Did you know that Americans take 411 billion daily trips a year? Are you someone who likes to travel to different places? Are you stuck in a timeshare contract and aren’t sure how to get out of it?
In this article, explore how to get out of a timeshare contract. Read on to explore the top tips and tricks you won’t want to miss to say goodbye to that timeshare for good.
Cancel Timeshare Contracts
You might be wondering everything you need to know about canceling timeshare contracts from the process to different companies that offer it. It’s a good idea to send the cancellation in writing and ensure that it’s sent with certified mail.
Have a return receipt as well so you know that they receive it. According to state laws, you should receive any deposit or money paid from the timeshare company.
Donate Your Timeshare
Did you know that you can get out of a timeshare by donating it? Or, transferring ownership to another person. They’ll be responsible for the yearly fees and dues. If you do decide to do this though, your name will still be on it most of the time.
What Are the Grounds for Termination?
When the recession period ends and you want to be out of the contract, the timeshare company will normally tell you no. Look for any fraudulent behavior such as when they lie about fees or interest rates, adding fear to close a deal, or not stating the recession period.
Writing a Timeshare Cancellation Letter
Ensure that when you write your cancellation letter that it states your intentions. In the subject line, it needs to include a request to cancel the timeshare.
In the letter, make sure that you include your member ID, the contract holder’s name, name of the timeshare, contract number, and purchase date. Don’t hide this information, ensure that it’s clear to see in the letter.
When you do write the letter, don’t make it a long or angry letter. Stick to the facts while keeping it short.
Ensure that the important details are in bold so they stand out. Remember that all of this key information is important because they’ll try to get you to stay in the contract if you don’t.
Also, in your letter, you’ll want to state that you’re not interested in a transfer, ownership opportunity, or resale. Let them know that you expect a response within 30 days.
Why It’s So Difficult To Cancel Your Timeshare?
It’s hard to cancel a timeshare because there are limited alternative options. There aren’t too many people out there who are interested in buying a timeshare.
Another option instead of selling your timeshare is to rent out your property. Be careful if you do decide to do this though. Ensure that the person staying there will make the payments on time.
Exploring How To Get Out of a Timeshare Contract
Now that you’ve explored how to get out of a timeshare contract, you should have a better idea if it’s right for you to get out of it. Would you like to read more travel content? For everything from business to travel, check out our other articles today.