Get Out of Your Timeshare Agreement Using this Cancel Timeshare Contract Sample Letter

Cancel Timeshares Get Out of Your Timeshare Agreement Using this Cancel Timeshare Contract Sample Letter

"Cancel Timeshare Contract" Sample Letter to End Your Agreement Effectively

Buying a timeshare was supposed to mean lots of fun vacations, but it all turned out to be an expensive mistake.

This is prevalent because timeshare salespeople are notoriously good at getting consumers to sign on the dotted line. Unfortunately, high maintenance costs, hidden fees, and rigid schedules make many timeshares simply not worth it. If you're looking to get out of your timeshare, you have the following options:

Sell the timeshareYou can contact a real estate broker or timeshare reseller to help you sell the timeshare or list it on websites specializing in timeshare sales.

Reselling your timeshare is tricky, especially in today’s economy. Plus, you need to set your expectations low, as more often than not, the amount you sell the timeshare at will be much lower than what you paid for it.

Hire a lawyerYou may need to do this if you’re past the rescission period and have a legal cause of action against the developer. Ensure you find out what the lawyer will do for you if you decide to go with this option.
Stop paying the feesDoing this will damage your credit rating, causing you to have trouble getting loans from financial institutions in the future.
Negotiate with the developer terminate the contractAsk your developer about exit options. Terminating your contract will cost you, however. The developer may charge you a termination fee to cut the contract.

While timeshare developers are known for making it very hard to get out of their contracts, it's still doable if you have the right strategy. This article has a "cancel timeshare contract" sample letter that you can use to make your cancellation request as effective as possible. You'll also learn tips on how DoNotPay helps consumers navigate this situation with a lot less hassle.

How Much Time Do You Have to Get Out of a Timeshare Contract?

Most states offer timeshare consumers a short grace period, also called a "cooling off" or rescission period, when they have 5 to 15 days to change their minds after signing the contract. That means you can walk away from the property with no penalties, and the developer has to give you a full refund.

Canceling during this time is as good as it gets when getting out of a timeshare contract. If you still have this option available, act quickly. The primary things to know about using this exit strategy are:

  1. Your grace period begins either on the execution date listed on your contract or when you receive the finalizing paperwork, whichever happens later.
  2. Cancellations have to be done in writing, so you can't do it over the phone.
  3. You should send your request by certified mail with a signature requirement, so you have solid evidence that the developer received it on time.

As long as your timeshare cancellation letter arrives before midnight on the last day of the grace period, you should be in the clear. The timeshare developer may try to drag their feet on sending a refund, but the law is clearly on your side.

How Much Does It Cost to Get Out of a Timeshare Contract?

Consumers that fail to cancel during the grace period will find it a lot harder and more expensive to try to disentangle themselves from a timeshare. The cost varies, but most contracts are designed with heavy penalties that can be 10 to 30 percent of what you paid for the property, or even more.

How much you end up paying will also depend on the policies of your specific timeshare developer, with some of the main ones being Holiday Inn Club, Diamond Resorts, Westgate, Bluegreen, and Wyndham.

Many unhappy timeshare owners will hire a timeshare exit company to handle their paperwork, which can add thousands of dollars in legal fees to the process.

How to Write a Letter to Cancel a Timeshare Contract by Yourself

If you want to cancel the timeshare contract on your own, you'll need to become your own lawyer and have a lot of attention to detail.

For starters, the cancel timeshare contract letter you send to the developer will depend on whether or not you 're still within your 5 to 15 day grace period. After that point, the primary strategy to exit a timeshare contract is to negotiate with the timeshare developer to reduce your penalty. One of the best approaches is to point out how the developer misled you about the timeshare, such as hidden fees or false information.

Regardless of the two scenarios you're in, the letter must be direct, concise, and clear about your intention to cancel. Use the following timeshare cancellation letter templates for guidance:

Sample Rescission Letter for Timeshare

If you 're canceling your timeshare within the grace period, you can send a letter that includes the following information:

  • Information about the contract holder, like name, address, and membership ID
  • Information about the property, like the name of the resort, contract number, and purchase date
  • Some version of "I am contacting you to cancel this timeshare contract within the rescission period."
  • Some version of "I am requesting a full refund of (the amount of your deposit) and the cancellation of any future costs or fees found in the contract."
  • Sign and date the letter, then send the request using certified mail with a signature requirement.

Sample Letter to Cancel Timeshare After Rescission Period

If it 's already past the grace period, you can still send a timeshare contract termination request with the following information:

  • Information about the contract holder, like name, address, and membership ID
  • Information about the property, like the name of the resort, contract number, and purchase date
  • Some version of "Requesting to cancel my timeshare contract immediately."
  • Your reasons for canceling, such as "There are many unexpected expenses associated with this timeshare, such as X" or "I'm facing financial hardship because of Y."
  • Some version of "Please don't make any additional charges to the debit or credit card you have on file."
  • Sign and date the letter, then send the request using certified mail with a signature requirement.

The Next Steps if You Can't Write a "Cancel Timeshare Contract" Letter by Yourself

Many timeshare owners trying to get out of their contract will hire a timeshare exit company to help them through the process. These businesses are legal firms specializing in preparing paperwork and dealing with timeshare developers.

The point of hiring a timeshare exit company is that they can help clients negotiate a lower cancellation penalty for breaking the contract. However, they also charge costly legal fees, making these services essentially a wash. There's also the problem of fraudulent timeshare exit companies common in timeshare hubs like Florida, which collect upfront costs but have no intention of helping their customers resolve the situation.

How to Write a "Cancel Timeshare Contract" Letter With DoNotPay

Getting out of a timeshare contract is no picnic, but having the right tools will make all the difference. Whether you 're still able to cancel your timeshare without penalties or find yourself in a more difficult position, DoNotPay can help. The Cancel Timeshare tool is the simple and legally sound option for writing an effective cancellation letter for your unique situation.

Instead of hiring an expensive timeshare exit company or searching the Internet for more "cancel timeshare contract" sample letters to help you out, count on the virtual lawyer on your smartphone or laptop.

How to cancel your timeshare agreement using DoNotPay:

If you want to cancel your timeshare agreement but don't know where to start, DoNotPay has you covered. Create your own cancellation letter in 3 easy steps:

  1. Search "Cancel Timeshare Agreement" on DoNotPay.

  2. Tell us about the timeshare company, the contract name and number, the purchase date, and other details of your agreement.

  3. DoNotPay will generate a cancellation request letter on your behalf, leveraging all of the negotiation tactics mentioned above.

What Else Can DoNotPay Do?

The world 's first robot lawyer uses artificial intelligence to make legal matters as easy as possible. DoNotPay also helps you save money, save time, and solve problems with as little hassle as possible. Here are just a few ways this nifty legal app makes life easier.

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