If you’re a timeshare owner who is looking to get out of their timeshare, one of the easiest ways to cancel your timeshare contract is by working with a timeshare exit company. While timeshare exits – also called timeshare cancellations – may be one of the easiest ways to cancel your timeshare, that doesn’t mean there isn’t the potential for mistakes. That’s what we’ll cover in this blog – the top 3 easy timeshare exit mistakes to avoid. If you feel like purchasing a timeshare was a mistake, we don’t want you to also feel like you made a mistake when trying to cancel your timeshare.
Before we get into our top 3 tips though, let’s quickly cover what a timeshare exit is, and what it is not.
What Is a Timeshare Exit?
Timeshare exit – also referred to as timeshare cancellation – is the process a timeshare cancellation company uses to get a timeshare owner out of his/her timeshare contract. A timeshare cancellation company does this by negotiating directly with the timeshare owner’s resort. A timeshare cancellation company uses two different methods when canceling timeshares, one that includes a timeshare attorney and one that does not:
Non-Attorney-Backed Timeshare Cancellation Process: This form of timeshare cancellation does not require an attorney to get you out of your timeshare and is also referred to as a real estate title transfer. This process is for anyone who has 1) completely paid off their timeshare loan already and 2) is not behind on any fees (maintenance, special assessment, or otherwise). During this kind of timeshare exit, your timeshare exit company will negotiate with your timeshare resort to return your timeshare title back to them. In exchange for taking your timeshare back, you will pay your timeshare resort a transfer fee. If you qualify for this process though, you should also qualify for the attorney-backed process and should be able to choose which one is a better fit for you. This process tends to be the shorter process (it takes approx 6-9 months), however, the attorney-backed process does not have this additional transfer fee.
Attorney-Backed Timeshare Cancellation Process: This form of timeshare cancellation requires an attorney to negotiate a cancellation with your timeshare resort. Because a timeshare exit company is not a law firm and its timeshare exit specialists are not lawyers, a timeshare cancellation company will work with a timeshare lawyer for these negotiations. A timeshare cancellation company has relationships with some of the best timeshare lawyers and can take the stress of you having to find a timeshare attorney off of your plate. In this way, a timeshare cancellation company can be a best-of-both-worlds scenario and a one-size-fits-all solution for your timeshare cancellation needs. This attorney-backed timeshare exit process takes approximately 6-24 months and is more common.
If you aren’t sure which process is best for you, don’t worry. Timeshare Freedom Group, the leading timeshare cancellation company in the industry, offers a free consultation with its timeshare exit specialists. Call us with any questions and we can help give you the information you need to make an informed and empowered decision. You can schedule a free consultation with us here or call us at (866) 668-6872.
Now that we’ve covered some of the basics of timeshare cancellation, here are our top 3 easy timeshare exit mistakes to avoid – so you can feel confident that you are working with the best company to get out of a timeshare:
1. A Timeshare Exit Company Can Not Protect Your Credit
It can be important to know that if you stop paying your timeshare payments before your timeshare cancellation is official, your timeshare resort can report these late payments and your credit can be affected. There is no way for a timeshare cancellation service to protect your credit if you stop paying your timeshare resort before your cancellation has been officially finalized. While it’s true that some general credit protections do exist, these protections do not apply to the timeshare industry. Since your credit score can have such an impact on your professional and personal life, it’s important to be aware of this when seeking a timeshare cancellation. It can also be important to know that it is illegal for a timeshare cancellation company to advise you to stop paying your timeshare payments. Knowing this can help when determining the best company to get you out of your timeshare. Of course, once your timeshare cancellation is finalized, you will no longer be financially obligated to pay your timeshare resort anything further.
2. It’s Nearly Impossible to Sell Your Timeshare
While we won’t say that it’s impossible to sell your timeshare, we will say that it is incredibly hard and nearly impossible to sell your timeshare. That’s why thinking you can sell your timeshare can be a mistake when trying to get rid of yours. There are many reasons why the demand for timeshares tends to be low and it can be so hard to sell:
• Timeshare loans tend to have higher interest rates
• Timeshare contracts are written in perpetuity (or in other words, for the rest of your life)
• You are responsible for maintenance fees, even after the timeshare is paid off
• Maintenance fees can increase 6-10% every year
• You are also responsible for special assessment fees for unforeseen expenses, which means you are obligated to pay surprise fees
• The financial responsibility of your timeshare can get passed on to your children or other beneficiaries
With this in mind, it can be hard to give away or donate your timeshare, let alone sell. In addition, both the Federal Trade Commission, Consumer Reports, and AARP have warned against the existence of timeshare resell scams. While we’re on this topic, this is another reason why timeshare cancellation is an easy way to cancel your timeshare. Timeshare cancellation companies do not sell your timeshare. They negotiate with your timeshare resort to get you out of your contract.
3. Get Everything in Writing
Our third tip on timeshare cancellation mistakes to avoid is to make sure you get everything in writing. In addition, it is best if you read your contract in full so you understand the ins and outs of the process and can make sure that everything discussed is included in the contract. For example, if your timeshare cancellation company offers a money back guarantee, your contract should outline exactly how that money back guarantee works, what situations qualify, and what situations do not. Getting a written contract and reading it in full can clear up a lot of confusion and help you feel comfortable with your decision.
Bonus Tip: A Timeshare Cancellation Company Can’t Get Your Money Back
Here’s a bonus tip for you. Timeshare cancellation will prevent you from having to pay your timeshare resort any more money once your timeshare cancellation is official and finalized. However, a timeshare cancellation company can not get you back any money you have already paid your timeshare resort. This is because timeshare cancellation is not a lawsuit. Instead, timeshare cancellation is a complex negotiation to get you out of your contract.
In addition, a reputable timeshare cancellation company will offer a 100% money back guarantee, but this also does not mean that it can get your previous timeshare payments back. This just means that the timeshare cancellation company stands by its service and will refund you its service fees if they are not able to get you out of your timeshare. Please note: every company’s fine print surrounding a refund is different, so it’s important to read your contract carefully, as mentioned in point number three above.
How to Find the Best Timeshare Cancellation Company
So now that we’ve covered some tips on mistakes to avoid, you may be wondering what is the best timeshare cancellation company and how do you find it? We’ve written a blog on how to choose the best timeshare exit company here.
In addition, Timeshare Freedom Group is the leading timeshare cancellation company in the industry. With more than 15,650 satisfied customers, ten years of experience, and a 100% money back guarantee, Timeshare Freedom Group can help you get rid of your timeshare. Schedule a free consultation with our timeshare cancellation experts to learn more. You can reach out to us here or call us at (866) 668-6872.
If you’re looking to get out of your timeshare, working with a timeshare exit company is an easy way. Some simple mistakes to avoid when going through a timeshare cancellation are:
• Don’t think that a timeshare exit company can protect your credit if you stop paying your timeshare resort before your cancellation is officially finalized
• Trying to get out of your timeshare by selling can be incredibly hard
• Be sure to avoid timeshare resell scams
• When deciding to work with a timeshare exit company, get everything in a written contract and make sure to read it thoroughly
• A timeshare exit company can prevent you from having to pay your timeshare resort any more money once your cancellation has been finalized, but they can’t get you back any money you’ve already paid
If you have any other questions about timeshare cancellation, Timeshare Freedom Group offers a free consultation with its timeshare exit specialists. Timeshare Freedom Group is the leading timeshare exit company in the industry and offers a 100% money back guarantee. To schedule a free consultation, reach out to us here or call us at (866) 668-6872.
Looking to Cancel Your Timeshare?
Timeshare Freedom Group is the leading timeshare exit company in the industry. Schedule a free consultation with one of our timeshare exit experts today to get started.