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  2. Dec 15, 2020 · Finance expert Jean Chatzky helps frustrated timeshare owners unload an unwanted vacation contract without needing an expensive timeshare exit company.

    • Check Your Timeshare Contract. Many timeshare contracts contain a retraction or rescission period. This can be called a “cooling off” period. It’s a period of time after you sign the agreement in which you can cancel.
    • See if the Company Will Buy it Back. In some cases, the timeshare company will buy it back. This is rare, but it does happen. Note that they likely won’t give you the full price in a buyback.
    • See if the Company Will Take it Back for Free. Some companies won’t buy timeshares back. However, they might take them for free. Yes, this is a colossal loss of cash.
    • Sell Your Timeshare. In some cases, you can sell your unwanted timeshare to someone else using a specialized realtor. As with the buyback, you’ll likely sell it for less than you paid.
    • Hurry! Use Your Recession Period. If you just bought and want to know how to get out of a timeshare contract, hopefully, you’re reading this while you’re still on vacation.
    • How to Get Out of a Timeshare via a Deedback Program. If you are outside of the 1-2 week rescission period, and you want to cancel your timeshare contract, your first call should be to your timeshare company.
    • Give Your Timeshare Away to Family or Friends. Have you asked a loved one if they’d like to take over your timeshare contract? Has a family member or group of friends timeshare traveled with you and enjoyed it?
    • Transfer Your Timeshare Contract to Another Owner at Your Resort. People get rid of their timeshare legally by transferring their timeshare contract to an existing owner at their home resort.
    • Give up on getting your money back. Timeshare owners need to be wary — and realistic. Far more people want to sell timeshares than want to buy them. Timeshares at higher-end properties — those owned by Disney, Marriott, Wyndham or Hilton, for example — sell for at most 15% of their original price, Weir says.
    • Ask the resort to take it back. Wyndham and Diamond Resorts are among the few developers with formal programs for owners who want to relinquish their shares, Weir says.
    • Sell it. Beware of people who contact you offering to sell your timeshare, since those are typically scams. If you need help and you own a timeshare at one of the high-end resorts, you can look for a broker through the Licensed Timeshare Resale Brokers Association site.
    • Rent it out. Many owners discover they can rent their timeshares for enough to pay or at least significantly offset annual fees, Rogers says. The same sites that list timeshares for sale also list options to rent.
  3. Jan 4, 2024 · 1. Use the Rescission Period. If you were persuaded by a high-pressure sales pitch and changed your mind immediately, you can use the rescission period.

  4. If you recently bought a timeshare and regret that decision, you might be able to cancel the contract. But you'll need to act quickly. The amount of time you have to cancel the purchase, called the "rescission period," depends on state law. Usually, you have only a few days.

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