How to Get Rid of Timeshare
“How can I get rid of my timeshare?”
That is one of the most common questions that we receive here at Cancel Timeshare. 2020 has been a challenging year for people across the globe, as the COVID-19 pandemic has seen widespread unemployment, and many timeshare owners are now asking themselves, “How can I get rid of my timeshare?”
Of course, the pandemic is not the only reason why owners might be looking to get rid of their timeshare commitments. Recent research has shown that the timeshare industry is booming, worth some $10.2 billion; however, despite this vast industry, estimates suggest that up to 85% of timeshare owners now regret having made the commitment and are looking to cancel their timeshare.
How can I get rid of my timeshare?
If you are looking to get out of your timeshare, but are unsure where to begin, then the good news is that there are a wide range of options available to you. If you are looking to get rid of your timeshare, then it is important to remember that there are a wide range of variables that will need to be considered, such as whether yours is paid off or if it is still financed.
If you have only just entered into your contract, then the first thing you should do is check your agreement. Many will have a cooling-off period, which will allow you to cancel with no questions asked. If you have exceeded your period, then some of the options available to you include:
How to cancel a Paid Off Timeshare
If you have paid off your timeshare and you are now asking yourself, “how can I get rid of my timeshare?” then the first thing to consider is if you can sell it. Sometimes, the original timeshare company might be interested in repurchasing it from you; however, this is very rare, and you will not receive the full price back.
You could also look at selling your timeshare to another buyer, and a specialist realtor could help you with this process. In a similar way to selling it back to the company, this route very rarely results in you receiving your money back, and both methods can be a very time-consuming process.
If your timeshare is fully paid off, then another option available to you is to simply give it away to someone else or a charity as a gift. The new owner would then take responsibility for any fees, insurance, and tax.
However, if you don't have the time or energy to research these options fully and do not want to wait for the timeshare to be removed from your name, then the best option is to hire an Accredited Timeshare Exit Company.
How to get out of Timeshare that is financed
If your timeshare is still mortgaged, then you can look at various options to get yourself out of your contract. If you feel you were lied to or that there were violations during the sales process, then you can file a complaint with various state or federal agencies, and there are many firms out there who can help you with this process. We have found that attempting this process on your own can be risky. Many timeshare companies will offer help at first, but then lead you down a rabbit hole to try and get you to buy more timeshare or delay your mortgage cancellation.
Some timeshare companies have programs set up to resell a mortgaged timeshare. However, they always want you to pay a listing fee. If the process really worked, then why would they want you to pay them to list your timeshare? Sadly we have talked to numerous timeshare owners who did not get the timeshare relief they were wanting.
Does a timeshare hurt my credit?
Another common question owners want to know is if a timeshare will hurt their credit. Entering into a timeshare is a costly process, and, like any financial obligation, it can have a serious impact on credit rating. Failing to keep up with your payment can lead to you ruining your credit score completely, so finding a way to get rid of your timeshare can help to prevent harm to your rating.
Another important consideration to remember is that timeshare companies often run up charges on credit cards to cover costly down payments. If you want to know just how much you're realistically spending on your timeshare, check out our Timeshare Cost Calculator here.
How we can help
As the leading timeshare exit firm, here at Cancel Timeshare, we know how stressful and complex the procedure can be. We pride ourselves on offering a streamlined and affordable solution that can help you to quickly get out of your timeshare, so if you would like to find out more, get in touch with our team today.