Regrets after falling prey to the pressure tactics of timeshare sales are pretty common. More common than you’d ever realize! The deceptive sales presentations can sometimes hypnotize an otherwise careful consumer to sign a deal.
However, that’s exactly where timeshare rescission period comes to the rescue. Afterthoughts of timeshare termination can easily be implemented if you’ve got the advantage of the rescission period. Here’s your quick guide to the same.
About Timeshare Rescission Period
So what’s this so-called “cooling off” period or the timeshare rescission period? A small window of time, varying from a few days to a few weeks depending on the state laws, that immediately follows the contract signing, within which timeshare consumers are allowed to cancel the contract without reasons and without any financial implications. From the consumer’s perspective, this is an extremely important time frame for consumers facing timeshare regrets. Statistics indicate a percentage as high as 80 percent for timeshare regrets with consumers seeking timeshare disposal.
If you’re suddenly wondering why your timeshare company did not inform you about the rescission period, you’re not alone. Most states do require sellers to inform the buyers about the timeshare rescission period as well as to mention the same in the contractual documents. That said, timeshare documents are a bundle of paperwork and information like this is often mentioned in the fine print, deliberately created to escape the untrained eyes of prospective consumers.
How Long Does It Last?
There is no standard duration for a timeshare rescission period. The same varies from one state to the other and is dependent on the individual state laws. While some states allow only a few days post contract signing, others allow a period of 10-15 days for timeshare termination after the signing of the contract.
It is also important to consider terminologies such as “calendar days” and “work days” to calculate your overall timeshare rescission period.
Use It While You Can
If you’re having some serious timeshare regrets and are still well within the timeshare rescission period, you’ve got luck on your side! While oral communication is also accepted by some timeshare companies, it is always advisable to document your actions and hence send out a written letter stating your intent for timeshare disposal.
Additionally, it is important for the letter to state all details of the timeshare (you could also enclose a copy of the documents) as well as a mention of the circumstances that led you to purchase the same. It is also important to check out the state laws as well as the concerned timeshare laws to get a complete list of the data that needs to be provided along with the letter for timeshare termination request.
