If you owned a timeshare, you know they can be enjoyable when you have children who enjoy them, vacations were enticing. As time has progressed, the benefits of a timeshare have changed tremendously. Over the years, the timeshare industry has lost 90% of its value. Numerous timeshare listings can be found on websites such as ebay.com or craigslist.com for $0. It doesn’t sound good compared to what you paid.
Some timeshare owners have exit options with their timeshare company. Learn more to see if your timeshare qualifies for exit solutions. If you are a timeshare owner and your resort does not have exit solutions, you have options. In this time and age, many timeshare cancellation companies are available for owners that are looking to get out of their timeshare contract. Today we will discuss how you can ask your timeshare exit company to rescind your timeshare contract.
Timeshare Cancellation with Rescission
So you recently purchased your timeshare contract, and you realized timeshares are not a good investment, what do you do? The first thing you can do is look in your timeshare contract for the rescission time period. There are laws set in place, depending on your state, that you have up to 7 days to rescind your contract from the time of the purchase. If you are under the 7-day time frame, we suggest sending in a letter. Here is a sample timeshare rescission letter
Dear (Name of Resort),
My (state your name) and my contract number (list the contract number as show on the first few pages of your timeshare contract). I want to use my legal right to rescind my timeshare contract. I purchased my timeshare on (date of purchase), and the contract states I have (# of days listed to cancel the contract).
I want a full refund for my deposit that I have paid, either through check or automatic deposit (clarify where the funds should be deposited). For any information that is required, please contact me at (state your email and phone).
Many timeshare owners are not aware in some cases if you only pay a partial down payment to the timeshare company; your contract is not active. When you pay only a partial down payment, you did not meet all the terms that are required for your agreement to be considered active. Our team advises you speak to the timeshare company and read through your contract. You might still be able to walk away if you only paid for your contract partially.
Selling Timeshare on the Resale Market
Selling your timeshare may sound like an appealing idea for someone who has paid thousands of dollars in the last few years. You likely purchased your timeshare assuming it would be an asset, or that was what you were told. In reality, 90% of the timeshares are a depreciating asset. If you’re a lucky timeshare owner and own a timeshare in popular desired locations such as Disneyland or Aruba, you should consider listing your timeshare on the resale market. If you’re like the majority of timeshare owners and own a non-desirable timeshare, the resale market will not benefit you.
As we have mentioned before, if you go on any online resale website such as ebay.com or craigslist.com, you’ll see numerous timeshares listed for a dollar. Many timeshare owners paid thousands of dollars for their property, and due to the increasing maintenance fees, many owners want to get rid of their contracts. The biggest question that arises is what the solution to getting rid of your timeshare is? In the past few years, timeshare cancellation companies have popped up, and specialize in legally canceling timeshare contracts. Below is a picture of a timeshare that is worth over $20,000 listed for $1.00.
Timeshare Cancellation Companies
If you made it this far, you are looking for options to get rid of your timeshare. There are over fifty timeshare cancellation companies as of October 2019. Now, you have to ask yourself which company can you trust? Timeshare scams are in abundance, and our team recommends working with timeshare exit companies that offer $0 up-front in fees, so you don’t spend a single penny until your timeshare contract is canceled.
Timeshare cancellation companies work by evaluating your timeshare contract and looking for misrepresentations. Misrepresentations can be high pressured sales tactics or false promises made by the timeshare sales representative. We suggest you write everything down that occurred during your timeshare presentation. Many timeshare cancellation companies will ask you questions about your timeshare presentation to determine if you were misled or intimidated during the timeshare presentation.
If you’re in the situation and are looking to cancel your timeshare contract, we suggest you talk to a reputable timeshare cancellation company. Our team at MyTER recommends only speaking to companies that offer escrow, so you pat no up-front fees until your timeshare is canceled. Why would you want to take the risk of paying thousands up-front to realize later you were scammed. If you’re looking to cancel your timeshare contract and pay no up-front fees, fill out the form on the right for a free informational consultation or initiate a live chat with our team.