I bought a time-share, and now I have buyer's remorse. Can I get out of the deal?
9 Financial Fumbles You Can Fix
- Rules for Paying Off Back Taxes
- Resolve a Complaint About an eBay Purchase
- Undo Your Social Security Claiming Decision
- Resolve a Dispute With a Home Contractor
- Amend Your Tax Return to Correct a Filing Mistake
- Repair Your Credit Score
- What to Do If You're Delinquent on Student Loans
- Change an Airline Ticket
- Get Out of a Time-Share Deal
Most states allow you to rescind a time-share contract within three to seven days of signing the contract. To cancel the agreement, write a letter to the company stating that you are rescinding the contract and spell out the specifics of the agreement, such as the date the time-share was purchased. You do not need to give a reason for canceling your purchase.
Most time-share companies will only accept letters delivered through registered or certified mail. For more information about how contracts are covered in your state or the state where your time-share is located, contact the state's consumer protection agency or the state attorney general's office.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
If the cooling-off period has passed, your only option is to put the time-share up for sale. You can sell it on time-share rental and marketplace website www.redweek.com or the Timeshare Users Group's website, or enlist a reputable resale broker by searching the Licensed Timeshare Resale Brokers Association's directory.
No matter which route you take, expect to take a beating on the sale. Time-shares often sell for less than half of the initial purchase price, and brokers typically charge a commission of 15% to 40% of your sale price.
