The question of how to cancel your timeshare purchase is entirely reasonable, especially if your investment hasn’t panned out.
Why should you be stuck with something you don’t want–especially if it’s cutting into your savings with mounting fees and mortgage payments?
Undoubtedly, some timeshare buyers have gotten what they wanted from a timeshare company or timeshare exit companies. Others opted to sell in a timeshare resale market.
Like all investments, the value of these shared vacation units depends on specific factors impacting specific people. Location, affordability, usage, and enjoyment will dictate whether your timeshare is worth it.
Timeshares are a hotly debated topic with conflicting information surrounding them. Some sources, namely USA Today, report that a whopping 85% of these fractional owners regret the investment. Yet, a survey from the Timeshare Users Group says that number is only 25%.
We’ll let you be the judge on who to trust.
Most importantly, many people want out of their timeshares, whether the number is 25% or 85%, hence, a timeshare cancellation company comes to mind.
The question of how to cancel your timeshare is entirely reasonable, especially if your investment hasn’t panned out.
Why should you be stuck with something you don’t want–especially if it’s cutting into your savings with mounting fees and mortgage payments?
Undoubtedly, some people have gotten what they wanted from a timeshare company.
Like all investments, the value of these shared vacation units depends on specific factors impacting specific people. Location, affordability, usage, and enjoyment will dictate whether your timeshare is worth it.
Timeshares are a hotly debated topic with conflicting information surrounding them. Some sources, namely USA Today, report that a whopping 85% of these fractional owners regret the investment. Yet, a survey from the Timeshare Users Group says that number is only 25%.
We’ll let you be the judge on who to trust.
Most importantly, many people want out of their timeshares, whether the number is 25% or 85%.
Reasons To Sever Business Relations With Your Timeshare Company.
Dwindling Returns
One of the primary reasons timeshare cancellation runs rampant is the dwindling returns associated with these investments.
According to the LA Times, many timeshare owners are lucky to receive 10c on the dollar for what they paid.
Many owners know the above fact going into their purchase–but not everyone does. There aren’t always protective measures or regulations to prevent unsuspecting buyers from being sold a bill of goods.
For example, timeshare buyers/owners can’t sue a developer in Florida over a salesperson’s inaccurate or misleading statements.
People who enter a timeshare aware of the lack of financial return expect the lifestyle benefits to be enough. Yet, they often learn that booking time in their timeshare is a process rife with hurdles and headaches.
Hidden Fees
Also, those sneaky annual fees or annual maintenance fees (ranging from $900 to $3,000, per the LA Times) don’t always align with your one-week access per year.
Some resorts may also charge special assessments worth six figures after a resort experiences a natural disaster or renovates older properties.
Change in Circumstance
Other cons and deterrents exist, but we’ll skip to the last one: time.
People change monthly, never mind yearly or by the decade. You could enjoy your timeshare for fifteen straight years, then circumstances could change, and you may want out. It’s human nature to change with the times.
Sadly, timeshare contracts can range between 20 and 99 years. Furthermore, they’re notoriously tricky to exit if you want out before your agreement is up.
Why Is Cancelling A Timeshare So Challenging?
Cancelling a timeshare is hard for a few reasons.
Depreciation
For one, their value depreciates and finding someone willing to buy your share is unlikely. Even purchasing a timeshare for a dollar could mean debt and responsibility. After all, the new owner is now stuck with yearly fees.
Hidden Fees
Timeshare contracts are created to be inflexible and keep people trapped. Again, fees are the central theme. Timeshare companies want to lock you into paying your yearly $900 to $3,000–and they’ll ensure there’s no wiggle room.
The swarm of predatory timeshare exit companies seeking vulnerable targets makes the timeshare cancellation process even more challenging. Many timeshare cancellation companies create more problems than help a timeshare owner.
Fortunately, for those who’ve bought into a timeshare and want out, I Want Out Of My Timeshare can help! Read on as we provide a list of tips and tricks:
How To Cancel Timeshares
Have you had that moment of truth where you finally said to yourself, “I need to cancel my timeshare?”
Below, we’ve provided helpful suggestions that’ll make “cancellation of timeshare contract” the best Google query you’ve ever entered into the search field.
Protect Yourself Proactively.
This suggestion is for someone considering purchasing a timeshare and doing their due diligence.
Again, we can’t speak for everyone–and a timeshare could be calling your name. Still, if you have second thoughts, you can protect yourself by creating a situation where cancelling a timeshare is more seamless.
Before signing anything, show your contract to a lawyer specializing in timeshares. They’ll help you understand your options for cancelling or backing out.
Note that states control their respective right of rescission (or refusal) period for timeshares. Be sure that you sign any related documents in the state where your timeshare is located. Some companies have gotten buyers to sign in states with weaker laws to gain leverage in the contract.
How To Cancel Timeshare During Grace Period.
We’ll use “rescission period” and “grace period” interchangeably here, as they are virtually the same.
Depending on your state, grace periods will last up to 10 days. Although some go as high as 15 and as low as three.
Ensure you collect proof of cancellation during this period.
Your request should be written and sent as certified mail. Also, request a return receipt. From there, your timeshare company will promptly send you your deposit and other money you’re owed.
Getting out of your timeshare during your grace period is relatively straightforward. Still, you’ll want to ensure your t’s are crossed and i’s are dotted to avoid complications. Otherwise, you’ll miss the grace period, and suddenly, things will get a lot more complicated.
A Quick Guide To Cancelling Your Timeshare During Your Rescission Period.
Here’s a handy guide to ensure your grace-period timeshare cancellation goes smoothly:
Be knowledgeable of state timeshare rescission laws:
● The state where you’ve signed your contract will dictate how much time you have to send a rescission letter.
● For instance, in Nevada, you have five days to send a cancellation timeshare, and your developer will have to pay you back. Hawaii’s grace period is seven days, while Florida’s is 10. However, some states (e.g., North Dakota) aren’t specific about rescission laws.
● Read your contract to determine which laws apply before writing your timeshare cancellation letter. Any mistakes could mean you won’t be able to cancel your timeshare.
Ensure your cancellation letter is written correctly:
● Language must be precise in cancellation letters without allotting any wiggle room to the timeshare developer.
● Reference the date you signed your contract and the exact nature of your purchase. (E.g., did you invest in a fixed-week timeshare? Are you part of a vacation club? Does the vacation club offer points?)
● Your letter must also reference the contract’s specific language regarding the cancellation. For instance, ensure your letter mentions paragraph 38 if that’s where cancellations are discussed–add quotes to strengthen your case and prove how you’re following the terms.
● Make explicitly clear in your letter that you’re cancelling your timeshare. Don’t leave any doubts. Cut right to the chase and state that you expect a 100% refund per state laws.
Your cancellation letter must be delivered correctly:
● The cancellation section in your contract will most likely communicate to whom and where you must address your cancellation. Follow these directions.
● State laws will outline how to appropriately deliver letters. (E.g., should you use FedEx, UPS, or other expedited services? Should the mail be certified?)
● Some states allow personal delivery.
● Be sure to have evidence that you’ve delivered your notice (e.g., when hand delivering, it should be done by a process server, who can legally sign off on the delivery.
How To Cancel Timeshare After Rescission Period.
The sad reality is that there isn’t always a way out of a timeshare after the rescission period.
However, that doesn’t mean you can’t try. It also doesn’t mean you won’t succeed in your cancelation attempts. In fact, it’s entirely possible to get out of timeshare contracts, even if the grace period is long past.
First, we’ll reiterate how beneficial it can be to have a lawyer look over a timeshare contract if you’re on the verge of buying one. This way, they’ll let you know if your agreement allows or doesn’t allow cancellation after a given period.
You also might be able to cancel your timeshare if you can prove that the organization didn’t perform its duties. It can be viewed as a contract breach, allowing you to escape.
Conversely, a timeshare company can rescind your ownership if you neglect to pay your management fees. However, this approach could damage your credit. You could also be hounded by debt collectors.
Failing to pay your fees could also get you sued for financial losses. Alternatively, you could start litigation to recoup your losses if a timeshare company breached the contract.
Legal Cancellation Is The Best Way Out Of Your Timeshare.
Shady businesses will prey on your need to cancel your timeshare. The number one sign you’re dealing with such a company is those who promise they’ll do the following:
● Rent your timeshare
● Sell your timeshare
● Donate your timeshare
● Transfer your timeshare to a third party
Partnering with these questionable businesses will cause more headaches than you had to begin with. Plus, the chances are, you’ll still be stuck with your timeshare and its related annual expense when all is said and done.
Your wisest approach is working with legal timeshare cancellation experts like the team at I Don’t Want My Timeshare.
Companies like ours will negotiate directly with timeshare companies on your behalf. While we can’t guarantee 100% success, these direct negotiations can yield an official release from your timeshare issued by the timeshare company.
We’ve had success in taking on timeshare companies because we hold them accountable for the unethical behaviors of their salespeople. We’ve been able to free clients from timeshares by proving omissions of fact, outright exaggerations, and FDCPA/FTC violations.
Even if you don’t work with I Don’t Want My Timeshare, look for signs of legitimacy from prospective timeshare cancellation companies. For instance, they should ask you to give them a limited power of attorney and get you to sign the necessary documents.
Limited power of attorney enables your timeshare cancellation legal expert to negotiate–on your behalf–with the timeshare company. They’ll then provide monthly updates throughout the process (which can last between six and nine months).
Selling Your Timeshare Isn’t The Same As Cancelling Your Timeshare.
You may want to avoid a potentially nasty legal fight. You’re not alone–going toe-to-toe with unethical actors can be a stressful ordeal.
The exit companies who promise to sell your timeshare might sound like your best bet.
However, contracts from most timeshare companies make it so that owners can only transfer their timeshare via a quitclaim deed. The kicker is that quitclaim deeds transfer title and nothing else. Therefore if your timeshare is sold on eBay for a buck, you’re still legally on the hook for the mortgage and yearly maintenance fees.
Thus, by working with these shady exit companies who’ll “sell your timeshare,” you may not own your timeshare anymore. At the same time, you may still have to pay for it.
Even if you trust the person you’ve sold to, they’re responsible for making your payments. If they stop paying, it’ll hurt your credit, and you’ll face lawsuits and debt collectors.
Since maintenance fees always rise, it’s not unlikely that the title owner will stop paying–since the consequences won’t impact them.
Temper Your Expectations.
Unless you’re cancelling your timeshare during your grace period, you must be realistic about the challenges you face in exiting your contract.
You’re not doomed by any means–and a company like I Don’t Want My Timeshare will always do what we can to help. Still, these situations aren’t cut and dry, and getting what you want will take time.
Communicating and conveying these challenges is vital at I Don’t Want My Timeshare. This way, you’re emotionally prepared for all the necessary steps to exit your timeshare. We want to have transparent relationships with our clients.
Being upfront about what to expect and the difficulty and duress involved means we can better formulate a negotiation strategy.
There’s a strong likelihood you’ll run into roadblocks along the way. That doesn’t mean you need to give up. Also, it doesn’t mean you should try to resell your timeshare through a shady company.
Instead, remaining informed, educated, and vigilant can help you eventually cancel your timeshare. Fostering a relationship with a timeshare cancellation expert like I Don’t Want My Timeshare is the ideal first step.
So, if you want out of your timeshare but everything seems hopeless, know that the fight isn’t over. You can stand up to predatory timeshare companies through legal means, improving your quality of life and saving you tens of thousands of dollars in the long term.
Don’t Let Timeshare Companies Push You Around Anymore.
You typed “how to cancel my timeshare” (or something similar) into the Google machine, and luckily, you ended up on this article.
If you work with I Don’t Want My Timeshare, we will act with your best interests in mind–and at heart. We won’t promise you any results. However, we can confidently say that we’ve helped thousands of people like you free themselves from timeshare debt.
While we take pride in our results, we take even more pride in our processes. Sure, we fight fiercely for our clients to free them from the grip of nefarious timeshare companies. Yet, honest, fair, and reliable business practices guide our strategies and approaches.
The outstanding, dedicated, and passionate people on our team contribute to our high success rate in timeshare cancellations.
Our team is a highly diverse group with well-rounded perspectives and practical experience. As such, they have a track record for helping people like you get their lives (and money) back by providing favorable timeshare exit resolutions.
Do you want to exit a timeshare? Then, for the sake of your peace of mind and the health of your checkbook, contact I Don’t Want My Timeshare today. We’ll see what we can do to help!
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