Best Timeshare Cancellation Company

Written by: Chuck McDowell Updated: Apr 05, 2024 Published: Jun 06, 2022 5 minute read

If you no longer wish to own your timeshare, you wonder what options you have. One solution is to hire a timeshare cancellation company! However, when exiting a timeshare agreement, make sure you're working with the best company. If you're not already familiar with timeshare cancellation, this article will help!

Why Are Timeshare Owners Canceling?

According to recent studies by the University of Central Florida, roughly 85% of timeshare buyers regret purchasing. Considering that disparagement, the reasons why owners grow bitter toward their timeshare company are extensive. But, we narrowed the list down to three common motives:

  • Timeshare salespeople may have used deceptive sales tactics: Timeshares seldom turn out the way they were expected. That’s because resort vendors are prone to mislead buyers by making false promises and excluding essential information. These immoral tactics have tainted the timeshare industry as a result.
  • Timeshare ownership has little to no investment value: Resorts promote timeshares as affordable paths to vacation home ownership. However, paying off a timeshare can seem impossible with upfront costs that require mortgages and never-ending timeshare maintenance fees. That’s why the resale value for timeshares is sometimes as low as $1.  
  • Timeshare agreements often are written in perpetuity: Some timeshare agreements never expire. Those owners are liable for paying timeshare fees on a valueless property forever. What's worse is these financial responsibilities may fall in the lap of the owner's beneficiaries, who may want nothing to do with a timeshare. 

How to Get Rid of Your Timeshare?

With so many reasons to cancel a timeshare, there must be plenty of ways to do so, right? 

Not exactly. There’s a cooling-off period after your purchase, and it offers a short time to return the timeshare and get a refund. But if you miss that chance, your options are limited. Many owners feel stuck, but there are still a few other ways to unload it:

  • Negotiate a return with the timeshare developer: First, reach out to the resort that sold you the timeshare. Inquire whether they're willing to take the property back. It's rare for companies to agree to it if the mortgage is outstanding. And even then, the chances aren't great, but it’s worth a shot.
  • List it in the timeshare resale market: When timeshare owners can’t get help from the resort, they might resell the property in the secondary market. Alas, it’s not as easy as it sounds. There are thousands of timeshares for sale that may never sell. If you do, the profit is minuscule. 
  • Hire a cancellation company: Since the resorts don't make exiting easy and the resale market can often lead to scams, many distressed owners get abandoned. That's where timeshare exit companies can help. These companies combat the corruption of the timeshare industry and assist those owners to regain financial freedom.

What Is a Timeshare Exit Company?

It's no secret how difficult sidestepping an agreement with a timeshare resort is. Because of that, we have timeshare exit solutions. Timeshare exit companies provide cancellation services to aggrieved timeshare owners. 

Often, your company will assign a timeshare exit team, a team of experts dedicated to helping you. Consider them your vacation ownership consultants. Exit companies employ several strategies to ensure a successful release from the agreement. If you feel like your timeshare purchase was a mistake, a timeshare exit company can provide you with a valuable service.

Before moving on, understand that timeshare exit companies are different from timeshare resale companies. They sound alike and often get grouped but couldn't be further apart. The timeshare exit process releases you from your agreement. On the other hand, a timeshare resale company lists your property for sale, often with no success.

What Are the Grounds for Timeshare Cancellation?

Many cancellation companies service timeshare owners who were lied to or misled when purchasing their timeshare. That's not as uncommon. Timeshare sales presentations sometimes tell more lies than truths. Whether the salespeople lied about booking availability, the number of locations you can visit, or those maintenance fees would never increase, you may have grounds for cancellation.  

How Much Does Timeshare Cancellation Cost?

The price for timeshare cancellation varies depending on the company and the client. Many companies don’t advertise pricing because many factors make each owner's case unique, and costs differ. Factors include: how long you've been an owner, the status of your mortgage, the estimated time to complete the cancellation, and more. Therefore, starting rates can be anywhere between $1,000 and $10,000. That's still cheaper than what you'll pay if you keep the timeshare. 

How Long Does Timeshare Cancellation Take?

Purchasing a timeshare happens so fast. Yet canceling one is more time-consuming. Thus, the time to complete a cancellation also varies. It depends on the resort, your ownership type, payment status, and responsive communication with your exit team. Often, you should become obligation-free within six months to three years or get your money back. 

How to Find the Best Timeshare Cancellation Company?

Choosing a timeshare exit team is not as easy as signing up with the first one you come across. Some of these companies are not even who they say they are. Watch out for unsolicited calls from "exit companies" asking for upfront fees. Those could be timeshare exit scams. Proceed with caution.

The best way to ensure you're working with a legitimate and trustworthy timeshare exit company is to make sure they meet the following credentials:

1: Have Extensive Knowledge of the Timeshare Industry

A timeshare exit team should have vast experience working with timeshares and cancellations. Hire a company with a history of canceling timeshares and have the numbers to back it up. Don't be the first customer for a new business in this industry. Perhaps working with one of the leaders in this field would prove more beneficial?

2: Includes a Rigorous Qualification Process

A legitimate exit company will not cancel for any timeshare owner. They can only help timeshare buyers misled or pressured into ownership. You will go through a vetting process before the cancellation company accepts you as a client. This qualification process is to ensure they can guarantee your cancellation.

3: No Outsourcing to Third Party Law Firms

Many timeshare cancellation companies outsource to law firms or timeshare resale companies. That's not what you want to happen! Timeshare exit companies should be 100% in-house and transparent throughout the entire process.

4: Offer a 100% Money Back Guarantee

Timeshare exit companies may pledge they cancel timeshares, but another is just as important. The money-back guarantee! Timeshare cancellation isn't always a given. That's why it's crucial to work with companies who guarantee cancellation or you pay nothing. Just make sure to get that guarantee in writing.

5: Positive Ratings and Reviews from Former Clients 

There’s no better way to learn about a company than to hop online. Why not do that here? If you're interested in a particular exit company, see what their past clients say. A few good websites to consider checking ratings and reviews are Best Company, Google, and Trustpilot

Who's the Best Timeshare Cancellation Company?

When you put it all together, you need a company with a history of helping, strict eligibility, an in-house process, financial security, and positive reviews. That leaves one option. 

Wesley Financial Group, LLC*

A more than reputable timeshare exit company with a proven strategy is Wesley Financial Group, LLC (WFG)! With over 30,000 timeshares canceled and over $300 million saved in timeshare mortgage debt, WFG has made its presence felt by the industry. Founded in 2011 by a pioneer of timeshare termination, Chuck McDowell, this company ranks among the best timeshare exit companies.

Still not convinced? Look no further than WFG's Average Consumer Review rating at 4.8/5 and a heap of former customer testimonials. To find out if WFG can also help you, request a free timeshare exit consultation!

schedule a free consultation with wesley financial group

*Wesley Financial Group, LLC, and its affiliates, successors, or assigns are not lawyers 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 not intended to substitute for professional advice, legal or otherwise.

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