Having a pueblo bonito timeshare contract will require you to sign a certain number of years in advance. It’s not like buying from another company where you can just cancel if you change your mind. You need to follow the rules and regulations of the contract for at least one year.
What if your economic conditions change or you simply don’t have the money to pay on time? Maybe you could negotiate with the resort and get out of the contract. Perhaps they will work out something in exchange for taking time away from your agreement. Either way, no matter what, you will have to make a considerable amount of payments and pay off your accumulated debt.
What Will Surrendering Your Timeshare Entitle?
Surrendering your timeshare ownership is very different from canceling your timeshare contract. Canceling your contract is simply voiding the legally binding agreement you signed with the timeshare developer.
It does not give you a way out of your financial obligations. Unfortunately, most people believe that they need to do to be free of their timeshare obligations.
Surrendering your timeshare is the process of giving it back to the resort or developer that sold it to you. They will take back their product in most cases, but you will still owe them money.
The developer has already made an investment in you as a customer. They expect to recoup those costs by getting something out of you, even if it isn’t another purchase.
In reality, canceling a contract does not mean you can get rid of your financial obligations. Your agreement has stipulations regarding the cancellation. But these terms do not guarantee that you will be released from paying a fee or penalty for breaking the contract.
This means that if you cancel your timeshare contract, the developer still has the right to come after you for any outstanding balance.
If you are looking for how to cancel a Pueblo Bonito timeshare, here are some ways to do so:
- Sell your timeshare.
This is the most common way that people get rid of their timeshares. There are a lot of companies that claim to do this. You need to be careful which ones you use. The best way to go about selling your timeshare is through a licensed real estate broker or agent who specializes in timeshares. They will guide you through the process and help you get the most out of it.
- Act Quickly Within the Cancellation Period
Most timeshare owners who want to know how to get rid of a timeshare are usually unaware that there is a window for cancellation when you first sign up for your contract. This is known as the rescission period. It allows you to cancel your contract within 10 days after signing it. This is without being penalized or being required to pay any fees. If you are looking for ways to get out of a timeshare, one of the easiest ways is to act quickly within this period. Cancel before any fees or penalties occur.
If you are still within the required cancellation period for your timeshare contract — typically three days after signing — you may be able to rescind your contract with no penalty. If there is no specific cancellation period in your contract, contact your state’s attorney general or consumer protection agency to inquire about any legal recourse you may have.
Once you are outside the cancellation period, you could still end up taking advantage of a provision in your contract that allows early cancellation. But this might require paying an early-exit penalty fee. It is also possible that you can renegotiate the terms of your agreement with the timeshare company. This makes it more favorable or cancels altogether.
- List on Craigslist
You can try listing your timeshare on an online marketplace such as Redweek or eBay There, existing owners advertise their properties for sale or rent. You can also contact a licensed real estate agent that specializes in timeshares. However, remember that your new timeshare will always have some level of depreciation. It is unlikely that you will find someone who wants to buy it for more than you paid for it. In fact, it is likely that your new property has already decreased in value.
The Bottom Line
Surrendering your timeshare means relinquishing ownership of it. It won’t help you avoid future maintenance fees or special assessments.
In fact, in many cases, when a member surrenders their timeshare, the resort can sell it for more than the member owes on their account at that time. This means the member will still be responsible for paying the difference plus applicable fees and transfer costs.
In addition, if you own a deeded timeshare interest, the property will remain in your name. At least until it is either converted to a right-to-use interest or sold by one of the resale partners.
As long as it remains in your name, you are responsible for paying all ongoing fees and special assessments, regardless of whether or not you use the property. If these fees are not paid, they could result in further collection activity or even legal action being taken against you.