid scams and fraud, and much more.
The site is run by a team of experienced timeshare exit specialists and industry insiders, many of whom have owned and used timeshares over the years. Together, they have helped thousands of people cancel their timeshare contracts (sometimes more than once) to get back to doing what they love without the financial burden of owning a timeshare.
So take action now! And speak to a qualified timeshare exit specialist today!