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Timeshare Rescission: Your Guide to the Cooling Off Period

timeshare rescission

August 3, 2018 – by Primo Management Group

timeshare rescission

So, you just fell for a timeshare sales pitch and are having serious regrets. Can you get out of it easily? Yes, if it’s still within the timeshare rescission period. Here’s what you need to know.

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.

What Is the Timeshare Rescission Period?

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).

How Long Do I Have?

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!

How Do I Take Advantage of My Rescission Period?

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:

Why Didn’t My Sales Rep Tell Me About the Rescission Period?

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.

What If My Letter “Doesn’t Work” Or I Missed My Rescission Period?

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.

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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.