Timeshares. They sound great right? Who would turn down a chance to live for a week once or twice per year a few hundred yards from a Hawaiian beach? And besides, what’s the worst thing that could happen? I stay through the presentation, politely decline the offer and win the free big-screen television you were promised for listening to the presentation.
Of course, everyone knows the phrase, “all that glitters is not gold” applies in spades to timeshares. Not only does the “free gift” rarely show up or have “unreasonable strings attached” but the salesmen have a forceful personality that would make a New York City homicide detective seem like a pussycat in comparison.
What to do when you buy a timeshare and then regret it?
There are several things to do after you sign a contract for a timeshare? The, first thing to do is the following day carefully re-read the contract to find out exactly what you have gotten yourself into.
As an example, you may still feel good about the timeshare, anticipating that gorgeous, exciting vacation time, but in the light of day, you may discover a number of troubling things:
You may be shocked to discover the actual price you paid for your new timeshare ownership. According to the American Resort Development Association, the average price for a one-week timeshare is just under $21,000! And in addition, the average maintenance fees are nearly $900. So, it’s not exactly cheap.
Most timeshares, particularly those with pristine destinations like Hawaii, Jamaica, or DisneyWorld, require you to make your reservation a minimum of 8 months, and often 12 months ahead of time. This may sound okay until you realize that many things can come and interfere with your vacation plans. Suppose you get laid off in your job? Supposing you, your wife, or one of your children get seriously sick, and vacations are the last thing on your agenda. Still, you signed a timeshare contract, right?
It’s an investment, right?
Remember the sales presentation? Midway, the salesperson may have implied, or explicitly said, “it’s an investment that will go up in value?” Wrong.
Timeshares are not like stocks or bonds. They are more like cars that depreciate greatly the minute you drive it off the lot. Perhaps 99 percent of all timeshares never appreciate in value. In fact, it’s quite the opposite. Go to any of the countless “sell your timeshare” websites, and you will find countless timeshare owners who are willing to sell their timeshare for 20 percent of what they paid for it.
Read the Cancellation Terms
Finally, you’ll normally find the cancellation terms at the bottom of the contract. Politicians may not get much done, but so many people have complained about getting a raw deal from signing a timeshare contract that the majority have an official “cooling off period.” This cooling-off period varies according to state. Typically it’s 5-15 days. As an example, the cooling-off period for Hawaii is 7 days, while the cooling-off period Florida is 10 days.
Because of the fact that a timeshare is unlike buying a house, ie, you don’t typically buy a timeshare and then use your week of vacation the following week, the majority of timeshare contracts don’t officially take into effect until the cooling-off period expires.
In general, all timeshare contracts will also specify exactly how you have to activate a recision. Almost all require an official written letter from you officially rescinding the contract. Some allow you to deliver the letter to the official office of the timeshare. Others require you to send a letter by registered or certified mail.
Pay attention to the exact wording, and follow-through.
Don’t deliver a letter in person if the contract requires you to deliver a letter by registered mail, and be sure that you take into account the time it takes the post office to deliver the letter vis a via the end of the cooling-off period.
Can you cancel a timeshare contract outside of the cooling-off period
The answer is, yes, you can cancel a timeshare contract outside of the cooling-off period, but you need an attorney to do so and to find the best attorney which suits your situation you can reach out to a number of companies in New York. These comapnies can help you a lot in these situations. They had success in canceling hundreds of timeshare contracts that were made under deceptive and fraudulent practices.
Realize that most timeshare companies really don’t want the negative problems a potential lawsuit can cause. While they may resist at first, quite often, the fact that you have hired an attorney tells them you mean business.