Ultimate Guide: How Much Does it Cost to Cancel a Timeshare?

If you’re reading this, chances are that you are or know someone who is not happy with owning a timeshare. You may even already know that you want out, but first, you want to understand how much it’s going to cost. How much does it cost to cancel a timeshare? The simple answer is that unfortunately, timeshare cancellation costs are as varied as timeshare resorts, timeshare contracts, and the different scenarios timeshare owners find themselves in. So that’s what we’ll dive into here. We’ve developed the ultimate guide to understanding the ins and outs of timeshare cancellation costs. By the end of this guide, not only will you understand the need to get a custom timeshare cancellation quote from a reputable timeshare cancellation company, but you will also see how canceling a timeshare can actually save you tens of thousands to hundreds of thousands of dollars over the course of your lifetime. 

Here’s what we’ll cover:

• What timeshare cancellation is

• The two different and fundamental ways to approach timeshare cancellation

• The different types of fees associated with timeshare cancellation

• The various factors that determine how much your timeshare cancellation will cost

• Why it’s so hard to give an average timeshare cancellation cost

• Why you need to get a custom quote 

• The best way to get a custom quote in as little as 15 minutes

• How to compare timeshare cancellation quotes from different companies 

• How canceling your timeshare actually saves you money over the course of your lifetime

Now that we know what we’ll cover, let’s dig in. First up – a quick overview of timeshare cancellation. 

What Is Timeshare Cancellation? 

Before digging into the cost of canceling a timeshare, it’s important to understand what timeshare cancellation actually is – and perhaps more importantly – what it’s not. 

In the simplest terms, a timeshare cancellation company negotiates directly with your timeshare company to legally and permanently get you out of your timeshare contract. In a very niche and often-complicated industry, timeshare cancellation companies are experts in timeshare cancellation. They are knowledgeable about timeshare cancellation best practices, what works and what doesn’t, the policies of and the main points of contact for all of the major timeshare companies, and the various industry standards and regulations. If you want to learn more about timeshare cancellation services, here is why they are the easy way to get out of your timeshare

Now that we’ve established what a timeshare cancellation service is, it’s important to know what it is not. A timeshare cancellation service is not a law firm. While a timeshare cancellation company may work with lawyers to cancel contracts in some situations, timeshare cancellation advisors are not lawyers, not all timeshare contract cancellations require a lawyer, and a timeshare cancellation is not a lawsuit. While a timeshare cancellation company works to get you out of your timeshare legally and permanently, the process is purely a negotiation. 

Another important distinction is that a timeshare cancellation company does not sell or rent timeshares. The resale market for timeshares is very small and it can even be hard to donate a timeshare. This is because maintenance and special assessment fees continue in perpetuity, even after a timeshare mortgage is paid in full. It’s also important to note that the Federal Trade Commission (FTC) has also issued a warning against some timeshare resale scams

The Two Different Types of Timeshare Cancellation

Now that we’ve established what timeshare cancellation is, it’s time to cover the two different approaches to timeshare cancellation – an attorney-backed and a non-attorney back negotiation. While timeshare cancellation companies are not lawyers or law firms, and timeshare cancellations are not lawsuits, timeshare cancellation services can work closely with timeshare lawyers in certain situations. To get an accurate sense of how much it costs to get out of a timeshare contract, it’s important to know which process is best for you and your situation because there are different types of fees associated with each process. Here’s a brief overview of each process and its pros and cons, so you can see what process might be the right fit for your situation:  

Attorney-Backed Process: If you still owe on your mortgage balance or are past due on your mortgage and/or maintenance fee payments, you will need to go through an attorney-backed process. With this process, your timeshare cancellation company will work with a timeshare attorney, who will negotiate with your timeshare company to get it to release you from your contract legally and permanently. This is the most common scenario, and the timeline is typically 6-24 months. 

Non-Attorney Backed Process: If your mortgage is completely paid off and you are not past due on any timeshare fees, you can go through the previous attorney-backed process, or you also have the option of going through a real estate title transfer process. With this process, your timeshare company will negotiate with your timeshare company – without bringing in a lawyer – in order to transfer the title of your timeshare back to the resort. The pro of this option is that it is typically significantly quicker (6-9 months). However, while it tends to be a shorter process, it requires an additional transfer fee that you will pay directly to the resort as part of the cancellation. The attorney-back process does not have this transfer fee. 

If you don’t know which process would be best for you, don’t worry. A professional timeshare company like Timeshare Freedom Group will offer a free consultation, where a timeshare cancellation expert will walk you through your options, answer any questions you may have, and help you get a custom quote for your specific situation. 

The Different Types of Fees Associated with Timeshare Cancellation

Now that you understand the different ways to cancel a timeshare contract, it’s important to learn the different types of fees associated with timeshare cancellation. This will help you to understand why it’s so important to get a custom quote for your particular timeshare contract, and why cookie-cutter quotes or average timeshare cancellation cost estimates can be so misleading or inaccurate.

Timeshare Cancellation Fees: A timeshare cancellation fee is the cost of a timeshare cancellation company working on your behalf to cancel your timeshare. This fee goes directly to your timeshare cancellation company – not to your timeshare resort. This fee is a flat fee and is an all-inclusive cost for the time it will take your timeshare company to help get you out of your timeshare contract. If you are looking for tips on how to choose the best timeshare exit company, we’ve got you covered here.  

Transfer Fees: As mentioned in the previous section, transfer fees only come into play if you proceed with and qualify for a real estate title transfer, which is also called a non-attorney back timeshare cancellation process. As a quick recap, these transfer fees are not paid to your timeshare cancellation company. Instead, they are paid directly to your timeshare resort. They are, in essence, the processing fees your timeshare resort charges you to transfer the title back to it. However, as a reminder, timeshare owners only qualify for a title transfer if their mortgage has already been completely paid off and if a timeshare owner is not past due on any maintenance or special assessment fees. 

Settlement Fees: Since timeshare cancellations are not lawsuits, settlement fees are an uncommon occurrence. However, since they can happen, we wanted to make sure we made you aware of when you might encounter them when canceling your timeshare. If a timeshare owner is very behind on payments to their timeshare resort, we have seen timeshare companies ask for a settlement fee prior to releasing them from their timeshare contract. This doesn’t happen in every scenario or with every resort, but it can happen. After getting an initial consultation, a timeshare cancellation service should be able to give you an all-inclusive price for how much it will cost to get out of a timeshare based on your specific situation. The only additional fee that they may not be able to make you aware of in advance or estimate is if your timeshare resort will ask for a settlement fee to let you out of your contract. However, at Timeshare Freedom Group, we have canceled nearly 15,000 timeshare contracts, and the only time we have seen this kind of request from a timeshare resort is if a client is extremely behind on payments when seeking cancellation of their timeshare contract. To be clear, this money goes directly to your timeshare resort – not your timeshare cancellation company.  

Why Do Timeshare Cancellation Costs Vary? 

Timeshare cancellation costs vary for many reasons – from what type of timeshare cancellation process you are using to get out of your timeshare to the specifics of your individual situation. 

When trying to determining how much canceling a timeshare is going to cost you, here are some of the biggest variables that can affect the cost: 

• How long have you owned the timeshare

• Which resort you have a timeshare contract with

• How much you pay in yearly maintenance fees

• Whether or not your mortgage is paid off

• Whether or not you are behind on mortgage payments

• Whether or not you are behind on any maintenance or special assessment fees

• The remaining balance on your mortgage, if it is not already paid off

• Various details, specifics, or stipulations that may be listed in your timeshare contract

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

Because there are multiple ways to approach timeshare cancellation, different types of fees, and many variables that can affect costs, providing average costs for timeshare cancellation can be very challenging. To give an analogy that helps put things in perspective, asking what is the average cost to get out of a timeshare is like asking what is the average price of a car. For example, some older and used cars might be a few thousand dollars, while some luxury cars can be well into the six figures. Even when narrowing a car choice down to a single manufacturer, the price can vary substantially depending on if you are buying new or used, the model of the car, the model year, when you are buying the car, your credit score, the type of interior, what package you go with, the accessories you choose, the location you are in, the dealership you are purchasing at, and so much more. Similarly, the price of canceling a timeshare can vary to the point where it’s simply not very accurate to give an average price. In fact, if you are given an estimate or average price that doesn’t take your specific scenario into account, there is a decent chance that the estimate given could be inaccurate. 

Why You Need to Get a Custom Timeshare Cancellation Quote

Since it is so challenging to get an accurate timeshare cancellation quote without knowing the details of your specific scenario, the best way to find out how much it will cost to cancel your timeshare is to get a custom quote. The good news is that consultations should be completely free, and they are a great way to help you determine which timeshare cancellation process is best for you. They are also an opportunity to have access to a timeshare cancellation expert who can answer any questions you may have – free of charge. 

This personalized approach is the most accurate way to see how much canceling your timeshare will cost. In addition, consulting with a company that has a personal approach gives you a sense of what it will be like to work with them. Do you want a one-size-fits-all approach to timeshare cancellation? Or do you want a timeshare cancellation company that will personalize its service to you and your specific needs? Getting a custom quote from a timeshare cancellation company is a great way to gauge how it will be to work with your timeshare cancellation company over the course of your cancellation.

The one big caveat to this is if you are looking to cancel your timeshare and you are within your timeshare contract’s rescission period. A rescission period is a short window built into your timeshare contract where you have the right to change your mind and cancel your contract. Other common names for this period are the “cooling off period” or a grace period. It varies by state, but every timeshare contract should have a rescission clause and they are typically just a matter of days. If you happen to fall within this window, canceling your contract within this rescission period is the recommended way to proceed. However, if you are outside of your rescission window, the first step to finding out how much your timeshare cancellation will cost is to get a free consultation from a reputable timeshare cancellation company.

The Best Way to Get a Custom Quote –  In as Little as 15 Minutes

Now that we’ve established why it’s important to get a free consultation when trying to determine how much your timeshare cancellation is going to cost, the next questions you might have are – how do you get a free consultation? And how much time will that take? 

A free consultation with a timeshare cancellation service like Timeshare Freedom Group can be done in as little as 15 minutes and with no pressure or obligation to purchase. The consultation is 100% free, and by the end of the consultation, you will have an exact quote for your particular contract and scenario – in writing. A timeshare cancellation expert will ask you a series of questions to uncover what timeshare cancellation approaches you qualify for and any other factors that will be important during the quotation process. In addition to an exact quote, after the consultation, your advisor will also be able to present you with an estimated timeline, terms, conditions, and a 100% money back guarantee. While a timeshare cancellation service can’t get any money back from your timeshare resort (remember, timeshare cancellation is not a lawsuit), if Timeshare Freedom Group cannot get you out of your timeshare within 24 months, it will fully refund 100% of its service fees. 

One other very important part of Timeshare Freedom Group’s consultation process is that your advisor will walk you through a cost-benefit analysis tailored to your specific financial situation. What this means is that by the end of your consultation, you will have personalized numbers that show you how canceling your timeshare will more than likely save you money in the long run. More on that in the next section. 

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How Canceling Your Timeshare Can Actually Save You Money 

Whether or not your mortgage is paid off, canceling your timeshare will most likely save you tens of thousands to hundreds of thousands of dollars over your lifetime. There are many reasons for this:

Timeshare mortgages typically have very high interest rates, which means you are paying thousands to tens of thousands of dollars in interest over the course of the mortgage

In addition to a mortgage, a timeshare owner is responsible for maintenance and special assessment fees. Maintenance fees typically increase 6-10% each year and remain your obligation for as long as you own the timeshare – even after the mortgage is paid off. So what might start out as a relatively affordable fee, may start to feel very steep the longer you own your timeshare.

Most timeshare contracts reserve the right to charge you special assessment fees as needed. These costs are often hard to plan for and tend to fluctuate year after year. For example, if the timeshare needs a new roof, doesn’t have as many visitors one year, or a variety of other issues, the financial burden can fall on timeshare owners – not the resort.

How Canceling Your Timeshare Can Actually Save You Money 

Whether or not your mortgage is paid off, canceling your timeshare will most likely save you tens of thousands to hundreds of thousands of dollars over your lifetime. There are many reasons for this:

• Timeshare mortgages typically have very high interest rates, which means you are paying thousands to tens of thousands of dollars in interest over the course of the mortgage

• In addition to a mortgage, a timeshare owner is responsible for maintenance and special assessment fees. Maintenance fees typically increase 6-10% each year and remain your obligation for as long as you own the timeshare – even after the mortgage is paid off. So what might start out as a relatively affordable fee, may start to feel very steep the longer you own your timeshare.

• Most timeshare contracts reserve the right to charge you special assessment fees as needed. These costs are often hard to plan for and tend to fluctuate year after year. For example, if the timeshare needs a new roof, doesn’t have as many visitors one year, or a variety of other issues, the financial burden can fall on timeshare owners – not the resort.

• Timeshare contracts are in perpetuity. This means that you are financially responsible for your timeshare for the remainder of your life. In perpetuity also means that after you have passed, the financial responsibility of your timeshare passes onto your children or other beneficiaries.  

Between a high interest mortgage, the potential for surprise fees, and maintenance fees that increase year after year for the remainder of your life, your beneficiaries, their beneficiaries, and so on – it’s typically cheaper to cancel a timeshare than to keep a timeshare in the long run. 

During a free consultation with a timeshare cancellation company like Timeshare Freedom Group, we will walk you through a full cost-benefit analysis with your real and specific numbers to show you not only how much it will cost to cancel your timeshare, but also an estimate on how much it will cost to keep your timeshare.

How to Compare Timeshare Cancellation Quotes From Different Companies 

We know there are a lot of timeshare cancellation companies out there, and it can be confusing to decide how to find the right company for you. That’s why we’ve put together a list of how to choose the best timeshare exit company, which you can read here. It details some of the features that you want to keep an eye out for when researching companies and how to compare quotes. It’s also a great resource for developing a list of questions to ask your timeshare cancellation expert during your free consultation, to ensure they are the right fit for your needs. 

Summary

How much does it cost to cancel a timeshare? To recap, the best way to accurately find out how much it will cost to cancel your timeshare is to get a custom quote. There are many factors that can affect your price, including which timeshare cancellation approach is used, which resort your contract is with, if you are behind on any payments, how much your monthly and yearly fees are, the details of your contract, and so much more. When relying on generic quotations or average cost estimates without a personal consultation, you risk basing a decision on misleading or inaccurate information. Getting a custom quote can take as little as 15 minutes and should be 100% completely free. It’s also a great opportunity to ask a timeshare cancellation expert any of your questions. 

In addition to getting you a free, accurate, and customized timeshare cancellation quote, when you schedule a free consultation with Timeshare Freedom Group, we will walk you through a detailed cost analysis of your timeshare. This analysis will estimate how much it will cost you to keep your timeshare over the course of your entire lifetime. This way, you’ll be able to see how much your timeshare cancellation will cost, how much keeping your timeshare will cost, and the price difference between the two. To schedule a 100% free consultation and find out exactly how much it will cost to cancel your timeshare, call 866-668-6872 or contact us here

Timeshare contracts are in perpetuity. This means that you are financially responsible for your timeshare for the remainder of your life. In perpetuity also means that after you have passed, the financial responsibility of your timeshare passes onto your children or other beneficiaries.  

Between a high interest mortgage, the potential for surprise fees, and maintenance fees that increase year after year for the remainder of your life, your beneficiaries, their beneficiaries, and so on – it’s typically cheaper to cancel a timeshare than to keep a timeshare in the long run. 

During a free consultation with a timeshare cancellation company like Timeshare Freedom Group, we will walk you through a full cost-benefit analysis with your real and specific numbers to show you not only how much it will cost to cancel your timeshare, but also an estimate on how much it will cost to keep your timeshare.

How to Compare Timeshare Cancellation Quotes From Different Companies 

We know there are a lot of timeshare cancellation companies out there, and it can be confusing to decide how to find the right company for you. That’s why we’ve put together a list of how to choose the best timeshare exit company, which you can read here. It details some of the features that you want to keep an eye out for when researching companies and how to compare quotes. It’s also a great resource for developing a list of questions to ask your timeshare cancellation expert during your free consultation, to ensure they are the right fit for your needs. 

Summary

How much does it cost to cancel a timeshare? To recap, the best way to accurately find out how much it will cost to cancel your timeshare is to get a custom quote. There are many factors that can affect your price, including which timeshare cancellation approach is used, which resort your contract is with, if you are behind on any payments, how much your monthly and yearly fees are, the details of your contract, and so much more. When relying on generic quotations or average cost estimates without a personal consultation, you risk basing a decision on misleading or inaccurate information. Getting a custom quote can take as little as 15 minutes and should be 100% completely free. It’s also a great opportunity to ask a timeshare cancellation expert any of your questions. 

In addition to getting you a free, accurate, and customized timeshare cancellation quote, when you schedule a free consultation with Timeshare Freedom Group, we will walk you through a detailed cost analysis of your timeshare. This analysis will estimate how much it will cost you to keep your timeshare over the course of your entire lifetime. This way, you’ll be able to see how much your timeshare cancellation will cost, how much keeping your timeshare will cost, and the price difference between the two. To schedule a 100% free consultation and find out exactly how much it will cost to cancel your timeshare, call 866-668-6872 or contact us here

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