A study by the University of Central Florida found that 85% of timeshare owners go on to regret signing the contract. While some of these individuals are eventually able to get out of their timeshares, many remain stuck long past when they really want to be.
Do you own a timeshare? Are you looking to get out of it? Then this is the article for you.
Below, we’re going to show you how to get rid of a timeshare, providing you with 3 strategies to utilize.
Strategies to Cancel a Timeshare
There are a number of different strategies you can utilize to cancel a timeshare. We’ll discuss the most prominent strategies below.
Take Advantage of the Rescission Period
In most states, timeshare purchases are subject to a rescission period. This is a period of time directly after the purchase during which buyers can waive their contracts fully. Once they’ve done so, they have no more obligation in terms of paying for their timeshares.
Note, though, that rescission periods don’t last long. At their shortest, they tend to last around 3 days. At their longest, they last around 15 days.
Each individual state has its own rescission period laws. Whereas a state like Alaska has a 15-day rescission period, a state like Ohio has a 3-day rescission period.
In any case, you need to look up the rescission period laws for the state in which you’ve purchased your timeshare. These will provide you with specifics, such as when the rescission period begins, when it ends, and any mitigating factors that may exist.
Regardless, you need to act fast. If you’re serious about rescinding your timeshare contract, it’s vital that you do it within the rescission period. This gives you the best chance of canceling your timeshare without having to pay any fees.
Now, how do you go about canceling a timeshare within the rescission period? It’s as simple as mailing a cancellation letter to the resort’s cancellation address. This should be included somewhere within the timeshare contract.
If it’s not in the contract, or if it’s extremely well-hidden, you should call the resort and ask them for the address. They are legally required to give it to you.
But what if the resort tries to act like they didn’t receive your cancellation letter? You can get around this by sending it through USPS-certified mail. This way, they’ll have to sign it upon delivery, thus proving that they did, indeed, receive your letter.
Make note that, in the vast majority of cases, resorts aren’t allowed to charge cancellation fees during the rescission period. So, if yours tries to charge you, you should resist it as much as possible. In extreme cases, you should consider getting a lawyer involved.
Sell It Back
In some cases, it’s possible to sell the timeshare back to the resort that sold it to you in the first place. Note, though, that this is not true of all timeshares. To see whether it applies to yours, you should check the contract for language about buybacks.
Note, if your timeshare can be sold back, you likely won’t get full price for it. In other words, you’re still going to take a financial hit. But, in some cases, it beats the alternative, which is to keep fully paying for a timeshare that you don’t want or need.
Find a Legal Loophole in the Selling Process
Cancelling a timeshare after the recession period has ended isn’t always easy. In fact, it can be extremely difficult. However, there is a way to make it happen; namely, you can find a legal loophole in the selling process.
Maybe you can prove that the resort sold you the timeshare under false pretenses. Perhaps there was something promised by the resort that has never come to fruition.
If the resort mismanaged or lied about any aspect of the selling process, there’s a chance that you could cancel the timeshare on legal grounds. This would enable you to get out of it scot-free.
Of course, doing this isn’t simple. Not only do you need to find the loophole but then pressure the resort to cancel the timeshare as a result of it. Odds are, you don’t have the time or resources to do this yourself.
Therefore, if you’re going to do it, you should utilize the services of timeshare lawyers. They’ll take on the bulk of the work, and do everything they can to ensure that your timeshare is cancelled.
Yes, you’ll obviously have to pay your lawyers. But when the timeshare is cancelled successfully, your total financial obligation will be substantially less than what it would have been otherwise.
Interested? Learn more about timeshare cancellation now.
Hand It Over
Another option to consider is to simply hand the timeshare over. Give it back without getting anything in return. The majority of resorts will allow you to do this, as they stand to make substantial profits from it.
The downside, of course, is that you’ll lose thousands of dollars. The upside, though, is that the problem will be off your hands. You’ll no longer have to pay maintenance fees, and you’ll have peace of mind that the dilemma is finally over.
This is a last resort but it’s not something you should write off completely. At the very least, keep it in the back of your mind.
Successful Grounds for Timeshare Cancellation
You may be able to cancel your timeshare, regardless of whether or not promises were made. That said, if promises were made and not upheld, you’ll have a much better chance of cancelling successfully. Some of the most common and successful grounds for cancelling a timeshare include:
Being Promised Tax Benefits
Oftentimes, timeshare sellers will attempt to lure buyers in with promises of tax benefits. They’ll tell them that they can write off the fees and expenses associated with their timeshares, incentivizing them to make the purchase.
Now, some of this is true. You can deduct some of your timeshare fees from your taxes, as a timeshare is considered to be a property that you own. But that only if your timeshare seller was entirely honest about what could be written off.
If they were dishonest about even one portion of your potential tax benefits, you have grounds to cancel your timeshare. In essence, this is a huge loophole that is frequently utilized by timeshare cancellation firms. It may very well work out for you.
Being Pressured Into Buying
Do you feel like you were pressured into buying your timeshare? Did the seller use intimidation tactics as a means of getting you to make a purchase? If so, you likely have grounds for cancellation.
Timeshare sellers can’t use fear or intimidation to get someone to purchase one of their timeshares. The buyer must make the purchase under no duress.
It’s common to use this as a reason to get out of a timeshare. You only need one piece of evidence to prove that it’s so, after which, your lawyer can pressure your timeshare seller into letting you cancel.
They Withheld Your Gift
Were you initially lured to your timeshare presentation with the promise of a gift? Was that gift withheld from you because you initially didn’t want to buy a timeshare? Did this result in you eventually buying the timeshare?
If so, you undoubtedly have grounds for cancellation. It is illegal for a resort to promise a gift during a timeshare presentation and then withhold it due to a person not wanting to buy the timeshare. This and this alone can get you out of your timeshare for good.
They Never Told You About the Rescission Period
Under federal law, timeshare sellers are required to inform timeshare buyers of state rescission periods. This is the period during which you can get out of the timeshare scot-free.
If you weren’t informed of this period at the presentation of your timeshare, you have grounds to get out of your timeshare. It’s that simple.
Not only do they need to tell you that the rescission period exists but the specifics of it as well. For instance, if the period in your state is 3 days, they need to tell you that it’s 3 days.
This loophole is frequently exploited by timeshare cancellation firms, and you can exploit it as well.
Looking to Get Rid of a Timeshare?
Are you looking to get rid of a timeshare currently? Need assistance with timeshare cancellation? If so, look no further than Lonestar Transfer.
We’ve helped clients cancel over 18,000 timeshares. Regardless of the situation you’re facing, we can help you defeat it. Contact us now to discuss your timeshare cancellation needs!