After a free weekend at a spacious resort and a hard sell by a pushy salesperson, buying a timeshare seemed like a great idea. But maybe you realized you'd never use the timeshare--or that you could have gotten a much better deal if you'd bought it on resale. You might be able to cancel your timeshare sales agreement. Here's how to get out of your contract.
- Skill level:
Examine your contract for mention of a rescission period. This is a set period during which you may legally cancel the timeshare sales agreement for any reason. If you're within the time period, send a cancellation letter via certified, next day mail and make sure you opt for a signature of receipt. You will then have ended your agreement with the timeshare company.
Contact the timeshare's sales department and tell them that you want out of the agreement. Be polite and professional, but make sure your desire to end the timeshare sales agreement comes across loud and clear. Explain extenuating circumstances, such as unforeseen financial burdens making it difficult for you to keep up with the timeshare expenses. If a kind person handles your request, you might be able to get out of the agreement.
Notify the corporate headquarters that you want to get out of the agreement if you don't have luck with the sales office. Sometimes in the interest of customer service, they'll honor your request--especially if you're within a day or two of the rescission period.
Consult an attorney. A quick glance at your contract might make it clear that your timeshare sales agreement wasn't valid--perhaps you paid less than the required deposit or there is another reason why it won't hold up in court.
Sell your timeshare online. This is the cheapest way to get rid of your timeshare. You could go through a realtor but would have to pay commission, and many companies offering to sell your timeshare end up costing you much more money than if you just disposed of it on your own.
Tips and warnings
- Avoid companies offering you "timeshare relief." This is almost always a scam that can cost you thousands of dollars.