10 Steps to Successfully Rescind 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. 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:
- Take time to record the details of the timeshare presentation you attended. Important features to note are: location, time of day, date, names of those present, misrepresentation of facts, and ways/instances you were pressured.
- Use the information you recall and have recorded to write a detailed and concise letter specifically asking for the rescission of your timeshare contract. 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.
- Mail copies of your letter to the customer service manager, sales manager, and owner of the resort/organization in question. If you do not have this information readily available you may be able to search their website for it (if they have one ) or you can call the customer service hot line provided with your purchasing information.
- Send your rescission request via registered mail with confirmation receipt, by email, and by fax. This assures it will be received by the desired parties.
- Call the customer service manager in charge two days after sending out your letter. Do not speak to anyone other than the customer service manager unless they are of a higher position in the resort/organization. Continue to call back until you are able to speak with someone with authority and at this point request a full refund, including your initial deposit.
- Remember to keep calm throughout this process. Be persistent, but remain polite – getting worked up or arguing will most likely delay the process.
- Try to stay focused on the rescission and avoid a lengthly discussion of how you feel you were wronged. Getting into such a negative discourse will tear your focus from the rescission and refund process and ultimately delay the progress.
- 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.
- Upon resolution of your rescission, contact the authorities and anyone involved with your visit to the resort presentation.
Unsure if you are still in the timeshare rescission window? Read Timeshare Rescission Laws for Each US State to find out.
September 17th, 2007 at 10:00 am
It’s unfortunate that people get sucked into these kind of overhand pressure tactics when looking to buy timeshares.
These are ten excellent tips on how to redeem yourself if you acquired timeshare without fully undersatanding the ramifications.
March 20th, 2008 at 2:17 am
Rescinded Wyndham timeshare within 10 days by certifed letter,email,fax, and also dropped off briefcase and copy of contract along with letter at front desk of resort where I was strongarmed into purchasing. This was done Oct2007 and I’ve yet to see any refund, only demands for monthly payments and daily harrassing phone calls. Any and all advice would be greatly appreciated as I really need to get this refund so that I can help out my folks with their primary mortgage. Thanks
March 21st, 2008 at 9:41 am
I am not too familiar with Wyndham timeshare (maybe someone else here can be more knowledgeable), but you will need to contact the company directly – not just the resort where the timeshare was purchased. Make sure you have copies of everything you sent, are able to document exactly when the paperworks were received and you have a copy of your contract in hand. You need to make sure you have ample proof that these documents were indeed received by the intended parties, otherwise the timeshare company does have grounds to say that no rescission ever took place. This is why it is so important to send everything by certified mail and get confirmation faxes. If reasoning with them does not work, you may want to take legal action – there are attorneys that specialize in Real Estate law, and more specifically, timeshares.
Three other things to keep in mind –
1) If you stop paying the timeshare it will go into collections and Wyndham has the option to report it to the IRS, which will reflect negatively on your credit score. It will not look as bad as foreclosing on a house, but it is real estate and will appear on your credit report in a similar manner.
2) Contact the Better Business Bureau where the timeshare is located. Let them know your experience and file a complaint with them; sometimes the BBB will even help you obtain legal counsel.
3) If you absolutely can not recoup any of the cash you spent you may want to try your hand at renting out the weeks to cover your expenses, at least you will break even this way.
Sorry I do not have better news for you, but unfortunately the timesharing system is created this way on purpose – to make the salesman rich, and make sure the owners have no easy way of getting out.
November 4th, 2008 at 8:19 am
Every state in the US or province in Canada have slightly different laws under which rescission rights are different. If you qualify for a rescission then you do not need to do all the dancing around as described in the letter. You need to do one simple thing – serve the timeshare company with a letter requesting a rescission. The letter should be sent within the rescission period by registered mail. (does not matter when they receive it). The letter must be sent to the address provided in the contract as the address of service. If time is running out, as an alternative you can take your letter in person to the company, bring 2 copies, leave one with them and ask them to sign your copy with the date, full name of the person who accepted it (in easy to read, print letters) and make that person sign it inder where it says RECEIVED on [DATE] BY [NAME] of [TIMESHARE COMPANY NAME], you can also add “at [TIME]“. and signature under it.
That is ALL you need if you do qualify for a rescission. If you are not getting your full refund in 15 days (different in each state/province) they are going to be in a lot of trouble and you can almost automatically win it in court and couse them a lot more trouble than just returning your money back. If you served the rescission letter right and in time, you are safe. YOu may need a lawyer though to push it further.
If you don’t quialify for a rescission because of taking action too late, then the advice above is useless because no matter what, you are facing an uphill battle and even though you will need all the facts above, you are unlikely to get anything from the company unless you find other witnesses and go to court for misrepresentation.
I am in the process of doing exactly that.
Check my web site:
http://www.TimeshareRevealed.com
November 4th, 2008 at 8:21 am
p.s. i purchased my timeshare from Point To Point Destinations (West Coast Timeshare, ptp destinations, ptpdestinations.com)
what a disaster my purchase was!
http://www.TimeshareRevealed.com
April 8th, 2009 at 3:19 pm
I bought Mayan Resort in Mexico yesterday, Apr 7. If I rescind with in 5 days, can I reasonably expect to get the deposit back?
January 7th, 2010 at 12:38 pm
Hi,
I too was coaxed into purchasing a timeshare by Silverleaf resorts at Sheridan, Illinois. I was already regretting my purchase while walking back to the car.
Once back I did intensive research and learnt about rescining. It is 5 days in Illinois and this is a federal right even if not mentioned in the contract. In my case it was mentioned. If it is not NOTE you can rescind even after years as per the federal law because company failed to notify you about your right to rescind.
I sent a very plain CERTIFIED LETTER WITH RETURN RECEIPT specifying deed number and saying I want to rescind.
Got my money back in a months time.
If you rescind in time you are very safe or else you will never be able to get rid of it unless you have lot of luck.
February 11th, 2010 at 8:20 pm
[...] Share Purchase.” If you fall within the window of legal rescission, see the following post – 10 Steps to Successfully Rescind Your Timeshare – for detailed instructions on how you can complete the timeshare deed cancellation and rescission [...]
February 17th, 2010 at 2:48 pm
I have been an owner for over 13 years (Fairfield now Wyndham property in St. Thomas) and have come to detest the timeshare process. I am wondering if there is a way for me to get out of the contract at this point. It is unbelievable how much I am paying now for maintenance dues. I believe we started paying somewhere in the neighborhood of $325 a year and not we are forced to pay $880. So much for capping the cost of vacation! I’m thinking this whole scam is fertile soil for a lawsuit. I suspect there are lots of folks who were sold a bill of goods and would love the opportunity to get out from underneath this usurious scheme. I’m going to initiate a campaign to level the playing field. If you’re interested in joining the fight please fell free to reach out. (jgreenly@surewest.net)
February 20th, 2010 at 12:46 pm
i agree we are looking to get out of this as well
February 20th, 2010 at 2:21 pm
I would love to do but our time share is Orange Lake Resort, I wish we all together from differents time shares resort written a masive letter to the general attorney, copy to consumer protection and also others organizacion to advice them regard to this problem in this way the stop these companies to rip peoples money. Trusme it is alot people out there in the same situacion us we do looking for hope to this problem.
February 20th, 2010 at 6:03 pm
Jim,
I will e-mail you…include me ..How about the rest? Lets start this..
February 22nd, 2010 at 3:48 pm
If you have more people complaint about the same thing, like us do it, get emails and get lawyer, our time share is Orange Lake REsort and we are already 16 so it is a good number for star a class action, you do the same thing go online get the websites that have comments about the resort that you own and you be surprise people get back to you, trust me we are now 16 and the list probably is going to get bigger ang bigger, Check in google about how to win a class action they give the tools. Good Luck.
February 22nd, 2010 at 5:49 pm
I have Shell Vacation points. The vacation package is a ripoff. How can I get out of this contract? Anybody out there who’s got SVC points and also shares my plight? Thanks!
March 17th, 2010 at 9:27 am
Hi Moonyeen, I am in the same boat. Just bought 2500 points/year this past November. I was told this would get me two weeks of vacation a year. It doesn’t even get me one week! There were so many things we were told that just aren’t true. It makes me sick to know I am paying almost $12k for this.
March 23rd, 2010 at 3:51 pm
I also have timeshare with Shell Vacations and am trying to find a way out. I purchased December 08 and have yet to use my points. I was not told that the points expire and the salesperson misrepresented all the facts. Anyone try one of those timeshare advocacy companies that guarantee they will get you out of contract but charge $2500 upfront fee?
June 3rd, 2010 at 9:21 am
Yikes! I am glad I found this posting. On Sunday (4 days back), I signed up for a 1 BR timeshare with 49000 points and 2 bonus weeks for $14400 total cost. Maintenance fee of $338 and $199 for RCI the first year ($124 after that). I am from California and I think it is 7 days cancellation period as per state law. And I need to send my revocation within the 7 days. Not necessary they have to receive it within 7 days.
I faxed my revocation to the Verifications Officer yesterday and today I am going to send a certified mail by priority mail service.
I am going to follow this article and make sure I get my advance back. Will post an update here. Thanks.
June 10th, 2010 at 1:44 am
For those who are unhappy with their weeks or points in a timeshare: many timeshare resorts will allow you to deed them back to the resort. If you’re not already on it, go to the timeshare user’s group (google tug timeshare) and you’ll find related posts all about doing that or just post your own questions about how to (and how NOT to) unload your unwanted timeshares.
Some people even sell their TS or points for $1 plus the closing costs and transfer fees. No, you are not being recompensed but if you’re not going to use your vacation ownership anymore, then at least you are not stuck paying maintenance fees for the rest of your life, for something you don’t use.
I know people who have weeks and rent them out; again, you may not get a lot but probably more than your annual maintenance fee.
June 28th, 2010 at 7:52 pm
I bought into a whyndham timeshare in vegas on sat june 26 ,,,, had a bad feeling about the whole thing so i went back the next day and returned the info package and signed a recinding document. they still have my $5000. deposit and said it will be returned to me within 15 days. have I done everything i need to do ,,,,very concerned,,please reply Ralph
June 29th, 2010 at 7:18 am
Im sure you’ll have it back.