Timeshares are a popular and stress-free way to visit your favorite vacation destination annually, with close to 10 million households in the United States owning a timeshare. Finding a perfect timeshare can lead to impulse decisions, and you could find that you don’t want the timeshare property in the end. You must know how to exit a timeshare if you no longer want it.
One of the most effective ways to cancel your timeshare is through a timeshare cancellation letter. Sending this letter during the rescission period will help you get your money back. You’ll eliminate all obligations to the timeshare company or vacation club.
Fortunately, you’ve discovered this helpful resource to learn more about timeshare cancellation and the steps to take when composing your cancellation letter. Learn how to exit your timeshare today!
What Is a Timeshare Cancellation Letter?
Your cancellation letter is the document you use to exit your timeshare agreement while the rescission period is still active. Researching your state’s laws governing rescission with timeshares is helpful to ensure you take the proper steps. Most timeshares require written notice that you want to cancel your agreement and move on with life.
Most cancellation letters are straightforward and to the point. The letter should mention the date you signed the contract and your desire to cancel the contract. It’s also best to state you expect full repayment of the money you spent on the vacation package.
You’ll need to meet the deadline, but the letter should help you escape your timeshare plan. You can send the letter through certified mail, in-person delivery, or an express courier service.
Why Cancel a Timeshare?
There are several reasons to consider canceling a timeshare after making an unwanted purchase. Timeshare salespeople are notorious for misleading people to generate sales. It’s common to find yourself on the wrong end of an unfavorable deal.
It’s typical for purchasers to discover that their new timeshare acquisition is beyond what they can afford. The annual maintenance fees add significant money to your yearly payments.
It’s natural to seek a way out if you’re unhappy with your timeshare purpose. Meeting your rescission deadline and mailing a timeshare cancellation letter is often the best course for a better future. Consider getting help from a Timeshare Exit Company.
Cancellation Letter Tips
Now that you have some background knowledge on timeshare cancellation letters and their purposes, diving into the tips you’ll use to write one is crucial. Taking concrete steps will serve you well and help you get your money back. Here’s a closer look at the tips you should use to construct your cancellation letter.
Always Cancel in Writing
It’s always best to cancel your timeshare in writing when you decide to move on and exit the deal. Most timeshare programs will provide a phone number if you want to cancel. They’ll likely tell you there’s no need to send a letter but don’t heed that advice.
No matter what the timeshare salesperson says, always send a cancellation letter. It takes minimal effort and is the best way to cover your assets. Most states require a written document during rescission to cancel the timeshare.
You can prove a written cancellation letter, but oral cancellation is much more challenging to prove in court. Oral cancellation turns into your word versus the company’s. Termination letters are the best way to ensure your timeshare investment gets canceled, and you can walk away free.
Follow the Contract’s Language
Use the language written into the signed contract as a roadmap to writing your cancellation letter. The contract should mention the steps you must take to cancel the contract. Ensure you’ve included everything the timeshare contract requires to cancel your investment and get your money back.
Include the specific contact information for the letter’s recipient. Some companies also ask for a faxed copy of the letter. Ensure you check each box off when canceling your investment so there’s no room for the company to argue with you.
Get Delivery Verification
Delivery verification is another step you should take when you no longer want your timeshare. Knowing that the cancellation letter was delivered to the recipient provides peace of mind. Certified mail is an excellent mailing option when sending your letter and canceling your timeshare.
It proves the time and date you mailed the letter, who it was delivered to, and when that person received it. Services like FedEx and UPS can also help you establish that the letter was delivered with a time and date.
Hand delivery is possible, but it’s not recommended for several reasons. The most notable reason is that the timeshare company will use proof of delivery against you.
Hire a courier to accompany you if you deliver your cancellation letter by hand. They’ll provide an affidavit to help you prove that the document was given to the intended recipient. You can also send several letters using multiple methods to have more proof that you’ve canceled your timeshare.
How Long is the Rescission Period?
The rescission period to cancel a timeshare varies from company to company. The industry standard is between three and 15 days, but you can verify your cancellation period by reading through the contract and documents you’ve signed.
Look at your state’s laws to determine how long the window is for you to cancel your timeshare ownership. Ensure you write and mail your letter within that timeframe to increase your odds of learning to exit a timeshare.
Write Your Timeshare Cancellation Letter Today
Getting out from under a timeshare property you never wanted is frustrating, but a timeshare cancellation letter and sound exit strategy will help you escape. Read through your contract and understand the requirements for your letter.
It’s best to use certified mail when sending it for proof of delivery. Your state’s laws will also tell you much time you have to send the timeshare exit letter.
Traveling is a true delight that opens your eyes to new cultures and ideas, and a timeshare can turn your travel experiences into a nightmare. Read more of our Travel blog content for the best tips and ideas for your next adventure today!