What Are My Timeshare Exit Options?
How to Cancel a Timeshare
3 min read
With the average cost of a timeshare topping $20,000 last year, more and more people are taking on timeshare debt to buy in. But does that make long-term financial sense? Let’s look at the risks and alternatives below.
It makes sense to finance some purchases. For example, financing a home is one of the top ways that people begin to build wealth. It also makes sense in some cases to finance home repairs, a vehicle, or educational expenses. In these cases, you’re getting financing for something of value that you would have needed anyway or that will allow you to make more money in the future. Unfortunately, timeshares don’t meet any of those criteria.
First, timeshares don’t increase in value over time. In fact, they depreciate immediately. And many have almost no resale value. Which also means timeshares don’t help you to earn money in the future, the way education might. And finally, unlike shelter or a vehicle, timeshares are not a necessity. You can live without a vacation or you can take any number of vacations for less than $20,000.
When buying a house or a car, you can shop around and find low-interest rates. However, timeshare financing tends to have high-interest rates. You’ll pay the most if you get financing through your developer or put your timeshare on a credit card. But even personal loans and home equity loans will cost you. And given the high cost of timeshares, it’s difficult to find a compelling reason to spend even more paying interest.
Timeshare debt can also hurt your credit score. Your resort will report late payments and those late payments will lower your credit score. In fact, if you have good credit, a missed payment has a greater impact on your score than if your credit is already poor. And if you can’t pay your loan and go into foreclosure, you’ll face serious consequences no matter what.
The fact is, there is no need to take on debt to buy a timeshare. There are countless ways to invest in a vacation without financing a timeshare. If you really want to spend your vacation at a timeshare resort, you can easily rent one and skip the up-front costs and ongoing fees. Plus, you’ll retain the freedom to vacation wherever you want, whenever you want.
If it’s too late and you’re stuck in a timeshare you can no longer afford, we can help. Contact us today for a free, no-risk consultation.
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.
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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