With the holiday season approaching, you are likely making budget cuts to afford the high costs of the season. As you are evaluating your current financial situation, you notice that timeshare payment that you signed up for during your summer vacation. At the time, it seemed like a good idea and a good motivation to take additional vacations. However, as you got back to reality, you found that this idea is unrealistic. With work, raising a family, and all of life?s other responsibilities, you will be lucky to use your timeshare even once. Now you are wondering how to get out of a timeshare contract. What are your options?
Work out an arrangement with the timeshare company
You can first see what your cancellation options are. It is possible that the timeshare company has an early cancellation policy. Perhaps they will let you sell the timeshare back to them, at a discounted price. In order to cancel timeshare ownership, you will want to first speak with the timeshare company. Find out what your options are, how much it is going to cost you, and if cancelling a timeshare through them is even a possibility.
Sell your timeshare
Maybe you have a family member or friend that is interested in purchasing a timeshare. You can offer them a discount and still get out of a timeshare contract. However, before you pass off your timeshare, it is important to evaluate your contract. Some timeshare contracts prohibit the transfer of them from one party to another. It might even be useful to contact the timeshare company by phone and request information about transferring or selling. Inform them that you want to know how to get out of a timeshare contract and that you have an interested buyer.
Stop paying your timeshare
Financial hardship is one of the reasons that people want to get out of their timeshare contract. An industry study, by EY (Ernst and Young), revealed that 56% of reclaimed timeshares, properties that revert to the developer, stem from foreclosure. If you are in a poor financial situation and you have to decide between paying your home?s mortgage payment or your timeshare contract payment, stop making the timeshare payments. However, it is important to understand that there could be financial implications. If you are going to stop payment on your timeshare contract, consider getting in touch with timeshare attorneys.
Work with timeshare attorneys
If you have contacted your timeshare company and requested information on how to get rid of a timeshare contract or if you have attempted to sell your timeshare without any success, it might be time to contact a timeshare attorney. Approximately 85% of timeshare buyers regret their purchase, citing money, fear, confusion, intimidation, and distrust as their main reasons. If you feel that you were coerced into a timeshare or that you were not given all of the necessary information, you might have a case. Your timeshare attorney can help you evaluate the situation and provide you with consultation on what to do next.
According to the 2016 U.S. Shared Vacation Ownership Consolidated Owners Report, nearly 7% of U.S. households (about 9.2 million) own one or more types of shared vacation ownership product. Additionally, a good percentage of these owners no longer want to own their timeshare, but do not have many choices on how to get out of a timeshare contract. If you are searching how to get out of a timeshare contract, you are likely to find that your options are limited. But, working with a timeshare attorney can improve your chances of finally getting rid of that monthly unwanted payment for a timeshare that you will never use.