Do you find yourself throwing up your hands in frustration and asking, “Why is it so hard to cancel a timeshare contract?” You’re not alone. A 2018 study from the University of Central Florida found that 85% of timeshare owners regretted their purchases. The timeshare industry is designed on a simple principle: It’s easy for customers to get in and nearly impossible for timeshare owners to get out.
This timeshare ownership business model makes sense when you realize that timeshare resorts make their fortune from the constant influx of money from owners: annual maintenance fees, special assessments, and dozens of other fees that bleed owners dry every year. If it were easy to just hit a “cancel” button and escape, timeshare companies would collapse.
In this article, we’ll look at the process of canceling a timeshare contract and explain why it can be so difficult to do. The answer involves the law, the terms of the contract, and timeshare companies that want to keep you paying their fees for as long as possible.
Yes, timeshare agreements really can be canceled. In fact, the ability to cancel a timeshare contract within a certain period is a legal requirement in most of the United States. As the premier timeshare exit company in the U.S., Centerstone Group is the leading free resource you can use to walk you through the rescission process and timelines in a clear, easy-to-understand way.
The process of getting out of a timeshare agreement is called a contractual rescission, which is achieved by sending a timeshare cancellation letter. But as with so many other things, timeshare companies do not make it easy for timeshare buyers to cancel their contracts.
Take a look at your timeshare purchase agreement. There should be a section that refers to “cancellation” or “rescission.” The terms of the contract will state that you have a specific amount of time to send a letter to the timeshare company at a certain address. Assuming that you can get the letter delivered to that address before the end of the rescission or “grace period,” the contract should be canceled and all money you have paid should be refunded.
So the process to cancel a timeshare sounds simple enough, right? The problem is that the company you have the contract with has a vested interest in making the process as hard as possible. They’ve laid several traps waiting to spring and stop you from canceling, all in an effort to protect their bottom line.
Most importantly, you need to be able to prove that you sent your cancellation letter in a timely fashion, and that the timeshare developer received it on time. Second, small mistakes in the address or to the specific person or department the letter is directed to can lead to the cancellation failing.
Plus, keep in mind that if you call and ask the timeshare company, they might even give you a totally different answer than what the contract says, and that answer could derail your entire strategy. Worse, they may even try to suck you into another timeshare sales presentation to buy even more “vacation property” that you’ll have to pay for in perpetuity.
Even if you stay strong throughout the sales pitch, they only need to delay you a little bit. If you miss the cancellation deadline by even a minute, you’ll be stuck.
The “grace period,” also known as a “cooling-off period,” is a legal period of time to rescind a timeshare contract that is almost always set by state law. The various laws across the United States provide a range of “grace periods” ranging from a few days to over two weeks.
In Florida, for example, you have 10 calendar days after signing the timeshare contract or receiving a complete set of all necessary papers for the purchase. California, on the other hand, gives you seven days after the receipt of the public report or the signing of the contract.
Whatever the deadline, though, you should be careful. Even if you think you know the law, the triggering event or “start date” of the period can be different from state to state. In some, the signing of the contract starts your grace period. In others, you have to receive a statement or separate signed copy of the contract first.
The differences between state laws can make all the difference. Thus, you should call Centerstone Group for help as soon as possible to get the most recent information about deadlines and legal requirements for your specific state.
Remember, any confusion you have about the process will be used against you. That’s why it is helpful to have an expert at your side who can help you navigate the tricky legal requirements for canceling a timeshare contract.
If it’s done correctly, it shouldn’t take long at all to complete the cancellation — as long as it takes to make sure that a letter, properly drafted and sent, is delivered to the correct address for the developer. The problem, as mentioned above, is that timeshare companies will intentionally make the process confusing and difficult.
When navigating the process of a timeshare cancellation, make sure you take detailed notes and document everything. In the event a developer employee gives you bad advice or tells you something that is not in line with the contract, you might have a legal action against the company for fraud.
Hiring a timeshare attorney would not be the cheapest or fastest option for a timeshare exit — Centerstone Group would be your best choice. However, if our experts feel a lawyer is necessary, we can assist you in getting the best legal representation for as reasonable a price as possible.
If you find yourself outside of the rescission period, don’t lose hope. Centerstone Group is a timeshare exit company with a dedicated band of professionals who have decades of experience. We can determine the right timeshare exit strategy for you. Sometimes that involves a cancellation, but we have extensive experience in more difficult resolutions, like our proprietary pressure campaign to make a developer accept a deed-back.
We can also help you get help from a lawyer or law firm if you need it, at discounted rates. We also have an escrow option for owners who qualify, so that we can start getting you financial relief as soon as possible. But don’t just take our word for it. We are an A+ rated, accredited business with the Better Business Bureau (BBB) and have a current customer rating of 4.77 out of 5 stars.
Keep in mind that not all exit companies are created equal. There are plenty of scams out there, so make sure to do your homework and double check the credentials of anyone who claims to operate a timeshare cancellation service/timeshare cancellation company.
Why is it so hard to cancel a timeshare contract? Because you have large timeshare companies working against you. You don’t have to do this alone, though. Contact Centerstone group today for a free consultation and case evaluation.
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