Timeshare resales are a tricky proposition. Used correctly, they can be an excellent way of getting out of a timeshare contract and getting some money back in your pocket. Used incorrectly, you can find yourself at the mercy of a shady company that will leave you without any recourse to get your investment back. If you are leaning toward getting a timeshare refund, you need to call the peoples advocate.
Trying to sell your timeshare is the best way to get out of it, but there are a few things you should know before you do. Since most timeshares are sold as part of a vacation club or timeshare exchange program, there’s technically no such thing as a “used” timeshare resale. The exception to this rule is if your resort is part of an official resale program. For example, Disney has an official resale program where you can sell your points and use the money to book another vacation at any Disney resort.
How to Get a Refund on a Timeshare
If your points don’t have resale value or you aren’t able to find anyone who wants them, you’ll need to cash them out for a refund instead. Unfortunately, most timeshare companies don’t offer refunds. In fact, if you try to get one from your resort directly, they’ll often refuse outright.
There are a handful of reasons why timeshare owners might want to get a refund on their investment. Some people have found that they have trouble selling their timeshare, while others bought into the concept with the belief that they could someday rent it out and make some money from it. Still others find that they can’t go on vacation when they want to because of their timeshare obligations, so they want to sell it and use the money for a short vacation instead.
Trying to get a refund is not uncommon, but it can be hard because companies are in business to make money, not give it away. It may take a lot of work and perseverance to get the results you want. If you’re considering this route, here are some tips that can help you succeed.
Keep records. It’s important to keep track of all your communications with the company and any promises it makes as you go through the process. You’ll need this information later when you follow up or if your request ends up in court. Remember also that there are time limits for certain things (like being able to claim your purchase was fraudulent) so keep track of dates as well as what was promised or said.
Date your written requests and keep copies of them. The more formal the letter the better.
So, you’ve discovered that a timeshare is not the ideal way to spend your vacations. You may have purchased it based on what you thought were sound financial decisions about money management. But now you realize that you’ve made a huge mistake. What are your options?
The first step in getting rid of your timeshare is to call the resort and try to talk them into taking it back. If they haven’t signed any sort of contract with you, this will be easy enough to accomplish. Just tell them that you want to cancel and they will most likely sign off on the request without much fuss.
Even if they have given you a contract, they are still required to refund your money within a reasonable time period. According to the Federal Trade Commission (FTC), this should be within two weeks of your request for cancellation. If the company has not refunded your deposit within two weeks, then it is possible to file a complaint with the FTC by visiting their website at www.FTC.gov .
Another option which may be open to you is requesting that the company sell your timeshare back to someone who is willing and able to pay for it at a fair market value price. This could take some time as finding a buyer is not always an easy task