Is It Ever Too Late to Cancel Your Timeshare Contract?

In most of the United States, there are state laws allowing recent timeshare buyers to rescind their purchases. This means an owner can send a cancellation letter to the developer and get a full refund of all amounts paid. However, each state defines their own rescission period — how much time you have to request cancellation — which can vary between three and 15 days. However, many people need the ability to cancel their timeshares after rescission periods have ended.

In this article, we’ll take a look at the processes you can use to cancel timeshares after the rescission period has passed and discuss how to get a timeshare cancellation when you owe money, whether it’s mortgage payments or outstanding annual maintenance fees.

As the leading timeshare exit company, Centerstone Group has helped thousands of timeshare owners escape their oppressive timeshare contracts. Most of those clients had timeshares whose rescission periods had long since lapsed. With their decades of expertise in the timeshare industry, Centerstone Group’s team members can help find the right exit for you, even if you think all hope of an exit has long since passed.

How many days you have in your rescission period depends on state timeshare cancellation laws. Some laws provide longer cancellation periods than others. For example:

• California’s statute gives you seven calendar days.
• Colorado’s statute requires a five-day cancellation period.
• Florida’s law gives buyers 10 calendar days.
• Nevada’s law provides a five-day rescission period.

In general, the length of time varies between three and 15 days, with most falling in the 5-7 day range. So you don’t have much time to act. 

If you are within the state’s timeframe, you can send a timeshare cancellation letter (via certified mail with return receipt requested) and get your money back or your credit card payment reversed. This is always the best and easiest way out, so it pays to double check if you are within the rescission period.

Keep in mind, which state law applies is based on where you signed the timeshare agreement.

Yes, you absolutely can cancel a timeshare after the rescission period (sometimes called a cooling-off period) has ended. Most timeshare owners who realize they want to cancel have had their contracts too long to simply write a letter and get an exit, but there are still options.

If you reach out to your timeshare company, they will likely refer you to their in-house deed-back program or exit solutions, like the Wyndham Cares Certified Exit program. But keep in mind, timeshare companies tend to be difficult to deal with and don’t really want to let you out of your contract. They’ll put up roadblocks where they can. 

You’re better off enlisting the help of an expert from Centerstone Group to walk you step by step through your timeshare exit. With our years of experience, we can determine if your best option is a pressure campaign or a timeshare transfer.

Legal disputes offer another avenue — albeit a costly and time-consuming one — for getting rid of a timeshare. This strategy is not advised except in certain specific legal circumstances, like fraud, negligent misrepresentation by a salesperson, or other violations of the law. 

In those special cases, Centerstone Group will help you with a referral to a timeshare attorney or law firm who can give you legal advice at a discounted rate.

Given the wide variety of options available, anyone considering this route should contact Centerstone Group for a free consultation to go over your options.

It doesn’t matter if you’ve owned your timeshare for one year or 10 years; it is possible to exit your timeshare safely, legally, and ethically. However, keep in mind, timeshare companies do not want to give up longtime customers easily. You can expect them to put up a fight or delay as long as possible.

Even though the amount of time that you’ve owned the unit doesn’t matter, details do. It’s important to have your contract and other paperwork related to the purchase. Receipts and statements showing payments you’ve made over the years will also be important.

Yes, it is possible to exit with unpaid fees or loans, but it’s much harder, and you absolutely need an expert team on your side to do it. Most developers will not voluntarily admit you into their exit programs unless your mortgage is paid off and you are current on your annual maintenance fees and other fees.

Unfortunately, many owners find themselves with a mortgage loan balance or outstanding fees as they are trying to exit. Also keep in mind that, where mortgages are involved, a timeshare developer may begin foreclosure proceedings to extinguish your real estate interest. The company could get a deficiency judgment against you, meaning they could force you to repay what you owe by suing you.

In cases like this, you need a team with negotiating experience to force the developer to do the right thing. This is a situation in which Centerstone Group shines. Its proprietary pressure campaign uses insider knowledge and a combination of letters, social media/review site campaigns, media outreach, and regulatory complaints to get the timeshare company to relent.