How to rescind a timeshare contract?
A timeshare can turn into a big headache and a strain on the wallet. Learn more about timeshare cancellation and how to get out of a timeshare contract
Timeshare industry is well known for being very vulnerable to scams; consequently, vacationers and timeshare owners should be aware of timeshare investments, phony offers to rent or resell timeshares or practically anything that sounds too good to be true.
Timeshares are set up by a big number of resorts to sell shared interest in their properties. In order to attract new customers, they frequently give great timeshare presentations where you can get attractive gifts such as free stays at the resort, free meals and discount coupons; at the same time they will try to sell you the right to use one of their properties during a certain period of the year.
There is nothing wrong with the whole concept of timeshares; the problem is when the sales tactics become high-pressure and fraudulent. There are many people who attend timeshare presentations just for the freebies, but after 4 hours of pressure, they end up buying a timeshare. Learn how to rescind a timeshare contract and the advantages of timeshare cancellation.
A rescission period
Before thinking on purchasing a timeshare, you should know and understand a few facts about timeshares: how timeshares work, that the resale value is much lower than the original price, that you will have to pay monthly or yearly maintenance fees and your timeshare cancellation rights, among others.
After a timeshare is purchased, you usually have a rescission period to change your mind. A rescission period, also known as cooling-off period, refers to a certain time after a timeshare purchase is made, where you have the right to cancel the contract agreement without any penalties, and you can also get your total deposit back. In Mexico, you have five business days to cancel the contract, in the US; this period varies depending on the state where the purchase was made, which usually goes from 5 to 15 days.
How to rescind a timeshare contract?
So you just got out of a timeshare presentation and where you were impressed by the beautiful promises told by the salesmen. Now you’re being suspicious and wondering how to rescind a timeshare contract. If you’re within the rescission period, follow the next steps to cancel your timeshare contract:
- Read your timeshare contract carefully and look for the cancellation clauses.
- Draw up a cancellation letter and send it to the resort via certified mail or write an email explaining that you would like to cancel the contract. You don’t have to give a long-winded explanation of why you would like to cancel the contract. Keep the receipt as evidence that you cancelled on time. Visit our article Sample timeshare cancellation letter to know how to write the cancellation request.
- After the letter is sent, you should receive a refund of all the money you paid. If the timeshare resort refuses to do so, contact the government consumer protection agency of the country where you purchased the timeshare.
What happens if the rescission period has expired?
Unfortunately, many people realized they’ve been scammed after the rescission period has expired. Sometimes, timeshare owners don’t want their timeshare anymore because they’re not able to use it, or keep paying the maintenance fees, so, how to rescind a timeshare contract after the rescission period has expired? Well, there are other possible solutions to get out of a timeshare:
- Sell it: Selling a timeshare can be extremely difficult, almost impossible, even when the price will be much lower than the original purchase price.
- Rent it: It is very hard to find someone to rent out your vacation ownership, so this is not really an option. There are many timeshare rental companies that claim to rent your timeshare for a large upfront fee, but most of these companies end up being fraudulent.
- Donate it: There are very few organizations that accept deeded timeshare donations. Unfortunately, most charities will not take timeshares because they are not willing to pay the maintenance fees.
Getting rid of a timeshare is not easy, but not impossible either, to read more possible solutions visit our article Donate timeshare scam. Just remember: NEVER pay a large upfront fee in an effort to get rid of your timeshare!
The real solution
Do not waste your time and your money. If you want to get rid of your timeshare properly and without further problems the best solution is to cancel the contract. Timeshare cancellation is the most effective and secure solution. When a contract is appropriately cancelled, you won’t have any more strings attached to the resort. If you, or someone you know, want to get rid of a timeshare you don’t want or use, contact Mexican Timeshare Solutions for a free consultation on your matter. At MTS, our goal is to assist timeshare purchasers who feel they were scammed or taken advantage of by fraudulent salespeople and deceptive sales practices. As specialists in the timeshare industry, we are committed to offering timeshare help in a fast, friendly and experienced service to clients. Our associates have several years experience in the timeshare help industry and are successfully able to resolve timeshare scam cases in an ethical and professional manner. Contact us today for a free consultation and get a final relief from your timeshare!
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To know more about how to rescind a timeshare contract visit our article: Cancel a timeshare – What are the advantages?