Getting out of a timeshare

If you have decided that you do not want to own a timeshare, you have many options to get out. These options include your right of rescission, the cancellation procedure and ARDA, as well as giving it away. However, all of these options are not necessarily free. You will still have to pay for the maintenance costs and other expenses for years or even decades.

Right of rescission

You can get out of a timeshare if you decide that you no longer want it. You can use your right of rescission, which protects you as a consumer. The process for rescission is usually outlined in your timeshare contract, and should be followed to the letter.

ARDA

The Responsible Exit program of the ARDA is a way to ensure that timeshare owners can safely and securely exit their timeshares. ARDA encourages developers and industry partners to support this program and to offer safe exit solutions. Fidelity is one of the featured resellers of Responsible Exit solutions.

Giving it away

If you have timeshare and no longer need it, you can donate it to a charity. But giving away a timeshare is not as easy as signing over the title. First, you have to find the right person to take your timeshare. The recipient must enjoy traveling and be willing to pay the annual maintenance fee.

Defaulting on payments

If you’re thinking about getting out of a timeshare, you need to know what the consequences are. If you default on payments, timeshare resorts will most likely take legal action against you. In some cases, you may even lose your timeshare. This can happen to both deeded and right-to-use timeshare owners. You may also face a judicial or nonjudicial foreclosure process. In either case, you’ll have to disclose the foreclosure to the credit bureaus.

Costs

The costs of getting out of a timeshare vary depending on the resort. It is important to understand the costs associated with each option before deciding which one is right for you. These fees can range anywhere from $500 to $3000. If you are interested in a specific resort, it is best to use a company that has experience in getting people out of timeshares.

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