Have you purchased a timeshare at some point in the past? If so, there is a decent chance you are having some buyers’ remorse. You aren’t alone. Many folks purchase a timeshare, only to regret it – sometimes immediately. This can be a byproduct of hasty decisions brought on by pushy sales presentations. But not always. Maybe you are just tired of paying maintenance fees. Maybe you are having a hard time paying the rent. Or maybe you’d just like to free up some cash for other things. Regardless, you want out – and you are probably finding out that it isn’t that easy. Perhaps we can help you with these timeshare cancellation tips.
During the Cancellation Window
If you able to cancel your timeshare before the cancellation period ends, you are very lucky! But you must act fast. Are you not sure if you are within your cancellation period? Check out your contract. It should say how long you have to cancel after you make a commitment. If it doesn’t check state laws. If you aren’t sure how to do that, simply call the Attorney General’s office in your state.
Now that you’ve decided to act, write a letter. This will help you to create a paper trail showing that you are requesting out of your timeshare during the rescission period. Include basic details, such as your name, contact info, the date of your purchase, and a clear demand that you want out. Find the address of the timeshare company on your contract and mail it away. Be sure to get a return receipt so that you can prove they received your letter.
After the Cancellation Window
Obviously, it is a lot more challenging to cancel a timeshare contract after the cancellation window has closed. But it’s not impossible. But before you begin, consider a few options:
- You could sell your timeshare. Just be careful. Many timeshare resale companies are running timeshare scams.
- You could donate your timeshare. If your timeshare is paid for, you might get a non-profit to take it off your hands and pay the maintenance fees going forward.
If neither of the above options work for you, you’ll want to work with a pro that has experience and knows how to get rid of a timeshare. They do exist.
Most of all…good luck!