Did you know that around 9.6 million people own timeshare in the United States? If you or a relative purchased a timeshare years ago because you thought all the timeshare benefits would be worth it, but are now finding that it’s not really being used, we are here to help. Instead of continuing to spend money on annual dues for something you are not using, learning how to get rid of timeshares is a smart financial move.
Read on to learn more in our timeshare guide.
Rescission Period
There is a small window of time you can use, called the rescission period, where you can change your mind and walk away from the timeshare you bought. The amount of time after signing your contract varies by state.
This can range from 3 days to 15 days. Review your timeshare contracts and documents to see if you qualify to cancel your timeshare under the rescission period.
Talk to the Resort
For those that are past their rescission period, you might be able to do a timeshare deed-back. If the resort allows you to give the property back to them, this is a low-cost way to have the resort take back your piece of timeshare.
Sometimes you can also offer the sales manager at the resort an incentive, since they are buying back the timeshare from you and then reselling it to someone else. It is worth a try if you are past your rescission period.
Keep in mind that not all resorts will buy back their timeshare, so you will have to look at your contract to see if this is an option.
Sell It
Another option is to sell your timeshare to someone that wants it. Depending on the market, your timeshare might not be worth as much as you paid for it. The goal for most people is to not have to continue paying for annual fees of something they’re not using.
If you own a Disney World timeshare, then you’re in luck because these are a hot market. There are plenty of people looking to buy Disney vacation club timeshares.
There are options to list your timeshare for sale online as well. Look for a website that does not charge you any upfront fees, to avoid paying fees without first selling.
Depending on the type of timeshare you purchased, you might be able to speak to the owner that purchased the week before yours to see if they’re interested. Sometimes owners right before or even right after your week might be interested so that they have options to extend their own vacations.
Talk to an Attorney
This is not anyone’s favorite option, but an attorney that is well versed in timeshare contracts and laws might be able to help you get out of your contract. If you have taken any “offers” since purchasing your timeshare, you might not realize that each offer is normally considered a new contract.
An attorney that specializes in contract law will know how to go through each separate contract to help you out.
Timeshare Exit Company
There are exit companies that have a team of people working together to help people get out of their timeshare commitment. The key is to find one that has experience and a proven track record of getting people out of their timeshare contract.
Be careful of falling into the hands of a shady company. Unfortunately, there are companies out there that will take your money and disappear after a few months, leaving you stuck with your timeshare.
A major red flag of a shady timeshare exit company is if they’re asking you for a credit card number before you sign a contract. Also, in some instances, they will have the nerve to ask you to participate in some type of unethical activity just to get your timeshare “sold.” These are signs that you need to go find a legit company.
Gift It
For those that have paid off their timeshare and are only left with annual dues every year, you can gift it to a relative or friend that will use it and is fine with paying the annual fees. Gifting it would require changing the deed over to their name. This can usually be done with the help of the timeshare company.
Although you will lose the money you paid on it, you won’t have to worry about losing more money every year on something you’re not using. This is a bonus, especially if your annual fees go up in price every year.
Stop Paying
This is not the best option or route to take because it will impact your credit score. If you already paid off your timeshare and are only paying dues, then your credit score might not be affected. In some cases, the company you paid the annual dues to will not report this to the credit bureaus.
Sometimes when people stop paying their annual dues, this might prompt the resort to allow you to surrender your timeshare. The reason is that it will cost them less if you surrender than to foreclose on the property.
Now You Know How to Get Rid of Timeshares
As you can see, there are options when it comes to getting out of a timeshare that is not being used. Now that you learned how to get rid of timeshares, you can make an informed decision on how it’s best to move forward based on your timeshare situation.
If our article came in handy, please continue browsing this section for even more tips and tricks.
