Between the time period of 2016 and 2022, interest in getting out of timeshare ownership agreements has tripled.
Many timeshare owners went into their initial purchases with great expectations. They perhaps even hoped to gain profits from renting their vacation property. But reality all too often falls short of what the timeshare company might have promised. Wesley Financial identified 3 ordinary timeshare property concerns.
Timeshare owners often reported they were told one thing and signed a formal agreement that detailed something else.
71% of timeshare owners feel they were misinformed during their purchase.
Nearly 100% of timeshare owners who felt misled did so for five reasons.
Owners often express frustration that they can't use their timeshare unit when they want to, and some never use it at all, despite the money poured into it.
There are four reasons why 85% of timeshare owners want to cancel their timeshare.
Almost half of all timeshare owners — 46% — don't know that state laws may provide them with some support to cancel their agreement under certain circumstances and within a defined period of time.
Concerns from those unaware of these state laws include loss of money, length of cancellation process and legal repercussions brought on by timeshare resort developers.
Whether it’s the unending annual maintenance fees or the fact that you never use your property, regretting your timeshare purchase isn’t the only consequence — you’re going to want to stop the outflow of cash towards common expenses.
You can save thousands of dollars towards your annual budget through timeshare cancellation.
The complete timeshare termination process, while complex, is shorter than the timeshare agreement
48 states offer protections for timeshare purchasers.
However, if you miss the rescission period, you still have options. Seek professional advice to navigate the complexity of the timeshare industry.
More than 40% of timeshare owners who are in the midst of the cancellation process collaborate with a cancellation company like Wesley Financial Group, and another 46% say they would consider doing so. Only 9% proceed without the assistance of the timeshare cancellation industry.