Did you know that 7.1% of U.S. households own one or more timeshare weeks? If you’re part of that demographic and you’re reading this now, chances are you’re wondering how to exit a timeshare. It can be a tricky situation but this guide has timeshare cancellation tips that are sure to help.
It is time to be freed from the financial worries of owning a timeshare.
Ready to learn more? Let’s get started.
1. It Isn’t Impossible to Cancel a Timeshare
People who feel stuck in a timeshare often go through many obstacles trying to cancel it. Oftentimes, they have tried many ways to get out without any success, from trying to sell their timeshare to negotiating with the resort itself. The first bit of advice to know is that it is possible to cancel your timeshare contract, so don’t give up yet.
The best way to do that is to work with a timeshare cancellation service. This is also known as a timeshare relief company or timeshare exit. This company negotiates with the resort to cancel your contract.
Timeshare cancellation companies are not timeshare lawyers but they will cancel your contract permanently and legally.
2. You’ll Need to Legally Cancel the Contract
To avoid any headaches, you’ll need to make sure that you’re canceling your contract legally. This means negotiating directly with the timeshare company and convincing them to issue an official release.
The timeshare cancellation company you work with will do this by holding timeshares accountable for misdeeds of their salespeople, exaggerations, and any violations involved.
When you talk to a cancellation company, make sure their method is to negotiate directly with your timeshare. If they’re legit, they’ll ask you to sign a limited power of authority which allows them to speak to the timeshare on your behalf. They should also keep you updated on their progress by updating you monthly.
Don’t trust any companies that promise to sell/rent/donate your timeshare or transfer it to a random third party.
3. Not All Timeshare Cancellation Companies Are the Same
Before you begin looking for timeshare cancellation services, you’ll need to do your research. There’s a variety of options out there and not all of them are the same. Not only can the prices vary but the services they offer vary as well.
Some companies may be more affordable but they’ll do less work. You may find a company that will give you great advice but won’t speak to the resort on your behalf. This means that the responsibility of talking to the company is on you.
It can take anywhere from six to twenty-four months to cancel a timeshare, that’s a significant amount of time to spend in conversation and written correspondence.
The best way to avoid this is to work with an all-inclusive timeshare cancellation company. This ensures that you don’t need to worry about doing all the work on your own and that professionals are handling it.
4. It’s Difficult to Donate Your Timeshare
One option that people look at for exiting their timeshare contract is a donation. The problem is that you’ll have a hard time finding an organization. Even if you paid off the loan for your timeshare, there are always fees that the owner is responsible for throughout their lifetime.
This is true if you donate or sell the timeshare to a third party. Many timeshare resorts have the right to charge unforeseen special assessments and it can quickly add up so organizations do not accept timeshares as donations.
Not only are the fees constant but they continue to increase so you shouldn’t look to donate as an option.
5. Get Everything in Writing
Starting the process of ending your timeshare contract can be lengthy. You’ll want to make sure to document every interaction from the moment you decide to get out of the contract. When you talk to timeshare resorts or cancellation companies, what is spoken out loud doesn’t matter as much as what is written in the contract.
That’s why it’s crucial that you get everything in writing. You want a legally binding contract with your timeshare cancellation company to protect yourself. Read through it thoroughly so you’re sure that everything is professional and reputable.
You should also learn about the Entire Agreement clause. In layman’s terms, this usually aims to limit a company’s obligations to what is in the contract itself. This means anything that was told over the phone or through emails doesn’t matter.
6. Get a Quote
If you’ve been trying to get out of your timeshare for a while, your patience is probably running a little thin. Despite being at your wit’s end, don’t make any hasty decisions.
When you look for timeshare cancellation options, don’t skip the option to schedule a consultation. It’s tempting to want to get straight to the details but you also need to know that timeshare cancellation quotes are not the same for everybody.
There’s a variety of factors that affect the cost of your timeshare and so you’ll need to get a custom quote. If you don’t sign up for a consultation then you risk getting an unreliable quote which can throw your entire budget off balance.
7. You May Not Get Your Money Back
If you already paid a certain amount of your timeshare mortgage and you’re hoping that a timeshare cancellation company can return it, that’s usually not possible. They can get you out of your timeshare but all of the money you paid to the resort or loan lender tend to be gone.
However, once your contract is canceled, you don’t have to worry about paying any more money. This means saving hundreds of thousands of dollars in your lifetime.
Expert Tips About Timeshare Cancellation
Although some people love the time they get out of their timeshare, many of them can’t justify the costs over time. Not paying off your timeshare can hurt your credit and unfortunately, it’s not easy to find reliable timeshare termination services.
There are expert tips to follow if you’re looking for timeshare cancellation advice. Follow these tips, take a deep breath and you’ll be on your way to ending your timeshare with ease.
Looking to get out of your timeshare for good? Our experts at Sapphire Cancellation are here to help you! Be sure to contact us and make an appointment today.