What are Timeshare Contract Loopholes?
It’s not uncommon to feel “buyer’s remorse” after making such a large purchase. Especially when it comes to timeshares. Getting into one is easy! Getting out of one, not so much. And with such complex contracts that seem to be stuck with you like a piece of gum stuck to a shoe, you’re probably wondering if there’s even a way to get out of a timeshare? If you’re looking for an honest article on timeshare contract loopholes, then you’ve come to the right place.
You should not be obligated to keep paying for something that’s based on a contract full of lies. It’s unethical, and the reason why our team has composed this article. If you felt like you were misled or pressured into something that you or your family did not want, we recommend you reach out to us immediately. Fill out the free consultation form on the right, or initiate a Live Chat with one of our experts for a free informational consultation. We can help you determine the best available option to exit your contract. Also, connect you with the right exit company based on your current situation.
List of Common Loopholes In Timeshare Contracts:
- Rescission Period
The rescission period is possibly the single most important timeshare loophole, but due to its limited time-frame, it’s also the most frequently missed opportunity for owners. Think of the rescission period as the “cooling off” period where timeshare owners can cancel their timeshare contract, and still receive a full refund. Each state in America, as well as other countries, have their own rescission laws. You can find your rescission period usually at the beginning, or the end of your contract. Overall, the only detail that really varies is the time frame of when you can “rescind.” Typically a standard rescission period can last 3-14 days immediately after purchasing.
- Deed Buy-Back Programs
If you are looking for timeshare loopholes, one of the most important ones to know about are deed buy-back programs. The first thing you should always do is contact the resort directly to see if these programs are available to you. Some of the bigger resorts like Diamond Resorts, Marriott, and Wyndham are starting to offer such programs. Typically, to qualify for this option, 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 off of you. It’s an easy, clean, transaction and you’re finally free! It’s no wonder these deed buy-back programs aren’t well-publicized.
- Donate Your Timeshare
The timeshare industry has changed quite a bit within the past few decades. And as the industry continues to evolve, so do the contracts that are designed to keep owners trapped in them. This makes finding timeshare loopholes, that much tougher. One popular loophole used to be donating your timeshare. Unfortunately, this option is not available or considered the best solution.
Donation For A Cause was a timeshare donation company where timeshare owners were able to write off their timeshare as a donation. Timeshares clearly are not an asset since they tend to bind you to a lifetime of continuous maintenance fees. Timeshares also depreciate tremendously in value, so one could not resell it for profit. In 2016, The Department of Justice shut this option down for this very reason. To learn more, click here
Timeshare Exit Companies
There’s no debate denying there are numerous timeshare exit companies. All of them claim they can help you get out of your timeshare. Unfortunately, there are many scam companies posing as “legitimate” timeshare exit companies. Read more about timeshare scams so you can learn how to protect yourself from one.
The most common and legitimate way to cancel your timeshare is by hiring a reputable timeshare exit company. A legitimate timeshare exit company works directly with timeshare attorneys to help you cancel your timeshare. The attorney’s primary focus is to look for misrepresentations in your contract or misrepresentations you faced when you purchased the timeshare. This means they may ask you multiple questions about how you were treated or what was said at the timeshare presentation you attended.
Timeshare exit companies have discovered different options they can use to get owners like yourself out of their timeshares. Experienced exit companies know the ins and outs of the industry, and they use their experience as leverage sometimes to get you out. So if your agreement did not contain any legal timeshare contract loopholes, do not worry, because you still have options.
In conclusion, you should always contact your timeshare developer first and see if you qualify for rescission. If you missed your rescission period, at least you can still ask if there are any deed buy-back or exit programs available. If you are still unsuccessful, our next recommendation is to hire a legitimate timeshare exit company. A company that can assist with your timeshare cancellation.
As we mentioned in this article, misrepresentations are the critical focus for many timeshare exit companies. However, you are still at risk of encountering a scam company posing as an exit company. For this very reason, we recommend working with experienced timeshare exit companies. Who can have no-up front fees and offer an escrow payment option, so you are protected from scams?
Our goal with our review site is to help you get a closer look at how timeshare exit companies operate. If you learn how a reputable exit company operates, it’ll make red flags easier to spot out when you come across one. Contact our team so we can help you determine if a timeshare exit company is legitimate. Read over our website and fill out the form on the right or contact us through Live Chat for a free informational consultation. Learn how you can protect yourself from a timeshare exit scam!