Whether it’s a “free” vacation or a great price on a lovely vacation home, buying a timeshare seems like a great idea—at first.
But then reality sets in, and you find yourself stuck paying a hefty bill each month. And you’re not even using all the features you thought would be so great!
Keep reading for financial tips and tricks to help you break free from an unwanted timeshare.
Make Use of Financial Tips
If you’re looking to get out of a timeshare, the first step is to manage finances and your contract.
Each timeshare company is different, so you’ll need to review your agreement to see what options are available to you.
If you’re within the cooling-off period, you may be able to cancel the subscription and get a refund. If you’re outside the cooling-off period, you’ll need to work with the timeshare company to see if you can cancel the contract or transfer the ownership to someone else.
You may also consider working with a timeshare exit company that can help with your money management and transfer ownership for a fee. There’s more information on this option in this Dave Ramsey timeshare exit article.
You Can Try to Sell It
Getting out of a timeshare can be difficult, but there are a few options to explore.
One option is to try to sell the timeshare. Unfortunately, this can be difficult, as there is often little interest in timeshares. You may be able to find a buyer, but you will likely have to sell it for less than you paid.
You may have to continue making the payments if you can’t sell or return the timeshare.
Give It Back to the Timeshare Company
If you want to get out of your timeshare, you can give it back to the timeshare company. You may have to pay a fee, but getting rid of it will be worth it.
You’ll need to send a letter to the company explaining why you want to cancel your contract. Include your name, address, and contact number in the letter. You should also state that you’re willing to pay any fees associated with canceling the contract.
Donate It to a Charity
You can also try to donate your timeshare to a charity. While this may not be the most profitable way of getting rid of your timeshare, it could be the most satisfying.
To do this, you’ll need to find a charity willing to accept your donation. Once you’ve found a charity, you’ll need to complete a donation form and provide any other required documentation.
After you’ve completed the donation process, you’ll be free from your timeshare obligations.
Understanding the Process
If you find yourself in a position where you no longer want to be a timeshare owner, there are a few financial tips for you.
You may be able to find a buyer by working with a timeshare resale company. You could also give the timeshare back to the company. If you can find a charity willing to accept your timeshare, you may be able to get out of your obligations without paying any fees.
If you’re interested in more information on how to handle money more efficiently, read our other blogs.