Used Timeshare vs. New Timeshare: Pros and Cons
Buying a Timeshare, Guides, Tips, and Hacks
3 min read
Sometimes our purchases don’t fit and we need to return them. And this can be especially true of big purchases where the high price tag can cause big time buyer’s remorse. Unfortunately, most big purchases don’t come with an escape clause. Luckily, timeshares do. Here are our best timeshare rescission tips to help you exercise your rights and get out of your timeshare contract fast!
All timeshare purchases are subject to a rescission period wherein the buyer can cancel the contract for any reason. The rescission period exists is to protect consumers from the unscrupulous and misleading sales tactics that run rampant throughout the industry. When consumers get home, they often find that either the contract wasn’t what they thought or they never wanted it to begin with. And luckily, the law protects you. You have a small window of opportunity within which you can cancel that contract.
Because the rescission period is there to help you, the timeshare company is not going to go out of their way to tell you about it. In fact, they may go out of their way to hide rescission information. However, the important thing to know is that the right of rescission is a right and you cannot sign away this right. Don’t let anyone—especially your sales rep—tell you otherwise.
This is probably the most important of our timeshare rescission tips. The cooling off period helps consumers return unwanted timeshares right after purchase. As a result, you only have a matter of days to exercise this right. The length of your rescission period depends on the location of your timeshare. Make sure you know how much time you have and get moving as soon as you decide to rescind. Click here for a list of rescission periods by state.
Once you’ve decided to exercise your right of rescission, most states require you to submit written notification to the company. Even in cases where verbal notification is allowed, it’s best to put it in writing to protect yourself. Click here for our timeshare rescission tips on writing your letter. Most rescission letters must be sent to a designated address or be hand-delivered. Make sure your letter gets to where it needs to go. Again, timeshare companies won’t make the address obvious, so you may have go over your contract carefully to find it.
Timeshare contracts are very complex and it’s challenging for consumers to understand every nuance. Even the rescission period can be confusing. If you need help exercising your rights, we can help. Contact us today for a free consultation to see how we can help you cancel your timeshare.
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