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3 Ways How to Get Out of a Timeshare in 2024

Is Getting Rid of Your Timeshare Really Worth It?

Regardless of what you were told, purchasing a timeshare is usually not worth it, but getting rid of it certainly is. There may be a cost when getting out of a timeshare contract, but owners recover that cost and save more in the long run. The 4% increase in maintenance fees never goes away, and availability never gets better.

If you wish you had never fallen for the timeshare scheme and are considering a way to get out of your timeshare, there are others! Nearly 85% of timeshare owners regret their purchase and seek options to get rid of their timeshare.

The first piece of advice any expert would give you is that if you recently purchased your timeshare, you could be eligible to get out of your timeshare contract within the recession period. This is a brief timeframe during which owners can change their minds and just walk away. Make sure you find that out as soon as possible because each state has the right to decide on its recission period, which can last from 3 to 15 days.

If you find yourself outside of the retention period, the next thing to do before seeking alternative options is to check with your timeshare company. Speak with a representative who handles “deed-backs” or “surrenders,” explain your situation, and see if they can help. If not, don’t worry; we have three ways to get out of a timeshare in 2024.

1) Stop paying.

Evaluate your situation before choosing this option. For instance, if you used a loan to purchase your timeshare and the loan has not been paid off, stopping payment could significantly impact your credit. The creditor doesn’t care what you purchased; they only see that you stopped paying. However, if you do not have a loan balance and stop paying the annual fees, it’s possible a timeshare developer will not report that to credit bureaus. In some cases, stopping your fee payments can push resorts to allow you to surrender. Why? Accepting a surrender often costs them less than foreclosing on the property.

2) Offer it on the resale market.

Reselling a timeshare could be an easy way out, but it is vital to know that you could get little or no money, unless you are listing premium timeshare properties like Disney, Marriott, or Hilton. However, if you find a buyer, make sure to deed the buyer the property, which will then make them responsible for the fees and release you of the contract commitments. You can find listings on eBay and Craigslist, but there are platforms just for timeshares like tug2.com and redweek.com.

3) Work with an exit company.

Working with a timeshare cancellation company to help you get rid of your timeshare is an excellent option for those with little time to spend going back and forth with timeshare developers. They can help lighten the load drastically and simplify canceling your contract. However, not all cancellation companies are the same. There are several factors to consider when selecting a company that is right for you. First, look for a company with a good reputation and experience in the timeshare exit industry. The more experience a company has, the more likely they are to be familiar with the best tactics and strategies for getting out of timeshare contracts. Since there are fees when working with cancellation companies, make sure the company you choose has finance options that fit your budget and needs.  

The Original Timeshare Exit Company 

Timeshare Legal is a professional, full-service timeshare cancellation company. In addition to cancellation services, we offer a credit safety program. We aim to start the timeshare exit process for you without any upfront cost. Start with our online assessment to see if you qualify for a timeshare cancellation, or contact us directly to schedule a free, no-obligation consultation.