6 Most Common Myths about Canceling Timeshares
Myth 1: Never work with a company that charges an upfront fee.
When you work with a timeshare cancellation company that knows what they’re doing, they already have an idea of what the cost of the process will be. If the company you’re speaking to about exiting your timeshare doesn’t ask for an upfront fee before proceeding, that’s a glaring red flag. Do not work with them. They could expose you to additional hidden fees (either from the resort or their own company) and other problems. Fastest Exit always charges an upfront fee because we know what we are doing.
Myth 2: You need a lawyer to cancel your timeshare.
This is a common misconception. Most lawyers have minimal information and experience when it comes to cancelling timeshares. There aren’t enough hours in the day for your family attorney to get the expertise needed to safely and legally dissolve your timeshare. It’s best to work with a team of specialists whose sole focus is on cancelling timeshares and vacation memberships. Fastest Exit exclusively cancels timeshares and vacation memberships. We do not do anything else.
Myth 3: You should only work with a company that uses an escrow.
The truth is that if you pay for something with a credit card, you are protected by federal law. Escrows are useful for large real estate and business transactions to prove capability on both sides. Using an escrow will only set you up for additional fees and complicated legal paperwork. If your timeshare exit company suggests using an escrow, chances are they’re going to attempt to befuddle you with confusing legal agreements. You run the risk of having absolutely no work being done on your timeshare exit — that isn’t worth it.
Myth 4: My children might want to take over my timeshare.
As a parent, you spent years watching your children grow, and you’ve done your best to teach them to be good stewards of their financial resources. Would you want to sign your child up for years of maintenance fee payments for a vacation membership that they do not wish to?
Ask your children if they want to assume the liability of the vacation membership. They’ve grown up and may have a husband or a wife that may not necessarily have the same emotional attachment to the resort as you. Your children may want to avoid thousands of dollars of fees instead of taking over the timeshare. Imposing your timeshare on someone else is a selfish thing to do.
Myth 5: My timeshare is still a good deal.
You can still vacation at the resort and find a lower price on a travel website like Priceline or Expedia. If you use a third-party booking website, you do not have to negotiate with the rigid calendars that the resorts have for owners. It is a well-known fact that they do not make all of their inventory available to owners.
According to a 2018 study in the Minia Journal of Tourism and Hospitality Research, only 5.3% of owners feel they use the property for any given year. That means 94.7% of timeshare owners feel that they won’t get to use the resort when they want to.
Myth 6: My timeshare is an investment and I can sell or rent it to make money.
Contrary to what your salesperson may have told you, timeshares have no value on the secondary market. This is because the supply of timeshares on the secondary market is much greater than the demand. You can’t rent them out either because travel websites will have much lower prices and greater availability. The companies that offer to sell or rent your timeshare usually charge you massive upfront fees and deliver no results. Many people have been scammed this way.