Each state passes its own laws regarding the amount of time you have after buying a timeshare property to return it for a full refund. The process of returning an unwanted timeshare shortly after purchasing is known as Timeshare Rescission, or rescinding. The timeshare rescission process refers directly to the interval of time that is legally allowed to pass before you can no longer return a timeshare contract, or change your mind about your time share purchase. The ability to return an unwanted timeshare shortly after purchasing is not something your timeshare salesperson is likely to mention, but it is built into every state's legal code as a protection for consumers; some people also tend to refer to this time as the "cooling off period" following the purchase.
It makes no difference if you purchased your timeshare is through RCI, Wyndham, Celebrity, Disney, Fairfield, Hilton, Hyatt, Mariott, or another timeshare exchange company, the Right to Rescission is entirely dependent on the state law where the timeshare property was purchased. Each set of documents/purchase papers accompanying a timeshare sale will include form explaining how to rescind. It will likely be titled something similar to, "Notice of Mutual Right of Cancellation of Time 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 process. Below you will find the timeshare rescission period for each state, and please add your own comments below if you have had experience in a particular state.
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The breakdown of penalties for canceling RCI Points timeshare vacations is based on how close to the departure date the reservation is canceled. The breakdown is as follows:
- Grace Period (1 day after making transaction) 100% restoration of points and no loss of transaction fee for reservations made 21 days or greater in advance.
- 120 days or greater – 100% restoration of points and full loss of transaction fee.
- 119 days to 61 days – 75% restoration of points and full loss of transaction fee.
- 60 days to 30 days – 50% restoration of points and full loss of transaction fee.
- 29 days or less – 25% restoration of points and full loss of transaction fee.
Built within the RCI exchange program is the option for timeshare owners to purchase cancellation insurance in the event that the owner needs to cancel the reservation prior to the stay or the vacation reservation is canceled by RCI prior to the stay (i.e. natural disaster, construction, etc.). RCI’s term for this insurance is Vacation Protection. Vacation Protection is different for points and weeks members, and the differences are discussed below.
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It makes no difference if you purchased your timeshare is through RCI, Wyndham, Celebrity, Disney, Fairfield, Hilton, Hyatt, Mariott, or another timeshare exchange company, the Right to Rescission is entirely dependent on the state law where the timeshare property was purchased. Each set of documents/purchase papers accompanying a timeshare sale will include form explaining how to rescind. It will likely be titled something similar to, "Notice of Mutual Right of Cancellation of Time 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 process. Below you will find the timeshare rescission period for each state, and please add your own comments below if you have had experience in a particular state. 