You’ve had a timeshare for a few years now. While you’ve gotten some use out of it, you’re starting to wonder whether it’s still beneficial to you. That’s why you’ve come to this article: you need advice.
In particular, you need to know: is it time to cancel your timeshare? And, if so, how do you go about canceling a timeshare?
Getting out of a timeshare contract is possible. We’re going to discuss not only when you should pull the trigger but how to cancel your timeshare contract when it’s necessary. Let’s get into the specifics.
Signs You Should Cancel Your Timeshare
There are numerous signs to look out for that indicate a need to cancel your timeshare. Some of the most prominent of these signs include the following:
You’re Rarely Using It
You don’t want to pay for something that you’re not using. Unfortunately, in many cases, timeshare owners rarely use their timeshares. In some cases, they haven’t used them in years.
Of course, due to the way that timeshares work, these individuals are still having to pay 100% of the costs associated with their contracts. In essence, they’re paying large amounts of money for nothing.
This is a clear sign that you need to cancel your timeshare. If you don’t, you’re simply giving money away.
You’re Tired of Vacationing in the Same Place
One of the biggest issues with timeshares is that, in many cases, they tie their owners down to one specific location. This has the potential to be beneficial for those who like vacationing in the same spot every year. However, these individuals are few and far between.
Most people like to switch up their vacation destinations from time to time. However, if these people are timeshare owners, they’re generally going to go to their timeshares, whether they really want to or not.
After all, who wants to spend even more money on a separate hotel or resort? When you own a timeshare, you’re paying money on top of money just to go on a slightly different vacation. As such, you’re likely much more reluctant to ever switch up locations.
So, if you’re tired of vacationing in the same place every year, think about cancelling that timeshare. You might have to pay a little money to get out of it initially. However, once you’re free, you’ll have the opportunity to go wherever you want, and with more money available to you than what you would have had if you had kept the timeshare.
You’re Tired of Being Locked Into a Specific Date Range
When you buy a timeshare, you pay to use a specific unit during a specific date range. Generally speaking, once you sign the contract, you’re locked into this date range from there on out.
This is fine if you have a consistent schedule that enables you to vacation at that time every year. It’s fine if you never need to vary your schedule. However, for most timeshare owners, this isn’t true.
In fact, it’s not uncommon for timeshare owners to be busy during their pre-selected date range. Because of this, they might not have the opportunity to utilize it each and every year.
If you’re facing this problem, you should strongly consider cancelling. Yes, you’ll have to pay some money to get out of your contract. However, once you do, you’ll have the freedom to vacation whenever you please.
You’re Having Second Thoughts
Let’s say you just signed your first timeshare contract. You got swept up in the idea of having a vacation spot that was yours. However, as more time passes, and as you read the contract with a more discriminating eye, you’re starting to think that you made a mistake. In other words, you’re having second thoughts about owning a timeshare.
This is a sure sign that you need to cancel your timeshare. If you’re having regrets before you’ve even used it, there’s no doubt about it: you’re not going to be happy with it in a few years.
Fortunately, it’s much simpler to get out of a timeshare if you just recently purchased it. Oftentimes, one can argue that there’s language in the contract that misled them. This frequently serves as immediate grounds for cancellation, and without having to pay any fees.
You’re Having Trouble Paying
Your financial situation going into a timeshare might be different from what your financial situation is now. In other words, you might not have the money necessary to pay for your timeshare.
In fact, your financial situation doesn’t even need to change for this to happen. You could just be subject to greater maintenance fees than you ever expected to be subjected to.
If this is happening, and you’re having trouble paying all of your timeshare expenses, you should seriously consider getting out. This isn’t going to get any better. In fact, in all likelihood, it’s going to get worse.
At some point, it might even drive you into debt. This is why it’s much better to pay a bit of money now. You’ll pay a small amount now so that you don’t pay a substantial amount down the road.
Your Life Situation Has Changed
Maybe you bought your timeshare 8 years ago when your kids were 12 and 10. It served your family well for years but, at this point, with your kids leaving the nest, it just doesn’t have the same usefulness that it once did.
Sure, you and your spouse could still use it. However, you don’t need all the space it provides. Or, maybe these types of vacations are just a thing of the past for you now.
Regardless, if your life situation has changed, and it no longer coincides with the use of your timeshare, you should cancel it. There are all sorts of other adventures for you to get into once you’re free from your contract.
You Have Obligations That Prevent You from Using Your Timeshare
The last sign that you should cancel your timeshare is that you have obligations that prevent you from using your timeshare. This stands to reason, as not using your timeshare is essentially just a waste of money.
For instance, maybe your work requires you to attend a conference during your timeshare week every single year. This is a no-brainer. Cancellation is the only wise option.
Or, maybe you’re a military member and are being deployed. Because of this, you’re not going to be around to utilize your timeshare. There’s no sense in paying for it over the next few years; just cancel it and look for other lodging options at a later date.
How to Cancel a Timeshare
We’ve discussed the signs that you should cancel your timeshare. Now, let’s discuss how you go about canceling a timeshare.
Cancel Within the Rescission Period
Did you just recently sign your timeshare contract? If so, you can likely get out of it without any resistance. This is because most states have laws allowing timeshare owners to back out of their contracts within certain time periods; these periods are known as rescission periods.
For instance, in the state of Texas, timeshare owners can cancel their timeshare contracts without resistance if they do so before the sixth day after the contract is executed.
Some states provide less grace to timeshare owners. Other states provide more. The maximum is around 15 days.
In any case, if you’re going to cancel within the rescission period, you have to do so by writing an official timeshare cancellation letter. This is a letter indicating your intent to cancel. It must be dated and signed in order to be valid.
Learn how to write a timeshare cancellation letter by clicking here.
Note that, if you’re able to cancel this way, this is the best way to go. It costs nothing and will get you through the process almost immediately.
Ask the Resort to Buy It Back from You
In some cases, it’s possible to simply sell the timeshare back to the resort. When this is possible, you can do it at any time. You must simply call up the resort and let them know that you’d like to sell your timeshare back to them.
Now, you’re not going to get any money back from this. Quite the contrary, in fact. In giving your timeshare back to the resort, you’ll lose some money, typically in the way of a one-time fee.
However, once you’ve paid the fee, you’ll have complete freedom from the timeshare. Therefore, for many, it’s the best way to go.
Sell the Timeshare to Someone Else
If you don’t cancel within the rescission period, and if the resort won’t take the timeshare back from you, you should consider selling it to someone else.
This won’t enable you to recoup any past expenses. However, it will get you out of your contract, and thus ensure your financial freedom in the future.
Start by asking the other timeshare owners who share your unit, particularly those who use it directly before you and directly after you. They could have an interest in buying another week so as to prolong their existing time slot.
If neither of these options bites, you just need to advertise that your timeshare’s for sale. You can do this on a host of online real estate sites as well as through word of mouth. There are also sites dedicated to listing timeshare sales.
Utilize the Services of a Timeshare Transfer Company
If all else fails, or if you don’t want to go through the trouble of canceling your timeshare yourself, you should utilize the services of a timeshare transfer company. Reputable timeshare transfer companies are highly effective at getting clients out of timeshare agreements.
They do this in a number of ways. Oftentimes, they’re able to comb through contracts and find language that doesn’t coincide with the way in which the timeshare owner was treated by the resort. Just one inconsistency can serve as grounds for cancellation, especially if the timeshare transfer company puts pressure on the resort.
Lies and omissions can be used as justification for cancellation as well. For instance, if you were told that you would get tax benefits for buying a timeshare, you were lied to. This alone would serve as leverage for severing the contract.
A timeshare cancellation company might also be able to prove that you were intimidated or pressured during the sales pitch. This is true of many timeshare pitches, and so is frequently used as grounds for cancellation.
If none of this works (though it usually does), your timeshare cancellation company can help you transfer your contract to someone else. They can even assist you in finding a buyer, if necessary.
All of this said, if you’re going to utilize the services of a timeshare cancellation company, you need to make sure that you choose a quality one.
Reputable timeshare cancellation companies won’t ask you to pay upfront. They’ll also have an assortment of positive reviews from past customers. If your prospective timeshare cancellation company doesn’t meet these criteria, look elsewhere.
Looking to Cancel Your Timeshare Contract?
What do you think? Are you interested in getting out of a timeshare? Are you looking to cancel your timeshare contract?
If so, look no further than Lonestar Transfer. We’ve helped thousands upon thousands of customers to get out of their timeshares, either by timeshare transfer, timeshare cancellation, or otherwise.
Contact us today to discuss the cancellation of your timeshare!
