Promises of palm trees, free drinks, complimentary add-ons, free giveaways... it's not hard to see why many vacationers decide to purchase a timeshare. And we didn't even mention the extremely pushy salesperson.
A lot of people purchase timeshares. In fact, according to recent statistics, it's an almost $9 billion industry in the US alone... with the average holder paying around $20,000 for their timeshare. Yikes!
That isn't a small chunk of change. So it's no wonder there are sometimes second thoughts — especially once the vacation is over, the laid-back facade was gone, and the gravity of the pricey contract sinks in.
What now? How do you go about terminating a timeshare contract?
We want to tell you exactly what to expect when terminating a timeshare contract so you can be mentally prepared for the process.
It isn't necessarily going to be easy. But if your decision is made and you won't be making use of your purchase, it's definitely worth getting out now.
Terminating a Timeshare Contract: What to Expect
Some people fall victim to timeshare scams , and others just change their mind. That free weekend vacation traded for a "short presentation" didn't turn out like you thought it would.
Either way, here's what you can expect when your decision has been made to get out of your timeshare.
It Isn't Worth Anything
Sorry, folks. The hard pill of truth you'll have to swallow is your timeshare gives you no equity.
Let's break down what a timeshare really gives you. Essentially, you're investing in pre-paid hotel bills that you may or may not get a chance to use... not to mention pricey ongoing "maintenance fees". Whether you use your timeshare or not, it's going to require you to pay exorbitant fees each year.
It isn't going to generate you any money. An investment implies that you will eventually get more value than what you put in, and timeshares simply don't do this.
Timeshares depreciate in value as soon as you purchase them. They lose value faster than a new car being driven off the lot. You're going to lose money... but it's better to get out now than hold on to the sinking ship.
After considering this, you're probably ready to get out of your timeshare. Here's what's next.
Look for the Details in Your Contract
Every document will detail how to go about terminating a timeshare contract. The lingo used will be different per contract, and it probably wasn't gone over when you initially signed. The reality is, there are probably a lot of details about your contract you don't know yet.
Look for the following words in the clauses to identify where the contract talks about ending it:
Chances are you'll be reading a lot of technical jargon and legal mumbo-jumbo that is basically telling you you're stuck in the contract.
Unfortunately, timeshares are legally binding contracts similar to a mortgage. Getting out of one is no easy task... it's best to seek a legal service to help facilitate the process. They can make sure you don't get taken advantage of any more than you already have.
Here's how to seek help, and what a timeshare attorney can do to ease the process of terminating a timeshare contract.
Getting help from a specialized timeshare attorney
1. Pick a credible lawyer
There are a lot of lawyers who will claim they can help you get out of your timeshare agreement. It will take work to find a specialized timeshare lawyer who can truly make getting out of your contract as smooth as possible.
A credible lawyer who specializes in these cases, like John Sirounis of Primo Management Group, is your best option.
You want someone with testimonials of positive outcomes from people who have been in your situation — not someone who just claims they can help.
2. Don't fall victim to an expensive list service
Be warned: fraud doesn't just take place when you buy your timeshare. There are companies that will claim to help you resell your timeshare for a fee... but they also frequently commit fraud .
Unlicensed, unregulated, and illegitimate services will pose as a legitimate broker or service that promise to "help you quickly sell your timeshare". They will give a false sense of security and promise fast resale, then ask for a huge fee up front.
These scammers target desperate timeshare holders who are looking to quickly offload their pricey contract. Don't fall victim to their false claims.
3. A lawyer can ease the process
As mentioned, timeshares are legally binding contracts. The companies that sell them know this and can make you feel like it's impossible to get out of one.
This simply isn't true. Under the law, there are multiple ways to get out of your timeshare contract.
But don't expect the timeshare company to make it easy. They deal with thousands of people daily and know how to keep as many as possible bound to their agreement.
A lawyer that specializes in timeshare cancellation can greatly ease the process for you, and even save you time and money in the long term.
Lawyers that deal with timeshare companies regularly are experts at getting you:
They can do all of this for you, removing the hassle and dealing with stressful communications on your behalf. That's definitely worth it.
You're Ready to Terminate Your Timeshare
Many people find it easy to fall prey to the allure of a timeshare, especially because high-pressure sales tactics are used to prey on vacationers in a weak moment.
It's common to want out of the pricey agreement. We want to set you up to be prepared for canceling your contract with a specialized timeshare attorney.
We've given you the details about what you need to know when terminating a timeshare contract. Make sure to:
If you follow this advice, you can expect to smoothly transition out of your contract. And remember, you aren't alone. Contact Primo Management Group today — you need the best team to help you get out of your expensive contract.