Sometimes, it’s good to move on. While many timeshare owners love their vacation ownership, there are those who have decided they don’t want theirs anymore. If that’s the case for you, there’s one term you’ve likely heard before: timeshare cancellation. Timeshare cancellation is a concept that allegedly allows you to get rid of your timeshare quickly and conveniently, no strings attached, but is it really that simple? Could there be other ways to move on from your vacation ownership? Keep reading, and you’ll find the answer to both of these questions.
Who Performs Timeshare Cancellation Services?
The timeshare cancellation process is usually facilitated by a group known as a timeshare exit company. These companies offer to help vacation owners get rid of their timeshare contracts. Timeshare companies are typically staffed by lawyers who have some knowledge of the timeshare industry. These companies will often send a timeshare cancellation letter to the timeshare company responsible for your timeshare, telling them to cease all communication with you. While this method may seem unproblematic at first, there are some issues with how timeshare exit teams work.
The Dangers of Timeshare Cancellation
First, a timeshare contract, like all other legally binding agreements, cannot be easily broken. While there are some methods for legal cancellation, sending a letter to cease communication isn’t one of them. Instead, while the resort may cease contact, you’ll still be accruing maintenance fees, and if you don’t pay those, you run the risk of defaulting on your ownership. Naturally, this can damage your credit, which in turn can lead to all kinds of issues in the future. As a result, working with a timeshare exit company can often be more trouble than it’s worth.
The Quickest Alternative to Timeshare Cancellation
So, timeshare cancellation isn’t a reliable way of getting out of your timeshare. Fortunately, there are alternative solutions that are safe and trustworthy. So, we’ll start by looking at the quickest way to get out of your timeshare safely.
Timeshare Rescission Period
The rescission period is the easiest way to say goodbye to your unwanted timeshare, but it’s also the strictest. This period refers to the specific timeframe when a timeshare owner may cancel their timeshare purchase and receive a full refund. This period usually begins the day you sign the contract or receive the disclosure statement. However, recession deadlines are often very close after the initial purchase of a timeshare interval. Think about returning a shirt you purchased that doesn’t fit as you expected; you may only have a week to return the shirt to the store, or it’s yours for good. This is known as the “cooling off period” after your purchase. Buyers typically know whether or not they want to keep their timeshare within a five-day rescission period.
While the timeshare rescission period can vary from state to state and among foreign countries, the average state’s rescission period lasts from five to seven days from the date of the initial purchase. Outliers include Alaska, which offers fifteen days, and Nebraska and Kentucky, which only offer three days, the Federal Trade Commission’s minimum requirement. If you own a timeshare abroad, your resale rights, cancellation clauses, and rescission period may differ. So, you’ll want to check your country’s or state’s rescission laws to see how much time you have to legally cancel your purchase. The cancellation window to get a full refund is narrow, so make sure to review your timeshare documents and act quickly.
Other Alternatives to Timeshare Cancellation
So, the timeshare rescission period has already ended on your ownership. Now what? Don’t worry, there are other alternatives to timeshare cancellation worth looking at, and we’ll be going over them next!
In-House Timeshare Exit Solutions
Many developers have a deed-back program geared toward assisting owners who want to exit their contracts. So, contacting them is a great place to start if you’re past your timeshare’s rescission period. Brands like Wyndham Destinations and Westgate in particular offer owners solutions to move on from their ownership. Additionally, many developers have partnered with the American Resort Development Association (ARDA) to provide more clear and honest solutions for exiting. Together, these groups formed the Coalition for Responsible Exit, a valuable resource for owners looking for timeshare companies that can help with alternatives to timeshare cancellation. Any company listed with the Coalition of Responsible Exit has undergone the proper vetting to ensure that they’re safe for owners to use.
Gifting a Timeshare
Another way to dispose of your vacation ownership is to gift it to a friend or family member. Remember, however, that whoever the contract’s name is in, they are responsible for any annual fees. So, if you have a family member that you want to give the ownership to, you will need to transfer the title out of your name and into theirs. This is the same as if you were to go the selling route. Once this is done, if you have not received confirmation from the resort that you are no longer required to pay your ownership fees, do not stop paying them. You will still be responsible for paying the maintenance fee until then.
Selling Your Timeshare on the Resale Market
Lastly, another safe alternative to timeshare cancellation is selling your timeshare on the resale market. This method puts money back in your pocket so you can pay off late annual fees or focus on other responsibilities. However, some judgement is still necessary to find a reliable company to work with. The timeshare industry is complex, so you’ll want experts in the field of timeshare resales. Look for an experienced resale company that knows the timeshare resale market inside and out. You’ll also want to look for a proven track record and years of experience. After all, you wouldn’t want to work with beginners when navigating the resale market, right?
Avoid Timeshare Cancellation and Sell Your Timeshare with BuyATimeshare.com
So, you’ve decided to move on from your ownership. The rescission period is over, and you’ve decided to take a safer route than timeshare cancellation: selling your timeshare. Where exactly can you sell it? Well, you’re actually already in the right place! BuyATimeshare.com has been helping owners just like you sell their timeshares for over 20 years. Our team of resale specialists will work with you every step of the way to make the selling process as easy, convenient, and safe as possible. If you have any questions, feel free to give us a call at 1-800-610-2734. And if you’re ready to say goodbye to your maintenance fees for good, click the button below.
