Timeshares are either an excellent investment for frequent travellers or a money trap set by deceptive salespeople. According to a recent research report by the American Resort Development Association (ARDA). Almost 10 million households in the US own some sort of timeshare or “vacation club membership.”
Nearly 850,000 stated they would like to sell their timeshares within two years, so pushy salespeople got you to sign your paperwork. Or your vacation needs have changed. Sometimes, owners want to know how to get out of a timeshare. The options you might want to consider are:
- Getting out of a timeshare with legal help.
- Renting out your timeshare.
- Give your timeshare away to a friend or family member.
- Use the rescission period to get rid of your timeshare.
- Contacting the resort directly to request them to buy back from you.
- Try and sell your timeshare on the secondary market.
- Hiring a trustworthy timeshare exit company to make the process easier for you.
Let’s see below how you can utilise each method per your situation.
Be careful
- Timeshares cancellation can turn your life upside down if you’re not careful. When it comes to timeshares, you just can’t catch a break from the scams and the industry’s lies.
- The good news is you’ve come to the right place. Our team has written an in-depth review of the many scams that exist, as well as helpful tips on how to get out of a timeshare.
- Our team believes there are a couple of tips every timeshare owner should know about cancelling their timeshare. Fill out the form on the right or initiate a Live Chat with us to help you find the right solution for your timeshare situation.
How to Get Out of a Timeshare Legally
Becoming a timeshare owner can be a dream come true for many people. Other buyers know almost instantly they’ve made a mistake and want out immediately. Either way, you’re here because you want to know how to legally get out of a timeshare. Why?
- Because years of loan payments and a lifetime of escalating annual fees can become a financial burden if you’re not careful, this can lead to many bad ideas out of desperation.
- The timeshares cancellation industry has as many scams, if not more, as the timeshares market. So, selecting the right solution can seem overwhelming.
Our team listed a couple of common timeshare owners’ mistakes below. And different ways to get out of a timeshare legally.
How to Rent Out Timeshare:
- We hate to be the bearer of bad news if you were told you could rent out timeshares and have it pay for itself. But this was a lie.
- It is possible to find interested renters for your timeshares. But to find renters year-round to cover your annual payments is highly unlikely. Besides, some resorts don’t allow you to rent it out to others.
- Typically, this is because renters technically are not liable for any damages they may cause. So, the resorts limit the risk here of any future liability issues.
Read How to Rent Your Timeshare Step-by-Step.
Scams Can Attack You
Most of you still say, “I want to rent out my timeshare.” But the rental market can also cause trouble if you’re not careful. Similar to timeshare telemarketing scams, rental scams consist of cold calls. The “company” calls timeshare owners and offers to list their timeshare for a high price. In return for hundreds of up-front fees, the owner’s timeshare will be “available to hundreds of eager renters.”
The scam companies use this as leverage and pressure owners into paying up-front fees because they have “secured renters” ready to use their timeshare.
What ends up happening is the timeshare owners find out there were never any renters or buyers. And now they’ve lost hundreds, possibly even thousands. To make matters worse, they have no refund option. A because the company has run off with their money.
How to Give Away a Timeshare
How do I give away timeshares? It is the easiest and cheapest option.
- Unfortunately, the timeshare industry has changed significantly within the past few years. And as the industry continues to evolve, so do the contracts designed to keep owners trapped in them.
- This makes finding timeshare loopholes that much more challenging.
- Sure, you might think it’s as easy as it sounds. Unfortunately, this is not the case. Before, few restrictions existed regarding giving it away or donating to charity.
- As you can see, it did not take long for the charities to realise why owners donated their luxurious timeshares.
Donation For A Cause was a timeshares donation company where owners could learn how to give away a timeshare. The company would teach you how to write off your timeshare as a donation. Timeshares are not an asset since they tend to bind you to a lifetime of ongoing maintenance fees. They also depreciate tremendously in value. So think again if you thought you would make a profit reselling. In 2016, The Department of Justice shut this option down. To learn more, click here.
Walking Away from Maintenance Fees
Walking away from timeshares maintenance fees could result in some dire consequences. Sure, we all wish we could close our eyes, and the timeshare magically vanishes into thin air. But at the end of the day, you signed a legally binding contract.
Defaulting timeshare maintenance fees could produce harsh derogatory marks on your credit score. The timeshare most likely will be foreclosed for nonpayment and could lead to the resort pursuing legal action.
Tips for Getting Rid of Your Timeshare Legally
Contact the Resort to Take It Back
- First, you should always contact the resort to take it back. Asking the timeshare developer directly can serve as your best available option.
- The deed buy-back program option is one of the most important timeshare contract loopholes. Not every resort offers buy-back programs. But we are seeing some more prominent resorts start to provide these services.
- Diamond Resorts, Marriott, and Wyndham are some developers beginning to offer these programs.
- Each resort has different requirements that need to be met to qualify for its programs.
- Typically, owners must have their mortgage balance paid off, are current on all fees, and have a clear and free title.
- If you qualify, the resort will give you money and buy it from you. It’s a clean and straightforward transaction where you can finally be free!
Rescission Period and Rescission State Laws
- The rescission period is possibly the most crucial timeshare loophole, but it’s also the most frequently missed opportunity for owners due to its limited time frame.
- A rescission period allows you to cancel your timeshare contract, depending on your purchase date. Every state has different state rescission laws for cancelling your timeshare.
- Think of rescission as the “cooling off” period where owners can cancel their timeshare contract and receive a full refund.
- Your rescission period is typically at the beginning of the end of your contract. A standard rescission period can last 3-14 days immediately after purchasing.
Read the Timeshare Rescission Letter.
Sell A Timeshare
- Commonly, this is every timeshare owner’s first choice when learning how to cancel a timeshare. Although many timeshares do reasonably well on the resale market, most do not.
- For several reasons, it is incredibly complicated to learn how to sell a timeshare successfully.
- The truth is the resale market is very difficult to navigate. Timeshare resale scams are widespread throughout the entire timeshare cancellation industry. And tons of listing companies say they know the best way to sell a timeshare. Those who are a little more desperate will even try to lie and say they have a buyer who’s ready to buy your timeshare now.
Be Patient
- Do not get duped by these feeble attempts to pressure you into another timeshare scam. If you still haven’t paid off your timeshare, it automatically disqualifies you from selling it.
- Most timeshare developers require your timeshare to be paid off; otherwise, they will list it as “encumbered.” This is a status timeshares bear when they are not qualified to be listed on the market.
- If your timeshare is paid off, you’ll realise most timeshares have little to no resale value. Timeshares depreciate almost immediately after purchasing.
- Of course, there are a couple of timeshares that do retain their value, such as Disney Resorts. But for the rest, they drop almost instantly and, in some extreme cases, as low as 90%.
- It is extremely difficult to sell your timeshare. Many owners give up and list their timeshares for as low as $1 on eBay or Craigslist platforms. If someone sells a timeshare for $1, they won’t want to buy it for almost the original price. So, is it hard to sell timeshares? Absolutely.
Are Timeshare Exit Companies Legit?
Suppose you believe your timeshare isn’t worth a dollar. And you don’t want to pay for resale services either. In that case, we suggest you hire a legitimate timeshares exit company to assist with your timeshare cancellation. This is how a legit timeshare exit company will help you:
- Hiring one of the best timeshare exit companies that will work day in and day out on cancelling your timeshare can be a lifesaver. Still, you must be careful about who you hire for the job.
- Many exit companies will try and offer a “100% Money Back Guarantee”, only to disappear a few months later. And after they’ve filed for bankruptcy, you can say goodbye to all that money you paid up-front.
Don’t disclose
- We recommend avoiding any high-pressure sales tactics for this reason. And only give out credit card information after any completed cancellation services.
- Timeshare exit companies that work directly with timeshare attorneys to help you cancel your timeshares are the next best option.
- The attorney’s role is to look for misrepresentations in your contract. Or misrepresentations you faced when you purchased the timeshare.
- So don’t be surprised if they ask you tons of questions about how you were treated or what was said at the timeshares presentation you attended. Are timeshare exit companies legit?
- Well, the best timeshares exit companies know the ins and outs of the industry. They can sometimes use their experience as leverage to get you out of a sticky situation. So, if your agreement had no loopholes, don’t worry because you still have options.
Read Timeshare Contract Loopholes.
How To Get Out of a Hilton Grand Vacation Timeshare
Hilton Resorts has a program that helps owners get out of their timeshares. Hilton made an important statement:
“Regarding vacation ownership, Hilton Grand Vacations wants to ensure you have all the information, resources, and support you need to maximise your vacation ownership. As a Hilton Grand Vacations owner, many beneficial opportunities are available. We invite you to explore them and give us a call any time if you have questions or are interested in learning more.”
To learn more about Hilton Grand Vacation Solutions, click here.
- We always suggest you gather all necessary documents, most importantly your timeshare contract. If you lost or can’t find it, contact Hilton and request a copy of your original timeshare contract.
- Contact Hilton’s Portfolio Services Department at (888)-875-4494 to learn more about Hilton’s timeshare release option.
How To Get Rid of Westgate Timeshare
Look no further if you own a Westgate timeshare and want to get out. Westgate Resorts does not provide a formal exit program, but this can be an option for owners interested in getting rid of their timeshare. The company states
“The Legacy Program by Westgate has been created to assist owners in understanding available options for transitioning away from vacation ownership. We aim to provide safe and secure exit options for all qualifying accounts. The Legacy Program offers Westgate Resorts owners the ONLY Developer-guaranteed release option.”
- As always, gather all necessary documents, especially your timeshare contract. If you upgrade your timeshare, please include those documents as well.
- Next, you should visit Westgate’s website to learn more about their “Legacy Program by Westgate” to see if you qualify.
- You can reach Westgate at (800)-351-0461 to speak with someone in person.
How To Get Out of a Diamond Resorts Timeshare
Diamond Resorts, you are in luck. Diamond has released a program where you can relinquish all or part of your vacation ownership. There are a couple of conditions that do apply.
- There can be no existing loan balance.
- Must be current on all payments.
- You must have a clear and free title.
- All future reservations must be cancelled or travelled on before submitting your request.
- Members who own in Embarc or the EU Collection do not qualify.
- Participation with a timeshare exit or resale company or firm may disqualify you.
- Read through Diamond Resorts’ “Transitions by Diamond Resorts” program page to learn more.
- You can reach Diamond Resorts at (855)-342-3689 to start the process.
How To Get Out of a Marriott Timeshare
- Marriott timeshares owners or Marriott Vacation Club owners, you also have options. Marriott offers an exit program with its specialists who can help you sell your timeshare.
- If you are interested in the exit program by Marriott Vacation Club, here is an important statement from the company:
“Vacation ownership is a life-changing decision. At Marriott Vacation Club, we understand that sometimes even long-time owners need to sell their timeshare due to life circumstances. Reduced finances, fixed incomes, declining health, and other reasons may make it difficult for owners to get out and use their timeshare to explore the world. When you work with us to plan your timeshare exit, you’ll receive information and guidance from a company you trust. We’re here to help you understand the process every step of the way.”
For owners interested in selling, please read the following statement:
“Are you considering selling your timeshare or wondering what benefits you might get from the Marriott Vacation Club resale program? Our timeshare Exit Specialists can answer your questions and address any concerns. We’re here to help you explore all your options and determine your best decision. You can trust the Exit Specialist team to provide the exceptional service you’ve come to expect from Marriott Vacation Club.
- Contact a Marriott Vacation Club Exit Specialist who can help determine if this program is right for you.
- You can reach them at (407)-641-1801 or call the toll-free number at (866)-682-4547.
To learn more about the Marriott Vacation Club exit programs, click here.
Final Thoughts
Many experts warn the timeshares industry is like “walking through a minefield.” Unfortunately, there is some truth to this statement. Whether it’s the development, exit, or resale industry, they’re all filled with scammers ready to rob you of your money.
If you still need to find your opportunity to rescind, contact your timeshare developer first to see how to cancel a timeshare contract. If it doesn’t work out, we recommend hiring timeshare exit companies that can help with your timeshare situation.
It’s a difficult path.
Our team only recommends working with the best timeshares exit companies for your current situation. We only recommend companies that offer a no up-front fee escrow payment option. Also, companies that use attorneys to assist with cancelling your timeshare. Over time, your timeshares contract can start to become a burden.
So take the right step towards financial freedom and learn how to cancel timeshares! Fill out the form on the right or contact us through Live Chat for a free informational consultation to determine your situation’s best option. We can also help you determine if an exit company is legitimate. Know your legal rights so you can exit your contract legally. There are numerous timeshares scams every year. Read over our website to learn how you can stay protected!
