Short answer
Timeshare cancellation is easiest during the rescission period, a short window after signing, usually a few days to about two weeks depending on your state. You cancel by sending written notice the way your contract says, before the deadline.
- After the deadline, you may still have options: a developer exit program, resale or transfer, or a negotiated release.
- Keep paying your loan and fees while you explore options, to avoid collections and credit damage.
- Be wary of anyone who wants a large fee up front or promises a sure result.
Cancelling during the rescission period
Most states give timeshare buyers a rescission period, sometimes called a cooling-off period. During it, you can cancel the contract for any reason and get back what you paid. The length is set by state law and can be different in your contract, so check both. It is usually a few days to about two weeks after you sign or receive your documents.
Timeshares are often sold during a vacation, so the clock may run while you are still traveling. If you are within the window, act now rather than waiting until you get home.
Where the timeshare is located, and where you signed, can affect which state's rules apply. If you bought outside the US, local law applies and the window may differ.
How to cancel in writing
- Find the cancellation section of your contract. It tells you the deadline and the exact address or method for notice.
- Write a short letter. Include your names, the date you signed, the contract or member number, the resort location and a clear statement that you are cancelling the contract under your right of rescission.
- Send it the way the contract requires, often by certified mail with return receipt. Keep the postmark date as proof you sent it on time.
- Keep copies of everything, including the letter, the receipt and any emails.
- Follow up. Watch for your refund and check that any card charges or loan accounts are closed. Contact your card issuer if a refund doesn't arrive.
A phone call or a conversation with a salesperson is usually not enough. Written notice is what counts.
If the deadline has passed
Once the rescission period is over, you no longer have an automatic right to cancel. That doesn't mean you are stuck for life. Common routes include:
- Developer exit or deed-back programs. Some developers will take a timeshare back, often if it is paid off and fees are current. Ask the resort directly.
- Resale or transfer. You can try to sell or give the timeshare to someone else. Resale prices are often far below the original price, and some timeshares don't sell.
- Negotiated release. If you believe the sale was misrepresented, for example promises about resale value or rental income that weren't in the contract, an attorney or exit company may try to negotiate a release with the developer.
- Complaints to regulators. Your state attorney general and consumer protection office handle complaints about timeshare sales practices.
For a deeper look at each of these routes, including rescission rules by state and a sample cancellation letter, Timeshare Exit Path publishes detailed guides on timeshare cancellation.
What cancellation may cost
Cancelling inside the rescission period should not cost anything beyond postage. After that, costs depend on the route. Developer programs may have transfer or closing fees. Resale may involve closing costs. Attorneys and exit companies charge for their work, and their fee structures vary widely. Before you sign with anyone, ask what the total cost is, when you pay it, what happens if they can't get you out and whether any part is refundable.
What happens to your payments
While you look at options, keep paying your timeshare loan and maintenance fees unless a qualified attorney advises otherwise for your specific situation. Stopping payments can lead to late fees, collections, damage to your credit and, for deeded timeshares, foreclosure. Be cautious of anyone who tells you to stop paying without explaining those risks.
How we're paid: HomeownerPedia publishes free guides for homeowners. Some links on this site may lead to partners who pay us for referrals. We tell you on the page when that's the case. You decide whether to move forward. HomeownerPedia is not a law firm. Exit results are never guaranteed and depend on your contract and your state.
Red flags to avoid
- A large fee demanded up front, before any work is done.
- A promise that your exit is certain, or a timeline that sounds too good.
- Pressure to decide on the first call.
- A claim that a buyer is already waiting for your timeshare.
- Advice to stop paying without explaining what happens next.
The Federal Trade Commission and your state attorney general publish warnings about timeshare resale and exit scams. Check any company with them and with independent reviews before you pay.
Questions owners ask
Can you cancel a timeshare after the rescission period?
You no longer have an automatic right to cancel, but other routes may be possible, such as a developer exit program, resale or transfer, or a negotiated release if the sale was misrepresented. Results depend on your contract, your state and your situation.
How long do I have to cancel a timeshare?
It depends on your state and your contract, usually a few days to about two weeks after signing. Check the cancellation section of your contract for the exact deadline.
Do I get my money back if I cancel?
If you cancel in writing within the rescission period, you should get back what you paid. After that, you may potentially recover some money only in specific situations, and it is never certain.
Can I just stop paying my timeshare?
Stopping payments can lead to collections, credit damage and foreclosure on a deeded timeshare. Keep paying while you look at options, and get advice for your own situation before changing anything.
