Timeshare Cancellation: How to Get out of Your Timeshare
Many people find that timeshares aren't the best solution for vacations because they often require large fees and long-term contracts. When timeshare owners want to get out of their contracts, they often face a lot of misinformation and confusion surrounding timeshare cancellation .
Timeshare companies often advertise these properties as a great way to get a lot of vacations without spending too much money. However, not everyone agrees that timeshares are worth the hassle.
If you aren't able to handle getting out of a timeshare on your own, you may want to consider DoNotPay. They can help with timeshare cancellation without resorting to expensive lawyers.
How Much Time Do You Have to Get Out of a Timeshare?
Examine the contract closely because timeshare cancellations may depend on what type of contract you signed.
Some contracts allow for timeshare cancellations without penalty, but only if your request is made during that "cooling off" period or within a certain number of days after signing. Others automatically renew unless you give notice within this time frame. And still, others have a specific clause about canceling by written notice.
These rules vary from company to company and can be difficult to discern without some close inspection of the contract.
Is Your Timeshare Cancellation Subject to Penalties?
In most cases, the resort will charge you a timeshare cancellation fee based on what they estimate it will cost them to re-rent your unit after you have left. This fee is often substantial and can range from $500 per week up to as much as 60% of the entire contract.
In most cases, a resort can hold back as much as 10% of your money to cover any damages that they may find after you have vacated. This sum is often referred to as "liquidated damages."
Penalties for Cancelling Timeshares Vary Based Upon Where You're Staying
One of the most important factors that determine how much of a penalty you will pay for canceling is the location of your timeshare.
|Asia||The most inexpensive timeshares are often in Asia where resorts will charge around 10% of the contract price.|
|Europe||In Europe, you can pay around 20% if you are staying at a resort on the Baltic Sea.|
|Mexico and Hawaii||Timeshares in Mexico and Hawaii are even more expensive, with additional charges for "convenience" or membership to an exclusive club.|
In general, the more expensive a location, the higher your timeshare cancellation penalty will be.
How to Cancel Your Timeshare Contract On Your Own
If you are considering canceling your timeshare contract on your own, be prepared for potential lawsuits and/or large fees. Timeshare companies will often respond to self-cancellation requests with threats of legal action.
In order to cancel your timeshare on your own, you should send your request in writing with the following information:
- Your name.
- The name of the resort.
- Contact information for the resort, including address and phone number.
- The date you are canceling your timeshare.
- Reason for canceling (this can be as simple as "I am unable to use my timeshare") If you are seeking to cancel your timeshare because of extenuating circumstances (for example, the death of a family member), be sure to include this information in your letter.
Take this letter to a notary public who will sign it. Keep a copy of the letter for your records. Then mail your request with proof of delivery, such as via a certified letter.
Next Steps If You Can't Request a Timeshare Cancellation On Your Own
If you are not able to cancel your timeshare on your own, you may want to try the following:
- If you are not able to resolve your issue with the timeshare company on your own, you may want to contact a consumer protection agency.
- Another option is to file a complaint with your state attorney general's office that deals with timeshares, as well as any state agencies that regulate the sales of timeshares.
- At this point, your only option may be filing a lawsuit against the company. If you are considering doing this, you should hire an attorney who is familiar with timeshare cancellation laws in your area.
How to Handle Timeshare Cancellation with the Help of DoNotPay
If you're having a hard time canceling your timeshare, you may want to consider using a service that can help you maneuver the process. DoNotPay can help you understand your rights and cancel your timeshare before resorting to expensive lawyers or resale sites.
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:
- Search "Cancel Timeshare Agreement" on DoNotPay.
- Tell us about the timeshare company, the contract name and number, the purchase date, and other details of your agreement.
- DoNotPay will generate a cancellation request letter on your behalf, leveraging all of the negotiation tactics mentioned above.
Why Use DoNotPay For Timeshare Cancellation Instead of a Timeshare Exit Company
Many timeshare exit companies are simply resellers who charge you for canceling your contract. While these charges can be well below what resorts charge to cancel, they are still a costly investment. DoNotPay offers the same service and there is no obligation or risk to use their services.
DoNotPay works just like any other website and can cancel your contract in a few easy steps. DoNotPay makes timeshare cancellation simple and fast, even when you don't have the time or money to hire an attorney or resale service to help you out.
DoNotPay Works For All Timeshare Cancellations With a Click of a Button
No matter how simple or complex your timeshare exit needs are, DoNotPay can help you cancel your contract with ease. DoNotPay works to understand the legal requirements of your state and guides you through the process of canceling your timeshare. Timeshares can be a huge investment and difficult to cancel, but they don 't have to cost you an arm and a leg.
What Else Can DoNotPay Do?
While DoNotPay is best known for canceling your timeshare, it can actually be used to complete hundreds of common tasks, saving you both time and money. Some services DoNotPay offers are:
- Sue anyone in small claims court.
- Fight text spam.
- Receive airline refunds.
- Appeal parking tickets in any city.
- Learn about the process for tourist visas.