In most cases, it’s nearly impossible to secure a refund for a timeshare, unless you cancel the contract within the rescission period—something I once did myself. I actually returned the contract by hand and forced the company to sign and date it when I exercised my right to cancel.

How do you get out of a timeshare that is paid for?

Avoid using timeshare exit companies that require upfront payments….Say no, hang up and move on to one of the following solutions.

1. Stop paying. Before you do this, take stock of your situation.
2. Offer it on the resale market.
3. Use a company to help you exit.

What is a good price for a timeshare?

How much does a timeshare cost? The average cost of a timeshare is $22,942 per interval, according to 2019 data from the American Resort Development Association (ARDA). Annual maintenance runs $1,000, on average, but can vary based on the size of the timeshare, ARDA reports.

How hard is it to cancel a timeshare?

Canceling your timeshare can also be difficult due to financial reasons. Resorts are notorious for encouraging people to make a down payment on a credit card. Putting a substantial investment on your credit card is never a wise idea. Your interest rates will skyrocket, and it’ll take you a while to pay it down.

Is there a cooling off period for timeshares?

Even though you have signed a legally binding contract there are protections in place for timeshare buyers that change their minds during the “cooling off” period that follows a sale. An unhappy or misdirected timeshare buyer should be able to file for a rescission of timeshare property purchased given that the following 10 steps are followed:

How to get a refund on a timeshare?

Be sure to make a copy for yourself, your lawyer, your credit card company/bank (depending on method of payment), and the Federal Trade Commission. State in the letter that you will be contacting the timeshare resort company in two days to confirm receipt and to provide credit card info for a full refund.

What happens if you change your mind about buying a timeshare?

If you were unfortunate enough to buy timeshare as a result of high pressure sales techniques or misrepresentation of information you do have options. Even though you have signed a legally binding contract there are protections in place for timeshare buyers that change their minds during the “cooling off” period that follows a sale.

What to do when timeshare contract is rescinded?

A company or resort will want your contract back once a refund and rescission is made final. Make sure to keep a copy of the contract for your records and when the contract is sent back, attach a letter stating that it is being returned on the condition of rescission.