How Much Does It Cost To Cancel A Timeshare Contract?
I've been in the timeshare and marketing business for nearly 20 years.
Since Timeshare Cancellation, Timeshare Exit, and the Timeshare Relief industry has become a hot topic (and a hot business) many people want to know how much!
I get Facebook messages every day from people asking "How much is it going to cost me to Cancel my Timeshare Contract?" I usually tell them to go to our website and fill out a short questionnaire. But rarely do they go and fill it out.
Why? My best guess is they don't realize how difficult of a question they asked. It's just like sending a car dealership a message on Facebook asking "How much does it cost to get a car?"..... Ok, what kind of car, what make/model/year, what options, what size of engine, what color? All these factors affect the price of a car. The same is true for a Timeshare Cancellation procedure.
Our questionnaire is only 11 questions long, 3 of which are multiple-choice. Factors that influence the cost to cancel a Timeshare are how much are the maintenance fees, is there still a mortgage - if so how much? Are you behind on any fees? What resort is your timeshare with? And there are a few more such as how pressured did you feel when you purchased? Where you told it would be an investment for you and your children for years to come?
Think about this, someone comes to us with a $17,000 mortgage still owed. Is $4,000 behind in payments. They also have a $1,600 annual maintenance fee that hasn't been paid in 2 years. They've owned the timeshare for 5 years. Its located in New York City at the Manhatten Club. Yes, New York City where there are 5 attorney's on every street corner! Do you think that contract will require more work to cancel than let's say a paid off timeshare, up to date maintenance fees, located in sunny Orlando FL near Disney World? You guessed it, the Orlando Timeshare is going to cost the owner about 1/10th the amount as the New York City timeshare in this example. I've seen some very simple cases such as my Orlando examplebe cancelled very quickly and for only a few hundred dollars.
After reading the above example I hope you now understand why we can't give you an answer as to how much it will cost without seeing the answers to that 11 question form. It should take you no more than 2 minutes to complete. But that 2 minutes could save you $1,000's per year by eliminating your Timeshare Fees for a lifetime. Now, how much is that worth to you?
The real question people need to be asking is How Much Is It Going To Cost Me To Keep My Timeshare? That will be a far greater cost than the cost of canceling your Timeshare Contract. If you own it free and clear, you will have $1000 or more in maintenance fees, taxes, special assessment, and don't forget that $1000 maintenance fee this year is going to be $1,200 next year. Yes, many resorts are talking about raising maintenance fees as high as 20% this year. Will Yours? Can You Afford To Wait And See?