Ask Stacy: How Can I Dump a Timeshare?

Photo (cc) by Krystal Timeshares Mexico

This week’s question is one I’ve gotten before. It’s about timeshares:

Do you have any advice on getting rid of a timeshare that the company falsely advertised to someone? — Janine

This is really two questions: how to dump a timeshare, and what to do if you feel you’ve been ripped off.

Let’s start with a video we produced about timeshares last year. Check it out, then read on for more.

How NOT to sell a timeshare

The most important thing to know about selling a timeshare: Never pay an upfront fee. The Federal Trade Commission recently announced 191 actions to “stop fraudulent operations hawking timeshare property resale services.” What fraudulent resale services commonly do is say they already have a buyer for your unit. All you have to do is pay an upfront fee ranging from several hundred to several thousand dollars. Don’t bite. Odds are, that buyer doesn’t exist.

According to the Timeshare Users Group, here are some sites where you can sell or buy timeshares without a big upfront fee:

You should approach a sale with low expectations. Many timeshares don’t have much of an active aftermarket, which means there aren’t a lot of buyers. If you borrowed most of the money to buy your timeshare, you might have to pay off part or all of your loan to get out of it. While you might start your sale by talking to the developer you bought from, don’t be surprised if they tell you they won’t help you.

For additional information, read this story about selling timeshares from the Timeshare Users Group. It has a lot of great information, including how to market your timeshare, what to do if you owe more on your timeshare than it’s worth, and how to transfer the title when you find a buyer. Another place for information on selling timeshares is eBay’s guide to timeshare sales.

How NOT to buy a timeshare

I’ve done several stories on timeshares over the years and I’m not a fan. Timeshares are a product that’s too often foisted on the gullible with high-pressure sales tactics. And when it’s time to sell, there’s often no way to do it, especially if there’s a loan involved.

Like a new car, timeshares depreciate radically the moment they’re purchased. But at least a car dealer will buy back their car at some price. Buy a timeshare at retail from a dealer and odds are good you’ll be left twisting in the wind.

I’ll stop short of saying you should never buy a new timeshare because the world is a big place, people’s appetites vary widely and there are always exceptions to every rule. But if I ever buy a timeshare, I’ll make sure I never intend to sell it and I won’t expect much if I do. I certainly won’t finance it, and I will definitely buy it used from a website like those above for pennies on the dollar rather than paying top dollar to a developer.

What to do if you’ve been ripped off

Janine says her timeshare purchase was based on false advertising. If this is true, she has additional options:

If I could prove I’d been hoodwinked by a timeshare developer, or anyone else, I’d start by talking to a lawyer. Initial consultations are typically free. If the lawyer thought I had a good case, I’d go to the company that ripped me off, lay out my case and allow them to refund my money. I’d also mention that if they refuse, I’ll be complaining to the agencies above and seeing them in court.

Will any of this reunite Janine with her money? The odds aren’t good, and even if she’s able to win in court, the cost in time, money and aggravation will be high.

Got a money-related question you’d like answered?

You can ask a question simply by hitting “reply” to our email newsletter. If you’re not subscribed, fix that right now by clicking here.

The questions I’m likeliest to answer are those that will interest other readers. In other words, don’t ask for super-specific advice that applies only to you. And if I don’t get to your question, promise not to hate me. I do my best, but I get a lot more questions than I have time to answer.

Got any words of wisdom you can offer for this week’s question? Share your knowledge and experiences on our Facebook page.

Got more money questions? Browse lots more Ask Stacy answers here.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
The Most Common Reason That Older Adults Fall Down
The Most Common Reason That Older Adults Fall Down

The good news: It’s possible to avoid potentially devastating falls.

How Much of My Social Security Benefit Can My Ex Take From Me?
How Much of My Social Security Benefit Can My Ex Take From Me?

A man wonders if his ex-wife will siphon away his Social Security benefit.

Should You Hire a Service to Negotiate Your Cable and Other Bills?
Should You Hire a Service to Negotiate Your Cable and Other Bills?

Services like BillCutterz and BillFixers will negotiate your cable, internet, phone and other monthly bills in exchange for a share of the savings. I tried it: Here’s what happened.

5 Reasons You Should Retire Sooner, Not Later
5 Reasons You Should Retire Sooner, Not Later

Waiting until age 70 to retire isn’t for everyone. Could you be waiting too long?

7 Social Security Blunders That Can Ruin Your Retirement
7 Social Security Blunders That Can Ruin Your Retirement

Making even one of these mistakes can easily cost you tens of thousands of dollars.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
9 Things You’ll Never See at Costco Again
9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

11 Things Retirees Should Always Buy at Costco
11 Things Retirees Should Always Buy at Costco

This leader in bulk shopping is a great place to find discounts in the fixed-income years.

Over 50? The CDC Says You Need These 4 Vaccines
Over 50? The CDC Says You Need These 4 Vaccines

Fall is the time to schedule vaccines that can keep you healthy — and even save your life.

11 Senior Discounts for Anyone Age 55 or Older
11 Senior Discounts for Anyone Age 55 or Older

There is no need to wait until you’re 65 to take advantage of so-called “senior” discounts.

11 Household Items That Go Bad — or Become Dangerous
11 Household Items That Go Bad — or Become Dangerous

When you get the impulse to stockpile these everyday items, pay close attention to their expiration dates.

8 Things You Can Get for Free at Pharmacies
8 Things You Can Get for Free at Pharmacies

In this age of higher-priced drugs and complex health care systems, a trip to the pharmacy can spark worry. Freebies sure do help.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

These Are the 4 Best Medicare Advantage Plans for 2020
These Are the 4 Best Medicare Advantage Plans for 2020

Medicare Advantage customers themselves rate these plans highest.

The 10 Most Commonly Stolen Vehicles in America
The 10 Most Commonly Stolen Vehicles in America

A new model parks atop the list of vehicles that thieves love to pilfer.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

The 15 Worst States for Retirees in 2020
The 15 Worst States for Retirees in 2020

Based on dozens of metrics tied to affordability, quality of life and health care, these are not ideal places to spend retirement.

9 Deep Discounts Available on Amazon This Friday
9 Deep Discounts Available on Amazon This Friday

These items are all steeply discounted — but the deals won’t last long.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

26 States That Do Not Tax Social Security Income
26 States That Do Not Tax Social Security Income

These states won’t tax any of your Social Security income — and in some cases, other types of retirement income.

10 Reasons Why You Should Actually Retire at 62
10 Reasons Why You Should Actually Retire at 62

If you can, here are several good reasons to retire earlier than we’re told to.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

5 Keys to Making Your Car Last for 200,000 Miles
5 Keys to Making Your Car Last for 200,000 Miles

Pushing your car to 200,000 miles — and beyond — can save you piles of cash. Here’s how to get there.

5 Things That Make Life More Meaningful for Retirees
5 Things That Make Life More Meaningful for Retirees

Retirees agree: These are the things that give them purpose and fulfillment in their golden years.

14 Things That Are ‘Free’ With Medicare
14 Things That Are ‘Free’ With Medicare

These services could save you money and help prevent costly health problems.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.