Are you a timeshare owner who doesn’t want to own a timeshare? You’re not alone. While many timeshare owners happily keep their timeshares, some find that they need to move on. There are a few ways to say goodbye to your ownership, and one you’ve likely heard of is timeshare cancellation. But what is that, exactly? And more importantly, is timeshare cancellation really a safe way to get out of your ownership? We’ll answer both these questions and give you everything you need to know to decide if timeshare cancellation is right for you.
So, What Is Timeshare Cancellation?
First things first, let’s talk about what timeshare cancellation actually means. Timeshare cancellation is the process by which a timeshare exit company offers to help owners get rid of a timeshare. Sounds ideal, right? There’s just one problem: You can’t actually cancel a timeshare contract. Think about a mortgage or a deed; these aren’t commitments you can simply walk away from. They are legally binding agreements. Timeshare contracts are the same way. So, if you can’t cancel a timeshare, what are these exit companies actually doing?
One of the most common strategies exit companies employ is to send a timeshare cancellation letter to the timeshare company or developer responsible for your ownership, telling them to cease all contact with you. Even if the company complies, you’d still be responsible for paying your annual maintenance fees because, again, you can’t simply “cancel” a timeshare. Furthermore, some companies will actually tell you to stop paying these fees after sending the letter, which can make the problem even worse. If you do stop paying these fees, the resort developer will likely foreclose on your timeshare, which in turn will damage your credit. In the worst-case scenario, an exit company will charge high upfront fees, only to disappear with your money.
How Much Does Timeshare Cancellation Cost?
As mentioned, timeshare cancellation companies can charge upwards of thousands of dollars up front to cancel your timeshare. When it comes to getting rid of your timeshare, it’s vital to steer clear of exorbitant upfront fees charged by timeshare exit companies. Instead, focus on the safe and legal options that abound in the timeshare industry. Needless to say, timeshare cancellation isn’t a very safe option, so let’s take a look at some alternatives.
Alternatives to Timeshare Cancellation
Timeshare Rescission Period
The timeshare rescission period refers to a window of time where you can give your timeshare ownership back to the developer, no strings attached. This period varies from state to state but typically lasts for three to ten days from the date of purchase. If you’ve only recently purchased your timeshare, this is probably the best alternative to timeshare cancellation. On the other hand, if you’re out of the rescission period, don’t worry. There are still other ways to move on from your ownership.
Gifting Your Timeshare
For another fairly straightforward alternative to timeshare cancellation, you can gift your ownership to a friend or family member. If you choose to do so, keep in mind that they’ll be responsible for handling the timeshare’s maintenance fees from that point onward. If they’re willing to do that, though, then gifting your timeshare is a great way to ensure that someone gets to enjoy it.
In-House Timeshare Exit Solutions
Did you know many timeshare companies offer their own ways for owners to move on from their timeshares? It’s true! Companies like Wyndham Destinations offer in-house solutions. As a result, it’s worth contacting your resort developer to see if they can assist you. While your developer can be a valuable resource for getting rid of your timeshare, there’s another resource that’s just as helpful.
How ARDA Can Help You Move on from Your Ownership
If there’s one thing that’s clear, it’s that not every way of moving on from your timeshare is safe. So, it may seem a little daunting to find a trustworthy alternative to timeshare cancellation. That’s where ARDA comes in! Also known as the American Resort Development Association, ARDA is the timeshare industry advocacy group for owners, buyers, sellers, and developers. If you see that a company is a member of ARDA, you can rest assured that they follow a strict set of ethics that helps to keep everyone in the industry safe. ARDA also founded the Coalition for Responsible Exit, which provides plenty of resources for anyone looking to get out of their ownership.
Selling Your Timeshare on the Resale Market
Last but not least, one of the best alternatives to timeshare cancellation is to sell your timeshare. When you sell a timeshare, you’ll have more control over the entire process. You can set the terms and choose the buyer. With that said, it’s important to keep your expectations in check when it comes to the selling process. Timeshares tend to depreciate in value, much like how a car would. As a result, timeshare buyers are likely not going to pay as much for a resale as you did when you first purchased it. Still, selling on the resale market allows you to recoup some costs and safely move on from your ownership.
Sell Your Timeshare with Timeshare Broker Associates
When navigating the resale market, you’ll want to work with an experienced team you can trust. You’ll want to work with Timeshare Broker Associates. Timeshare Broker Associates has been helping owners just like you sell their timeshares for over a decade. We’re also a proud, accredited member of ARDA and hold an A+ rating with the Better Business Bureau. In other words, we have a reputation and level of experience you can rely on to navigate the entire process safely. If you’re ready to say goodbye to your ownership, click the link below to learn more. Or, give us a call at 407-917-8432. We’re always happy to help!
