Why Timeshare Exit Companies Aren't All They're Cracked Up To Be
Timeshare salespeople offer notoriously impressive perks for attending one of their pitches. There's a reason for that. Timeshare salespeople use aggressive tactics once they lure people to their sales events.
These tactics often work. Once someone has bought a timeshare, getting out of it can be a struggle. Timeshare purchasers are on the hook for yearly dues and uncontrollable fees. Timeshare exit companies offer help getting out of a timeshare contract, but are they all they're cracked up to be?
What is a Timeshare Exit Company?
A timeshare owner can offload their timeshare in a few ways. First, they can re-sell their timeshare to someone else. This is usually done through a resale company. Second, they can use a timeshare exit company to get out of their contract. There are some reputable timeshare exit companies, and some with less than stellar reputations.
- Timeshare exit companies are costly.
- Not all timeshare exit companies do all the work. Every company has a different business model. Some timeshare companies just help their clients navigate canceling on their own, while other companies do all the legwork for their clients.
- Timeshare exit companies take a long time to get out of a contract. Canceling a timeshare with a timeshare exit company can cost between $2,500 and $10,000, and take as long as three years.
Watch Out for Timeshare Exit Company Scams
Some timeshare exit companies are scams. Some timeshare exit companies pop up out of nowhere and charge their clients absurd fees to cancel a timeshare. Here are three ways to tell if a timeshare exit company is a scam:
- It sounds too good to be true. Beware of companies that offer fast, inexpensive timeshare cancellation.
- The company is new. Timeshare exit scams come and go fast, so new companies may be fakes.
- Not accredited. All reputable timeshare exit companies should be accredited by the American Resort Development Association (ADRA).
They quote long wait times, like two or three years. By the time the waiting period is over, the company is gone, along with their clients' money. Plus, the victim is still on the hook for the timeshare fees.
Although many timeshare exit companies offer money-back guarantees, some will go the extra mile. Reputable timeshare exit companies have their clients pay in escrow. An escrow account is an account that protects a client's money until the service is complete. The timeshare company knows that the money is there, but can't access it until the timeshare is canceled.
How To Cancel a Timeshare Without a Timeshare Exit Company?
Most consumers want to cancel timeshares to save money on annual fees. Canceling a timeshare with a timeshare exit company can be costly. Some consumers may want to cancel on their own to save some cash. Here's how:
- Cancel soon. If you've just signed the contract, you may be in a grace period. Usually, contracts allow for free cancellation within a certain time frame after signing (most often within 10 days).
- Read your contract carefully. Any issue with the contract makes it easier to get out of. Double-check the fees you're paying. If they're not mentioned in the contract, you may have an out. Find any potential inaccuracies.
- Negotiate with the contract holder. There may be provisions for cancellation in your contract. If not, you'll have to negotiate with the timeshare company. Expect to pay some sort of cancellation fee.
Why is DoNotPay Easier Than a Timeshare Exit Company?
There are a lot of scammers posing as timeshare exit companies. Even reputable companies take a long time and cost a lot of money. DoNotPay has an easier solution.
|Fast Results||There are other avenues you can take to cancel your timeshare contract, but DoNotPay can get it done much faster.|
|Easy Process||DoNotPay leverages technologies such as Artificial Intelligence (AI) to automate time-consuming tasks involved in the cancellation process.|
|Success||When you work with DoNotPay, you can rest assured that we will do everything possible to help you out of your timeshare.|
DoNotPay will take your timeshare information, including contract date and number. The DoNotPay system will then automatically generate a cancellation letter. This will be the basis for your negotiations with the timeshare company.
Why Use DoNotPay Instead of a Timeshare Exit Company?
Timeshare exit companies are expensive and time-consuming. Some do little more than guide consumers through the process, for a four-figure price tag. Canceling a timeshare yourself means extensive research. With DoNotPay, you'll have a perfect cancellation letter ready to go in a few minutes. No research is required. You'll be doing your own negotiations, but with DoNotPay's negotiation tactics at hand!
If you want to cancel your timeshare agreement but don't know where to start, DoNotPay has you covered. Create your 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.
DoNotPay Works Across All Types of Timeshares
Timeshare exit companies charge different amounts based on the different types of timeshares. In fact, most reputable timeshare exit companies won't disclose their costs upfront. That's because, for a timeshare exit company, each timeshare is handled differently.
That's not the case with DoNotPay. The DoNotPay timeshare cancellation letter can be used to begin negotiations with any timeshare company, including:
- Holiday Inn Club Vacation Timeshares
- RCI Timeshares
- Diamond Resorts Timeshares
- Westgate Timeshares
- Welk Resort Timeshares
- Bluegreen Timeshares
- Wyndham Timeshares