As the number of displeased timeshare owners rises, so does the popularity of timeshare cancellation. Whether buyers regret purchasing as soon as they leave the sales presentation or it occurs over time, it's understandable to be curious about an exit path.
There are a couple of ways to cancel a timeshare, which we'll cover in this article, and how long each path takes.
Cancellation is the action of ending timeshare ownership. Timeshares often have lifetime obligations that can be a financial strain. It's no wonder that cancellation has taken the vacation industry by storm. To cancel a timeshare, owners have two options:
If you purchase a timeshare property and regret it immediately, then getting out of the agreement is straightforward. The rescission period, also known as the "cooling-off" period, is when timeshare buyers have the right to cancel their purchase. The length of allowance for recession varies based on location, but it often gets limited to a few days. Rescinding a timeshare is far and away the best way to cancel; you just have to act fast.
As of 2022, most states have laws regulating timeshare transactions. The time for timeshare rescission ranges between three and fifteen days. For example, in Tennessee, a timeshare purchaser has the right to rescind the sale for ten days from the signing date if they made an onsite inspection of the property and fifteen days if there was no inspection. (Tenn. Code Ann. § 66-32-114). These statutes can change, so check your specific state timeshare laws before moving forward.
Timeshare owners within this cancellation period have an easy path toward cancellation. More often than not, the process entails sending a cancellation notice before the rescission expires. Check the original signed paperwork and state laws to ensure instructions are followed when writing a cancellation letter. Even if told you do not need to cancel in writing, it's a good idea.
Below is the information often required to be included with timeshare cancellation letters:
Following instructions remains vital. Mailing methods will be specified by state law or outlined in the timeshare agreement. Many cancellation letters get accepted via registered or certified mail.
What happens if I want to cancel an unwanted timeshare after the rescission period has expired?
Timeshare developers are infamous for making it difficult to get out of their deals. Hence that extra short cooling-off period. And once that time is up, owners are often left to other devices to cancel. That includes reselling, renting, or donating. None of which are reliable or consistent. For a while, there was no help. That was until the dawn of timeshare exit companies.
A timeshare exit service assists disgruntled timeshare owners exit these agreements. Hiring a timeshare exit team may offer a valued service after the rescission.
Timeshare exit companies do not have a set time to complete a cancellation. How long varies on several facets. For instance, key factors include the resort developer, the number of stipulations in the agreement, and the particular payment situation. An exit company can deliver results within a few months to a few years. On average, the cancellation process lasts between eight to eighteen months.
If deciding to hire a timeshare exit company, do so with caution. There are ways to confirm whether an exit company can be trusted:
Still haven’t found a reliable timeshare exit company? This one played a significant role in pioneering the exiting industry, Wesley Financial Group, LLC ("WFG'').* Founded over ten years ago, WFG has canceled more than 16,000 timeshare agreements for victims who timeshare brokers misled. They meet every benchmark in an exit company and may be able to help you next.
Learn more about WFG's timeshare termination services here.
*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.