How To Get Out Of A Timeshare
Are you looking for options on how to get out of a timeshare? We’ve got you covered. Becoming a timeshare owner can be a lifelong goal for many people; that is until they realize what they signed up for. Many timeshare owners admit they never knew what they were signing up for. Other owners mention what they were promised did not turn out to be true. It seems like each year, more and more timeshare owners are misled by salespeople.
Unfortunately, the majority of the timeshare companies do not offer an exit program. If your timeshare company does not provide an exit program, we suggest you speak to a reputable timeshare exit company immediately. Our team believes there are a couple of things every timeshare owner should do when cancelling a timeshare. Fill out the form on the right or initiate a Live Chat with us to help you find the right solution for your timeshare situation. We’ll give you helpful tips on how to get out of a timeshare.
Rescission State Laws
The rescission period is a short window of time where owners can cancel for a full refund. The rescission period may start immediately after you purchase the timeshare. In some cases, the day you receive the public offering statement marks the start of your rescission period.
Now for those of you who may not be familiar with this term, the public offering statement is a list of general information about the timeshare. It may also be called a “timeshare disclosure” or a “disclosure statement.”
Rescission State Laws in the United States vary because each state decides the length of its rescission period. The rescission period can be as short as three days (like Indiana and Massachusetts) or as long as 15 days (like in Alaska). Check your rescission state laws so you know if you can still “rescind” your timeshare contract.
Options to Avoid
Renting Out Your Timeshare
Renting out your timeshare might sound like it could solve all your problems. It’s perfect, right? Rent this thing out year-round, use the money you collect to pay off your dues. And you get to keep your timeshare and all those points you’ve been collecting!
Unfortunately, is that was a lie. Not all resorts allow you to rent out your timeshare. Any damage your rents cause can get you in a lot of trouble with the Resort. And even if you do find excellent renters that you can trust, most likely, you won’t be able to cover your annual fees. Especially when maintenance fees love to increase every year. Timeshare rentals are a no-go and will not solve all your problems.
How to Give Away Your Timeshare
This one seems like a good-spirited idea, right? You could donate it to charity or give it to a loved one as a gift. But the truth is they’re probably not going to be as accepting of your “gift.” Probably because they’re not going to want your ongoing maintenance fees either.
“Then why not give it to a charity?” In the past, this did seem to be an effective timeshare loophole. But in 2016, the Department of Justice shut this option down. Timeshares depreciate tremendously. They’re not an asset, and they can bind you to life with never-ending maintenance fees. Why would a charity want to inherit this burden? To learn more about why you can no longer write off your timeshare for charity, click here.
Walking Away From Timeshare Maintenance Fees
Imagine this was all just a bad nightmare! Jitters before the big vacation. You never signed a timeshare contract! It was all just a bad dream. As much as you wish this was true, you signed a legally binding document, and now you owe these people money.
They’re not going to let you walkway without you paying them. Whether they constantly call and email you to the point where you want to throw your device at the wall. Or they send your information to a collections agency, they will get your money one way or another. We’re talking long months of court battles, legal fees, and stress, all because you listened to a Facebook post of a guy in a suit. We know the last thing you want to do is pay these greedy monsters. But walking away from your timeshare maintenance fees could become worse.
Learn How to Get Rid of your Timeshare Legally
Contact the Resort to Take It Back
You should always contact the resort to take it back first. There is no guarantee they will willingly take your timeshare back. There aren’t too many resorts nowadays with a deed buy-back program. This is a legal, inexpensive way you can give the property back to the resort. Read through your contract to see if you still qualify for one of these options. And remember, when contacting the resort, always be cautious of any up-selling or upgrades you could be pressured into purchasing.
How To Sell A Timeshare
If you no longer qualify for the rescission option, you’re probably wondering how to sell a timeshare. Hey, maybe you’ll get lucky and score a decent profit?
The reality is there’s no official timeshare resale market you can list your timeshare on. Try searching for a timeshare on Google and see for yourself. Many listings on sites such as eBay or Craigslist have bids starting as low as $1! Sure you believe your timeshare is worth more than $1. I mean you paid thousands for it! But unfortunately, that’s how desperate timeshare owners have gotten of waiting to find a buyer.
Reselling your timeshare is difficult and can also attract resale scammers. So remember, the best way to sell a timeshare is to pay someone expensive upfront fees. You do not want to get tricked by companies charging unbelievable prices. All to list your timeshare on their “exclusive” platform “full of eager buyers.” Avoid any additional fees on top of your ongoing maintenance fees when getting rid of your timeshare.
Hire a Timeshare Exit Company
Hiring an experienced exit company who will work vigorously on successfully canceling your timeshare can be very useful. Don’t get duped into bad deals from companies that offer a “100% Money Back Guarantee.” Only to disappear in a few months with all your money as they file for bankruptcy.
We recommend avoiding any high-pressure sales tactics for this reason. And never give out any credit card information before any completed cancellation services. Timeshare exit companies that work directly with timeshare attorneys to help you cancel your timeshare are the next best option. The attorney’s role is to look for misrepresentations in your contract. Or misrepresentations you faced when you purchased the timeshare.
Hiring a reputable exit company that will work day in and day out on cancelling your timeshare can be a lifesaver. The best timeshare exit companies know the ins and outs of the industry. They can use their experience as leverage to get you out of sticky situations. So if your contract didn’t have any loopholes. Don’t worry because you still have options.
How To Get Out of a Hilton Timeshare
Hilton Resorts has a program of its own that helps owners get out of their timeshare. Hilton Grand Vacations does tell owners to explore how they can:
- Make the most of your club membership.
- Access flexible financial options.
- Sell your vacation ownership safely.
Hilton made an important statement:
“When it comes to vacation ownership, Hilton Grand Vacations wants to make sure you have all the information, resources, and support you need to maximize your vacation ownership. As a Hilton Grand Vacations owner, there are many beneficial opportunities available to you. We invite you to explore them and give us a call any time if you have questions or are interested in learning more.” Read more about Hilton Grand Vacation Solutions.
The first thing we suggest you do is to gather all the necessary documents, especially your timeshare contract. If you happened to lose your contract, do not worry! Give Hilton a call and request a copy of your original timeshare contract. If you happened to upgrade your timeshare and have an upgrade contract, we suggest you gather that document alongside any other documents that pertain to Hilton. Hilton may also ask you questions about your financial situation.
Contact Hilton’s Portfolio Services Department at (888)-875-4494 to see if Hilton’s timeshare release option is right for you. The company will help you understand your exit options.
How To Get Out of a Westgate Timeshare
If you are an owner of a Westgate Timeshare and are looking to get out, you have come to the right place! Although Westgate Resorts does not provide a formal exit program, Westgate does have an option for owners interested in getting rid of their timeshare. We suggest you do a few things before contacting Westgate if you are interested in getting out of your Westgate timeshare.
The first thing we suggest you do is to gather all the necessary documents, especially your timeshare contract. If you happened to lose the contract, don’t worry! Give Westgate a call and request a copy of your original contract. Some companies may charge but always ask for a free copy. If you happened to upgrade your timeshare and have an upgrade contract, we suggest you gather that document alongside any other documents that pertain to Westgate.
The next thing you should do is visit Westgate’s website about their “Legacy Program by Westgate” and review all the necessary information to see if you qualify for their program. Contact Westgate to see if you qualify for their Legacy Program by phone. You can reach them at (800)-351-0461.
“The Legacy Program by Westgate has been created to assist owners in understanding available options for transitioning away from vacation ownership. It is our goal to provide safe and secure exit options for all qualifying accounts. The Legacy Program offers Westgate Resorts owners the ONLY Developer-guaranteed release option.”
How To Get Out of a Diamond Timeshare
If you have a timeshare with Diamond Resorts, you are in luck. Diamond has released a program in which you can relinquish all or part of your vacation ownership, providing you with the opportunity to transition out of your vacation ownership. There are a few conditions that apply if you want to get out of your Diamond Timeshare legally.
You must have no existing loan balance or other lien encumbering the vacation ownership. You must be current on the payment of all maintenance fees up to the year you are relinquishing. You must have a clear and free title to the vacation ownership.
All future reservations must be canceled or traveled on before submitting a request. Your vacation ownership must be in a Diamond Resorts Collection or managed property. Currently, members who own in Embarc or the EU Collection do not qualify.
Participation with a timeshare exit or resale company or firm may negatively impact your ability to apply for Transitions. If you qualify for this program, we recommend you do a few things before calling Diamond Resorts.
The first thing we suggest you do is to gather all the documents, especially your timeshare contract. If you happened to lose the contract, do not worry! Give Diamond Resorts a call and request a copy of your original timeshare contract. If you happened to upgrade your timeshare and have an upgrade contract, we suggest you gather that document alongside any other documents that pertain to Diamond Resorts.
Read through Diamond Resort’s “Transitions by Diamond Resorts” program page and see if you meet all the conditions to qualify for the program. Call Diamond Resorts at (855)-342-3689 to start the process of exiting your timeshare contract.
How To Get Out of a Marriott Timeshare
If you have a Marriott Timeshare or are part of the Marriott Vacation Club, then you are in luck. Marriott offers an exit program with expert specialists that can help you sell your timeshare. If you are interested in the exit program by Marriott Vacation Club, here is an important statement:
“Vacation ownership is a life-changing decision. At Marriott Vacation Club, we understand that sometimes even long-time owners need to sell their timeshare due to life circumstances. Reduced finances, fixed incomes, declining health, and other reasons may make it difficult for owners to get out and use their timeshare to explore the world. When you work with us to plan your timeshare exit, you’ll receive information and guidance from a company you trust. We’re here to help you understand the process, every step of the way.”
If you are interested in selling your timeshare with Marriott Vacation Club, read this important statement:
“Are you considering selling your timeshare or wondering what benefits you might get out of the Marriott Vacation Club resale program? Our timeshare Exit Specialists can answer your questions and address any concerns. We’re here to help you explore all your options and determine the best decision for you. You can trust the Exit Specialist team to provide the exceptional service you’ve come to expect from Marriott Vacation Club.
Now that you’ve read a few of your options with the Marriott Vacation Club, we highly suggest you do a few things before giving them a call.
The first thing we suggest you do is to gather all the necessary documents, especially your timeshare contract. If you happened to lose the contract, don’t worry! Give Marriott Vacation Club a call and request a copy of your original timeshare contract. If you happened to upgrade your timeshare and have an upgrade contract, we suggest you gather that document alongside any other documents that pertain to Marriott Vacation Club.
Contact a Marriott Vacation Club Exit Specialist who can help you determine if this program is right for you. You can reach them at (407)-641-1801 or call the toll-free number at (866)-682-4547.
How to Get Rid of All Timeshares
As of April 2021, the Timeshare developers listed below offer exit options. We suggest contacting the resort with your timeshare contract if you want to legally get out of your timeshare.
- Capital Vacations
- Club Wyndham (Read above)
- Diamond Resorts (Read above)
- Hilton Grand Vacations (See above)
- Holiday Inn Club Vacations
- Orange Lake
- Hyatt Residence Club
- Marriott Vacation Club (See above)
- Shell Vacation Club
- Sheraton Vacation Club
- Bluegreen Vacations (Read our article on how to exit your Bluegreen timeshare)
- Welk Resorts
- Westgate Resorts (See above)
- Westin Vacation Club
- WorldMark by Wyndham
If your timeshare company does not have an exit program, we suggest you either list your timeshare on a resale website such as ebay.com, tug2.com, redweek.com, and myresortnetwork.com. As you probably know, most of these companies have timeshares listed for $1. On top of the low value, you will also be paying for closing costs attributed to the timeshare sale, and it may take years for your timeshare to sell.
If you believe your timeshare isn’t worth a dollar and do not want to pay for resale services, in addition to ongoing maintenance fees during the resale process; in that case, we suggest you contact a reputable timeshare exit company.
We recommend timeshare exit companies that offer a no up-front fee escrow option or a 100% money-back guarantee. If you choose to stop your timeshare payments after you sell your timeshare, unfortunately, you are still responsible for the monthly and yearly fees if the new “owner” isn’t paying them.
Timeshare contracts can be financially stressful. Suppose you consider exiting your contract and do not own a timeshare with Diamond, Hilton, Marriott, or Westgate. In that case, we suggest you contact a timeshare exit company that can help relieve your mortgage and yearly maintenance fees.
Take the right step towards financial freedom. There are numerous timeshare scams every year; protect yourself. Contact our team so we can help you determine if a timeshare exit company is legitimate. We ALWAYS 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. Read over our website and fill out the form on the right or contact us through Live Chat for a free informational consultation.