How to Cancel a Timeshare: A Basic Guide

How to Cancel a Timeshare: A Basic Guide

During your upbeat vacation high, buying a timeshare sounded like a great decision. After all, why wouldn’t you want to relive your vacation year after year?

But when the dust settled after your trip, doubts started creeping in, along with the reality of this financial investment. How do you get out from under this huge purchase?

If you’re starting to sweat, you’re in luck: we’ve put together a basic guide on how to cancel a timeshare. Here’s what you should know.

Act Before the Cancellation Period or ‘Cooling-Off’ Period Ends

In the signed paperwork for your contract, you should be able to find a note about how long you have to cancel the contract. Keywords here may include terms like “recission” or “revocation.”

If you can’t find it, you may be able to check with the timeshare company online. Otherwise, you can look up the laws governing timeshares in the state in which the timeshare is located.

Canceling a Timeshare In Writing During the Cooling-Off Period

Next, you’ll want to cancel your timeshare in writing. To ensure that there are no legal loopholes the timeshare company can workaround, you’ll want to send the letter by certified mail for delivery within the cancellation period.

In the written letter, there are a few pieces of critical information to include.

First, use your name as it appears in the contract, and provide your contact details as well. Mention the timeshare company by name, make a brief description of the timeshare, and note the date you bought it. Finally, state that you are contacting the timeshare company within the dates of the cooling-off period in order to cancel the contract.

Canceling a Timeshare After the Cooling-Off Period

If you’re wondering how to legally cancel a timeshare contract after the cooling-off period has ended, you’ll find the process much more complicated.

Some states don’t allow a contract cancellation after the period has ended, and others only allow it in limited circumstances. However, you may be able to terminate the contract if the timeshare company breaches the contract in some way.

Alternatively, you can get timeshare help from a firm specializing in bringing lawsuits against timeshare companies to terminate the policy. Depending on your circumstances, this option may be easier than an attempt to resell the timeshare. Learn more here.

Now You Know How to Cancel a Timeshare

Whether your cancellation period is ongoing or you purchased the timeshare months ago, it’s helpful to know how to cancel a timeshare when you need to. Working with a written letter or partnering with an expert firm can help you reverse your decision, putting thousands of dollars back into your pocket. Get started today to cancel your timeshare!

Want more essential tips you need in life? We’ve got you covered. Check out our other posts for other helpful guides.