Wanderlust World Wanderlust World Time-share presentations lure in prospective buyers with promises of gifts or even cash. Then salespeople apply high pressure and bring in reinforcements to wear down prospects until they finally sign a contract. At that time, some even think they really do want the time-share because it sounds exciting to have a regular place to vacation. Unfortunately, for many people, reality sets in later, and they want to get out of the contract. It can be tricky, but there are some ways to do it.
Find the cancellation policy that is written into the contract, and check it against state laws governing time-share sales in the state in which you purchased the time-share. Nearly every state gives buyers a "cooling off" period during which they can get out of the contract without penalty, but the length varies. For example, Nevada allows only five days, while Florida offers ten. Note whether the cancellation period specifies only business days or weekends as well.
Cancel the contract if you are still within the state's legal cancellation period. You must do this carefully, following the law for proper notification. The procedure varies by state, but you are usually required to send a written cancellation notice to the time-share company. Request a return receipt so you can prove when it was mailed and that the company received it. This will allow you to prove that you cancelled within the proper time frame if the company tries to dispute that fact.
Insist on cancellation if the time-share company calls and tries to pressure you into going through with the sale. Most companies will make an effort to talk you into going through with it. Remember, you don't have to justify your decision or give a reason. Just keep repeating that you've made your decision and are not going to change it. If the representative sways you on the phone, the clock is still running on the legal cancellation period. If you realize that you really do want to cancel a day or two later, it may be too late.
If you want to get out of your time-share contract and the cooling-off period has already passed, make a list of false promises and misrepresentations that might have happened during the sales presentation. For example, if you were told that the time-share has tax benefits, if it was presented as an investment or if you were told that a non-deed time-share has equity, you may be able to get out of the contract.
Call the time-share company or send it a letter stating you want to get out of the contract because of the misrepresentations you discovered. Be very specific about how the time-share was misrepresented. If the company says no to your first attempt, let it know you will report it to the Better Business Bureau, its state's regulatory agency and the attorney general. Make the reports if it still refuses, and mail copies of your complaints to the time-share company.