How To Get Out Of A Timeshare Loan

How to Get Rid of a Timeshare 1 Give up on getting your money back. Timeshare owners need to be wary — and realistic. ... 2 Ask the resort to take it back. ... 3 Sell it. ... 4 Rent it out. ... 5 Walk away (or file bankruptcy) People who stop paying their loans or annual fees can be subject to foreclosure. ...

A caveat: If you borrowed money from the timeshare developer, that loan has to be paid off before you can sell or give away your timeshare. Many novice buyers get talked into 10-year loans with interest rates of 15% or more, Weir says. Interest costs can easily inflate a $20,000 purchase into a $40,000 debt, he says.

Most states in the USA grant you the right to “rescind” your timeshare purchase within a certain number of days after purchase. Sometimes this time frame is as short as five days, so you’ll need to move quickly if you’d like to rescind.

In general, you’ll need to send the resort, via certified or registered mail, a letter stating that you’d like to rescind your purchase for a full refund. You will usually want to include your name and owner number if you have one. Follow the instructions in the documents you received when you purchased the timeshare for exact instructions.