How to Cancel a Timeshare Contract

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Legally exit Wyndham, Bluegreen, Diamond, Hilton, or other timeshare resorts

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• Timeshare Exit Options
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• Using Exit Programs
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• Options to Avoid

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Timeshare buyer’s remorse is more common than you think. Maybe you’re not going on as many magical vacations as you thought, or your financial situation has changed and you suddenly can’t afford the payments. Whatever the reason, it’s time to get out of there. We’ll lay out the best ways to exit your timeshare contract, how to use an official timeshare exit program, and fill you in on the exit options you’re better off avoiding.

Things You Should Know

• Call the timeshare or resort and inquire about their official exit options, which may include partnering with a reseller or simply returning the deed.
• Take advantage of the rescission period to cancel your contract within up to 15 days of signing, or read your contract and find the cancellation terms.
• Use a timeshare exit company or a real estate agent to resell your timeshare. Be wary of scammers who approach you first or ask for payment up front.

Steps

Section 1 of 3:

Timeshare Exit Options

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   Call the resort to explore your formal options. Before you go hiring an attorney, give your timeshare’s management office a dial. They may have established options or procedures for exiting your particular timeshare already in place. It might be easier than you think—some timeshares have a “deed-back” program, which lets you simply return the deed. Of course, the resort may not have any solutions, but it doesn’t hurt to try.

   • While you’re speaking with the service rep, stay calm and polite, and explain your situation clearly. You’re more likely to get help or answers if you maintain a cordial tone.
   • Resorts typically don’t offer refunds for maintenance fees or down payments, but you may be able to refund things like security deposits.
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   Use the rescission period to exit the contract. Some timeshare contracts include what’s known as a “rescission period,” or a period of time during which you can pull out of the timeshare with little or no consequences. If you just recently entered the contract (within about 15 days in most states), check your contract for the rescission stipulations, and write a cancellation letter to the resort. While the window to declare cancellation is narrow, note that some resorts draw out the actual process over a span of months.

   • In your cancellation letter, include the date you purchased the timeshare, as well as today’s date. You don’t need to indicate the reason for cancellation, but it may be beneficial to mention any financial hardship.
   • Also include your legal name, contact information, the timeshare company’s name, the description of the timeshare as it’s written in the contract, and a clear statement of cancellation, such as, “I hereby cancel my contract with [company] regarding my timeshare.”
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   Sell the timeshare to another buyer. If you’re unable to simply walk away from the contract, consider selling it to someone else. You probably won’t make money on the deal, but you’ll dodge future costs. Unfortunately, the world of timeshare reselling is full of scams, so use a site like LTRBA to find a licensed, trusted timeshare broker to sell it for you.

   • Be wary of anyone who approaches you first with an offer to buy or sell your timeshare for you. These offers are often scams.
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   Hire an attorney to help you exit the timeshare. Sometimes the best course of action is to get legal help. A lawyer will be able to pick apart your contract and help you navigate your local timeshare laws to find the best route out of your situation.

   • Many attorneys specialize in timeshare or property law. A firm with this expertise is the best route, especially if they have plenty of prior experience with timeshare resorts.
   • Ask for a simple consultation first, and request a quote up-front to see how much it’ll cost you. You don’t want to pay more for a lawyer than the timeshare itself.
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   Hire a timeshare exit company, but be wary of scams. Timeshare exit companies are corporate organizations that help timeshare owners get out of their contracts with legal or financial assistance. Unfortunately, it’s an industry that has its own scam problem, so tread carefully.

   • Stick to a company that doesn’t expect up-front payment. These tend to be more trustworthy, asking for payment only after they’ve fulfilled their services.
   • Stay away from companies that ask for large payments up-front, or who approach you first or send mailers or email advertisements.
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Section 2 of 3:

Using Your Resort’s Exit Program

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   Call your resort and ask about their exit program. Some resorts, like Wyndham, Bluegreen, Diamond, and Hilton Grand Vacation have their own dedicated programs for timeshare owners looking to exit their contract after the formal rescission or cancellation period. These programs aren’t always straightforward or even convenient (resorts aren’t typically eager to let you go), but they may be a useful option. Look up your resort and call their customer service number to inquire.

   • Wyndham’s program is called “Wyndham Cares” and can be reached at 866-434-9046.
   • Call Bluegreen’s help desk at 800-456-2582.
   • Contact Diamond Resorts at 1-800-438-2929.
   • Call Hilton Grand vacation with the number 1-407-745-3157.
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   Pay off the mortgage, and keep up to date on your payments. In order to qualify for most official resort exit programs, you’ll need to keep current on your maintenance, rental, or other monthly fees. In addition, most resorts require that you have your mortgage and any loans related to it paid off in full.

   • Unfortunately, this disqualifies many timeshare owners, who look to exit their timeshare because they can’t pay the mortgage.
   • If you can’t pay off your timeshare mortgage, consider one of the above options instead, like selling or canceling the contract.
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   Work with the resort to sell or cancel your contract. Your resort’s exit program will most likely pair you with an authorized reseller to transfer your contract to another buyer. It’s a bit easier than finding your own reseller, since the resort will handle much of the paperwork for you. In some cases, they may withdraw your contract outright, which is rare, but sometimes happens if your contract is new or timeshare demand is high.
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   Stay persistent throughout the process. While working with your resort to exit your contract, they’ll probably throw some hurdles your way. They may invite you to seminars or meetings to convince you to keep your contract, or even simply alter it rather than exit altogether. It’s in their best interest to keep you as a customer, not yours, so make it clear that you intend to exit and won’t be convinced otherwise.

   • If they do try to convince you to stay, say something like, “I’m sorry, but my mind is made up and I won’t consider any options other than exiting my contract.”
   • If need be, involve a lawyer, or simply express your intent to contact a lawyer, which may deter the resort’s efforts to make you stay.
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Section 3 of 3:

Options to Avoid

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   Failing to make payments Walking away from your timeshare altogether comes with a host of consequences. You may have to deal with collection agencies, wage garnishment, or even a lawsuit. Not to mention how your credit score will take a sizeable hit. Stay current with your payments as much as possible while you explore other paths, or call the resort and ask them to defer your payments for a few months.

   • If you must, consider filing for bankruptcy to relinquish the timeshare. This is a last resort, and will negatively impact your credit score.
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   Giving it away to friends, family, or charity When you “give” your timeshare away, or put someone else’s name on the contract, you’re also handing over all the very same troubles you had with the timeshare. The recipient still has all the financial obligations like rental and maintenance fees. Not to mention that there’s a hefty load of head-scratching paperwork that you’ll need a lawyer to help you sort through.

   • Some charities may accept the donation if the timeshare is current on its fees and doesn’t have a mortgage or loan attached, but most will politely decline the donation.
   • Feel free to gift the timeshare to a friend or relative, so long as you clearly explain all the fees and let them read through the contract.
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   Renting to strangers It’s tempting to want to turn your timeshare into a profit-generating property. But what you’ll make on rental rates most likely won’t recoup the overall costs, and you may be violating your contract in the process, since many resorts don’t allow third-party renting.

   • If you go this route, comb through that contract for any rental stipulations. Then, browse AirBnB or other rental rates in the area to get an idea of how to set your own rate.
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