Rescission Period Is Over—Now What? Your Guide to Timeshare Cancellation
Canceling a timeshare after the rescission period can be challenging, but it’s not impossible. The most straightforward way to cancel your timeshare after the rescission period is to contact the timeshare company directly and request a cancellation. While this may seem simple, it’s important to understand that timeshare companies are often reluctant to cancel contracts outside of the rescission period, as they stand to lose money.
How to Approach the Timeshare Company for Cancellation
When you reach out to the timeshare company, be prepared to explain your situation clearly and concisely. You may need to provide a compelling reason for why you want to cancel, such as financial hardship, health issues, or a significant change in life circumstances. It’s crucial to remain polite but firm in your request, as this approach is more likely to yield positive results.
Exploring Alternative Options: Selling or Transferring Your Timeshare
If the timeshare company is unwilling to cancel your contract, you may need to explore other options. One possibility is to sell your timeshare on the secondary market. However, be aware that timeshares often hold little to no resale value, this is usually not a viable option for most timeshare owners. If you know someone willing to take over the future obligation, you can transfer the timeshare ownership on to them. Make sure they have the intent and ability to pay the cost of ownership and have your resort involved in the transfer.
When to Seek Legal Advice for Timeshare Cancellation
For those facing more complex situations or dealing with uncooperative timeshare companies, seeking legal advice may be necessary. An attorney specializing in timeshare law can review your contract and advise you on the best course of action. They may be able to identify potential violations of consumer protection laws or other legal grounds for cancellation.
Hire an Experienced Timeshare Exit Company
Another option is to contact a timeshare exit company that can assist with canceling your contract. However, it’s crucial to thoroughly research any company before engaging their services, as there are unfortunately many scams in this industry. Look for companies with a proven track record and positive customer reviews.
Stopping Payments on Your Timeshare
Lastly, if all other options have been exhausted, you might consider simply stopping payments on your timeshare. This is a risky strategy that should only be considered as a last resort, as it can negatively impact your credit score and potentially lead to legal action against you.
Final Thoughts: You're Not Alone—Help Is Available
Remember, while canceling a timeshare after the rescission period is challenging, it’s not impossible. With persistence, clear communication, and potentially some professional help, you may find a way to exit your timeshare agreement.
If you just bought a timeshare, can you cancel? Maybe, but you'll have to act quickly.
If you’ve just bought a timeshare and are experiencing buyer’s remorse, you might be wondering if there’s a way out. The good news is that you may have options, but the bad news is that time is of the essence. Let’s explore the possibilities and what you need to do to cancel your timeshare purchase.
Understanding the Rescission Period
The most crucial factor in canceling a recently purchased timeshare is the rescission period. According to experienced timeshare exit attorneys, this is a legally mandated cooling-off period during which you can cancel your timeshare contract without penalty. Here’s what you need to know:
- Rescission periods vary by state, typically ranging from 3 to 15 days
- The clock starts ticking from the day you sign the contract or receive the public offering statement, whichever is later
- Weekends and holidays usually count towards the rescission period
Acting Quickly: Steps to Cancel Within the Rescission Period
If you’re within the rescission period, follow these steps to cancel your timeshare:
- Review your contract for cancellation instructions
- Draft a cancellation letter (keep it simple and direct)
- Send the letter via certified mail with return receipt requested
- Keep copies of all correspondence and receipts
Rescission Period by State: A Quick Reference
Here’s a table showing rescission periods for some states:
Note: This table is not exhaustive. Always check your specific state’s laws or consult with a legal professional.
What If You've Missed the Rescission Period?
- Contact the Developer: Sometimes, timeshare companies have internal cancellation policies. It’s worth reaching out to see if they offer any solutions.
- Sell or Transfer: You might be able to sell your timeshare or transfer it to someone else. However, be aware that the timeshare market is saturated. Majority of owners list their timeshare at $1 and sit on it for years with no offers.
- Deed-Back Programs: Some developers offer deed-back programs where you can return your timeshare to the company.
- Timeshare Exit Assistance: You may want to consult with an attorney specializing in timeshare law or seek assistance from an experienced timeshare exit company.
The Importance of Documentation
Whether you’re canceling within the rescission period or exploring other options, documentation is crucial. Keep detailed records of:
- Your original contract
- All correspondence with the timeshare company
- Receipts for mailing cancellation letters
- Notes from phone conversations (including dates and names)
This documentation can be invaluable if you need to prove your cancellation attempts or if legal issues arise.
Overwhelmed by Your Timeshare? Get Expert Help to Navigate the Exit Process
Exiting a timeshare after the rescission period can be a complex and frustrating process. From dealing with uncooperative companies to navigating onerous agreements, many owners find themselves overwhelmed and unsure of where to turn. While there are several potential paths to cancellation, each comes with its own set of challenges and considerations.
If you’re feeling stuck or uncertain about your next steps, know that you don’t have to face this alone. Vacation Ownership Consultants specialize in helping timeshare owners like you find tried-and-true solutions. Complete the eligibility form below today for a free, no-obligation consultation and take the first step toward ending your future timeshare contract obligation.
