3 Legitimate Ways to Get Out of a Timeshare
Consumer awareness is the best weapon to combat a bad timeshare experience. Due to the money involved, timeshare companies are willing to make it a challenge to leave the contract. You can avoid this headache by using 3 legitimate exit strategies.
Never Enter into It
This is of course obvious, but that doesnβt make it any less of a valid strategy. The same tactics sellers use to get you into the contract is magnified a thousand times over to prevent you from leaving it. Learn more about timeshare cancellation to avoid the most common mistakes by new buyers.
Timeshare pitches are some of the sweetest music a salesman can sing to customers. Itβs an investment with no strings attached that never loses value. You donβt have to maintain it, and you can sell it at any time to a horde of willing buyers.
But the reality is that the horde of willing buyers are not regular consumers, and they are willing to pay far below what you paid. When the time comes to exit the contract, the same song and dance will be given about what youβre missing out on. Amazingly, this works on a lot of consumers β in some cases, they even buy more timeshares in the process of trying to exit their current one!
If you have any doubts about the seller of a timeshare, it is best to avoid them and go to someone with a verifiable track record. This means less of a headache if you ever want to get out of the contract.
Rescission Laws
Rescission laws are the most powerful tool a timeshare owner has at their disposal. This time limited law allows for a βchange of heartβ without a financial penalty. Limitations vary by state, and allows for a cancellation in as little as three days, or up to fifteen days. For situations that extend beyond the rescission law period, you would possibly need to discover contract mistakes.
Check the Contract
There is no such thing as a foolproof contract. No matter how well crafted, there are bound to be mistakes that can be exploited in a timeshare contract. Small things like false promises at the original signing of the timeshare can come back and bite the seller. This is of course assuming they put it on paper instead of said it verbally. That is why any promise related to your timeshare should always go in the original contract.
Another issue that can be brought to light are incorrect dates, payment requirements, valuations or even booking priority mistakes. When the contract has holes, it is an advantage that has to be used during the exit negotiation.
Make Them Work for It
Buyers have three levels to legally get out of a timeshare. They can avoid it from the beginning, use rescission laws or capitalize on contract mistakes. Itβs your money, so donβt let a company talk you out of getting it back. Stay vigilant through the process until conceding is the only option they have.
