We know that canceling a timeshare can be challenging, especially if you’re past the rescission period, so we’ve put together this guide to help you understand your options. It includes everything you need to know, from writing a timeshare cancellation letter to exploring alternative solutions.
Yes, timeshare cancellation is possible, but your options depend on factors such as your contract terms and how long ago you purchased the timeshare.
The most straightforward way to cancel your timeshare is to act within the grace period, also called the rescission period. Most states give new timeshare buyers 3 to 10 days to cancel a contract without penalty.
However, if you’re past that window, other options exist, though they may require more effort.
If you’ve just signed a timeshare contract and changed your mind, review the cancelation policies sections in your contract. As rescission periods vary by state, check your local laws to ensure your contract stipulates the correct period.
If you’re within the rescission period, write a timeshare cancellation letter and clearly state your intention to cancel, including contract details, and request confirmation in writing.
Tip: Make sure you send the cancelation letter correctly – most contracts specify where and how to send your cancellation (e.g., certified mail).
If you’re outside the rescission window, cancellation becomes more difficult. Here are your options:
Some timeshare companies might be more flexible and allow you to negotiate or might offer deed-back programs, allowing owners to surrender their timeshare. However, not all resorts provide this option, and some may require you to be up to date on maintenance fees.
While you can’t cancel a timeshare by selling it, you might be able to transfer ownership. Options include:
A well-written timeshare cancellation letter will improve your chances of success. We recommend following this format:
Tip: Send the letter via certified mail with a return receipt to ensure proof of delivery.
If you decide to use the services of a timeshare cancelation company, be wary of companies promising guaranteed cancellations for large upfront payments.
Until your contract is officially terminated, stay current on maintenance fees, as unpaid fees can lead to collection actions. We also recommend getting everything in writing – whether canceling, transferring, or negotiating with the resort, written documentation is crucial.
Canceling a timeshare can be complicated, but understanding your options is the first step. Whether you are still within the rescission period or exploring other alternatives, Timeshare Specialists can help with further advice on navigating your timeshare situation.
Give us a call today!
Yes, if you’re within the rescission period, you can cancel by submitting a written timeshare cancellation letter as specified in your contract. If the period has passed, you may need to explore other options like selling, transferring, or negotiating with the resort.
To cancel within the rescission period, write a formal cancellation letter and send it according to the instructions in your contract. If you’re past the grace period, you may need to work directly with the resort or seek transfer options.
Your letter should include your full name, contact information, contract details, date of purchase, and a clear request to cancel. Sending it via certified mail ensures proof of delivery.
Canceling after the rescission period is more difficult, but some resorts offer deed-back programs, or you may be able to sell or transfer your timeshare.
If you stop paying maintenance fees, your resort may report missed payments to collections, affecting your credit score and leading to potential legal action.
While some reputable companies exist, be cautious of those demanding large upfront fees or making unrealistic guarantees. Always research thoroughly before working with one.
Donating a timeshare may sound like a quick and hassle-free way to exit your ownership, but the reality is more complex. Find out why most charities won’t accept them and about better alternatives to get out of timeshares.
If you’re wondering how much a timeshare costs per month, the answer depends on factors like the purchase price, maintenance fees, and potential loan payments.
