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Cancel Timeshare after 10 day cancelation period

taro tea

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Hi,

I really want to cancel my timeshare with Orange Lake Resort/Holiday Inn, but it is now 26 days after I signed the contract. I have not yet paid my down payment in full yet, I only paid $1000. I read the contract and it says "In Florida, if you buy a timeshare, you can cancel the timeshare contract up until midnight of the 10th calendar day following: the date you signed the contract, or the day on which you received the last of all required documents, whichever occurs later." What does it mean by "the day on which you received the last of all required documents?" What are the required documents? Can I still cancel since I haven't paid my down payment in full yet? Any help is appreciated, thank you!
 

SmithOp

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Timeshare sales people make sure you are locked in before you leave, so I doubt missing documents would ever be an option. Here is the Florida law for what is required.

https://www.flsenate.gov/Laws/Statutes/2011/721.06

Learn to love it and use it or kiss your $1000 goodbye and take the credit hit to break the contract.

Expensive lesson in contract law, good luck.



Sent from my iPad using Tapatalk Pro
 
Last edited:
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And DO NOT talk to any firm that says they will get you out of it. They can't, nor will they. They'll ask for thousands up front, and you will be stuck with your OLRCC timeshare. Basically, the only way to get out of it is to default on it, which will put a major dent in your credit record. It can not be sold until it's paid off.

TS
 

Panina

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Hi, welcome to TUG.

Many of us purchased our first timeshare from a developer and learned to use it the best way possible. Here on TUG you can learn lots to maximize your purchase.

If this is a purchase you really cannot afford versus buyers remorse you might want to default now accepting it will affect your credit rating.
 

Jan M.

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At this point you have two choices.

1. Keep what you have and make the payments.

2. Don't pay anything more and take the hit on your credit score. If they have your credit card or checking account number for any future payments find out what you have to do to block those payments. Screen your phone calls as you will get calls. You will lose the $1000 you paid.
 

taro tea

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Thanks everyone. I wonder how much it would affect my credit score if I stop paying for it? Will my timeshare account be closed if I stop making payments?
 

TheTimeTraveler

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If you're beyond the time period in which to back out of the contract then you have several choices;

1) Keep it and make the best of it.

2) Stop paying for it and default (you will take a hit on your credit rating).

3) Resell it. You'll likely get little for it but at least you can unload it and get away from the annual obligations.

4) Give it away here on TUG and get out from the annual maintenance fees.


Best of luck!




.
 

taro tea

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If I want to pay a lawyer to cancel the contract, how much does it usually cost?
 

Jan M.

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Grandview Las Vegas and Discovery Beach Resort - Both in RCI Points
Woodstone and Summit at Massanutten - Both in RCI weeks used as Wyndham PICs
If I want to pay a lawyer to cancel the contract, how much does it usually cost?

A lawyer can't cancel the contract for you and will just cost you more money that you won't get back.
 

Talent312

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Your contract does not say, "If you hire a lawyer, we will cancel this contract."

There are many lawyers who will give you an initial consult for a low-fee. They will advise you as your legal obligations and consequences of defaulting (as we have here), but they do not have have magic wands that can make your contract disappear.

In a contract dispute, one side wins and other side loses. Can you guess which side you (and your lawyer) would end up on. In short, it will cost you big bucks only to find out that their lawyers wrote an ironclad contract. Sorry. There are no magic wands.
.
 
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TheTimeTraveler

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As others have said; you own it now. A lawyer can't likely get you out of it unless you declare bankruptcy. Doing so will affect your life for many years to come.....



.
 

taro tea

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thanks for the advice everyone! I decided to stick with my timeshare.
 
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