You were sold picture-perfect vacations in the timeshare presentation. But now the reality has set in that it’s a financial burden you can’t keep up with. So now you’re wondering, “What is the cheapest way to get out of a timeshare?”
The answer to that question is going to depend on several factors, like how long ago you signed your timeshare purchase agreement, which developer or vacation ownership club you signed with, and what exactly they sold you.This article will take a look at some different ways to get out of a timeshare, what they might cost, and the risks of each exit strategy.
One thing that all methods have in common is that getting out of unwanted timeshare ownership is difficult and risky. Having a professional with decades of experience in the timeshare industry on your side — like Centerstone Group — is one of the best ways to protect yourself and successfully exit.
Yes, it is possible to exit a timeshare for free, but you have to do it soon after signing your timeshare agreement, and if you make a mistake, you’re stuck. The process is called contract rescission. In most states, there are laws requiring a “cooling-off period”, during which you may cancel your timeshare sales agreement and get a refund of all sums paid.
If you look at the contract you signed, you will find a paragraph that references timeshare cancellation or rescission. The procedure and exact rescission period will differ based on the state where the contract was signed, but generally, you need to write and deliver a timeshare cancellation letter to a particular address by the legal deadline.
The catch is this: If you fail to follow the terms of the contract exactly, you won’t be able to cancel your contract. And even if you do follow them exactly, you still won’t have a cancellation if you can’t prove you did everything right. You need to use Certified Mail or a similar service and make sure you send the letter to the correct company name (which may be different from the name on your timeshare contract) at the right address. Fail any of these tasks, and you’ve failed the rescission.
If you want some peace of mind and guidance during your rescission process, Centerstone Group offers free advice to help you through.
Yes, there can be hidden costs in timeshare exit methods, especially when you try doing them yourself. Some larger timeshare developers, like Wyndham or Hilton, have their own “exit programs” (also known as “deed-back programs”) in which they claim that they will simply take your timeshare back.
These programs, though, are at the developers’ discretion, meaning they don’t have to accept you. They won’t accept you, in fact, unless your mortgage is paid off and you’re current on all other payments, such as maintenance fees and special assessments. And once they do accept you, they will make you pay for the privilege: thousands of dollars just to transfer your timeshare away.
Some timeshare resorts may provide you with a Realtor or real estate agent or their own listing service and “allow” you to sell your timeshare. On top of paying for real estate listing fees, closing costs, and transfer fees, be prepared to lose all of the money you have paid so far because most timeshares are not a good investment and are practically worthless. (Just take a look at eBay or Craigslist and you’ll see people trying to sell their timeshare for $1.)
In terms of selling, you should also beware of timeshare scammers posing as “timeshare resale companies” with buyers at the ready. These companies will take thousands of dollars of your money and disappear. The Federal Bureau of Investigation, the Federal Trade Commission, and several attorneys general have warned about these timeshare scams, which can often appear legitimate.
When you are trying to exit a timeshare, you will pay dearly and repeatedly unless you have an experienced and tireless advocate on your side. Centerstone Group can create a plan tailored to your specific situation based on our extensive industry knowledge, will be clear about what the costs will be (usually between $4,000 and $10,000 depending on the options you need), and doesn’t charge any hidden fees.
The biggest risk of trying to achieve an exit all by yourself is what will happen if you fail. The idea of a contract rescission and full refund is attractive, but timeshare developers are smart and make the process so complicated that it’s easy to make a mistake. The cost of that mistake is that you are stuck with the timeshare, paying thousands of dollars in fees and assessments every year for the rest of your life.
Other risks of trying to get out on your own include foreclosure for non-payment of amounts you owe the company, damage to your credit score and credit report, and harassment by debt collection agencies. Not only can you find yourself in a financial hole, but it can also become difficult to be approved for other financial services or loans (like a mortgage or auto loan).
You already know you can’t afford a timeshare, but the consequences of a failed timeshare exit can be equally severe and put you deeper into a hole.
The cheapest way to get out of a timeshare property will depend on your specific situation. But the best way to make a cost-effective exit is to consult with the professional team at Centerstone Group. We can show not only the cheapest way to get out of a timeshare, but the most effective way for you.
Centerstone Group is the top timeshare exit company, and it has helped thousands of timeshare owners achieve final, satisfactory exits from their contracts. Centerstone Group is an A+-rated, certified company with the Better Business Bureau (BBB). Our satisfied customers have given us a rating of 4.78-out-of-5 stars.
We can help you with whatever kind of exit you need, be it contract rescission, timeshare transfer, our proprietary pressure campaign, or even assistance with finding representation from a timeshare lawyer or law firm. Contact us today for a free consultation and case evaluation.
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