Timeshare rescission periods are laws put into place to protect new timeshare owners. They allow timeshare owners that have recently purchased their timeshare to cancel the contract for a total refund from the timeshare developer within a certain period of days after the signing of the contract. Each state has a different rescission period, but usually the period is not any longer than 2 weeks at the most. If your state’s rescission period has already ended but you want to get out of your timeshare commitment, there are a few options you should consider.
Reselling your timeshare is an option for getting out of your timeshare, however, it may be much more difficult than you think. Unfortunately, most timeshares lose 50-90% of their value as soon as they are purchased. The timeshare resale market is flooded with common timeshares in locations such as Las Vegas or Orlando, and the prevalence of timeshares practically being given away on sites like Ebay for $1 proves this. Only certain timeshares tend to hold any of their value. For example, Disney Vacation Club and Marriott Aruba Surf Club timeshares are usually able to be sold relatively well, though rarely for the entirety of the initial cost.
The best way to attempt to sell your timeshare is to do so yourself using online platforms like Ebay or Craigslist, which have no additional cost to yourself. There are timeshare resale companies out there that claim to be able to help sell your timeshare with their advertising services. These companies are usually scammy and charge you upfront fees for advertisements that rarely result in actually selling your timeshare. It is important to be aware of this and avoid any company that charges upfront fees.
Timeshare Cancellation & Timeshare Exit Companies
Another option for terminating your timeshare commitment is to enlist the help of a timeshare exit company to break the contract for good. Timeshare exit companies work with legal professionals to help timeshare owners get out of their timeshares. However, it is important to do adequate research on timeshare relief companies before choosing one to work with in order to ensure the business is legitimate.
It is never recommended to work with a timeshare exit company that charges direct, up-front fees for their services. Instead, you should only work with a timeshare exit company that offers a low up-front fee escrow payment option, which allows the client to pay for the service initially to a third-party holding account that only releases the money to the timeshare exit company itself upon the successful cancellation of the timeshare. This is the only way to guarantee protection from fraud.
If you would like to receive more information on timeshare exit companies, low up-front fee escrow payment options, or advice on terminating your timeshare contract, please do not hesitate to fill out our contact form or engage in our live chat.