There are several options to cancel your financed timeshare. You may decide to:
In this article, we will cover each strategy in-depth. If you are still in the timeshare rescission period or are unsure if you might be, then check out our timeshare rescission resources here.
Financed timeshares are unable to be sold because of the attached financing. The biggest reason why is that very few people would agree to pay your timeshare debt and then only receive resale benefits (most timeshare companies penalize timeshare owners who purchase on the after-market).
This option may sound easy and like a great idea, but it is the riskiest way to get rid of your timeshare. When attempting to donate or give away your financed timeshare, you will seek out friends and family who may be willing to accept your timeshare. Many states and many timeshare developer by-laws hold an initial owner accountable if the future owner defaults or fail to pay the timeshare maintenance fees or club dues.
Most recently, Florida amended their timeshare laws to make it harder for timeshare owners to transfer their timeshares consequence-free. Florida Statute XL, Chapter 721, Section 17, Paragraph 1.e is the most concerning piece of the legislation and states:
“That the obligations of the transferee under such instrument will continue to exist despite any cancellation or rejection of the contracts between the developer and purchaser arising out of bankruptcy proceedings.”
Most experts agree that extensive lobbying was responsible for the law's passage. State Rep. Eric Eisnaugle, who co-sponsored the bill, received donations from timeshare industry lobbyists before introducing the legislation.
What this means for anyone who wants to cancel a financed timeshare is that doing so without proper guidance could have long-term legal consequences and may put the original timeshare owners at undue risk. Therefore out of all the strategies listed to cancel a financed timeshare, we recommend talking with your attorney before undertaking this option.
This option may sound like a great idea when considering canceling your financed timeshare. However, this strategy can be hazardous for most timeshare owners because your timeshare company has only one fiduciary obligation to its shareholders: make more money. By agreeing to let you out of your timeshare contract, they are financially responsible for your maintenance costs, taxes, and club dues until they can again sell your timeshare financed or weeks.
If you look carefully at most timeshare developers’ websites that offer take-back or internal exit programs, they will disclose that they are still going to attempt to sell you more financed or weeks.
Shocking as it is, their thought process is simple: if you want out of your timeshare, then it’s likely you are not satisfied with your vacations or some other component of their program.
If you feel that it is in your best interest to contact your timeshare company directly, then follow these steps to ensure you don’t get stuck with more timeshare fees and debt:
Again, trying to work things out with your timeshare company will be akin to negotiating the cessation of nuclear proliferation with Kim Jong Un. The sole purpose of timeshare companies is to make money by selling timeshare - not accepting timeshares back into their portfolio, which ultimately hurt profits. Another primary consideration before attempting to go this route is that if you are unsuccessful in your negotiations, it will be nearly impossible for any other entity to assist you in canceling your timeshare.
For more info on getting out of your timeshare, we recommend reading how canceling a timeshare works.
Hiring a reputable timeshare exit company can be a daunting task. A quick google search for “Cancel Timeshare” will give you thousands of companies, all promising to provide you with a fast, easy, and guaranteed way out of your financed timeshare. The truth is that just like any other industry, there are the good, the bad, and the ugly - while some Timeshare Exit Companies are excellent, some are outright scams to be avoided at all costs.
Here are the recommendations to find a great company to cancel your financed timeshare:
We have compiled a list of the top timeshare exit companies to assist you in searching for what’s best for your situation. If you’re unsure whether you need an attorney or a traditional timeshare exit company, you can also check out this article on how timeshare cancellation works.
We know that this is only possible if you recently purchased your financed timeshare. If you’re unsure if your timeshare purchase qualifies for the rescission process or you think you’re still within your rescission period, then check out our step-by-step guide to rescind your financed timeshare contract.
Before canceling your timeshare, it is essential to find legitimate timeshare exit providers or timeshare resale companies. We created a comprehensive list of what to look for when doing business with a timeshare resale or exit company:
No matter how dire the situation is or how much you are behind on paying your financed timeshare, there are options to cancel your timeshare and protect your credit.
The time portion all depends on your situation. On the short end, it may only take a few months to cancel your timeshare, and at the longer end of the spectrum, it may take up to two years. The determining factors for the time to cancel your timeshare include the number of timeshare contracts you own, the financial status of your timeshare, the length of time you have owned, and what steps you have already taken to cancel your timeshare contract.
The sooner you start your timeshare cancelation, the sooner you will be out of the fees and debt that come with owning your timeshare. We are committed to making our timeshare cancellation services affordable for everyone.
The time to sell a timeshare varies because of what type of timeshare you have with financed and how marketable you wish to make your offer for prospective buyers.
The fastest way to sell your financed timeshare is to hire a reputable timeshare resale company and list your timeshare for $1.00 and pay the transfer fees for the prospective buyer. The downside is that even doing this may take months or even years to find someone willing to buy your timeshare.
We believe that we are the best timeshare exit company for anyone who wants to cancel their financed timeshares. Connect with our team today and learn why most people agree Cancel Timeshare is the best option to cancel financed timeshares.
The cost to cancel a timeshare depends on which timeshare exit company you decide to hire.
We believe in offering standardized pricing to cancel a timeshare. Our pricing is listed publicly here - see how much it costs to cancel a financed timeshare.
There are so many online marketplaces to choose from, but we have found that eBay is by far the biggest marketplace for aftermarket timeshares.
Usually, timeshares sold on the aftermarket are successfully done so with the assistance of a Transfer Company or Resale Company. We recommend Allied Transfers because they are reasonably priced and provide an excellent service.