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The timeshare industry is notorious for its high-pressure sales presentations. These often-deceptive practices convince many consumers to sign contracts under duress. Immediate regrets are high! That’s where the timeshare rescission period comes in.
The timeshare rescission period is a short period of time immediately following the contract signing during which the consumer can cancel the contract for any reason. This period, often called a cooling off period, gives consumers a way out. In an industry like this where high-pressure tactics and regrets are so high, this period is very important.
Dr. Amy Gregory provides key insights into timeshare regret in an interview with RedWeek:
“The average rescission rate is 15 percent (which is identical, ironically, to the daily average percentage of people who buy a timeshare after a sales presentation). A whopping 85 percent of all buyers regret their purchase (for money, fear, confusion, intimidation, distrust and other reasons). Forty-one percent of buyers never thought they would regret their purchase, but they did; another 30 percent were neutral prior to buying, but then regretted it. A big factor leading to rescission, moreover, appears to be the lack of consistent follow-up from companies after they have closed a sale. . . 95 percent of all buyers go back to their resort and sales team for more information after the sale, usually within one to three days: (Source: RedWeek).
The length of the rescission period varies by state. Typically states provide between 3-10 days within which consumers can cancel their contract. When calculating your timeshare rescission period, be sure to note calendar days versus work days. Look up your rescission period here.
And keep in mind that many, many timeshares are purchased on vacation. We all know how time flies when you’re on vacation! Don’t wait until you get home! Head to the business center of your resort and print out your letter ASAP!
Most states require buyers to send a letter stating their intent to rescind the contract. In any case, it’s always a good idea to document any contract-related actions, so do send a letter even in cases where oral rescission is acceptable. Your letter should clearly state that you are rescinding your contract and include at least some basic data concerning the circumstances of your purchase (see below). Depending on where you are located, your state may require additional data. Be sure to consult appropriate timeshare laws for the state in which your timeshare is located. Here’s what to start with:
Well, maybe they did. But it might have been in the fine print. Like all timeshare laws, requirements for sellers vary by state. Some states do require sellers to tell buyers about the rescission period, however, because timeshare documents tend to be a sea of paperwork, a consumer can still easily miss that lifeboat.
We hear timeshare nightmare stories all the time about resorts continuing to pursue collections against people who have rescinded their contract. Although this isn’t legal, that doesn’t stop them. And the consumer pays the price. Harassing letters and phone calls, collection attempts, and credit problems can haunt consumers. If this happens to you, you should consider seeking outside help.
And even if you missed your timeshare rescission period, you still have options! At Primo Management Group, we specialize in helping consumers like you exit timeshares safely, ethically, and forever. Contact us for a FREE consultation today.