Owning a timeshare can become a burden when you find yourself no longer using it. You may have enjoyed it for years as your family was growing up, but now that the kids are gone your vacation habits may have changed. And that’s perfectly ok.
As timeshare owners become more aware of the difficulty that comes with selling their timeshares, many have sought other options to relieve themselves of their timeshare ownership. Some lucky timeshare owners can work directly with their resort to cancel their timeshares, but most owners aren’t so lucky.
So, what can you do?
A timeshare cancellation company may be able to help you cancel the timeshare and stop your maintenance fees. The most important thing you’ll want to look out for when choosing a company is whether the company charges an up-front fee. We recommend not paying an up-front fee to cancel your timeshare. This is what the BBB, the FTC and literally every other consumer advocacy website recommend. Some timeshare exit companies will promise you they can cancel your timeshare, charge you up-front, and then disappear with your money. Don’t fall victim to these scams. NEVER pay an up-front fee.
This is why we only recommend working with timeshare cancellation companies that offer a no up-front fee escrow payment option. Learn more about escrow and why it’s important here.
You may also give us a call or contact us through the contact form or live chat on the right side of this page for more information.
Selling Timeshare on the Resale Market
Also, it’s important to keep in mind that in rare cases some timeshares may be able to be sold on the secondary resale market. If you own a Disney Vacation Club timeshare for example, you may want to try and advertise it for sale on a website like Craigslist or Ebay to see if you can get anything for it. If you find an interested buyer, you’ll just need to pay a timeshare broker to finalize the deal. Selling the timeshare will always be cheaper than hiring a timeshare exit firm, and you may even get some cash from the sale.
Keep in mind that it is extremely difficult to sell most timeshares. Disney is just about the only exception. Marriott Aruba Surf Club is another.
Timeshare Cancellation Rescission Period
It is important to note that most states allow timeshare owners to rescind their purchase within one or two weeks after purchase. This means you may return the timeshare for a full refund. Timeshare developers in the USA are required by law to explain how to rescind the purchase within the documents you received when your purchased the timeshare. The process isn’t complicated. Just follow the instructions provided in the documents you received and send the letter via certified or registered mail so the resort must sign to receive it.
A sample timeshare rescission letter could look as simple as this:
Dear [timeshare resort],
I wish to exercise my right to rescind and cancel my timeshare purchase made on [date]. My owner number is [x] and my name is [x].
And that’s it. There is usually no reason to hire a timeshare exit company to rescind a timeshare purchase made within the past week or two. If you send the letter to the correct address via certified or registered mail within the rescission timeframe of the state in which the timeshare was purchased, the timeshare resort has no choice but to refund you your money. It’s a state law.
If you’ve passed the rescission period and still need to cancel your timeshare, we recommend working with a timeshare exit company that offers an escrow payment option, so you are protected from scams. Learn more about escrow and why it’s important here.