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Why Are So Many People Canceling Their Timeshare?

While the timeshare industry has been stagnant for years, something rather significant has happened. As a result of so many unhappy timeshare owners experiencing buyer's remorse, the cancellation industry was born. 

This recent emergence of cancellation companies has opened new options for disenfranchised owners needing help. This guide will cover the top reasons why timeshare consumers consider canceling their agreements and what a timeshare cancellation service can do to help. 

TOP REASONS WHY TIMESHARE OWNERS CONSIDER CANCELING

Timeshare buyers typically leave sales presentations feeling like they're on top of the world. Salespeople often lead people to believe timeshare ownership is an excellent investment. However, it's only a matter of time before buyer's remorse sets in for most. Here are the top reasons why people look to cancel their timeshares:

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Limited Reservation Slots & Availability

Too many owners never even get a chance to use their vacation property. Despite the excitement for their timeshare purchase, owners often get deterred from using it due to a lack of availability at resorts.

Making matters worse, many timeshare developers rarely take responsibility for this failure. Reaching out for assistance usually has two results. Either they refer you to the terms of your agreement and claim there is nothing they can do to help, or they mislead you into believing that a timeshare upgrade will fix your problems.

Timeshare Maintenance Fees Are Expensive

Timeshare annual maintenance fees are pricey. Every owner must pay for their vacation property's regular maintenance and upkeep (whether or not they get to use it). Why these maintenance fees have a bad rap is because of how resort companies handle them.

Imagine making a purchase, unaware that hidden fees are attached. Then, later find out that those fees are collected every year and getting more expensive! This realization causes many people to seek a way out of their timeshare agreements.

Surprise Fees & Charges

Timeshares come with a plethora of expenses. The surprise charges seem never to end, from the high upfront costs to the transfer fees and special assessment fees such as liability charges. Even when it doesn't make sense to the owner, there's often very little that can be done to get out of paying these fees due to the strict agreement stipulations.

Timeshares Have No Resale Value

Timeshares often get sold under the impression that they can easily be resold later on by the owner for a profit. Unfortunately, that is far from the truth, as nearly all timeshares have no resale value. Attempting to sell one is trickier than using one because there is often little interest in the resale market.

Nearly Impossible to Rent Out Your Timeshare

Not only are timeshares difficult to resale, but they're just as challenging to rent out. Once again, salespeople often exaggerate your ability to rent out a timeshare to persuade you into purchasing it. Many owners who have attempted to rent out their unit find it problematic to compete with their own timeshare company for customers. After several failed attempts to rent out their units, most owners move on to cancellation options.

The Harassment of Timeshare Companies Pitching Upgrades

For some owners, the constant and intimidating sales pitches pushing for upgrades are too much to bear. The sales cycle is endless. Resort sales representatives constantly push for more sales from their current clients, disregarding the adverse financial drawbacks.

Do you feel like the timeshare developer is continuously taking advantage of you? Are you tired of being forced to attend more upgrade presentations? It may be time to consider canceling your timeshare agreement.

Lies, Lies, Lies

As you can probably tell by now, timeshare salespeople appear to be in the middle of most of this controversy. It's no secret the timeshare industry is notorious for malpractice methods during their sales process. Sure, it is their job to sell these properties, but at what cost.

Poor Property Management and Upkeep (Despite “Coverage”)

"What are my maintenance fees going towards?" A question asked by every timeshare buyer at some point during their ownership.

We now know how expensive maintenance fees are, so why are owners not seeing the results of these exuberant costs. These fees supposedly maintain the resort's standards and provide exclusive amenities for their clients. Being charged an arm and a leg for property upkeep but not seeing any results can lead to disgruntled owners canceling their agreements.

Ending the Trend of Inherited Debt

Perhaps the worst part about being a timeshare owner is that your agreement with the resort is likely perpetually. Most of these agreements do not have an expiration date, so you could indefinitely end up stuck with a valueless property.

Some timeshare companies are so greedy that they will place your financial obligations in the lap of your beneficiaries after your passing. Safe to say, I don't think anybody wants the final gift to their loved ones to be timeshare debt responsibility.

CAN YOU CANCEL A TIMESHARE AGREEMENT?

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While it can be challenging to cancel your timeshare, it may be worth a shot. Especially considering it could save you thousands of dollars and immense stress down the road.

However, it's essential to know that timeshare cancellation does not mean simply walking away from your responsibilities. Doing so could come back to bite you as you risk foreclosure and credit damage. Instead, you must take a proper legal route towards timeshare freedom.

How Do You Cancel A Timeshare?

The first step to canceling your timeshare is determining whether you are still within the rescission period of your purchase. Rescinding your timeshare is the easiest way to get rid of your timeshare and the only way to get a full refund in return. The downside is you have a minimal amount of time to do so.

Depending on the state, resorts typically allow you three to fifteen days to rescind. Suppose you are lucky enough to still be within this short timeframe. In that case, you will likely need to write a cancellation letter to your timeshare resort and have it delivered before the rescission period ends.

Read over your purchase agreement closely and inquire about your particular state laws to ensure you do everything correctly and not allow the rescission to slip away. Because after the purchase's cooling-off period ends, canceling your timeshare on your own becomes increasingly tricky. Luckily, help is available.

Canceling With A Timeshare Exit Company - Wesley Financial Group

Have you missed your rescission period and are now stuck with your timeshare? There may still be hope that you can cancel your unwanted timeshare. How, you ask? By exploring the cancellation services available to you and working with a timeshare exit company.

New to the industry, timeshare cancellation companies provide an alternate route toward timeshare freedom for many owners. Leading this revolutionary movement is Wesley Financial Group, LLC,* a cancellation company that has been in business for over a decade, helping more than 16,000 families and individuals along the way.

There are many reasons to want out of a timeshare agreement. Well, now you can do something about it. If you are interested in WFG's timeshare termination services, reach out to them today to see if you qualify!

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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