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Timeshare Cancellation Facts You Should Be Aware Of

January 11, 2018 – by Primo Management Group

If you need to get out of a timeshare, read this article for timeshare cancellation tips and the basics of how to get out of a timeshare contract.

You receive a postcard in the mail: Free 3 night stay! The catch: attending a 90-minute presentation from a timeshare company.

You take the deal, figuring you’ll be able to resist the hard-sell tactics. Then the package sounds like a good deal. After all, timeshares represent an $8 billion industry , so there must be something to it.

To get the best deal, you have to act now. So you sign on the dotted line, and now you’re a timeshare owner.

If this scenario sounds familiar to you, you may find yourself wondering how to get out of a timeshare contract. While it is not always an easy process, it can be done. Here’s what you need to know.

Understanding the Terms of Your Timeshare

Before you can figure out how to get out of a timeshare contract, you need to understand what your contract entails. By definition , a contract is a legal agreement between two private parties where each party takes on specific obligations. To get out of a contract, the other party must agree to release you from the obligations you agreed to.

The Cancellation Period

If you only just signed a timeshare contract recently, there may still be time to cancel. In most states, the cancellation period for a timeshare is 3 to 7 days. During this period, a consumer can cancel the timeshare they just bought, obtain a full refund, and become completely free of any contractual obligations.

The terms of this cancellation period should be outlined in your timeshare contract. Keep in mind that these are usually calendar days, not business days, so you must act quickly to take advantage of it.

What if I’m Past Cancellation?

In most cases, by the time a consumer has realized that they need to figure out how to get out of a timeshare contract, the cancellation period has already passed. If this is the case, you’ll want to take a closer look at the contract to see what you own and what your responsibilities are.

First, you’ll want to see whether your timeshare is leased or deeded. If it is deeded, then you technically own a piece of vacation real estate that you could transfer to a different owner–we’ll get to this later.

With a leased timeshare, you are not the sole contractual owner, so you don’t really own anything. Unfortunately, you are still obligated to pay annual maintenance and assessment fees, even if you never use your accumulated points.

In some cases, your contract may be for a set number of years, after which point you will be free of your obligation. In other cases, the timeshare is life-long, and can even be left to someone in your will.

Can I Sell My Timeshare?

In any timeshare presentation, the salesperson typically stresses that, with a timeshare, you can “own” your vacation. The appeal is that, as with any other property, you are making an investment that will increase in value.

Of course, if you do, in fact, “own” your vacation, you would likely assume that you are free to sell it as well. After all, you can sell your house or your car, so why not sell your timeshare ? Unfortunately, the way timeshares are structured makes it much more difficult to sell a timeshare than to sell a traditional piece of property.

For instance, you may have heard of timeshare owners who sell their packages for as little as $1 on Ebay just to get out of the financial obligation. Depending on the terms of your contract, the resorts associated with the timeshare will not recognize this transfer. The new “owner” would not be able to use the timeshare at all.

Additionally, some companies have formed with the exclusive purpose of helping people sell unwanted timeshares. But these companies are often scams, requiring hefty fees upfront and never delivering on the promises they made.

Can I Rent Out My Timeshare?

Another option many timeshare owners consider is renting out the weeks on their timeshare. By charging others to use their vacation, they can at least cover some of the fees associated with the package.

Again, there are a few problems with this strategy. For one, if you are renting out the weeks in your timeshare, you are still contractually obligated without being able to actually take advantage of the travel opportunities.

Not to mention, it’s difficult to rent out a timeshare at all. Timeshares are notoriously difficult to schedule, so it’s challenging to be able to market your vacation to a third party.

For these reasons, you’re unlikely to make any profit by renting your timeshare. At best, you’ll break even, and you may even end up in the negative.

Can I Donate My Timeshare?

Another creative solution that folks looking for how to get out of a timeshare contract have come up with is donating their timeshare. Give your vacation so a family battling illness can enjoy a getaway, and write off your obligation on your taxes. What could be better?

Unfortunately, donating your timeshare is not really possible, and organizations that suggest that it is might be misleading you. This is because charitable organizations are restricted in their abilities to take on debt obligations.

What Can I Do?

If you want to get out of a timeshare and you’re past the cancellation period, what can you do? It all comes back to the contract. By working with a consumer advocate group like PMG, you can negotiate a release of your contractual obligations, and finally be free.

Learn More About How to Get Out of a Timeshare Contract Today

While figuring out how to get out of a timeshare contract can be challenging, in the end, it is worth it. You will have peace of mind and will be able to allocate your hard-earned money directly to vacations, rather than covering maintenance fees.

If you’re ready to get out of a timeshare contract, contact us to get a free consultation today. Our experts will work with you to get the freedom you’re seeking.

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Frequently Asked Questions ?

How does PMG get me out of my timeshare contract?

PMG is not a resale, transfer, or donation company. We are consumer advocates—we help to negotiate the release of your timeshare contract obligation. We do not buy, sell, or rent your timeshare. Simply put, we help you to get out of your timeshare contract forever.

How long does the process usually take?

Usually less than 12 months, but it all depends on your situation. If your timeshare is free and clear with no mortgage, then the process may only take 3-9 months.

Speak to your advisor about the time, and what delays the resorts have put into place to prevent timeshare owners from departing their ownership. If you have a mortgage or past due maintenance fee, the process takes more time.

How much is my timeshare worth?

This is probably going to hurt, but whether you paid $5,000 or $50,000 for your timeshare, the IRS values all timeshares as worthless investments. In addition, that timeshare would have negative value due to the annual maintenance fee bill which compounds year after year. That is until PMG helps you cancel your timeshare.

Can I use your service if I still have a balance owed on my mortgage?

Yes. Whether you bought your timeshare 20 days ago or 20 years ago, PMG has a solution for you and is here to help.

Will my name be off the timeshare?

Yes! Permanently! GUARANTEED!

In addition to getting me out of my timeshare, can you recover the money I’ve already spent on mortgage payments and maintenance fees?

While we are able to recover money in rare cases, beware of any timeshare cancellation company that entices you with the promise of fund recovery. The truth is, timeshares are loath to give back the money they’ve already taken.

Are your consumer advocates really “consumer advocates”, or is that just a fancy word for salesperson?

Because most of our clients have had their trust betrayed by timeshare salespeople, we understand how some consumers can become a bit jaded. When you call us for a consultation, that’s exactly what you get, a consultation. At PMG, our job is not to sell you; our job is to help you get out of your timeshare. Which is why we have numerous 5-star reviews and an “A” (excellent) rating from the BCA.

Why should I choose PMG to get me out of my timeshare?

We pride ourselves on providing our customers with the best customer service in the industry. When you contact our company, you speak to a live person, not an automated system or voicemail. We go above and beyond for our customers by helping you to protect your credit and even repair your credit if needed. We offer a 100% money back guarantee, and we can provide documented proof of our success in helping customers just like you.

What happens after I sign up with you? Will I be apprised of your progress?

At PMG, we pride ourselves on our hands-on, boutique-style customer service, so every new client is assigned a case manager whose job is to keep you in the loop throughout the entire cancellation process. Your case manager is always just a phone call away.

How much is your fee?

Not all timeshare experiences are created equal. Some are more complicated than others, and every situation is different. That’s why our trained timeshare elimination consultants will ask you a series of questions designed to determine exactly what needs to be done to terminate your timeshare, how long it will take, and how they can best advocate for you. We will always seek the most cost-effective route for you.

What if I still have more questions?

Canceling a timeshare contract is not a cookie cutter process. With each situation being unique, once you complete the form below an experienced consumer advocate will call you today to discuss your options.