If you’ve ever walked into a timeshare meeting and walked out with a new contract hanging over your head, you’re not alone. Many Americans find it difficult to resist the high-pressure sales tactics used in timeshare pitches—and worse, it’s hard to tell when the resort you’re buying from has hidden unwanted costs in the fine print of your contract. After all, there’s a reason why the Federal Trade Commission has an entire page dedicated to potential timeshare scams!
Unfortunately, timeshare cancellation isn’t always straightforward. Resorts make it difficult for buyers to understand how to get out of a timeshare contract, which can make buyers feel trapped.
If you’re in this situation, we’ve got you covered. Here’s what you should know about how to cancel your timeshare.
Cancel Fast During Your Cancellation Period
The easiest way to exit a timeshare is to get out during the cancellation window, provided you’re still within that time frame. Check your contract for the terms on a “revocation period” or “recession period” for specific details. In most states, you’ll have within a few days to a few weeks to do so.
With this option, you can cancel without a reason and without warning. All you’ll need to do is write a cancellation letter to the email address or physical address listed in your contract.
Ask for a Cancellation
In some cases, you may be able to simply ask the resort in question to take the timeshare back, even after the cancellation period.
The most common way to do this is through a “timeshare deed-back.” Again, you’ll need to read the fine print of your timeshare documentation to learn if this is an option, or you can contact the company in question directly.
Note, however, that the resort is not obligated to buy your timeshare back, so your mileage may vary with this option. In fact, timeshare companies tend to plan ahead for the possibility of cancellation, making it as difficult as possible for buyers to escape their contracts. Find out more about their underhanded tactics to stay on your toes!
Contact a Timeshare Cancellation Company
If you fail to persuade the resort to cancel the contract, you’re not out of luck: it’s simply time to call in the experts. Timeshare cancellation services exist, as their name suggests, to help buyers cancel a timeshare with ease. With their expertise in contract law and their experience with the timeshare industry, these professionals can help you get out of your contract for good.
As with any hiring decision, however, you’ll want to make sure you’re partnering with a reputable company. Check reviews and online testimonials before you choose a company, and avoid any companies that use high-pressure sales tactics.
End Your Timeshare Contract Today
Whether you regret your timeshare the day after the purchase or years down the road, it’s important to know that you have options to help you cancel. Don’t settle for paying unwanted fees for a property you no longer want! The timeshare cancellation strategies above can help you deal with your resort company, so try them today to get out from under your contract.
Want more tips to help you with crucial finance decisions? Check out our other posts for additional insights.