There are roughly 10 million timeshare owners in the United States. While many of those buyers start their timeshare journey feeling good about their purchase, many come to realize that the great deal they thought they bought into isn’t that swell. That often leads to them wanting to terminate their timeshare ownership.
Unfortunately, timeshare companies don’t make that easy.
As you might imagine, sales companies have a vested interest in you holding onto your timeshare so they can continue collecting fees and won’t have to refund you your original investment. The good news is that there are ways to beat timeshare sales companies and exit your property.
To find out how to best manage your buyer’s remorse, keep reading and take in some helpful tips.
1. Cancel Within Your Allowed Period
Some states have cool-down periods after you buy timeshares. These periods allow people like you the ability to double-back on your purchase with minimal hassle.
To cash in on that clause, first-off, see if your state has a period in which you can productively exhibit buyer’s remorse. If it does and you’re within that period, you’ll need to figure out your timeshare company’s cancellation address and mail them a letter stating that you’d like to terminate your deal.
Needless to say, timeshare companies won’t make terminating your agreement easy. Some will even go so far as to hide their address/cancellation process.
If you can’t find the information you need, call in and threaten to involve an attorney if you find phone agents are being coy.
2. Ask Your Seller to Terminate the Agreement
There aren’t many great timeshare companies out there. We’d be amiss if we didn’t mention that there are a few though and those may be willing to help you get out of your deal.
The only way you can know for sure is to ask. So, put in a call to your timeshare company and explain the situation. Let them know that you’ve gone over your finances and the decision you made to sign onto their property is going to cause you more financial hardship than anticipated.
The sales company may be willing to help you out if you’re within your cool-down period or even if you’re not, might help for a modest fee.
3. Sell Your Timeshare
Not within a cool-down period? Can’t get the timeshare company you worked with to cancel your agreement?
If you’re caught between a rock and a hard place, the best course of action to terminate your timeshare ownership may be for you to sell your unit yourself.
A lot of people aren’t aware of the fact that as a timeshare owner, you have the ability to transfer that ownership to another individual. If you can find a buyer that’s willing to take ownership off of your hands, perhaps at a slight discount, you can make out with minimal damage.
There are several timeshare exchange websites you can list your property on. You might even want to discuss selling your timeshare with friends and family that are in the market for vacation properties.
4. Find a Timeshare Exit Company
Every state has different laws when it comes to timeshare termination. That in combination with less than helpful timeshare companies can make it a nightmare for even the most adept of owners to pursue timeshare cancellation.
Enter timeshare exit companies.
Timeshare exit companies are teams of people that are specialists in getting you out of your timeshare. For a fee, they’ll take on your case, figure out all of the legal avenues you have to break your deal, and present you with those options
You can read more here about the value timeshare exit companies have to offer. We love them because they’re a headache-free way to instantly discover your best path forward.
5. Hire an Attorney
There are some attorneys that manage timeshare rental exits for a living (many of them work at timeshare exit companies). With that in mind, talk to lawyers in your area to see if they have any experience with timeshares. Even if they don’t, they may be willing to refer you to somebody they know that does.
The moment a lawyer gets involved in your timeshare exit conversations, you’ll find that the people that sold you your timeshare are going to be a lot more receptive to working with you.
6. Convert Your Liability to an Asset
While not necessarily getting rid of a timeshare, one way you can rid yourself of its financial liability is to sublet it. Several owners do this online and some even find ways to turn a profit on their timeshare purchase.
Timeshare renting can get tricky since tenants that damage your property will make you liable for their behavior.
Still, if you feel confident performing as a landlord, this is one means of unconventional timeshare exit that could work for you.
Don’t Let Timeshare Ownership Ruin Your Life
We can’t begin to tell you how many people we’ve seen live their lives depressed because they made a bad timeshare ownership decision and don’t know a way out.
If that’s you, stop moping, take a breath, and get proactive.
As you’ve discovered there are several ways to escape your timeshare payments and ownership altogether. Lean on the options that make sense to you and get out of that purchase you’re regretting!
Curious to learn more about timeshares, legal pathways to deal termination, and more? If so, explore additional content on our blog