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Is There A Legal Way Out Of A Timeshare Contract?


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#1 dorothyy

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Posted 29 October 2015 - 05:27 PM

My husband and I simply can not afford our timeshare anymore, and we owe more than it will sell for, so selling it will not help much b/c we will still owe a monthly payment to them for the difference. Is there anyway to get rid of this thing?!


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#2 Freezin' Canuck

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Posted 29 October 2015 - 05:35 PM

You don't say where your timeshare was purchased. Cozumel? U.S.?


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#3 Freezin' Canuck

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Posted 29 October 2015 - 05:50 PM

Mexico has a 5 day legal cooling off period (for "sober second thought"), not that it does much good. Usually it takes a bit longer for the glow of the presentation to wear off and you "sober up" and you check via the internet that you could have bought the same package for a lot cheaper with fewer strings. There is also a PROFECO complaints process if there were fraudulent claims, and even with that there are problems. In Canada and the US there are legal options. Sorry about your predicament. Been there. Done that. Used the 5 day rule and escaped. Now I'm sadder but wiser as i wait at the airport for friends and see myself again and again in a never ending supply of de-planing star struck potential victims who want to have a piece of Paradise forever, and all we have to do to get a bottle of tequila or blanket or car rental is sit through a one (that stretches to two or three) hour presentation. .


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#4 DebB

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Posted 30 October 2015 - 05:48 AM

Depends on the contract that you signed. If there is no collateral or security for the debt and if you do not pay via direct debit, you may simply stop paying and walk away from the deal.


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#5 obispo

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Posted 30 October 2015 - 06:18 AM

Many of the timeshare companies have some tie to the USA, so if you walk away it still may affect your credit. In these circumstances, there is no easy way out. If there were, a lot more people would take it.

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#6 Charles

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Posted 30 October 2015 - 09:12 AM

Whatever you do, don't ever, EVER pay any upfront money to anyone that promises to sell it for you. You got sweet talked and conned once, don't make it twice. Depending on where you live, you may have options that only an attorney could advise. Is the time share "semi-reputable", meaning do actual satisfied buyers exist? You might check if they have any program of give back. Some of the "more reputable" projects might work with you, but you probably need to reach higher of the food chain than first line customer service.

Good luck.
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#7 Coz2wonder

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Posted 30 October 2015 - 10:03 AM

The OP said she could no longer afford the maintenance fees.  At no time did she say that she was duped, conned, or drunk.

 

I have been most happy with the TS I purchased twice, and have zero regrets.  

 

Financial situations change, and decision need to be made.  This was a luxury item, that the OP can no longer afford.

 

My advice is to discuss this with the company that is managing your shares, and see what your options are.  If you do not receive a reprieve on the payments, then consult a lawyer.   The relationship between Mexico, US, and Canada you can be sued, so I would not just stop paying.

 

Put everything in writing, and document time, date, and name of person you have spoken with if by phone.


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#8 Charles

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Posted 30 October 2015 - 01:25 PM

Yes Paula, I know you are happy with your time share. What would the overall satisfaction rate be with the time share industry as a whole, about 2%? Why are so many for sale on the resale market at such a fraction of their "value". Because, I'll be generous, without the arm twisting, strong armed, high pressure sales, deceit and the elaborate free gifts hoping to sell one out of every 500 "prospects", about 95% would never have purchased.

I know the Coral Princess does have happy campers. Plaza las Glorias had a lot of happy buyers until it morphed into the Palace and the "owners" found out they were screwed. There are quite a number of con artist operations that promise to help you unload your time share for a modest "up front fee"....just to cover closing costs .... or whatever figuring that they are good prospects at throwing good money after bad. If there weren't legions of unhappy buyers......I'm sure most were just people whose financial circumstances had changed and they could no longer afford this luxury item... time share contracts would not be written so they are almost impossible to get out of..

Maybe you would consider purchasing this time share, could be a win-win for both sides.
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#9 Coz2wonder

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Posted 30 October 2015 - 01:37 PM

Frankly, I offered the advice that might help this person out of a financial problem.  


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#10 DebB

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Posted 31 October 2015 - 03:52 AM

As the payments are monthly, I took it to mean that they are still working down the original capital contribution vs. maintenance fees. Maintenance is usually charged by the vacation interval -- one annual or bi-annual fee or one fee per reservation for certificate-style programs.


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#11 matiilda

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Posted 03 November 2015 - 09:43 AM

The best thing you can do is to cancel your timeshare contract. There is no resale market for timeshares; you can find timeshares on eBay even for pennies. I recommend you to read an article with good information about this:The best thing you can do is to cancel your timeshare contract. There is no resale market for timeshares; you can find timeshares on eBay even for pennies. I recommend you to read an article about timeshare scams: http://www.timesharescam.com/blog/68-timeshare-scams-mexico-vs-us-why-are-there-more-situations-of-fraud-in-mexico/


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