The situation we know well. You attend a seminar offering a free gift. Suddenly they’ve swept you off your feet, dazzling you with the vision of traveling to your dream destination yearly, for the rest of your life.
At first, it seems too good to be true. You sign immediately and bam. You’ve got yourself a guaranteed once a year trip to the destination of year dreams.
Then come the speed bumps. Maybe they’re small, like having to change your work schedule to fit traveling to your timeshare.
Eventually, those speed bumps become full-on guard rails. You’re paying for a vacation you can’t afford, can’t attend due to limited availability, or a global pandemic.
How is that fair? Month by month you see money fly out the window on a property you now detest. You need to get out. Fast.
We at Lonestar Transfer can help. here are three fast timeshare exit strategies to get you out from under the thumb of an oppressive timeshare contract.
1. Let’s Talk About Rescission
Did you recently buy a timeshare? Do you feel as though you were tricked or manipulated? Or maybe you have buyer’s remorse? Rescission is the first step you should take and the fastest possible way to get yourself out of a timeshare contract.
When you sign a timeshare contract you have what’s referred to as a “right of rescission.” All timeshare contracts have what’s known as a rescission period. This is a short amount of time after signing that lets you opt-out of the timeshare purchase.
Different states have different rescission periods, with the Federal Trade Commission requiring a minimum of three-days on all contracts. The states can determine their own time requirements, usually falling somewhere between 3-15 days. Indiana and Alaska are the most generous with their rescission periods.
An important thing to note is that the rescission laws are based on where your timeshare is located, not where you live, or where you were when you purchased it.
If that period hasn’t expired, you’re in luck! You can contact the timeshare company you purchased from and cancel your contract. The Federal Trade Commission recommends issuing your cancellation via writing. Send a letter by certified mail and make sure to ask for a return receipt so you can document what the seller received.
Ensure you keep a copy of your letter and anything else you enclosed. As provided by law, you should receive a refund of any money you paid as well as a confirmation of your terminated contract.
2. Sell or Renegotiate Your Timeshare
Odds are if you’re past the point of rescission you’ve paid for your timeshare for a while, maybe you’ve gotten your fill of it. Now you hope to move on.
Unfortunately, it’s not always so easy.
This process comes with a bit of risk and a bit more time compared to rescission. Your first step should be contacting a professional real estate broker who specializes in timeshares. They’ll usually give you an eye into the market to see if you have a property worth buying.
If you don’t want to go that route, you can contact the property or resort owners. Though they won’t release you from the contract (you’re paying them monthly after all), they may have programs to help list or advertise your timeshare to their current clientele.
The timeshare company may also be willing to terminate your contract for a hefty one-time fee.
Finally, you can also list your timeshare online to see if it generates any interest from prospective buyers.
Unfortunately, with the current state of the world, traveling has made selling timeshares particularly tricky.
Most prospective buyers aren’t going to empathize with what you’ve invested in the timeshare. They’re going to want a deal, leaving you with the short-stick.
3. Hire an Attorney and Cancel Your Timeshare Contract
You’re pushed past the point of no return. You need to get rid of this timeshare. Let’s reposition how you think of this: it’s not the timeshare that’s the problem, it’s the timeshare contract that’s an issue.
Yes, in the end, this is an issue of you contractually owing money on a timeshare. It’s a legal issue and all legal issues can be disputed and won with the right legal expertise.
There are a number of practices that seedy timeshare salespeople use to get buyers to commit out of good faith, ranging from coercion tactics to outright lying.
If you want out, we at Lonestar Transfer are committed to being beside you every step of the way.
Fast Timeshare Exit Strategies You Should NOT Do
Don’t go giving away your timeshare. Really, if you’re miserable with the timeshare, why pass the buck to someone you know? They don’t deserve the hassle that you’re going through, just as much as you don’t.
Next, don’t attempt to rent your timeshare. If you think you’ll be able to make back the money you pay by renting, you’re probably mistaken.
It takes a lot of money and time to list your timeshare for rent, not to mention that you likely won’t make back the money as a whole. Maintenance fees will continue to increase. If you manage to find return-renters, odds are they won’t be willing to keep up with the price increase.
And depending on where your timeshare is located, you’re likely to be competing against an active market for travelers already.
Sure, the philosophy seems sound. But if you have one bad renter, you’ll be responsible for any of the damages they make.
Perhaps the fastest strategy is stopping paying for your timeshare. Do NOT do this.
Timeshare corporations, like any other company, will come a-knocking, expecting their pay. And when they come, they’ll come with heavy interest.
The legal battles that will proceed will be costly and affect your credit. You’ll have collection agencies breathing down your neck and the stress you feel today will be magnified tenfold once you’re forced to repay all that you owe in court.
Get Out of Your Contract Today
Don’t find yourself in the hole of a timeshare contract. Contact us at Lonestar Transfer. We can answer any further questions you may have and offer continual advice on timeshare exit strategies.
Our guarantee is to help you unload your timeshare in as fast and easy a manner as possible. You don’t deserve the punishment of paying for a timeshare you don’t need or can’t afford.