2020 Has Changed Timeshare Cancellation
5 Things You Need To Know BEFORE You Cancel Your Timeshare Contract
Insider trade secrets that could save you thousands of dollars.
1.The ONLY way to cancel a timeshare contract is yourself! Here’s why.
Timeshare “resale” companies tell you exactly what you want to hear – that your timeshare has real value. People believe this nonsense because they just can’t understand how a timeshare company would be allowed to sell products to the public that are, for all intents and purposes, worthless. When you buy a car, you expect it to lose 20% of its value as soon as you sign the contract, but you certainly don’t expect it to lose 100% of its value. That’s exactly what happens with most timeshares. People understandably have a hard time wrapping their heads around that.
So The First Thing That Timeshare Owners Need To Do Is Face Facts:
* The Internal Revenue Service values your timeshare, and all timeshares, as worthless.
* No legitimate charity wants your donated timeshare. Period.
* Timeshare companies are allowed to remain in business because they spend millions to influence all state government.
So the question now becomes: Why not do what so many others are doing, and sell your timeshare for a dollar on eBay? Here’s why that’s a bad idea:
2. Even If You Sell Your Timeshare On EBay For A Dollar, You’re Still Responsible For Payment To The Timeshare Cancellation Company If Your Buyer Ever Stops Making Payments
You heard it right. Most timeshare companies structure their contracts so the original owner can only transfer the timeshare by way of a deed transfer. A deed transfer merely transfers the title; it doesn’t transfer the legal obligation to pay a monthly mortgage or an annual maintenance fee. So, while the new owner will have legal title, the original owner will still be on the hook for any payments due for the life of the timeshare.
In other words, if you are the original owner, you will always be ultimately responsible for payments. If you do sell your timeshare for a dollar, make doubly sure the person to which it is transferred is someone you can trust to make timely payments for the rest of your life. Remember, those pesky maintenance fees increase an average of 8% per year, so there’s a high likelihood that your buyer will eventually stop making those payments. When that happens, your timeshare company will find you and demand payment.
The use of a deed transfer has also allowed fraudulent charities to trick unsuspecting timeshare owners into thinking they have transferred title to the charity as a donation. Instead, the charity will take your “donation fee,” and simply stop payment to the timeshare at some point in the future, leaving you, the original owner, on the hook for payment.
If you can’t sell it or rent it, and you can’t even give it away, what can you do?
3. The Only Foolproof Way To Rid Yourself Of A Timeshare Is To Legally Cancel The Contract Yourself.
This means that you must negotiate directly with the timeshare company and convince them to issue an official release.
Whether you go with an exit company or choose to complete the cancelation yourself, just make sure the only method is to negotiate directly with your timeshare. A legitimate company will ask you to sign a limited power of attorney, which gives them the authorization to speak to the timeshare on your behalf, why not speak with the resort on your own behalf. Why wait for a company to give you an update when you can be in complete control of your own cancellation? Again, this is the only foolproof and legal way to cancel a contract. Stay away from any company that promises to transfer your timeshare to some third-party, or sell your timeshare, rent your timeshare, or donate your timeshare.
4. Most Timeshare Cancellation Companies Use Foolproof Sales Tactics To Sell You Your Timeshare
Ever wonder why you can’t go down to your local timeshare store to buy a timeshare? You can’t, because the only way to sell a timeshare is to bait you with a gift, wear you down with high-pressure sales tactics all within the confines of a hotel conference room.
Here’s How Timeshare Sales Works:
So you’re sitting in a big conference room with a lot of other people for a 90-minute presentation. The first few minutes are actually fun. The hotel is beautiful, and your host speaker is charismatic and funny. His purpose is to create a game-show atmosphere to get everyone loosened up. He’s good at what he does.
While this is happening, however, you and your spouse are watching, either from behind the stage or on a closed-circuit camera. The people watching you are the company’s top salespeople. And they’re looking for body language and facial expressions that match up with past successful sales. This ensures that those unsuspecting couples assign the best salespeople with the highest likelihood of buying.
After About 30 Minutes
After about 30 minutes of laughs and games, your new salesperson either joins you at your table or suggests a separate room for the remainder of the presentation. For the next hour or so, she digs for as much personal information as she can. In order to use it later to close the sale. You open up a bit and talk freely to not be rude.
Then, suddenly, you are shocked when she hits you with an asking price, a price so outrageously high, that you couldn’t possibly spend that kind of money on a timeshare. You say “No way, I can’t do that”. Unbeknownst to you. That’s exactly what you’re supposed to say. Nobody buys on the first outrageously high offer.
Next comes YOUR big mistake: YOU don’t immediately get up and leave right after the extremely high asking price. Instead, like most in this situation, you feel obligated because of that free gift. Here’s the key: By not leaving, you are establishing an unspoken agreement between you and the salesperson, which is all psychological, but powerful nonetheless. The agreement is that your only objection is price and that you would buy if the price were right. Otherwise, why are you still here listening to the presentation?
Thirty Minutes Later, Or In Many Cases Several Hours Later, The Price Is Lowered From The Original Offer, And This Is Where You Finally Say, “What The Heck, Honey. We Deserve Vacations!”
Up until this point, you’ve been subjected to a lot of psychological manipulation, which is not unlawful. However, once you sign that contract, the timeshare has very likely violated consumer protection law. At no point in the presentation did your salesperson inform you of critical information that any reasonable person would want to know when buying a timeshare. You were most certainly not informed of the existence of the rescission period or secondary market. This is where timeshares just like yours are listed on eBay for next to nothing. You were not informed that the IRS values your timeshare as worthless, regardless of the price you paid.
Chances are good that you were also given a high-interest rate as well. You were not informed of ever-increasing assessment fees and maintenance fees. You were very likely rushed through the contract without actually reading it word for word and given an electronic copy “for your files”. After having been passed from one salesperson to another (rotation sales) in order to mentally wear you down.
We know how timeshares are sold!
5. Timeshares Use Their ‘A’ Rating With The Better Business Bureau To Give You A False Sense Of Security
Honestly, it’s VERY easy to get an ‘A’ rating with the BBB. That’s partly because the Better Business Bureau is not actually a government bureau; it’s a private company that charges fees for accreditation. The fees can be so expensive that even companies like Starbucks and Microsoft choose not to pay the BBB. Instead, remain unaccredited. Just because a company has an ‘A’ rating with the BBB. Doesn’t necessarily mean it’s a good company.
Instead, look to see how many complaints and the timeshare’s BBB page lists bad reviews. The one thing the BBB does right is the documenting of official complaints and bad reviews. To compare the ratio of negative to positive. Most timeshares have a ratio of one good review for every 25 bad reviews. That’s a red flag regardless of the timeshare’s ‘A’ rating.
At this point, the only answer to “what you need to know” to cancel a timeshare contract is straight forward, YOURSELF! By utilizing the DIY Timeshare Cancellation Kit that provides you, the timeshare owner, with all of the pre-written templates to cancel your own timeshare contract. Why have a cancellation company complete the process for you when all you are paying them to do is talk to your resort on your behalf. Whether you have a mortgage or the timeshare is paid in full. Your timeshare contract can be cancelled as long as you know the process!
Let Our Experience Be Your Guide
Cancel Your Own Timeshare Contract in as short as 60 days with guaranteed results*