Can You Legally Cancel a Timeshare Contract? What You Need to Know
Timeshare companies paint an idyllic picture of your future vacations. You’ll walk with your family on a beautiful white sand beach before returning to your property to sip cocktails by the pool.
What could possibly go wrong with this perfect vision?
If you ask the three million unhappy timeshare owners across the US, they’ll give you the same answer: a lot.
While timeshares are a great vacation plan for many families, they can become a nightmare for others. And because of all the misinformation out there, many people don’t know how (or if it’s even possible) to cancel a timeshare contract.
We’re here to set the record straight, so keep reading to learn how to get out of a timeshare.
Can You Cancel a Timeshare Contract?
The short answer is yes — but only if you act very, very quickly.
Like any other piece of property, buying a timeshare is a legally binding process. You’ll have to read the fine print of your timeshare contract and find the phrases “right of cancellation” or “recession period.”
In most cases, the cancellation period is a very short amount of time. It can be as little as 3-5 days after purchase, although some companies may extend this to 10-15 days. It is very rare to have more than two weeks to cancel a timeshare contract.
How to Get Out of a Timeshare
Unfortunately, many timeshare owners want to get out of their contract months or even years past the recession period. From a legal standpoint, timeshare cancellation after the recession period simply isn’t possible.
However, there are other ways to get yourself out of this mess (without making it worse). Here are two common avenues to consider.
1. Selling a Timeshare
You may have come across timeshare resell companies online, or maybe you’ve seen timeshares for sale on eBay or Craigslist. Although this may work if you find a willing buyer, it’s a complicated process. More than likely, you’ll find yourself the victim of a scam.
If you want to try the resale route, your best bet is to contact the developer directly. If you own a Wyndham timeshare, for example, you’d call Ovation by Wyndham or Wyndham Cares. They can advise you of the best ways to legally exit your timeshare, usually by selling it back to the company directly.
2. Working With a Timeshare Exit Company
Before you call a “timeshare cancellation” company, beware. Most of these are scams that promise to stop the timeshare company from harassing you in exchange for a big upfront fee. Meanwhile, once you stop paying your annual timeshare fees, your credit will be in ruins.
Don’t fall victim to their games.
Take the time to find a legitimate timeshare exit company that will review your contract and advise you of your best (fully legal) options. This complete guide has more information about working with legitimate timeshare exit companies.
Which Choice Will You Make?
If you’ve been wondering how to get out of a timeshare contract, we won’t lie: It’s tough.
Fast action is your best choice. But if it’s too late for that, you’ll have to consider one of the other options outlined above.
Now that you know how to cancel a timeshare contract, what’s next? Keep browsing our site for more stellar tips and advice!