While timeshares can provide you with a lot of great memories and act as a home away from home, there can be many reasons for you to explore the options of how to get out of your timeshare. So what do you do? If you want to get out of a timeshare (without ruining your credit) there are a few options you should be aware of.
How to Get Out Of A Timeshare
Finding the best way how to get out of a timeshare may feel difficult. Understandably, timeshares are usually bought with the intent to own them for a lifetime. So, if the time comes that you’re ready to get out, the search for answers can seem daunting. Luckily, there are ways you can exit your timeshare. Most of them require a little bit of work on your part, like calling your developer or finding a legitimate resale company.
When looking for options to get out, remember that if you miss payments on your maintenance fees or financing, it can hurt your credit score. This is something we want to avoid so it won’t affect any big purchases you make in the future. Let’s dive into the most common ways on how to get out of a timeshare—without ruining your credit.
1. Talk to your developer about buying back your property
Some developers and resorts may be willing to work with you on buying back your ownership. There is no guarantee, but it is worth seeing what you are able to find out with a quick call to your home resort.
2. Gift your timeshare to a family member or friend
Perhaps you have someone who would be willing to take over your ownership. A family member of friend, for instance. If your family or friend takes over the ownership, they take over the payments, too. However, if this does not feel like a viable option for you, there are still other routes you may take.
3. You may be able to cancel your ownership
There are services out there where exit teams will work with you and the developer to cancel your timeshare. While they promise to help you, it can be tricky to know which companies to avoid. What’s more, many cancellation companies will tell you that they will take over the payments of your timeshare and this might not be true. ARDA’s Coalition for Responsible Exit warns against stopping payments if an exit company recommends you do so. As a result of not making payments, your credit will be affected. Keep this in mind when speaking to a cancellation company.
4. Post your timeshare for sale
As recently reported, the timeshare industry experienced its ninth straight year of growth. People are still interested in vacation ownership — one of the many reasons to look into selling. In any event, you can rent your property while you wait for someone to buy it. If you’re looking to get out of your ownership, selling can be an option. Interested in listing your timeshare?
Get Out Of Your Timeshare
The team at Timeshares Only can help you begin the process. To talk to someone now, call 1-800-890-1940. Or, fill out the form below to get started. We can help you post your timeshare for sale and market it to buyers.