Timeshare Debt: Does It Make Sense?
How to Cancel a Timeshare
3 min read
Timeshare buyer’s remorse is a common problem. In fact, every day, we talk to people who regret their timeshare purchase. So, what causes timeshare buyer’s remorse and what can you do about it?
Poor lifestyle fit is a common factor in timeshare buyer’s remorse. A resort vacation might be fun once or even twice. That’s why the sales reps sell to people enjoying that first vacation! But for many people, an annual vacation to the same resort year after year just doesn’t make sense. Over the long term, you may find that either you can’t afford this sort of vacation. Or that you don’t even enjoy it. And for others, they find themselves unable to take other vacations because they’re locked into their timeshare. And of course, your circumstances could change at any time. Health problems or other big life events like divorce may make your once perfect timeshare a mismatch.
False promises are another reason people are unhappy with their timeshare purchase. During the sales process, sales reps tell you a lot of things. And although in a perfect world, they’d all be true, in reality, that’s not always the case. Many owners regret their purchase when they discover the truth. Common false promises include overstating reservation availability, misrepresenting the quality and size of the unit, and not disclosing additional fees. These and other factors make for sad owners.
We’ve all made hasty purchases in the heat of the moment. Hopefully, your impulse buy was small and returnable. But many timeshare purchases are impulse buys. After all, sales reps approach you when you’re on vacation and your guard is down. Then they typically use high-pressure sales techniques to get you to buy right then and there. And unfortunately, timeshare purchases are anything but small and returnable. In fact, timeshares average over $20,000 and many contracts have a perpetuity clause, which means they never end.
Maintenance fees are a very common source of dissatisfaction. For some people, the fees are too high from the beginning. In some cases, maintenance fees may be higher than the price of renting the same unit for the week. Of course, you didn’t know that before you bought. For other people, the fees increase too steeply over time. Like everything, maintenance fees tend to go up every year. But some HOAs raise fees faster than the rate of inflation. And that means consumers have a hard time keeping up. Finally, for some owners, the value of the timeshare experience isn’t worth the fees. For example, maybe they aren’t able to get to their timeshare. Or maybe the resort itself is poorly maintained. No matter what the cause, paying fees that are too high for a unit you don’t want just doesn’t make sense.
If you’re regretting your timeshare purchase, you have a few options.
The right of rescission allows you to cancel your timeshare contract immediately after purchase for any reason. However, the rescission period is typically brief. The length varies from state to state but is usually 5-10 days. However, if you’re still in your rescission period, you can simply cancel your contract in writing.
You can also try to sell your timeshare on the secondary market. Of course, you probably won’t get anything close to your purchase price, but at least you won’t be on the hook for maintenance fees on your unwanted timeshare. But that’s assuming you can find a buyer. Unfortunately, many more people are selling than buying.
For many people, timeshare exit is the best choice. During this process, you work with your timeshare company to get out of your contract. The process itself is complicated and can take a while. That’s why people choose a timeshare exit partner like Primo Management Group to help them. Our consumer advocates work with your timeshare company on your behalf to get you out. Guaranteed. Contact us for a free consultation to see how we can help you.
How to choose the right company to get me out of my timeshare
We know how stressful timeshare contracts can be. What once sounded like a dream resort package turned into a nightmare. When you don’t know where to turn, look to PMG to relieve you of your timeshare burden. We pride ourselves on open, honest, and frequent communication with our clients.
Their high-pressure tactics
Our knowledge and experience gets you OUT. We offer a high-touch, boutique level of service, keeping you informed with frequent updates throughout the process—which is why we have numerous 5-star reviews and are rated “A” (Excellent) by the Business Consumer Alliance (BCA).Learn More
Still not sure what’s the next step? Our dedicated team can review your agreement and guide you through the process. The Primo difference is all about service. Our timeshare elimination consultants have one mission: To serve our clients and bring the peace of mind that comes from relieving their timeshare obligation.Get Started
The timeshare industry has spent a tremendous amount of time and money to delay, confuse and deter you from canceling your timeshare contract. Your team of timeshare elimination experts act as your consumer advocate and will work tirelessly to free you from your timeshare contract, mortgage, and maintenance fee bill.Give it a try