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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.
Timeshare Rescission Period
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 options.
Timeshare 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.
Timeshare 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 purchased for.
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.
Timeshare Exit Companies
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.