It happens to the best of us. We get wooed by some fancy deal, smooth-talking salesperson or irresistible offer and we sign our life away on that big purchase. At the time, that timeshare you bought may have seemed like a deal you just couldn’t pass up, but now that the dust has settled, you might be battling a serious case of buyer’s remorse. Or, maybe your circumstances have changed and you simply can no longer afford or justify that extra monthly payment. In either case, the good news is, there is a way to get out of a timeshare legally. Here’s what you need to know.
Act as quickly as possible
If you purchased your timeshare recently, you might be in luck. Most states have laws that allow timeshare buyers to get out of their contract within a specified timeframe. The specifics vary from state to state, but most provide the buyer a certain number of days to change their mind. This window of time may range from 72 hours to 15 days, and the clock usually starts ticking the day you sign the contract, so you’ll need to act fast. (You can see a complete list of each state and its provisions in the reference below.)
Put it in writing
Instructions on how to rescind your timeshare purchase should be detailed in the contract itself. Generally speaking, in order to get out of a timeshare legally, you’ll need to cancel the contract in writing. To do so, send a cancellation letter containing the following information:
- Your name as it appears on the contract
- Your contact information
- The name of the timeshare company
- A brief description of the timeshare
- The date the timeshare was purchased
A formal statement that you are rescinding the contract (e.g., “I am contacting you within the legally allowed rescission period in order to cancel this timeshare contract.”)
Deliver your notice
The timeshare contract should also specify what method of delivery is acceptable for cancellations. Some contracts require that the cancellation letter be hand delivered in-person. Others require that it be sent via registered or certified mail. You should also keep a copy for yourself and make note of the date the letter was sent or delivered.
Keep in mind that these companies want to make it as challenging as possible for someone to cancel, so if you aren’t careful and do not follow the instructions exactly as they are written, you could end up missing the deadline and voiding your chance to rescind.
Other Options to Get Out of a Timeshare Legally
So, what happens if you miss the deadline to cancel or decide awhile down the road that you want out? There are a few options for washing your hands of a timeshare, some of which are more favorable than others.
First, you could sell the timeshare back to the company. Keep in mind, though, that doing so can be extremely difficult and you’ll never get back the amount you paid. You could contact an attorney and have them attempt to negotiate your way out of the contract. Unless that lawyer is a friend or family member, however, this option will likely come at a hefty price tag. Another option is to walk away from the payments altogether and allow the timeshare to go into foreclosure. Of course, like any financial obligation, defaulting could have a major impact on your credit.
The easiest and most affordable way to get out of a timeshare legally is to work with an expert, like Timeshare Exit Pros. We specialize in helping people get out of their expensive contracts and gain back their freedom. We offer affordable fees and a money-back guarantee. Contact us today to get started!