You’re finally ready to rid yourself of that annoying timeshare you wish you never purchased. The fees are just too much for you to handle, especially considering there’s never any availability when you want to go for a vacation.
It’s time to look for the exit, but you’re having a really hard time escaping the contract, and the timeshare company doesn’t offer any real help—just empty promises that they’ll “get back to you.”
The good news is that you have a few options for how to cancel timeshare using proven recourse to help you exit the contract.
If You Recently Signed—Use the Rescission Period
Every legal sales contract comes with a “rescission period” where you can cancel the contract just by sending the timeshare company an official email asking them to end the agreement. But you’ll need to act quickly, because—depending on the state where you signed—the rescission period could be anywhere from three to 15 days.
If you’re lucky enough to have this option available, then you can exit the contract without incurring any penalty fees.
Call the Resort to Talk Over Your Options
If you’re looking to get out of the contract, the first place to start is with calling the resort to cancel. They might offer deed-back programs that allow you to resell the timeshare. Other companies might offer exit options for long-time members who no longer use their timeshare and what to remove this financial responsibility from their budget.
But usually, it’s not that easy to walk away from a timeshare contract. The timeshare company has a legal team on staff and they’ll enforce agreements if they can, even if it means ruining your credit or sending your account to collections.
Hire a Timeshare Exit Company—But Be Cautious with Selecting Your Service Provider
If tackling the process yourself doesn’t give you any results and you’re just going back and forth with the company with no result, it’s time to step things up a notch and hire an exit company to help you out.
These companies specialize in helping timeshare owners like yourself exit their contract, without incurring penalty fees or legal repercussions. They’ll negotiate with the timeshare company on your behalf, taking that responsibility off your plate.
The problem with hiring these services is that some of them have shady business practices and they’ll scam you out of more money, with no results. Do a background check on any company you’re considering working with.
Read customer reviews, review their record with the Better Business Bureau, and demand a detailed overview of how they’ll proceed with canceling your contract—and get it in writing.
Work with an Attorney Specializing in Timeshare Cancellation
Some timeshare contracts contain terms and provisions that can be legally challenged. If you suspect deception, misrepresentation, or unfair sales practices, a seasoned timeshare lawyer might be a valuable ally I your quest to exit the arrangement.
Lawyers who specialize in timeshare cancellation examine contracts for discrepancies, breaches of consumer protection legislation, and undisclosed charges. In instances of judicial recourse, they’ll build a case that compels the resort to free you from the agreement.
It is a costly route to take, but it might be the only recourse available to you if you were pressured into the contract.
Stop Payments as a Last Resort—Understand the Risks
Desperate buyers sometimes stop making maintenance payments in the hope that the resort will cancel the agreement. This strategy might not produce the results you expect, landing you in even deeper financial problems.
Resorts don’t write off unpaid balances—they send the accounts to collections, report delinquencies to credit bureaus, and in a few cases take delinquent timeshare owners to court to recover the money. Others may foreclose on the timeshare, ruining your credit score.
Discussing your options with a financial advisor or lawyer will give you more clarity on the outcomes you can expect from taking this route.
Try Selling Your Timeshare—But Have Realistic Expectations
When you were in the initial sales pitch, the salesperson probably told you selling your timeshare is a snap and the demand is so high for these packages that you’ll get your money back and maybe even make a profit.
That’s usually not the case.
While real estate gains value over time, the timeshare market doesn’t follow these market movements. Many owners struggle to sell their timeshare at a fraction of the original price they paid for it. That said, there are authorized brokers and resale websites that find buyers to take assignment of a contract.
Some of the platforms available to you include RedWeek, Timeshare Users’ Group (TUG), and eBay (for sellers who are willing to take a big financial knock when selling their timeshare for a deeply discounted price).
Rent it Out to Cover the Costs
If an instant exit isn’t feasible for you, renting the timeshare helps you recoup maintenance charges. Websites like VRBO and Airbnb allow timeshare holders to rent short term timeshares and convert an unwanted contract into a source of income.
Certain resorts limit rentals, so it’s a good idea to review the agreement to see if this option is available to you. If rentals are allowed, a property management company will simplify the rental experience by taking the responsibility of bookings and guest liaison off your hands.
Be Cautious of Exit Scams
Your desperation to cancel the timeshare might make you an easy mark for scammers. Some of these firms exploit individuals who need a speedy resolution, charging them thousands of dollars to cancel the contract, with no result. When you try to contact them they either brush you off or promise that the deal is in the works.
Look out for the following scam tactics.
- Guaranteed cancellation without reviewing your contract.
- Demanding large sums of money upfront.
Reliable companies typically use escrow accounts to protect customers. Taking a few extra minutes to verify a company’s legitimacy before entering into any agreement could save you from another fiscal fiasco.
What Is the Best Strategy for You?
Your situation guides your choice. If you’re no longer in the rescission period, reach out to a timeshare exit form to see if they can help. While there are plenty of scammers out there, there are reputable firms that can get the job done, just make sure you do your due diligence and never hand over money upfront, especially if you don’t get their commitment to cancel my timeshare in writing.