How To Cancel a Timeshare in Mexico
Mexico might have been a great vacation, but if you signed up for a Mexico timeshare, you’re in for some tough news. A few months after your purchase, you probably will start receiving numerous amount of paperwork from the resort detailing everything you purchased on vacation. After briefly glancing at the paperwork, you probably noticed a few things that may look incorrect on your contract, maybe the mortgage price was higher than mentioned, or the sales representative lied to you about the yearly and monthly fees. If this sounds like you, then you are not alone. 1 out of 8 households in America owns a timeshare, and a Mexican timeshare is nothing out of the ordinary.
If you’re concerned about the hurdle, it will take to cancel a timeshare in a foreign country, rest assured, we’re here to help. There are few options that you do have if you are interested in getting rid of a timeshare you purchased in Mexico.
Mexico Timeshare Cancellation Policy
If you’re the type of individual that likes to read through a contract immediately after your purchase, you might be in luck. We suggest you look in your contract to see what the rescission period is for your Mexican Timeshare. The Rescission period in your contract is another way to give you a few days to see what you purchased is beneficial for your situation. On average, timeshare companies usually have a 3-10 day rescission period; on rare occasions, it can extend up to one month. If you are in your rescission period, we suggest you act right away.
First, we suggest you contact the resort and tell them you want out immediately and you are under rescission time period, then we suggest you overnight mail all the required documents. Your Mexican timeshare resort would want a signed document stating you want to rescind your contract, and we recommend you overnight mail the documents to play it safe. If the documents arrive days after your rescission period, most timeshare companies will not honor your request to rescind the contract.
Timeshare Exit Law for Mexico
If you’re reading this you want out of your contract, first, you need to understand how timeshare law works in Mexico. Timeshares in Mexico sell as vacation property or lease. Timeshares in Mexico have a life-span anywhere between 3 to 100 years. You will be required to pay yearly and monthly fees when you own the timeshare for that period. This can be relatively expensive, especially keeping in mind the inflation of maintenance fees and the high-interest mortgage.
To cancel this contract, you need to be familiar with Article 56 Federal Consumer Protection Law. This law is used to protect consumers from fraud, and this applies to citizens of Mexico and any visitors. The Article 56 Consumer Protection Law requires any consumers who felt they had been deceived into mailing in or hand-delivering a written letter explaining the situation and how you were a victim of high pressured sales tactics. The handwritten letter should detail names, dates, contract number, and the date when you purchased the contract alongside any contact information you wish to put. When you are sending this letter in, we advise you to reference the “Article 56 Consumer Protection Law”, so the resort is familiar with your request and prioritizes your situation.
After everything is sent in, we advise you contact the resort and follow-up on any other information they need for the cancellation of your Mexico timeshare.
Timeshare Exit Companies
If the request to cancel your timeshare contract through Article 56 Federal Consumer Protection Law was not successful, it’s time to explore timeshare exit companies. As you probably are aware by now, timeshares are valued at $1 on sites such as ebay.com, craigslist.com, and the resale market is filled with scams. The resale route should be the last option if every other option is exhausted.
Timeshare exit companies are set-up for timeshare owners who are dissatisfied with their timeshare contract and are past their rescission period. Timeshare cancellation companies are in abundance, and so are timeshare scams. There are few reputable timeshare exit companies that complete the job they claim. Timeshare exit companies typically help you cancel your contract based on misrepresentations you faced during the original presentation and false promises that were stated during the presentation. Some misrepresentations that you likely faced were:
- Your maintenance fees will never increase.
- You can cancel your contract anytime.
- Your timeshares will increase in value.
- Your timeshare is an investment, and your future generations will love your gift.
It’s tricky for timeshare exit companies to get you out of a Mexico timeshare due to the judicial restrictions, but there is a loophole. If your timeshare in Mexico has offices or an accounting department in the United States, then the timeshare exit company that uses attorneys might be able to pursue legal action towards the US-based department that is tied to the Mexico timeshare resort. This will depend on if a reputable timeshare exit company accepts your case. There are few restrictions, but that should be discussed with a timeshare exit company. Get connected with a reputable timeshare exit company that can help you cancel your Mexico timeshare, fill out the free consultation form on the right, or initiate a live chat with a team member.
Timeshares can be stressful mentally and financially. If you went on vacation and unfortunately were victimized into signing a timeshare, you have options. Timeshares in Mexico can be a hassle with the increasing maintenance fees and monthly costs alongside constant calls to upgrade your timeshare for more money. As we explained the multiple options, we always recommend you get everything in writing, especially if you work with a timeshare exit company that uses attorneys. Having everything in writing will help you stay protected from timeshare scams, read more about timeshare cancellation scams.
There are numerous timeshare scams every year. Contact our team so we can help you determine if a timeshare exit company is legitimate, and we recommend working with timeshare exit companies that offer escrow, so you pay no up-front fees. Know your legal right so you can exit your timeshare contract legally. Read over our website and fill out the form on the right or contact us through Live Chat for a free informational consultation.