Timeshare exit companies are one of the many strategies people use to exit their timeshares.
The American Resort Development Association (ARDA) reports that over nine million Americans own timeshares. There are plenty of people who own timeshares for years with no issues. As a matter of fact, many timeshare owners enjoy returning to the same vacation spot every year.
However, an increasing number of timeshare owners grow to regret their investments over time.
There are many reasons why owners want to get rid of their timeshares. In the current pandemic, health and finances can limit travel. A lot of people report being unable to keep up with the hefty annual maintenance fees, which can cost thousands of dollars.
Some timeshare owners also report growing tired of the same vacation spot.
Purchasing a timeshare is incredibly easy. Timeshare salespeople can sell dozens of timeshares a day. However, many people are surprised to find out how difficult it is to get rid of their timeshares.
Timeshares typically resells for as little as zero to 15 percent of the original price.
There are a few ways to exit your timeshare. Two of the most popular routes people pursue are timeshare exit companies and timeshare resale companies. As similar as these methods sound, they have entirely different purposes.
Resale companies give you a platform from which you can sell or rent your timeshare. Exit companies work to get you out of your timeshare agreement altogether.
Unfortunately, the timeshare exit industry tends to be saturated with scams. Even more fraudulent timeshare exit companies are popping up in the current pandemic. Luckily, though, there are still some good timeshare exit companies that are considered industry leaders.
This article focuses solely on timeshare exit companies.
Where to Start With Timeshare Exit
If you are looking to get rid of your timeshare, you should always start by contacting your resort developers. The resort may actually be able to assist in your timeshare exit. As of March 2020, a lot of resorts opened up COVID-19 timeshare relief programs.
The best way to find out if you would qualify for something like this is through a quick phone call.
If contacting the resort directly doesn’t work for you, and you need to pursue a timeshare exit company, be sure to go with one recognized by the ARDA.
There is not a lot of information readily available regarding any given timeshare exit company.
For example, most timeshare exit companies will not publicly state the cost of their services. This is due to the fact that the cost may vary depending on the situation.
It’s important that you protect yourself from fraud when seeking timeshare exit. You should always find a company that offers an escrow payment plan, and never work with a company that requires high upfront fees. The biggest reason is because you want to make sure the company is not getting paid unless their service is completed.
The timeshare exit companies that require hefty payment upfront are almost always fraudulent.
All of that being said, we have found three of the most reputable companies within the industry.
Resort Advisory Group
Resort Advisory Group may be one of the timeshare exit companies that can assist you in exit. According to their website, Resort Advisory Group (RAG) can completely remove your liability in your timeshare agreement.
After RAG’s exit service is complete, you will no longer be responsible for your timeshare maintenance fees and other responsibilities. In short, you will no longer own your timeshare.
RAG’s service typically takes between 6-12 months from start to finish. This timeframe is actually considered rather quick for the industry standard. On top of plenty of positive online reviews, RAG has an A+ rating with the Better Business Bureau.
RAG offers a free consultation for their potential clients. This can be done both online and over the phone to accommodate social distancing guidelines. You will then be assigned a timeshare exit specialist who will work on your case.
A strategy for your timeshare exit is then determined for your specific situation. You will sign an agreement with RAG, and then they will begin the service. Your timeshare exit specialist will be your sole point of contact while the service is completed.
RAG only uses an escrow service to handle your fees. When clients pay through an escrow service, it means that the company will not profit until you are out of your timeshare agreement.
You can learn more about the importance of escrow here.
Wesley Financial Group
Wesley Financial Group first began their operation in 2012.
There are many timeshare exit companies that use attorneys to get their clients out of their timeshare agreement. While this is a very effective way to get rid of your timeshare, it can also take much longer and will definitely be more expensive.
Opposed to the traditional attorney method, Wesley Financial Group has invented their own method called the “Advocate Model”. In this model, your representative at Wesley Financial Group will send letters and make phone calls to the timeshare company in an attempt to get their client released from their obligations.
Wesley Financial Group claims that they conduct a thorough review process before bringing on new clients. They are upfront about the fact that they do not accept clients from certain timeshare resorts, due to the resorts’ policies. They also do a thorough review of the timeshare contract before agreeing to a client.
Wesley Financial Group has a very simple four-step process. This process goes as follows:
1. Initial Consultation for Timeshare Exit
You can fill out a form on the Wesley Financial Group website. Then, a representative will reach out for a free consultation.
Consultations are completed over the phone or online to accommodate social distancing guidelines.
2. Account Review
Then, a qualified representative will be assigned to review the specific case. From then, they can decide on the best course of action for your situation.
3. Account Resolution for Timeshare Exit
This step can take several months, but it is when the exit process will truly begin. According to their website, you will receive regular and timely updates throughout the process.
4. Successful Termination of the Timeshare
Eventually, the assigned representative will be able to relieve you of all timeshare related responsibilities.
Wesley Financial Group offers a 100% money-back guarantee for all of their clients. This money-back guarantee is included in the contract, so you can rest assured knowing that you are financially secure if you are unsatisfied with the work done.
A unique factor about Wesley Financial Group is their contractually agreed upon timeframe for the exit. The timeframe is determined on a situational basis, but if they do not complete exit in this time period, you get your money back.
EZ Exit Now
EZ Exit Now is another great timeshare exit company. They claim that they help all of their clients get rid of their timeshares ethically, responsibly, affordably, fairly and quickly.
Your initial consultation with EX Exit Now can be done at home or in their office, which is located in Houston, TX. After reviewing your claim, a qualified representative will contact you with a list of options.
Following the decision, you will sign paperwork and they will get to work getting you out of your timeshare agreement. Once the representative completes their service, you will receive a phone call letting you know you are alleviated of your timeshare obligation.
EZ Exit Now also has a thorough website full of helpful information. With a plethora of resources such as testimonials, articles, and an A+ BBB rating.
As of 2021, EZ Exit Now is one of the leaders in timeshare exit due to their established rapport and years of experience.
Timeshare Exit Summarized
Over nine million Americans own timeshares. Among those nine million, some people actually own several timeshares.
While there are many people who never regret their purchase of a timeshare, there are also many who do. The number of those who are seeking a way out of their agreement is on a steady incline due to the pandemic.
Paying thousands of dollars for maintenance fees, as well as traveling during a pandemic, is not practical for many people. Finances and health are both limiting timeshare owners from taking advantage of their arrangement.
However, an increasing number of timeshare owners grow to regret their investments over time.
With the diminishing resale market, selling your timeshare is rarely a practical solution. As we noted earlier, a timeshare will only sell for zero to 15% of its original price.
For all of these reasons, sometimes a timeshare exit company is the best way to get out of your agreement.
The timeshare exit industry tends to have a lot of scams, with more fraudulent companies appearing often. Scammers have begun opening fraudulent timeshare exit companies to take advantage of those who are looking for relief in the pandemic.
Luckily, there are still a few good timeshare exit companies out there. The three timeshare exit companies we have mentioned above are considered to be the industry leaders. With years of experience and great reviews, these companies may be able to help you get rid of your timeshare.
You can read more about reputable timeshare exit companies here.