The process of ridding yourself from
an unwanted timeshare may seem like a daunting task. Luckily, there are plenty
of options for timeshare contract termination out there. If you are a timeshare
owner seeking to achieve freedom from your timeshare contract, it is important
to consider these different timeshare cancellation options in order to
determine the best route for your individual case.
If you recently purchased your
timeshare, your contract may still fall within your state’s rescission period.
Rescission periods protect new timeshare owners by allowing for the timeshare
to be cancelled for a guaranteed complete refund of the timeshare within a
certain short period of time after the timeshare purchase is made. All U.S.
states have different specific allotments of time for the rescission period,
but most are around 3-7 days.
By law, your timeshare developer
should have provided information to you regarding the specifics of cancelling
your timeshare within the rescission period, which usually entails sending a
simple letter in requesting to rescind your timeshare. Review the documents
given to you upon the purchase of your timeshare for more detailed information
on your state’s rescission period and instructions for cancelling your
timeshare within the timeframe allotted. If your state’s timeshare rescission
period has ended, then you will need to consider other timeshare cancellation
Resort Deedback Programs
If possible, the best way to get out
of a timeshare contract is to work directly with the timeshare developer. Some
timeshare resorts, including Wyndham, Hilton, WorldMark, Diamond, Westgate, and
Manhattan Club offer “deedback” programs to assist timeshare owners with
relinquishing ownership of their paid-off timeshare back to the company. These
programs are cheaper and safer than using third-party companies, though most
timeshare resorts will not wish to buy back your timeshare if you still owe a
mortgage. Always contact your timeshare resort first to see about any options
for timeshare cancellation they have available through their own company before
exploring any other options.
Resale & Broker Companies
Reselling your timeshare is an option
for you if your timeshare has any value, which is rarer than you may think.
Many timeshare owners mistakenly think that timeshares gain value over time,
like real estate properties. However, the truth is that most timeshares lose
50-90% of their value as soon as they are purchased. Only a small selection of
timeshares are worth reselling. For example, Disney Vacation Club and Mariott
Aruba Surf Club timeshares often retain a significant portion of their initial
value, though it is rare to ever resell a timeshare for the same price it was
Commission-based timeshare broker
companies exist to help owners of timeshares that still have value resell their
timeshares. If you are considering using a timeshare broker, first do a search
on a site like Ebay for timeshares similar to yours to see if your timeshare is
worth selling. It is not uncommon for timeshares to be listed on the web for as
little as $1. If your timeshare resembles one of these listings, then a legitimate
timeshare broker will not take on your case because they will not receive a
commission. Be wary of any timeshare resale companies that charge up-front fees
or claim to be able to assist with reselling a low-value timeshare. These
businesses are almost always scams.
For timeshares that are not worth
reselling, timeshare exit companies exist to assist with cancelling timeshare
contracts. Usually, timeshare relief businesses employ legal professionals to
help timeshare owners get out of their timeshares. Working with a timeshare
exit company may be the best option for you to terminate your timeshare
contract if your timeshare resort does not offer a program of its own and your
timeshare does not have value on the resale market.
It is never recommended to work with a
timeshare exit company that charges direct, up-front fees for their services.
Too often in the timeshare relief industry, timeshare exit companies disappear
with their client’s money or go out of business without following up with their
customers. For this reason, it is recommended to only work with a timeshare
exit company that offers a no 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, no 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.