If you’ve been following our blog content over the past few months, you’ve probably come to realize that canceling a timeshare agreement is no easy task. Whether you’re overwhelmed by sales, struggling to let go of the timeshare or dealing with deceiving predatory agencies – at some point, enough is enough. Sadly, many timeshare owners are left to wallow in their contracts while others scramble to figure out what to do next. It’s an awful, expensive position to be in.
Over the years, we’ve listened to thousands of timeshare owners talk about their story and how they despised their decision to pursue a vacation property. While plenty of travelers enjoy their timeshare purchase, not every owner gets to vacation in peace. These select, often taken advantage of individuals and families, deserve a chance to get out of something that isn’t beneficial.
At the same time, we don’t want you to feel like we’re trying to persuade you to pursue cancellation services if it doesn’t make sense. Unlike other companies, we take the time to qualify our applicants and make sure they exhaust all options before attempting to terminate a contract. We’d rather educate you on some of the reasoning we use when speaking with timeshare owners about their mistake. With that being said, let’s take a look at the top 10 reasons fractional owners cancel timeshare agreements and walk away from their resort obligations.
1. Limited or No Availability at the Resort.
Many timeshare owners leave the initial sales presentation full of euphoria and anticipation. They can’t wait to enjoy the fruits of their labor in a destination city they’ve always wanted to visit. What they don’t realize at first is the availability at the resort is extremely finite. Timeshare companies know exactly how to build up the value of their product with a whole lot of fluff in order to overshadow the actualities of the deal.
During the first few failed booking attempts, the resort does a great job of labeling the inconvenience as a fluke. This allows them to get passed the rescission (or cancellation) period. Once the fractional owner is under contract for good, many timeshare companies will refer them to the terms of their contract and say there’s nothing they can do. Unfortunately, there isn’t much that owners can do either. After years of being unable to access the property and thousands of dollars wasted, many begin looking towards cancellation services for relief.
2. The Financial Burden of Timeshare Maintenance Fees.
Aside from the letdown of lacking availability, timeshare owners typically aren’t initially aware of annual maintenance fees that flood their mailbox at the end of each year. These fees are another element of the contract that’s typically overlooked by distracted buyers. Instead of being viewed as a valuable, necessary contribution, it can easily become an irritating expense.
As each year passes, these routine costs tend to increase. If the bill is already causing bitterness during the holidays, then a raised expense probably won’t sit well for long. When coupled with other inconveniences, like availability, rising maintenance fees can easily compel owners to cancel their timeshare agreement before they get in over their head.
3. Caught Off Guard by Special Assessment Fees
Similar to maintenance costs, special assessment fees can become a costly reminder of a poor decision. Also known as liability bills, these fees can be sent out at any time, for any amount. Timeshare owners can usually expect to receive these invoices when a natural disaster occurs or major renovations are made to the property. It’s normally hard for fractional owners to make sense of.
Even when the numbers don’t add up, there’s really nothing they can do because of the contract they signed. In most cases, one they realize their money is going down the drain (towards expenses that feebly come into fruition), they decide that canceling the timeshare contract is in their best interest. To them, stopping the payments eliminates the problem altogether.
4. Personal Needs Aren’t Met by Timeshare Property.
Unfortunately, many fractional owners don’t look into the specifics of the property they’re buying. Some timeshare owners aren’t even completely aware that vacation ownership isn’t a travel club. So, when they sign the perpetual agreement, they don’t treat it like buying a home. If they’re unable to follow strict instructions to cancel their contract within the rescission period, then they can end up paying for something they may not be able to use.
In some cases, elderly owners can quickly realize the timeshare isn’t suited for their aging needs. Elements of the property may even be hazardous for them. What’s worse, is the sales team more than likely won’t point this out during the presentation. Anticipation can quickly turn into concern.
This is similar to those with medical conditions that require special attention or access to certain utilities. Moreover, many owners realize they can’t afford the timeshare shortly after the purchase and are unable to void the contract. When the location or the experience isn’t ideal, many decide that canceling the agreement and cutting their losses is in their best interest.
5. The Realization That Timeshares Have $0 Resale Value.
One of the most disheartening aspects of getting rid of a timeshare contract usually occurs when an owner tries to sell. Although some properties in certain destinations can be appealing, nearly all timeshares have zero resale value. Far too many consumers are led to believe that if they don’t want the property any longer then all they have to do is sell it.
Trying to sell the timeshare can cause owners to go down a number of costly path without resolve. After exhausting every effort, they finally realize that they have no choice but to contact a timeshare cancellation company. At the end of the day, wasting more money trying to get rid of something no one wants isn’t worth it anymore.
6. An Inability to Rent Timeshare Weeks
Similar to the seller’s market, many timeshare owners believe they can earn some additional income renting the property if it doesn’t work out. This mirage might even be used by the sales staff to persuade you to buy. Assuming a rental market exists can be dangerous for timeshare owners that are looking for a backup plan when selling isn’t successful.
Aside from the time put into listing the property, every month that passes incurs charges from the resort. Once owners realize they’ve lost another $1,000 pursuing a lost cause, they typically waive the white flag and legally cancel the timeshare agreement.
7. Harassing, High-Pressure Sales to Upgrade Timeshare.
All of the above frustrations aside, many timeshare owners can’t deal with the constant pressure of upgrading their package. What many consumers don’t realize is the timeshare sales funnel never ends. Every voice of concern or mention of desire can be used against them. Just like other strong sales organizations, timeshare companies know that locking you into a contract is only phase one.
A plethora of features, upgrades, entertainment options and tours are used to persuade you to spend more. While this can be exciting at first, many timeshare owners quickly become overwhelmed. They grow tired of being forced to attend presentations or being locked into unexpected expenses. Going from the royalty treatment to being viewed as a number can be eye-opening. This doesn’t sit well with some and canceling the agreement becomes a priority.
8. Failed or Broken Promises by Resort Sales Teams.
It can be maddening for those that give into the pressure tactics and their expectations aren’t met. Being blinded by the prize can cause them to overlook the strategies being used. Broken promises are normally experienced when timeshare owners upgrade in order to improve some of the above concerns, like availability or inconvenience. Some even give in when they feel as though getting rid of the timeshare is impossible. Making the most of it seems like their only option at this point. Otherwise they’ll just continue spending thousands every year.
The thing is, many timeshare reps have commission breath. In other words, they’ll tell you anything to get a piece of a sale. While we understand this is their livelihood, it can’t be too rewarding to bait and switch people. Nonetheless, getting burned over and over is a good enough reason for fractional owners to cancel timeshare agreements.
9. Safety Concerns and Poor Property Upkeep.
Besides wanting to terminate the contract because they don’t believe maintenance fees aren’t being used properly, timeshare owners may also want out due to poor amenities and upkeep. Can you imagine anticipating a lavish resort and ending up in a less than ideal situation? After experiencing a poorly kept location and an inability to get out of the timeshare contract, many owners turn to legally canceling the agreement and forgetting they ever stepped foot on the property.
10. Fractional Owners Don’t Want Heirs to Inherit Burden.
Sadly, many of our timeshare cancellations involve aging parents. After years of dealing with a timeshare they don’t want, a good number of them simply want to avoid handing off the burden to their children – or hiers. This is one element of ownership that isn’t fully understood by all parties. What makes matters worse, is when timeshare owners aren’t able to represent themselves due to old age or illness.
Even if children or caretakers are aware of the inevitable transfer, they may not be able to help. This can be extremely frustrating when authorized users realize they’re unable to find a resolution with the resort. Either way, many timeshare agreements are cancelled because the owner is willing to do whatever it takes to ensure someone else isn’t stuck in a timeshare that’s been a burden to them.
How Does Timeshare Cancellation Work?
Whether you’re on the fence about your fractional ownership or you’re committed to getting rid of your timeshare, we’d love to learn more about your situation to see if we can help. You can always schedule a FREE consultation or proceed with our qualification form below.