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Everything You Should Know About Legally Terminating A Timeshare

Read this before canceling your timeshare! Getting out from under your timeshare agreement can oftentimes be a tricky task, so we have compiled this shortlist of tips and advice to help you. There is so much information that most timeshare owners are unaware of, and most of the blame for that goes to the timeshare companies. If it was up to these resort companies, you would be stuck with your timeshare for the rest of your life and then your children would be stuck with it after that. Well, we're here to tell you that is not the case at all.

The timeshare industry has been showing cracks in its system the past few years. Add on the fact that there has been a pandemic this past year, and you'll see that more timeshare owners than ever before are looking to get out of these egregious agreements. Because there are so many owners wanting to exit their timeshare, we want to make sure every owner takes the proper precautions to legally and successfully do so without burdening themselves further. Check out these five tips below that will help steer you in the right direction in terminating that timeshare nightmare.

1. First Off, It's Not Your Fault

Timeshare companies are known for their deceitful sales practices, resulting in families and individuals getting trapped into financial obligations they were never interested in. On the surface, it appears that their salespeople just have an amazing talent for painting timeshares in a beautiful picture. But ask any timeshare owner how their experience was with the salespeople and more times than not, they'll describe it as exhausting, intense, and uncomfortable. Timeshare sales presentations are well-known to take up a whole vacation day, as they typically last for hours on end. People usually feel pressured and scrutinized for so long until they're worn down. No longer thinking properly or perhaps just desperately wanting to leave, many will succumb to the salespeople's repeated demand to purchase a timeshare.

If you are in a sales meeting with timeshare representatives, prepare for a roller coaster of an experience but remember to not believe the lies they spew. Timeshares are marketed as vacation properties that are always available to you and at a fraction of the cost of owning an actual vacation home. The problem is, this just isn't true. With so many added fees that increase each and every year, the cost of a timeshare ranges from expensive to egregiously overpriced. What makes it worse is how many owners are constantly complaining about the lack of availability and inability to use their timeshare. Imagine paying a fortune every year for upkeep and maintenance on a vacation home, but never being able to stay there. That's what a timeshare really is, but those salespeople will never tell you the truth about them.

2. There Is A Cooling-Off Period

Now, when it comes to terminating a timeshare agreement, the best thing you can do is act as quickly as possible! The reason is that like many other large financial purchases, there is a right of rescission which is also known as a cooling-off period. This means the consumer has the right to back out of their agreement or purchase within an allotted time frame. But wait, I thought canceling a timeshare was supposed to be difficult? Well, you should know when it comes to timeshares there's always a catch.

As we said, you have to act fast. If you're quick enough you may be able to cancel your timeshare agreement with ease, but beware -- just like everything else -- the timeshare company will make this difficult for you. Many times, the cooling-off period that is granted will only last for a couple of days. The problem with this is that just about all timeshares are sold to those who are already on vacation, and so by the time these people finally get home days or a week later, that right to rescission is probably gone. These timeshare companies always like to stay a step ahead. They are prepared for clients to feel scammed by their salespeople and want out of their purchase. So what do they do? They double down on their fraudulent ways and make it as difficult as possible for owners to get out of these agreements.

3. Selling It Could Still Cost You

So, now we have learned how easy it can be to fall into a timeshare trap and also how difficult it can be to get out of one. It should not be a shock to anyone to know that getting help from your timeshare company is very unlikely. You can obviously reach out to them to see if they will buy the timeshare back from you, but more times than not they do not offer that as an option. What they may tell you is that you can attempt to rent it or sell it to someone else. Considering the resort can always offer better prices than you, renting it out is not a viable option if you want to cover the full costs. When it comes to selling your timeshare in the secondary market, you are still at risk of being held responsible if the new owners decide to stop paying.

Selling a timeshare only transfers the title to the new owner, but any financial obligations still rest on the shoulders of the original owner. Therefore, unless you are selling it to someone you can definitely trust to keep up the payments, then this is not a financially savvy move. There's also the fact that you simply cannot make your money back this way as timeshares are deemed practically worthless within the secondary market. Even today you can find timeshares for sale online for as low as a few dollars. And yes, these are the same timeshares that the salespeople told you would be a wonderful investment. Many people still do not realize how worthless these vacation properties usually are.

4. Avoid Scammers

Another issue that arises when you pursue the idea of selling your timeshare, is you place yourself at risk of a scam. Due to the large spike in the number of timeshare owners looking to sell or exit their timeshare in some way, the number of scams in this industry has steadily grown as well. Fraudulent activity can be found in any industry, but here it just seems uncalled for. Most timeshare owners were already scammed into this predicament, and now they are at risk of getting scammed again when trying to get out of the first one. We don't want to see this happen to anyone, which is why we're going to help you be able to spot any potential scams. Here are three things to be on the lookout for when it comes to timeshare scams:

  • 1. Ignore unsolicited, cold-callers claiming to sell your timeshare quick and easy.
  • 2. Research any company and make sure they are who they say they are.
  • 3. Only work with companies that have a money back guarantee.

Follow these three steps to avoid another potential financial hardship. We know the high amount of deception in this field, and we want to help guide you from making another mistake you may painstakingly regret.

5. You Don't Have To Do It Alone

With the rise of unhappy timeshare owners searching for a way out, there was the birth of a new industry, the timeshare cancellation industry. Timeshare cancellation companies help you to fully terminate your timeshare agreement, relieving you of that burden and future debt. As hard as it may be to believe, there is reliable and trustworthy help out there for those caught in these terrible situations.

And that's where we come into the picture. Wesley Financial Group, LLC was founded by a pioneer of this industry, Chuck McDowell, who has fought against the timeshare giants in federal court and won. We are a full-service timeshare cancellation company and our job is to liberate those who were wrongfully led into timeshare ownership and help them reach financial freedom. Since opening close to a decade ago, we have helped over 16,000 families escape their timeshare burdens and saved them more than $200,000,000 in mortgage and maintenance fees. If you qualify for our termination services, then we guarantee your timeshare will be canceled or you will get your money back. As a leader in the timeshare exit industry, we pride ourselves on our process and ability to help those in need. Remember, you don't have to fight your timeshare agreement alone. You can find out more information on Wesley Financial Group, here.

Summary

So there you have it, that covers just about everything you need to know when it comes to terminating your timeshare agreement. It's important to remember that you are not alone in this endeavor and you are not the only one that has been trapped by deceitful timeshare lies. You should not feel embarrassed for getting caught up within a timeshare, as it happens to so many. Resort companies should feel ashamed for the deceptive sales tactics they partake in, but it is no fault of your own. Also, do not forget there is help out there for you. At Wesley Financial Group, feel free to reach out to us anytime for questions or concerns regarding exiting your timeshare.

Contact information for Wesley Financial Group, LLC:

Phone number:  (800) 425-4081

Wesley Financial Group, LLC, and/or its affiliates, successors, or assigns are not lawyers and/or a law firm and do not engage in the practice of law or provide legal advice or legal representation. All information, software, services, and comments provided on this site are for informational and self-help purposes only and are not intended to be a substitute for professional advice, legal or otherwise.

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