Timeshare Exits and What You Should Know About Them
February 10th, 2021
Everyday, many people decide that owning a timeshare is no longer a good fit for them. Their reasons for exiting can vary greatly – from financial trouble to lessened interest.
If this is an option you’re considering, we’d like to provide you with all of the information you will need to know about timeshare exits and how to get out of your current timeshare exit agreement if that is your best option.
There are over 9 million households in the U.S. that own a timeshare. Of these millions of people, each year, numerous decide that their timeshare has become more of a burden. Much of the reasoning is financial. Despite this, out of fear or uncertainty of how to take the first step, some still pour their money into annual maintenance fees.
Those best able to ultimately exit their current timeshare agreements usually use a third-party method such as a timeshare exit company. You may wonder why this is necessary. Timeshare exits are never in the best interest of the timeshare developer in control of the timeshare. For this reason, they will often create diversionary and sometimes expensive tactics to ensure you’re still giving them your money. A timeshare exit company compiles a team of experts to review your unique circumstance and provide you with information and actions to take to get you out of your current timeshare agreement.
Every case will be different but to better prepare yourself, there are some preparations that we suggest you can make before speaking to a timeshare exit company. If using a timeshare exit company is the right move for you, we have compiled steps that we commonly see throughout different exit companies.
What you can do before exploring different timeshare exit options:
- Compile all of your documents/paperwork including but is not limited to:
- Your current membership agreement (deed/contract)
- Insurance information
- Due date and amount associated with your maintenance fees and information regarding your last payment
- Potentially owed real estate taxes for your timeshare
- Rules and regulations of the resort/owner
- Talk to your timeshare company
- They can give you a better idea of the extent of your ownership and could offer you simple options with no need of a third party
- Although it may be daunting, they may be more compensating than you expect
- If not, explore possible exit companies
If you have then decided to proceed with a timeshare exit company, we will outline what the typical process should look like to help you get out of your current timeshare agreement.
Common steps with timeshare exit companies:
- Enter and Submit Information
- Connect with the company of your choice so they can give you a heads up in what kind of information they will need from you
- Connect with an Advisor
- You will usually be connected with an advisor as part of your exit team to discuss your case
- Review Process
- An advisor will often need some time to go over each case to fully understand it and prepare an estimate
- Reconnection for discussion
- Advisor will discuss an exit plan for the client and will provide you with an estimate
- Formulate Service Agreements
- Relief Process
- After your exit process is over and your exit company has relieved you of your burden, there are review sites such as The Better Business Bureau, Trustpilot, and Google reviews on which you should relay your experience
While many timeshare exits are successfully facilitated by a timeshare exit company, it’s important to note that choosing a reputable intermediary is important. Those with accreditation by the Better Business Bureau (BBB) and trustworthy client testimonials are unlikely to be a scam. To know how to properly identify a scam, we suggest referencing BBB and Trustpilot.