A timeshare is a property that features certain ownership or usage rights. Generally, these properties are condos or resort-style apartments in which multiple individuals hold similar rights. One of the most popular names in the timeshare industry is Wyndham, which has hundreds of properties worldwide. If you’re considering becoming a Wyndham owner, there are some important things you should know first, including whether or not selling Wyndham timeshares is possible, should you change your mind down the road. Let’s take a look.
When you purchase a timeshare through Wyndham, you become a member of their “club.” As a member, you are able to purchase a certain amount of vacation credits. These credits are then used like currency in exchange for a number of things, including stays in Wyndham properties, airfare and other travel-related perks. The more credits you have, the more value you’ll enjoy when you trade them in. Credits are good for a specified period of time and are refreshed each year you continue ownership.
A timeshare can be paid for in either one lump sum or in payments. Similar to a home mortgage, you basically take out a loan and make monthly payments on the vacation property. The amount of those payments will depend on how the timeshare is set up and a number of other factors. In the case of Wyndham, the more credits you buy, the higher your monthly payments. You are also responsible for paying maintenance fees each year. These fees continue to be due even after the loan is satisfied and may increase in amount as the years go by.
What if you change your mind?
Unfortunately, getting out of a timeshare legally can be very challenging. Buyers typically have a very small window of time following the date of purchase in which they can cancel and walk away free and clear. This timeframe varies from state to state, but generally ranges between 72 hours and 15 days. Outside of this period of rescindment, owners who change their mind and no longer want the timeshare have limited options for getting out.
One way owners often attempt to get out of their timeshare obligation is to try and sell it to someone else. Unlike a mortgaged property, however, selling Wyndham timeshares almost always involves a transfer of the deed only. That means if the new owner decides to stop paying for the timeshare, even though he or she is technically the new owner, you would still be obligated under the law to continue making the monthly payments and annual maintenance fee. It’s not exactly a great position to be in.
Unlike many of the other timeshare companies on the market, Wyndham does advertise (to some degree) the option to transfer or sell back one of their properties. In reality, the process isn’t easy, straightforward or affordable. In fact, in many instances, owners inquiring on this option are told that they are not even eligible to exit out of their ownership.
The best alternative to exit Wyndham timeshares is to work with a reputable company like Timeshare Exit Pros. We have qualified attorneys who know the law and can help those seeking to get out of their timeshare do so quickly, safely and – most important – legally. If you own a Wyndham timeshare and want to get out of your contract without hassle, headache and unnecessary expenses, contact us today. We’d be happy to help!