According to a 2018 United States Shared Vacation Ownership Consolidated Owners Report, 7.1% of US households own one or more timeshare weeks. The average price for a one-week stay is $21,445, with an additional maintenance fee of $880. You could be watching your bank account bleeding money and wondering how to get out of a timeshare deal.
A study by the University of Central Florida found that 85% of timeshare owners regret their purchases. You may have several options that can help you get an amicable timeshare exit including selling it, giving it back, hiring an attorney, negotiating your way out, or picking timeshare to cancel companies.
You need to be careful while hiring cancelation firms or attorneys offering to guide you on how to get out of a timeshare deal. Take time to assess all your option to avoid making mistakes that could land you in trouble. Here are five pitfalls you may need to watch out for.
1. Little Focus on Legal Solutions
The timeshare contract that you signed is legally binding. As so, your timeshare exit strategy needs to be according to the law. Illegal solutions and scams can get you into trouble with devastating financial implications. Make sure that the cancellation company partners with a legal team that specializes in timeshare contract law. Reputable timeshare lawyers can assess your case and identify loopholes that can permanently unhook you from the financial burden.
2. No Guarantees
Be wary of companies that will not stand by their work or the quality of services they offer. As you are dealing with a complicated legal process where you may have to pay upfront fees, request the firm to provide a money-back guarantee if they don’t achieve a permanent and legal solution.
3. Cookie-Cutter Solutions
You may need to be wary of timeshare exit firms that work through false advertising and misleading claims on how to get out of a timeshare deal. Negotiating a contract cancelation can be a complex process. Every timeshare contract is unique, and a cookie-cutter approach may not work.
Find out how exactly the reputable timeshare lawyer will get you out of the deal. If the solutions provided do not match your needs, walk out and find another firm. You need a firm that will thoroughly evaluate your contract terms and payment history before advising you on how to get out of a timeshare deal.
4. Companies Offering to Sell Your Timeshare
Selling your timeshare contract seems like the easiest route out. With so many timeshare owners opting out and fewer buyers in the market, you need to be wary of companies that may offer to sell your timeshare. Reputable timeshare cancel services will offer legal ways to terminate your contract without buying or selling it.
5. Failing to Check on Their Track Record
The answer on how to get out of a timeshare deal is definitely not placing your trust in the hands of a novice. Make sure to work with an experienced legal team and a firm that has handled hundreds of timeshare cancellations—request for figures to back up their success rate.
Exit the Right Way
Getting out of a timeshare contract may not be as easy. However, with the right expert, you can navigate out of the timeshare deal without implication on your credit history. Contact Lonestar for a free, no-obligation consultation.