So, you bought a timeshare and don’t want it anymore. It happens! It’s perfectly normal to enjoy something and then move on from it. With that said, there’s good news and bad news. The good news is you have plenty of options to eliminate your timeshare. The bad news is that not all of these options are safe. Amidst all the options you’ve heard of, one carries a lot more risk than you’d think: timeshare cancellation companies. While these companies make big promises, they can often be double-edged. What makes the average timeshare exit company so risky to work with, and how can you safely move on from your timeshare? Many timeshare owners ask these questions, and if you’re one of them, you’ve come to the right place! We’ll give you a complete breakdown of timeshare cancellation companies.
Can You Cancel a Timeshare Contract?
First things first: can you cancel a timeshare contract? After all, timeshare cancellation companies are named the way they are for a reason, right? The answer is: not really, no. Just like when you purchase a home, buying a timeshare is a legally binding process. You can’t just cancel your timeshare ownership. At least, not for the most part. There is one exception to this rule called the timeshare rescission period.
Timeshare Rescission Period
In the United States, timeshare buyers can rescind their purchase quickly. The recession period varies from state to state. It can be anywhere from 3 to 10 days but check with the state of your resort.
Once the rescission period has passed, you, as a timeshare owner, have several empowering options for exiting your timeshare. You can take control by contacting your resort or developer, gifting your ownership, or selling it on the resale market. These options put you in the driver’s seat of your timeshare situation, providing a sense of empowerment and control.
How Do Timeshare Cancellation Companies Work?
You may have seen ads online or on TV from timeshare cancellation companies promising to get you out of your contract. As a timeshare owner, it seems reasonable for a timeshare exit attorney to advocate for you without loopholes or questionable practices. However, many of the promises that these companies make are rarely upheld.
Timeshare exit companies will offer a money-back guarantee, promising to get you out of your ownership. This entails a letter sent to your resort to cease all communication with you, the owner. Timeshare exit attorneys typically advise owners to stop paying their timeshare maintenance fees. This is a big red flag within the timeshare industry and can cause more harm than good. If you stop paying your maintenance fees while still owning a timeshare, the resort developer may foreclose on it, and you’ll end up damaging your credit.
During this period, the company will supposedly work on your behalf to end your ownership, a process that can stretch indefinitely. However, many of these companies demand a substantial up-front fee, often in the thousands of dollars. In the worst-case scenario, the ‘timeshare salespeople’ at the exit company may vanish after taking your money, leaving you with no resolution and a significant financial loss.
How Much Does Timeshare Cancellation Cost?
As mentioned, timeshare cancellation companies can charge upwards of thousands of dollars up-front to cancel your timeshare. The BBB has an in-depth study on timeshare cancellation, including victims of cancellation attorneys.
When it comes to getting rid of your timeshare, it’s vital to steer clear of exorbitant up-front fees charged by timeshare exit companies. Instead, focus on the safe and legal options that abound in the timeshare industry.
Other Timeshare Cancellation Scams
Out of all of the scams, timeshare cancellation is the industry’s latest scam that preys upon thousands of unsuspecting owners. Be aware of any of these red flags when you are looking for a way out of your timeshare:
“Stop Paying Your Maintenance Fees/Dues”
Any companies or representatives that recommend you stop paying your required payments are likely timeshare exit scams. Your maintenance fees or dues are legally binding and needed while you still own your timeshare. It is much like paying your mortgage, property taxes, or insurance. If you stop paying, you will foreclose on your ownership. This impacts your credit score and stays on your credit report.
Exorbitant Upfront Fees
Think twice about paying thousands upfront to get out of your timeshare. Your resort or developer likely has free timeshare relief options for owners. Exit or cancellation companies charge thousands upfront and are scrutinized for not fulfilling their services and leaving their customers in the dark.
Unsolicited Phone Calls/Cold Calls
A legitimate resale company or representative will only contact you with your permission. This is illegal! If you are called by one of these companies out of the blue, it’s a scam! Refrain from giving your personal information over the phone to a company you’ve never heard of or weren’t expecting a call from.
Fake Timeshare Resale Agents
Today’s timeshare exit scams are more tech-savvy. They manipulate caller ID information to appear as a different number, posing as employees of legitimate resale companies. It has been reported that a timeshare “representative” has reached out to some of our customers this way.
Safe Alternatives to Timeshare Cancellation Companies
While timeshare cancellation companies aren’t safe, as we mentioned before, you have plenty of alternatives! From your developer to ARDA to the resale market, you can safely say goodbye to your timeshare.
In-House Timeshare Exit Solutions
If you want to move on from your timeshare, the first thing you should do is contact your resort developer. Many timeshare companies offer in-house timeshare exit solutions to help you. Selling a Wyndham timeshare? Contact Wyndham Cares. Or maybe you’re looking to sell your Holiday Inn Club timeshare? Horizons by Holiday Inn is their in-house exit solution. Most brands will have options just for their owners so that you can exit your timeshare responsibly.
How ARDA Can Help You Sell Your Timeshare
ARDA, the American Resort Development Association, is the timeshare industry advocacy group for owners, buyers, sellers, and developers. They have free resources and guidance to point you in the right direction. Ultimately, if you see that a company is a member of ARDA, you can rest assured that they follow a strict set of ethics that helps to keep everyone in the industry safe.
After contacting your timeshare company or resort, check ResponsibleExit.com for help. The Coalition for Responsible Exit’s page houses numerous resources, news updates, and guides for owners who want to exit their timeshare.
In-House Timeshare Exit Solutions
If you want to move on from your timeshare, the first thing you should do is contact your resort developer. Many timeshare companies offer in-house timeshare exit solutions to help you. Selling a Wyndham timeshare? Contact Wyndham Cares. Or maybe you’re looking to sell your Holiday Inn Club timeshare? Horizons by Holiday Inn is their in-house exit solution. Most brands will have options that are just for their owners so that you can exit your timeshare responsibly
Selling Your Timeshare on the Resale Market
Another great alternative to using a timeshare cancellation company is selling your timeshare on the resale market. Selling your timeshare gives you extra control over the process, as you can choose who to sell the ownership to. That said, keeping your expectations for selling your timeshare in check is essential. Timeshares are not an investment; they’re a luxury item. Much like other luxury items like cars, timeshares depreciate over time. As a result, it’s unlikely that you’ll make a profit by selling your vacation ownership. Instead, selling allows you to recoup some costs and safely move on from your timeshare.
Skip the Timeshare Cancellation Companies and Sell Your Ownership With Timeshares Only
When navigating the resale market, working with a group that’s both experienced and trustworthy is essential. That’s where we come in! Timeshares Only is a featured reseller for the Coalition for Responsible Exit. We also have an A+ rating on the Better Business Bureau. We’ve also been in the industry for over 30 years. Our resale representatives can guide you and assist you at every stage of the selling process. This means we have a reputation you can trust and the experience to help guide you through the selling process. Click the link below to get started!
Not Quite Ready to Sell Your Timeshare?
On the other hand, if you need more time to move on from your timeshare, consider renting it out instead. Renting out your timeshare can help pay off your maintenance fees or put some money back in your pocket. If you want to rent out your timeshare, click the link below! Do you still have questions? No problem! Feel free to call us at 1-800-610-2734 or email us at [email protected].
