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How to Get Rid of a Timeshare Without Ruining Credit

Owning a timeshare can bring many beautiful and pleasant experiences. Your home away from home, some might say. But in some cases, many timeshare owners begin to get a bad case of what we call “buyer’s remorse”—a sensational feeling of regret which could cause owners to want to exit almost immediately.

If you find yourself one of the many unsatisfied owners wishing to get rid of this burden, don’t worry. We got you covered. Our team has composed this article for one reason. To tell you everything, you need to know about how to get rid of a timeshare without ruining your credit. This article will explain a few legal alternatives on how you can adequately leave your timeshare.

Does a Timeshare Go On Your Credit?

Purchasing a timeshare is a straightforward process. When you buy a timeshare, the timeshare company may give you a presentation to explain the timeshare value. Some presentations will include snacks and drinks to pamper you up and close their sales pitch.

A luxurious life with endless and memorable vacations will be the primary topic discussed. Their goal is to have you believe this timeshare is an excellent option to save, trade, and enjoy a mesmerizing vacation trip.

As some time passes, however, you begin to realize that all the promises they made during the presentation are not true at all. If you believe you are in a similar situation, we recommend filling out our free consultation form on the right. Or initiate a Live Chat with us immediately!

Most sales teams are known for their high-pressure sales tactics and false advertisement. These are the tools they use when persuading naive guests into purchasing their first timeshare. If you attend one of these presentations soon, be very cautious of their tactics.

Already purchased a timeshare? If you wish to exit your agreement, the smart thing to do is call your timeshare developer. Unfortunately, timeshare developers rescinding your contract willingly is rare and not likely to happen. If you are legally bound to pay the company monthly fees, why would they want to let you go from this agreement? Overall, you are a source of income for them.

When you call your timeshare developer, do not feel surprised if they tell you that you have limited options. And if you choose to pursue other options instead of what they’re offering, the company may threaten you. They may even try to take legal actions against you, which could also ruin your credit score.

Exploring alternatives can help you find numerous ways on how to get rid of timeshare without ruining your credit score. You can select any one of them and can walk away from your ownership legally.

How to Get Rid of a Timeshare Without Ruining Credit

Owning a timeshare can bring many beautiful and pleasant experiences. Your home away from home. Some struggling families might not be competent to afford the annual dues, or perhaps a health issue prevents you from taking the same kind of vacations you used to. What do you do then? But in some cases, many timeshare owners begin to get a bad case of what we call “buyer’s remorse”—a sensational feeling of regret which could cause owners to want to exit almost immediately. You should be mindful of a few choices if you wish to leave a timeshare (without affecting your credit).

  • Contact the authorities at the resort and request them to buy back your timeshare property.
  • Cancel the timeshare membership.
  • Gift the timeshare to a family member.
  • Put your timeshare on a resale market. Keep in mind that this method will require a lot of patience.
  • Try and rent your timeshare to another party.
  • Hire a timeshare exit company to help you get out of the timeshare without ruining your credit.

If you find yourself one of the many unsatisfied owners wishing to get rid of this burden, don’t worry. We got you covered. Our team has composed this article for one reason. To tell you everything, you need to know about how to get rid of a timeshare without ruining your credit. This article will explain a few legal alternatives to adequately leaving your timeshare.

Does a Timeshare Go On Your Credit?

Purchasing a timeshare is a straightforward process. When you buy a timeshare, the timeshare company may offer you any of these things to lure you into locking a deal with them. 

  • A presentation to explain the timeshare value. Some presentations will include snacks and drinks to pamper you up and close their sales pitch. 
  • A luxurious life with endless and memorable vacations will be the primary topic discussed. Their goal is to have you believe this timeshare is an excellent option to save, trade, and enjoy a mesmerizing vacation trip. 
  • As some time passes, however, you begin to realize that all the promises they made during the presentation are not true at all. If you believe you are in a similar situation, we recommend filling out our free consultation form on the right. Or initiate a Live Chat with us immediately! 
  • Most sales teams are known for their high-pressure sales tactics and false advertisement. These are the tools they use when persuading naive guests into purchasing their first timeshare. If you attend one of these presentations soon, be very cautious of their tactics.

Already purchased a timeshare? If you wish to exit your agreement, the smart thing to do is call your timeshare developer. Unfortunately, timeshare developers rescinding your contract willingly is rare and not likely to happen. If you are legally bound to pay the company monthly fees, why would they want to let you go from this agreement? Overall, you are a source of income for them.

When you call your timeshare developer, do not feel surprised if they tell you that you have limited options. And if you choose to pursue other options instead of what they’re offering, the company may threaten you. They may even try to take legal actions against you, which could also ruin your credit score.

Exploring alternatives can help you find numerous ways on how to get rid of timeshare without ruining your credit score. You can select any one of them and can walk away from your ownership legally.

How To Get Out of a Timeshare

Timeshare Buy Back

  • Some developers and resorts are willing to buy your ownership. Contact them right away!
  • The transition could be as simple as just one phone call. And he or she can also offer you a reasonable price for your timeshare.

Gift Your Timeshare To A Family Member Or Friend

  • A family member or friend can sometimes be interested in taking over your ownership. 
  • If your family members or friends will take over the timeshare, they will also take over the payments. However, if it does not look like a suitable option, many more methods exist.

Cancelling Your Timeshare Contract

  • Many services and exit teams can help you cancel your timeshare contract.
  • Since numerous companies advertise the same service, it may take time to select the right one. Many cancellation companies may promise they will take over your payments, but that is only sometimes the case. 
  • The best way to eliminate your timeshare is to cancel during the cooling-off or rescission period. 
  • A 3-10 day window after signing your timeshare contract to cancel; this is your “cooling-off” period.
  • A money-back guarantee is included with the rescission timeshare release method. In addition to returning your timeshare to the firm, you will receive a complete refund for the money you paid at the point of the sale.
  • However, the timeshare sector is infamous for refusing to mention rescission policies when purchasing the timeshare. Many timeshare salespeople rush through this part of the transaction, despite the fact that they are required by law to provide you with this window of opportunity, in the hopes that you won’t see rescission on your agreement.
  • Contact our team so we can help you select the right exit company for your timeshare. Initiate a Live Chat or fill out the form on the right side of the page.

Timeshares For Sale

  • If you’ve put off cancelling your contract until after your rescission period has passed, reselling your timeshare on the market might be your best bet.
  • It is a fact that the timeshare industry is growing exponentially. And there are many people still interested in owning a timeshare property. If you are looking to get rid of your ownership, selling is worth considering.
  • Searching the market value of your property will help you determine a base price when listing for sale.
  • Sites like eBay and Craigslist are alternatives you can list in your timeshare. When selling your timeshare outside the management company, always confirm they will not charge you any additional or hidden costs.
  • Although there may be better options than these sites, they give you an idea about your timeshare value.
  • Even though selling your timeshare won’t lower your credit score, the process can be time-consuming, expensive, and frequently unattainable. If they can ever sell their timeshare, many owners simply give it away and pay their share of ownership taxes.

Ask the Resort to Take It Back

  • Contacting the resort owners to take your timeshare back is another route. Follow the steps mentioned below.
  • Read through your agreement to see if there is a legal, low-coat procedure to return your timeshare – this procedure is known as the timeshare deed back. 
  • When communicating with the resort owners, they may consider this an opportunity to upgrade your timeshare experience. And you will want to avoid walking out with the additional contract chaining you to the original deal. 
  • You can call the sales manager and ask them how much they earn by selling a timeshare. If it is $500, offer them a commission of $100. And if the timeshares are selling for $22,000, sell yours for $8000. In this way, you can offer them a high commission, and as a result, this will facilitate selling your timeshare. 
  • Most resorts are unwilling to take timeshares back, but it does not hurt to call and make a request.

Timeshare Attorney

You can use attorneys to cancel the agreement because they can build a case based on the misrepresentations you may have faced. Read more about how to get out of a timeshare here.

How To Rent Out Your Timeshare

  • Renting out your timeshare when you do not have enough money to pay for maintenance is another option. You can offer renters an opportunity to stay at your timeshare without commitment. You can utilise the rentals to make the timeshare payments without losing ownership.
  • Learn about the rental policies of your timeshare provider before beginning the rental procedure. This ensures that neither you nor your subsequent tenants will break any rules with monetary consequences. 
  • Ensure that your property’s upkeep is current, and contact the hotel to have any paint, plumbing systems, flooring, or electronics that need to be fixed and repaired.
  • The following step is to create a rental contract with rates, conditions, and payment deadlines for prospective tenants, specifying the precise periods your timeshare will open throughout the year.
  • Make sure you are familiar with the rental prices your timeshare business offers for comparable units before deciding how much to charge for your timeshare.
  • Once you’ve decided on the rate, post your rental timeshare on the rental market and online platforms, real estate websites, social media, and newspapers.
  • In order to ensure you’re making a reasonable profit while adhering to the guidelines of your timeshare state laws, running a timeshare rental involves sufficient research and planning.

Options to Avoid

If you do not want to complicate your situation while getting out of the timeshare, consider the mentioned methods below:

  • Donating Your Timeshare

Donate your timeshare to a charity sounds good, right? The annual or monthly fees can pose a massive problem for charity organisations. Paying some of these costs could persuade the organisation to accept the agreement. Unfortunately, this option was removed by the Department of Justice in 2016. To learn more about the reason, click here.

  • What Will Happen If You Stop Paying Your Timeshare

It looks appealing to stop paying the maintenance fee and walk away. But this is not necessarily the wisest decision—no need to sacrifice your integrity to avoid the inevitable because the following might happen:

  • The resort owners will call you or try to contact you through other means to get those maintenance fees.
  • It is better to make the payments on time; otherwise, it may affect your credit or even lead to legal actions against you. So always make your payments.

Final Thoughts

There are several ways on how to get rid of a timeshare. Most of them are legal and will never affect your timeshare. You can follow any one of them instead of stopping paying or leaving the ownership.  Are you ready to exit your timeshare now? Then fill out a free consultation or initiate a live chat with us right away! Our expert team will work with you on finding the best possible option for you. Learn how you can protect yourself from a timeshare exit scam!

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By providing my contact information and clicking ‘submit’, I am giving MyTimeshareExitReviews.com and its partners permission to contact me about this and other future offers using the information provided. This may also include calls and text messages to my wireless telephone numbers. I also consent to use of emails and the use of an automated dialing device and pre-recorded messages. I understand that my permission described overrides my listing on any state or federal ‘Do Not Call’ list and any prior listing on the ‘Do Not Call’ lists of our partners. I acknowledge that this consent may only be revoked by email notification to info@mytimeshareexitreviews.com.

Timeshare Exit Questions? Contact Us!

By providing my contact information and clicking ‘submit’, I am giving MyTimeshareExitReviews.com and its partners permission to contact me about this and other future offers using the information provided. This may also include calls and text messages to my wireless telephone numbers. I also consent to use of emails and the use of an automated dialing device and pre-recorded messages. I understand that my permission described overrides my listing on any state or federal ‘Do Not Call’ list and any prior listing on the ‘Do Not Call’ lists of our partners. I acknowledge that this consent may only be revoked by email notification to info@mytimeshareexitreviews.com.

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