Have you been given a timeshare that you don’t want? Is the monthly maintenance cost prohibitively expensive? You can’t just walk away from a timeshare corporation like you can with other agreements. Here are four legal ways for how to cancel a Holiday Inn timeshare that don’t need you to spend thousands of dollars in upfront fees to timeshare departure firms or a timeshare lawyer. You may be surprised to learn that you can end your timeshare contract on your own.
1. Make the Most of Your Downtime
Hopefully, you’re reading this while on vacation if you just acquired a timeshare and want to know how to get out of it. Like a mortgage deal, there is a rescission period where you can cancel your timeshare purchase and get your money back. The length of your rescission period is determined by the state’s timeshare statute. For a timeshare cancellation, you have three to fifteen days to contact the resort and file a rescission letter.
2. How to Use a Deedback Program to Get Out of a Timeshare
Your initial call should be to your timeshare business if you are outside of the 1-2 week rescission period and want to terminate your contract. For timeshare owners who do not have an outstanding loan on their timeshare, most large resorts and chains offer timeshare exit programs. If you’ve paid off your mortgage, the quickest way to get out of a timeshare is to sell it at your home resort. Giving back your unwanted timeshare can be as simple as making one phone call. That’s right, with just one phone call, you can put a stop to your maintenance charge invoices! There is no need for a termination team or an exit company!
3. Give your timeshare to a family member or a friend.
Have you considered asking a loved one to take over your timeshare contract? Have you ever traveled with a family member or a group of friends on a timeshare and had a good time? Perhaps a gift of future vacations might be appropriate. For the talk, have all essential financial information on hand, such as your annual maintenance payments, legal closing charges, and resort transfer fees.
If you’re considering giving your timeshare away as a way to get out of it, a little marketing can go a long way! Show them how your timeshare annual fees are less expensive than buying the same vacation directly from the resort or via hotel discount sites. Take screenshots of your ownership week on the hotel’s reservation page as well as other hotel booking sites. When describing how this saves them money on future travels, a picture is worth a thousand words.
Advice on how they can use timeshare ownership to tour the world at a fraction of the cost to sweeten your timeshare donation offer.
4. Competitively list your timeshare contract for resale.
Timeshares have a thriving resale market; in case you didn’t know. If you want to sell your timeshare, make sure you market it at a reasonable price. Find comparable units and their final sales price by searching multiple timeshare resale websites. A high-priced law firm is unnecessary. You’ll need a willing buyer and a timeshare closing business to complete the transaction, and you’ll be on your way to timeshare freedom.