Getting out of a timeshare contract can be a difficult proposition. You’ll want to be sure to read up on the details of your contract and how to legally cancel your ownership.
You can legally cancel your timeshare for many reasons. The first is your state’s timeshare law. You’ll also need to consider whether or not you have a grace period. If not, you may be in for a rude awakening.
The timeshare industry has many tricks up its sleeve. There are some hotels and resorts that will let you cancel your ownership if you have paid off your loan. There are also in-house exit solutions available. However, you’ll probably have to pay a small fee.
There are several red flags in the timeshare cancellation arena. In particular, you’ll want to be wary of companies that tell you not to pay your monthly maintenance fees. This can have a negative effect on your credit report.
You may not have a real “cancel” option if you’re using a loan to purchase your timeshare. In this scenario, you could be sued by your lender for non-payment. You’ll also have to contend with late fees and penalties.
The University of Central Florida performed a survey of timeshare buyers and found that 85% would rather get out of a timeshare than stay in it. You can legally rescind your purchase within a few days, though. You’ll also need to consult a reputable attorney about your options.