Sunday, July 9, 2017

How Much Should it Cost to Cancel a Timeshare?

There are only a dozen or so companies and law firms that legitimately cancel timeshare contracts. Of these, prices can vary by several thousand dollars, so it pays to shop around. If your timeshare is not paid off, then expect to be quoted a price within the $3,000 to $10,000 range. Why such a huge range? Because all too often the salesperson will base the fee on the amount of money he/she thinks you can afford. If you are asked to provide the salesperson with the purchase price of your timeshare before you are provided a quote, then that is a red flag in my mind. The work that a firm must do to get you out of your contract is not a function of the price you paid for your timeshare. So whether you paid $7,000 or $70,000 for your timeshare, the fee you are charged to get out should be the same.

If you have a timeshare that you've paid off, and all you have left are the annual maintenance fees, then expect to pay less because such timeshares require less work to cancel. These range anywhere from $2500 to $6000. Why the huge range? Same reason as before. If the salesperson wants to know what you pay in annual maintenance fees before you are provided a quote, then again, that's a red flag. Whether your annual maintenance fee is $250 or $2,500, the amount of work it takes to cancel your contract is usually the same. 

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