You’re young, got a new job, and have a little money in your pocket. You attend a seminar and see yourself in Cabo for a fraction of the price you’d pay normally — wow! You sign immediately and bam. You’ve got yourself a guaranteed once a year trip to the destination of year dreams.
We’ve all been there. That first year is a thrill. Then, you’re changing your schedule to accommodate a trip you feel obligated to attend. You’re paying for it, after all.
Another few years pass. Maybe you’ve started a family or maybe you start thinking about other places you want to go. Suddenly that Cabo timeshare doesn’t feel so good. You want to travel elsewhere and you’re stuck planning around an inconvenient week again.
Regardless of the reason, you know you need a timeshare exit strategy. We at Lonestar Transfer are dedicated to getting you free of your unwanted timeshare.
A Swift Rescission
Did you just purchase a timeshare? Let’s jump the gun and start with the rescission period. This is a short period of time which lets you rescind your timeshare purchase, usually with no penalty. The Federal Trade Commission has a minimum requirement of three-days for a rescission period, however, each state in the U.S. can decide whether or not to extend that, up to around 15-days.
As you look into specific states’ timeshare laws, note that the rescission laws are based on where your timeshare is located, not where 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.
If you’re past the point of rescission, don’t fret. Timeshare companies are notorious for sketchy business practices and might provide cause for you to break your contract with them.
Check for an Exit Agreement
This one is a bit of a hail mary. Some timeshares actually allow you to pay a final, singular fee to formally exit the agreement. This is referred to as a “deed-back/surrender” option.
If they do offer an exit-agreement clause in your contract, note the timeshare company is likely losing out on months of income from your exit. While better than having to keep making those payments, this fee will likely be hefty.
Contact the Property Owners
It’s incredibly possible you received a timeshare through a deceased loved one. Commit to finding the properties value to see if it’s worth your time selling. If it doesn’t meet what you’re paying for it or you don’t want the burden of finding someone to purchase the timeshare, you may find grace from the property owners.
There’s always a chance the market is hot enough that they’d be happy to find a new buyer for your timeshare.
The Timeshare Exit Strategy: Bringing in the Law
As a timeshare cancellation company, we at Lonestar Transfer have lawyers readily available to take on timeshare companies and hold them accountable for the deceptions of their salespeople. Our Timeshare Exit Strategy requires one thing: be proactive! Don’t force yourself to keep paying fees on a property you don’t want or can’t afford.
During the selling-process, timeshare companies can commit egregious violations, omit details, or straight-up lie to buyers. All of these are cause for your contract to be terminated and for you to be expunged of your obligations to the timeshare company.
There are numerous regulations that these corporations need to abide by.
Let’s run through a few of the most common:
Were you told that timeshares offer tax-breaks or tax-benefits? This is a lie. Timeshares are not traditional investments, meaning that you won’t be able to deduct from your taxes what you pay on a timeshare.
Were you promised a gift or prize in exchange for attending a timeshare sales presentation? Confirm if you were. If the company denied or withheld your gift until you signed a contract this is illegal and gives you the right to cancel.
Ethics and intimidation tactics are next. Did the salespeople intimidate you? After all, they have one goal: to sell timeshares. If you felt as though you had no option but to sign, odds are this salesperson has used this technique before. If you felt coerced into making a commitment, you may have legal grounds to get out of your timeshare contract.
If any of the above are relevant to you, contact our team immediately.
Here’s What You Shouldn’t Do
Don’t give away your timeshare. Simply put, if you’re miserable with the timeshare, why pass the buck to someone you know?
Further, don’t attempt to rent your timeshare. There’s a philosophy that the money gained from renting could cover or exceed the cost of upkeep for it… But it only takes one bad renter to leave you in a bigger financial hole than when you started.
Even if you can find decent renters, they likely won’t cover your costs in full. If you’re looking for a permanent solution, this isn’t it.
And most importantly do NOT stop paying for your timeshare based on assumptions. Timeshare corporations, like any other company, will make you accrue hefty amounts of interest before eventually sending your debts to a collection agency.
The legal battles that will proceed will be costly and affect your credit. You’ll have to go into foreclosure as you would if you didn’t fulfill your mortgage payments.
Let’s focus on our Timeshare Exit Strategy: Be Proactive! If you’re unable to pay your timeshare fees, reach out to us for legal counsel immediately. You don’t deserve the punishment of paying for a timeshare you don’t need or can’t afford.
Break Free of Your Timeshare
Now you know the Lonestar Transfer Timeshare Exit Strategy. If you need assistance and are looking for a timeshare exit company, reach out to us at Lonestar Transfer. We can answer any further questions you may have and schedule an initial timeshare cancellation consultation.
We guarantee, as your Timeshare Exit Team, that when the process is over, we’ll have helped you to unload your timeshare. Save your money and start traveling how you want from now on.