How to Cancel a Timeshare After Grace Period

How to Cancel a Timeshare After Grace PeriodWe’ve all done something we regret. You know, like the timeshare you purchased on a whim during a summer vacation to Maui in 2016 that now seems like an albatross around your neck. And if you realize your mistake even one day too late, the regret can seem like an insurmountable obstacle, doomed to hold you captive and force you to face the consequences for the rest of your life. Maybe it sounds dramatic, but a timeshare contract can seem like a formidable impediment to your happiness when all you want is out. After all, you own something you don’t want, something that cost thousands of dollars and will continue to cost even more down the road. But while canceling a timeshare contract after the grace period has ended is harder to do than when it hasn’t, it’s still possible. Take a look at some facts:

What is a Timeshare Grace Period?

In 1972, the Federal Trade Commission effectuated a “cooling off” period to protect U.S. consumers from buying things they might regret. For up to three days after the date of purchase, consumers who buy certain items from sellers within their own homes or at a seller’s temporary place of business (like a hotel room or convention center) can request and receive full refunds for their return. Many U.S. states have their own consumer protection laws that offer additional security against hasty, pressured and/or ill-informed purchases. Often, state laws extend the federal grace period, sometimes up to two weeks, granting consumers more time to realize their mistakes.

What Are Your Options When It Has Ended?

If you sign a timeshare contract and decide that owning this type of vacation plan is not for you after the grace period has ended (either by federal or state standards, whichever is greater), you do have options. You can:

 

  • Sell the Timeshare

 

You will probably end up selling your timeshare at a loss, but at least you will have no further timeshare obligations.

 

  • Give it Back to the Timeshare Management Company

 

This only works if the company will accept it.

 

  • Donate It

 

You are free to give your timeshare away, assuming the recipient wants it, as well as the accompanying fees (and mortgage payments, should there be any left).

 

  • Default on the Timeshare Mortgage and/or Yearly Maintenance and Fees

 

This is not recommended as it will affect your credit and possibly lead to bankruptcy!

 

  • Consult a Timeshare Exit Plan Expert

 

Professional agencies help consumers get rid of unwanted timeshares. Our team at Step Zero knows how to stop timeshare fees and can assist with timeshare contract cancellation. We’ve found timeshare contract loopholes and gotten our clients out of timeshare mortgages even after the grace period has ended. Contact us to see how we can help you!