What is the Best Timeshare Exit Strategy?
Whether you just nailed your signature a few days ago or you have several years old timeshare, you'd want a that works for you--fortunately, that is why DoNotPay is here.
When you first purchase a timeshare, they have all the green indicators that it's the dream investment you want. This is the experience for more than 10 million Americans that own a timeshare.
But wait, the tussle comes when you locate disparities within the contract a day or so after you sign it -- "this must be a horrible mistake!" you concede. Or worse, your wallet will never fit even after 13 years (many companies promise a return on your investment within this timeframe). This is because you have to pay the lifetime annual maintenance fees (average of $1000 for most resort developers) and, of course, spend heavily on vacations to destinations you have already lost a taste for.
Okay. Can I get rid of the resort? Yes. Even if it's the notorious Wyndham timeshare, DoNotPay can help you cancel them. But let's look at some things before you can get this hidden trick off your sleeve.
Exit Timeshare Now if the Rescind Period is Not Over
The best chance you have to cancel your timeshare is leveraging the timeshare rescission period. This is like the courtship period. Just like you can cancel your marriage plans during courtship, so you can get out of timeshares before the rescission period expires.
While the time may vary between a minimum of 3 days to as many as 15 days in some states, you'll need to send a timeshare cancellation letter to the timeshare company. If your timeshare is outside the US, you need to research how long their cancellation period is. Nevertheless, you expect some "bad moods" from the company, like inflating the cancellation fees or claiming they lost your letter (a good reason you should always keep a copy). To avoid such, using an effective method like DoNotPay to avoid rounds that can take this advantage off your hands.
What if this grace period is over? How can I finally offload my timeshares after years of paying the expensive fees? Check if you can use one of the timeshares exit strategies listed below.
Timeshare Exit Strategies You Need to Know
- Resell your Timeshare. First, you cannot have an ongoing loan on the resort for it to be eligible for selling. Eligible? That doesn't make the case better, either. With thousands of other sellers flooding the market, you might not get a lot of your money back. Some vacation resorts listed on eBay can go for as low as $1. Unless you're lucky, this option might not work.
- Give out or rent the timeshares. Many want you to believe that renting out your timeshares can get some of your money back. Considering the risks involved, you might need to get back to the wallet to pay for expenses this may cause. Renting timeshares is like postponing a medical visit you so desperately need for no reason. Giving out to a family, friend, or donating to a charity might work for you. However, getting a charity in need of a vacation resort is no walk in the park.
- Talk with the resort developer. If your company is among the few that want to protect face by keeping the customers happy, you can try to talk your way out. But that will cost you time trying to get in touch with the timeshare company customer service, not to mention the exit fees you'll have to pay.
What If Nothing Works?
- Use Timeshare Exit Company. This is another trial-and-error option, as many timeshare owners have lost thousands in scams like these by signing up with an exit company promising a 99% success rate. Although some are legitimate, the tradeoff is how long you may be forced to wait. It can take months or years before some exit companies process your exit successfully. Remember, you'll still be paying the resort maintenance fees.
- Hire an Attorney. Hiring a timeshare attorney is also an option you can turn to as a lifesaver. However, this timeshare exit strategy is expensive, and you're prone to meet with cons posing as experienced contract attorneys.
We advise never to take the "cease to pay the annual fees" route, as this worsens the already bad situation. The resort company will report you to credit bureaus, lowering your credit score. And in the end, you might have to pay the money with higher fines, after all, DoNotPay can help.
Safely Exit Timeshare with DoNotPay
Most timeshare exit strategies are ineffective. You can spend upwards of $5000 if you choose to cancel your timeshares using an exit company. DoNotPay understands why you want the timeshares off your neck in the first place -- you want to ease your financial burden. This is why we provide a fast, reliable, and cost-effective timeshare cancellation process.
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!
Why Should I Use DoNotPay To Exit My Timeshare?
Only DoNotPay can guarantee you speed, ease, and security.
|Speed||DoNotPay takes minutes to set up.|
|Ease||Both the app and website were built with clarity and convenience in mind. If you have any questions that you aren’t able to find answers to on your own, you can reach out directly to a support team at email@example.com|
|Security||DoNotPay keeps your data private, so you never have to wonder if some other third party will have access to your private information.|
DoNotPay Can Help You Cancel Any Timeshare
Getting rid of timeshares is not the same across all companies. However, with DoNotPay, you don't have to worry about that as we:
- Cancel timeshares in any state, including Florida, California, and even outside the US, like .
- Help you exit Westgate Resorts timeshares just as we can help you get rid of the Holiday Inn Club Vacation timeshare.