The daily average percentage of people who buy a timeshare following a sales presentation is 15%. This is interesting because it’s also the average recession rate. Finances are important when it comes to timeshare management. If you’ve gotten into a situation where your timeshare is no longer a viable option for you financially, it’s important to exit your timeshare agreement safely and legally, rather than just walking away.
The term ‘timeshare exit’ is used by exit companies often, but it generally refers to owners looking for a legal way out of their timeshare agreement. Luckily, there are many ways out of a timeshare. Timeshare exit strategies can include selling your timeshare, gifting it to a friend or family member, or returning it to the developer.
When looking into timeshare exit strategies, be sure to read the fine print. Many timeshare exit companies charge thousands in up-front fees and often times a ‘successful’ exit results in your foreclosing on the property. This not only harms the resort but will follow you on your credit report as well.
There are many timeshare exit options available for those needing to get out of their timeshare. Generally, it’s best to steer clear of cancellation companies that promise to get you out of our timeshare. These options are often too good to be true and can result in hits to your credit score. Instead, stick with other timeshare exit strategies like returning the timeshare to the developer or selling it on the resale market.
The Bottom Line
There are many companies out there that claim to get you out of your timeshare agreement, but many of these charge thousands in up-front fees and can result in your credit score taking a considerable hit. Rather than risk your credit standing with companies like these, stick with trusted timeshare exit strategies instead. These strategies can include gifting your timeshare to a family member or a friend you trust, selling your timeshare on the resale market through a legitimate service, or returning your timeshare to the developer. Whatever you decide, be sure to thoroughly investigate your options before committing and always read the fine print before agreeing to anything in writing.