How to Legally Get Out of a Timeshare: 3 Methods
The timeshare industry, a lucrative market worth billions of dollars, presents challenges when it comes to exiting ownership due to its complex nature. Upon entering a timeshare contract, one becomes obligated to pay steep maintenance fees to the resort for a lifetime. Unfortunately, many individuals are unaware of this fact, as the allure of unlimited vacation options blinds them to the long-term financial burden of timeshare ownership. Whether it’s Wyndham, Marriott Vacation Club, Hilton Grand Vacations, or any other flashy timeshare brand, each has its own drawbacks that may result in regrets over the purchase decision. For those who find themselves in this predicament, seeking legal means to relinquish ownership becomes a priority. Here are three legitimate methods for legally getting out of a timeshare agreement.
1. Pursue the Timeshare Rescission Method
Timeshare sales tactics are notorious for their manipulative nature, often involving strategies such as starting with inflated prices and then offering reductions to create a sense of urgency and appeal. Additionally, salespeople may provide enticing perks such as resort tours, freebies, and bonuses to entice potential buyers. These high-pressure methods can push individuals into impulsive decisions they may later regret. As a result, timeshare developers are required by law to provide a rescission period, typically lasting 3-10 days depending on state regulations, during which customers can cancel their contract and return the timeshare if they have a change of heart.
If you have recently signed a timeshare contract and are considering canceling during the rescission period, it is crucial to carefully follow the specific guidelines for this process. To initiate the rescission process, you will need to draft a cancellation letter to your timeshare developer, clearly stating the date of purchase and the type of timeshare acquired. The language used in the letter should align with the terms and conditions outlined in your timeshare agreement, particularly the sections pertaining to the developer’s cancellation protocols. It’s important to explicitly convey that cancellation is the only acceptable option and that you are not interested in any alternative deals that may be offered.
To ensure the cancellation letter is properly delivered within the rescission period, it should be sent via a secure postal method or delivered in person, with the delivery tracked for verification. Failing to deliver the letter on time may result in the contract remaining binding. Being meticulous and adhering to the rescission guidelines can be crucial in legally and successfully getting out of a timeshare contract.
2. Put Your Timeshare on the Resale Market
If the rescission period has expired, your options for getting out of a timeshare are limited. If your timeshare company does not offer a deed-back scheme, which is often the case, you may consider the timeshare resale market as the next logical step. However, it is crucial to consult with your timeshare developer before proceeding, as not doing so could violate your contract and result in hefty fees or other undesirable consequences.
If you decide to pursue the resale market, start by researching comparable listings for units similar to yours. Look into the prices of other units in your resort and surrounding areas to get an idea of the competition. Checking websites such as eBay or Craigslist can provide insights into the prices being offered, which could even be as low as $0, as many people are willing to give away their timeshares for nothing.
It’s important to remember that the timeshare resale market is highly competitive and rarely results in profitable transactions. Even with the assistance of real estate agents specializing in timeshare sales, success is uncommon. This is because many timeshare owners find themselves in a similar situation as you, burdened with annual maintenance fees and regret over their purchase. The resale market is saturated, making it challenging to stand out from the competition and find a buyer.
Furthermore, as a timeshare owner, you may have a loan payable to your timeshare company. Even if you are able to sell your timeshare or give it away for free, you will still be obligated to repay the loan, which may have little or no value. It’s important to consider this financial obligation when exploring resale options for your timeshare.
3. Seek Out an Exit Company
If you are facing challenges in selling your timeshare property due to developer restrictions or financial constraints, you may consider seeking assistance from a timeshare exit company as your last option. However, it’s crucial to be vigilant about potential timeshare exit scams that exist in the industry. These scams may involve companies that do not disclose their exit strategy, demand a large upfront fee without providing a clear explanation, fail to maintain communication with customers, request additional funds during the process, or have negative or no customer reviews.
Unfortunately, there are many timeshare exit companies that take advantage of desperate customers and fail to deliver successful exits, sometimes even considering foreclosure as a viable option. However, Centerstone Group is a reputable and trustworthy full-service advocacy group with over 33 years of experience in the industry. We have a unique three-pronged strategy to achieve successful timeshare exits, which includes working with established law firms to resolve contract issues with your developer. Our team takes the time to understand your specific situation and develops the best legal strategy to help you get out of your timeshare property.
Choose the Best Route for How to Legally Get Out of a Timeshare
Getting out of a timeshare contract can be a daunting process, especially if you have surpassed the rescission period and have already invested a significant amount of money. While attempting to sell your timeshare or seeking help from a timeshare exit company may be considered, Centerstone Group is your top choice for a successful exit.
Our proven track record of achieving timeshare cancellations and ensuring high customer satisfaction, as evidenced by our impressive 4.78-out-of-5-star rating and positive reviews, showcases our expertise in this field. Don’t hesitate to take advantage of our free consultation today and let us help you with your timeshare exit.