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  • Chapter 4: How to Get out of a Timeshare

Chapter 4: How to Get out of a Timeshare

If you regret buying a timeshare, you’re not alone. Many timeshare owners feel trapped and wish they had never even heard the word “timeshare.” They try to find ways to rid themselves of the burden or at least reduce its impact. For example, Kiplinger shares the story of an elderly couple who asked their timeshare resort if they could reduce their $2,500 yearly maintenance fee. The couple hardly got to use their Las Vegas timeshare because it was often booked during the dates they wanted. Rather than treat the couple with respect and understanding, the sales representative yelled at them for over four hours and bullied them until they purchased a new timeshare for over $10,000.

It’s hard to believe that stories like these exist, isn’t it? Although not every timeshare sales representative is going to mistreat consumers, it does happen. In addition, it’s a scary feeling being stuck with something you no longer want and use but must continue to pay for. It’s especially terrifying not knowing who you can turn to for help.

No one deserves to feel forced into buying something they don’t want or manipulated by fear. We’re here to show you that caring people who truly want to help you exist and that there’s hope for leaving the timeshare nightmare behind. In this chapter, we’ll discuss the challenges of getting out of a timeshare, as well as your options. If you have any questions about getting rid of your timeshare through an exit strategy, reach out to us at EZ Exit Now.

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The Challenges of Getting out of a Timeshare

Getting rid of a timeshare can be a challenge for many different reasons. First, timeshares are not investments and quickly lose value, so it’s hard to find a buyer. It’s also difficult to find someone willing to pay ever-increasing yearly maintenance and special assessment fees that come with owning a timeshare. Some owners can’t even give their timeshares away practically for free.

According to a Reuters article, Bob Yarbrough was eager to sell his timeshare and posted it online for $500. When he didn’t get any offers, he dropped the price to 1 cent and offered to pay some of the closing costs. Even that wasn’t enough to attract any buyers.

It can be harder to sell if your timeshare is a studio unit, or the usage dates are off-season. Even large units with in-season weeks usually sell for only 30 to 55% of their original price. Overall, only about 3.3% of owners successfully resell their timeshare.

It can also be impossible to get rid of your timeshare if you borrowed a loan from the developer because it must be paid off before you can sell or give your timeshare away. In some cases, buyers are talked into 10-year loans with interest rates of 15% or more.

On top of not being able to find any buyers, there’s the obstacle of locating trustworthy companies to help you because there are so many imposters in the industry. As we talked about in the last chapter, resale scammers are just waiting for timeshare owners to put their information out there.

The reality is, most people don’t want to pay high yearly fees for a vacation unit they may not even use. Even if a timeshare is in a highly desirable location in Florida or California, for example, people just don’t want to commit to something so substantial. No one can predict the future, so dedicating a large portion of income to a lifelong vacation agreement isn’t logical for the majority of vacationers.

What Happens If You Stop Paying on Your Timeshare?

Considering the stress and hassle involved with trying to unload your timeshare, it’s understandable if you feel like walking away.

However, if you stop paying on your timeshare, you could face foreclosure or a lawsuit. At the very least, your credit score could dive because your timeshare developer will likely hand your account to a collection agency.

If you stop paying, you can first expect the resort to send you letters notifying you that they haven’t received your payments. Without making the payments, they’ll deny your entrance into the unit, and you won’t be able to rent it out. Then, your information would be reported to credit agencies and possibly a collection agency. With a good credit score, this could lead to a 100 point drop. Meanwhile, the resort may add late fees and penalties to your account, increasing the amount you owe. Next, the resort might move forward with foreclosure on your timeshare. This action, which requires various costs such as court and administrative fees, would also tack extra onto the amount you owe.

So, although you can get rid of your timeshare by walking away, you’ll also damage your credit in the process. Fortunately, there other options that are far less risky and help you free yourself of that pesky timeshare for good.

Avoid Timeshare Foreclosure  

How Do You Get Rid of a Timeshare?

If you recently purchased a timeshare, you may be able to unload it during the rescission period. The rescission period, sometimes called the “cooling off” period, usually lasts five to seven days after purchasing a timeshare, but it depends on state law. During this time, you have the right to cancel your timeshare agreement. To rescind, you typically need to write a letter clearly stating that you’re canceling the timeshare. The timeshare company or your state’s law should provide instructions on how to deliver the cancellation notice and if it needs to be sent via certified mail or another method. Considering that the rescission period does not last very long, you must act quickly to make sure the letter is delivered on time — otherwise, it may not be accepted.

It can be difficult to cancel a timeshare during the rescission period, especially if you purchased the timeshare while on vacation. You may not realize how much you regret the purchase until you’ve gotten home and returned to reality, at which point it may be too late. Timeshare companies might also make it difficult to understand their rescission instructions or hide it in the paperwork to further complicate matters. If the rescission period has passed, you still have other options.

 

Your main options for getting rid of a timeshare include:

  • Sell your timeshare or give it away.
  • Try to give the timeshare back to the resort.
  • Work with a timeshare exit company.

If you work with a dependable timeshare exit company, you do not have to worry about the risks associated with trying to sell your timeshare, and you can focus on freeing yourself entirely from the burden.

What Is the Average Cost to Get out of a Timeshare?

The cost to get out of a timeshare varies depending on the circumstances, as every situation is unique. A legitimate, reputable timeshare exit company will give you a cost estimate after a free consultation.

Generally, the price of getting out of a timeshare through an exit company includes the charge of putting together the best strategy for your situation and service fees. The exit package, or the plan you create with the consultant, will typically be the bulk of the overall cost. If a strategy requires more complexity or time, it may cost more than a simple plan. Either way, when you compare the price of getting out of a timeshare ASAP to the long-term expense of owning a timeshare, it almost always makes more sense to go ahead and cancel it.

If you work with a quality timeshare exit company, you’ll save yourself from several issues related to timeshares. For example, when you cancel your timeshare, you’ll reduce your stress, which takes a toll on mental and physical health, and you won’t have to worry about avoiding costly scams if you work with a company you can trust. It’s hard to put a price tag on the relief you’ll feel once you drop the weight of owning a timeshare from your shoulders. Contact us at EZ Exit Now to learn more about our timeshare cancellation process.

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How We Can Help

When you agreed to purchase a timeshare, you likely weren’t given all the facts. A timeshare salesperson painted a picture of paradise and told you everything you want to hear to get you to sign. They likely did not mention the escalating annual fees or the challenges of getting rid of a timeshare. If you’re like many timeshare owners, you regret purchasing a timeshare, and now feel stuck and filled with regret. On top of dealing with the burden of being a timeshare owner, it’s hard to find help from a company you can trust. With so many timeshare scams out there, you may feel lost and not sure where to turn for help.

No one deserves to feel trapped with a piece of property they no longer want or can afford. Nor does anyone deserve to be scammed. At EZ Exit Now, we understand how frustrating and scary it can be to own a timeshare you don’t want. If this sounds like you and your situation, we’re here for you. EZ Exit Now is a timeshare cancellation company that genuinely cares. During our free consultation, we will meet with you individually at your chosen location, listen to your concerns and describe your options, so you understand exactly what to expect. If you decide to work with us, we’ll then create a transparent, trustworthy exit strategy. We offer a money-back guarantee, so if we aren’t able to get you out of your timeshare agreement, we will return the money you’ve paid us.

We are passionate about developing timeshare exit strategies for our customers, and we will work hard to stand up for you against misleading practices. If you’re tired of feeling trapped and alone with your timeshare, contact us today, and we’ll walk you through our timeshare cancellation process.

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