Many timeshare owners are looking for ways out of their timeshare contracts and the financial burden they bring. Whether owners get a timeshare exit company to help them or try to go it alone, the process can be confusing and complicated. Understanding what is happening behind the scenes can help assuage anxiety and give you patience, so it’s important to know what to expect during the timeshare exit process.
No two timeshare exits are going to be exactly alike. Your exit will depend on several factors, like how long ago you entered into timeshare ownership, whether your timeshare developer has a legitimate program for taking your timeshare back, and whether you have an outstanding loan balance or owe other debt to your timeshare developer.
This article will take a look at timeshare exit services, like the ones offered by Centerstone Group, and answer some of the more commonly asked questions about them.
The first thing to realize when talking about timeshare exits is that there is not just one process. An exit can be achieved in many different ways, depending on when you bought the timeshare and what your current relationship is with your timeshare developer.
While many owners are curious if they can sell their timeshares with a real estate agent, the truth is that this is not a realistic option for the vast majority of people. There is simply not a viable resale market for most timeshares. If someone tells you there is, that is the reddest of red flags, and you should get away from them immediately.
Two of the more common, and more realistic, exit strategies are detailed below.
A contractual rescission (also known as a timeshare cancellation) is one of the fastest and most complete ways to get out of your timeshare contract. It can also, however, be tricky. Almost every state in the union has laws allowing you to undo your timeshare purchase and get a complete refund within the rescission period (also known as a cooling-off period).
The rescission period, though, is pretty short. Depending on your state’s laws, it can be anywhere from a few days to a couple weeks. To successfully cancel your contract, you also need to follow the exact requirements of the contract for the rescission. If you make even a small mistake and the rescission period closes, you are stuck with your timeshare.
If you’re eligible for a rescission, reach out to Centerstone Group for free advice on how to navigate the process.
In some cases, your timeshare developer may agree to take a timeshare back. Bigger timeshare developers like Wyndham may even tell you that they have their own timeshare exit programs where they will take back unwanted timeshares.
What they don’t tell you, however, is that they decide which owners are allowed to use these programs, and they reject or delay far more exits than they process. Timeshare developers don’t want to make timeshare exits easy because they depend on the constant payment of annual maintenance fees and other costs by timeshare owners.
That said, there are other ways to convince a timeshare resort company to take timeshares back. Centerstone Group has had a great deal of success with its proprietary pressure campaign, which it has used to help thousands of timeshare owners persuade their developers to end onerous timeshare contracts.
Again, because every timeshare owner’s situation is different, it is difficult to estimate how long it will take to complete a timeshare exit.
On the shorter side, a properly completed timeshare rescission might only take a few weeks before the contract is canceled and all of a timeshare owner’s money is refunded.
But an exit after the rescission period has run out could take significantly longer. Factors that might make the process take longer include:
In the case of a non-rescission timeshare exit, a timeframe of several months is not uncommon, and the addition of more complicated factors, like a lawsuit, will make the process take even longer.
Anyone who has ever tried to call a timeshare company knows they have a terrible track record when it comes to communication. Phone calls and emails often go unanswered, and it’s difficult to get an answer on anything. This won’t change when you start your exit. If anything, it may get worse.
Unless you are interested in buying more points or another timeshare, you may find it extremely difficult to speak with a live person, particularly over the telephone. Again, this is by design because it makes the exit process more difficult for you.
If you’re represented by a lawyer or law firm, a timeshare company will likely not contact you at all, preferring to speak to your attorney instead. (They will, however, continue to send you bills regardless of whether you have a lawyer or not.)
The best solution is often to hire a timeshare exit company like Centerstone Group, which uses its knowledge of the industry and timeshare companies to get their attention and make sure that they address your concerns as quickly as possible.
Timeshare developers never make it easy to do anything except buy more products and pay them more money. When thinking about what to expect during the timeshare exit process, you should prepare for more of that.
These anti-consumer practices are best countered by professionals with decades of experience in the timeshare industry, like the team at Centerstone Group. We are the top timeshare company, helping owners of timeshares located in both the United States and in Mexico.
Don’t take out word for it, though. We are an accredited company with the Better Business Bureau (BBB), where we proudly bear an A+ rating and an average customer review rating of 4.78-out-of-5 stars.
Contact us today for a free consultation and case evaluation, so that we can tell you more about what to expect during your timeshare exit process.
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