Does your timeshare feel more like a financial burden every day?
You’re not alone.
Many owners become disenchanted with their contracts after the timeshare honeymoon phase is over, leaving them with burdensome monthly costs, high down payments, soaring interest rates, and mounting fees.
Many owners enter contracts under the belief that timeshares will increase in value, viewing their timeshares as real investments. Unfortunately, when owners want to unload their timeshares, they quickly realize how little value they carry.
Furthermore, timeshare companies keep the original owners on the hook. Unless you cancel your contract, you’ll always be the primary owner, making you responsible for subsequent owners’ missed payments.
Canceling your contract is the only way to be free and clear from your obligations, but don’t let your timeshare company detour you.
Follow this guide to ensure your contract is canceled for good.
Cancellation Grace Period
Timeshare companies offer a small window of opportunity to cancel obligations without penalty. Owners typically have just two weeks to cancel; this grace period is also known as the rescission period. After the rescission period, you’re responsible for your down payment, interest rates, and so forth.
Of course, the grace period begins and ends during the timeshare honeymoon phase, before the new timeshare excitement has worn off. Many companies rush owners into making large down payments without enough time to process the decision.
Cancellation penalties vary among companies, but you should receive a full refund during the grace period if you live in states with “right to cancel” laws.
Unfortunately, some timeshare companies ignore timeshare laws and their own cancellation policies; that’s why it’s good to have timeshare cancellation experts on your side.
Should You Write a Cancellation Letter?
If you cancel within the grace period, you’re expected to write a cancellation or termination letter. While some companies may let you rescind orally, it’s best to get your cancellation in writing to avoid further charges.
At the bare minimum, cancellation letters include the date of sale and a declaration of cancellation. A timeshare company may ask why you’re canceling, but you’re not legally obligated to give a reason.
Writing a cancellation letter doesn’t necessarily mean the timeshare company will play nice.
Not only are owners not informed of “right to cancel” laws, but timeshare companies use unethical sales methods to trick buyers into financially debilitating contracts.
The law is on the owner’s side, but timeshare companies bet on a general lack of understanding. Owners also trust them as industry authority figures. As a result, these points aren’t raised during the cancellation, during and after the grace period.
Don’t be surprised if a timeshare company still tries to charge penalties, despite canceling within the rescission period. If the company doesn’t honor timeshare laws or applies penalties during the grace period, call Sapphire immediately.
Canceling After the Rescission Period
What do you do after the cancellation grace period has passed?
To avoid cancellation penalties, many owners decide to sell their timeshare; this decision is understandable. Plus, there are lots of companies that connect buyers with sellers.
Unfortunately, owners are often shocked to learn they can’t fully transfer ownership to another party.
It’s not uncommon for companies to only allow quitclaim deeds that merely transfer titles, not the entire timeshare obligation. This stipulation puts original owners in a vulnerable position. Furthermore, owners don’t enjoy any return on investment on the sale.
When selling a timeshare proved fruitless, the next step is to deal with the company directly. The process gets more complicated from there; owners are expected to explain why they should be released from contractual obligations.
How to Get Out of Your Timeshare Contract
If you try to cancel your timeshare after the rescission period, you must negotiate directly with the company. Unfortunately, this process is an uphill battle to take on alone. These companies must be confronted with their own unethical actions before you can exit out of your contract without penalties.
Dealing with these companies is tough when you don’t have a legal background. Fortunately, Sapphire cancellation is staffed with legal experts who understand how these companies break consumer protection laws. Sapphire will talk to the company on your behalf, outlining everything from FTC violations to unethical sales practices.
Make no mistake: the only viable way to cancel a contract is to speak directly with the company. Avoid cancellation companies that claim to cancel contracts without any contact with the seller. Furthermore, your cancellation expert should update you every step of the way, as the process can take several months.
You may run into companies who claim they can donate it; avoid these offers as well. Going through a third-party still leaves you on the hook for future payments and damages.
After dealing with a timeshare, you now understand the importance of transparency. You should expect the same transparency from your cancellation company.
Along with stellar communication, Sapphire will give you a price estimate for the cancellation, so you’re not surprised by hidden costs. Timeshare maintenance fees and monthly mortgage rates are both considered when calculating an estimate.
After paying your flat fee, you can expect a finalized cancellation within several months or less. Sapphire will send legal disputes and demands within the first month of the cancellation process. All customers receive finalization notices after the timeshare is officially canceled, providing much-needed peace of mind.
Get Out of Your Timeshare Now
You deserve to be free from once and for all. Avoid the hidden costs of selling timeshares and cancel the right way. Remember this guide as you consider your options, and never hesitate to call Sapphire for help or follow the blog to learn more.
Are you ready to cancel your timeshare right now?
Contact us today to speak to a timeshare cancellation specialist who can help.