The Truth About Exiting a Timeshare Deal

05/18/2021

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In life, we all need a vacation from time to time. Vacations allow us to get away from our busy schedules, lounge somewhere nice, and be able to enjoy the sunshine or chat with our families. In an ideal world, everyone would have a vacation property somewhere that fits their preferences and budget. But since we do not live in an ideal world, many subpar alternatives exist in order to try and give people this experience. One of these alternatives is a timeshare, which can be extremely difficult to get out of.

In a nutshell, a timeshare is a limited ownership of a property, divided by time. In theory, it allows many different people to have access to a wonderful vacation property at little cost and maintenance. In reality, timeshare leases and contracts operate more like gym memberships — they are extremely burdensome and can be difficult to exit legally, leading people to frantically figure out how to get out of a timeshare deal.

Thankfully, all hope is not lost and there are legitimate ways to initiate a timeshare cancellation or sell your timeshare on the open market. Enough people have been burned and burdened by timeshares that a unique industry of timeshare exit and support services has sprung up to help these people. In this article, we’ll go over some of the recourse that you might have if you’re wondering about how to get out of a timeshare deal. With any luck, we’ll provide you with the keys to exit the timeshare trap you’ve fallen into.

See If You Have a “Cool Off Period”

A common trope that both excites and terrorizes timeshare buyers is that timeshare cancellation is all but impossible, meaning that it is simply easier for buyers to keep paying month after month, year after year until they can dispose of the contract in death. This is completely false. Many U.S. states have what are called “cool off periods” that allow people to cancel such purchases a short time after buying them. For example, Florida allows new timeshare buyers to cancel their purchase within ten days. Depending on your local laws and governance, you may have a similar option.

Find An Organization That Specializes in Timeshare Contracts

If you’re not legally minded and can’t make heads or tails of your local timeshare laws, there is no need to frantically wonder about how to get out of a timeshare deal. Instead, keep a calm head and start contacting local lawyers who specialize in contract law or find one who works for a timeshare exit strategies organization. Since timeshares are their focus, there is usually an exit point at some way or time. This may not prevent you from paying fees or penalties, but with a reputable timeshare lawyer on your side you will be shelling out far less than what you would to cover the cost of a timeshare.

Ask the Company for 100% of the Information Related to Your Purchase

Although it may seem like you’re asking the devil for a match, remember that the company that sold you the timeshare is legally obligated to provide you will all the information related to it. Even if you can’t read or understand the information provided to you, it will still be useful to pass it on to someone else to help find out how to get out of a timeshare deal. Many timeshare owners do this, with 95% of all buyers going back to their resort and sales team for more information after the sale, usually within one to three days, seeking more information about maintenance fees, resale options, and pricing alternatives. Once you have the complete information about your purchase, you will be able to figure out your next steps and make the best decisions for your family.

Don’t Despair, Take Action!

Although you may feel taken advantage of in your timeshare purchase, there is no reason to despair. There is always a way out, and many timeshare owners sell theirs on the open market with little to no hassle. Contact Lonestar Transfer today to find out what your options are for getting out of your timeshare deal.

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