CANCEL a Timeshare Contract How Many Business Days Do I Have ?
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If you just signed a timeshare contract in Mexico, and you realize that you really don’t want your timeshare, or you feel that was a mistake, you can cancel your timeshare contract if you are still in your rescission period.
Learn about the business days to cancel a timeshare contract in Mexico.
Many people think about reselling their timeshare, getting help from timeshare "brokers" or resale "agencies".
Some people even think about donating the property or passing it on to their family members as inheritance.
We don't really suggest any of the previous options, and we will explain why they can bust your wallet or even affect your family member's economy.
At the timeshare presentation, most of timeshare the salespeople tell you that you have lost the right to cancel your timeshare contract when you signed it, but this is a lie and a tactic they use.
As a timeshare owner, you have a period to cancel your timeshare agreement with no penalization. You can read more about the rescission period in:
What are the rescission laws for timeshares in Mexico?
When can you cancel a timeshare contract?
How long do I have to rescind my timeshare? – Mexican Law
If you are wondering how to legally cancel a timeshare contract, you should know that we explain a safe and legal way procedure, and we offer options on how to do it. For more information, we advise you to keep reading this article.
Why Should you Cancel your Timeshare Contract?
Cancelling a timeshare contract often comes up as a solution to people's financial problems. It really seems like a good idea to own a property in a different country, so you have a place to stay whenever you travel, and for the most part, in a paradise-like area!
A manipulative speech like this is commonly used by timeshare sellers to quickly make a deal with you and give you the sense and feeling that you actually have a property when, in reality, you just own a portion of it, that you most likely will be using once or twice a year.
The reality is that timeshares come with many disappointments in the long run. Sometimes, the negative side comes right away, leaving buyers wondering and looking for how to legally cancel a timeshare contract.
Today, is really easy to be scammed in this travel business, since it involved large amount of money, and the scammers have learned to deceive the interested costumers.
Timeshares are nothing but an expensive purchase these days in comparison with 30 years ago and can become a financial nightmare, and with the economy as it is today, it is almost impossible to afford an expense like that.
Here are the most common reasons why you should cancel your timeshare contract:
- You are not able to pay the many timeshare fees involved.
- You cannot go on vacations wherever you want.
- It is very difficult to make a reservation at the timeshare resort.
- You will waste time and money trying to rent or sell your timeshare weeks.
- If you stop making your payments, you will be sending them to collections, affecting your credit score.
These are just a few reasons to cancel your timeshare contract, but there are a lot more. A deeper explanation is given by Business Insider on why it is not a wise investment to purchase a timeshare.
Business Days to Cancel a Timeshare Contract in Mexico
The timeshare cancellation needs to be done as soon as possible, as soon as you feel unhappy with your timeshare purchase.
It is important that you know that every timeshare contract has business days to cancel it, which depends on the country when you purchase your timeshare property, Mexico in this case.
According to the Mexican law, there is a 5 business day cancellation period to legally rescind your timeshare contract with no penalization.
If you decide to cancel the timeshare contract, and you still are in your business days to cancel it, you should notify the resort as soon as possible with a timeshare cancellation letter.
Timeshare Cancellation Letter
First, you need to know what information you must include in the timeshare cancellation letter within the business days to cancel a timeshare contract in Mexico. This is the list of information you need to add in the letter:
- Full name
- Address
- Phone number
- Contract number
- Contact information
- Body of the letter with a statement that you are requesting the cancellation
- Date of purchase
- Signature
It is important to send this letter during the business days to cancel a timeshare contract in Mexico. It is also important to keep evidence that you sent the cancellation letter on time.
To see an example of timeshare cancellation letter, you can visit:
Sample Timeshare Cancellation Letter
A common Mistake to Avoid Cancelling a Timeshare Contract.
One of the most common mistakes timeshare owners are tempted to do when they want to get rid of their timeshare ownership is resale it or get help from timeshare reselling agencies.
If you are someone in this situation, you have to realize you should avoid this error. You can potentially end up scammed, again.
This reselling "companies"or salespeople will present themselves as legitimate. They will do everything to appear as a legal business and convince you they can help you.
False email accounts, addresses, phone numbers, documents, all type of contact information is what they commonly show to carry their fraudulent operation.
Once the deal is made, and you spoke on the phone with the person who will buy your timeshare, you realize there was never a deal, or a buyer.
They just scammed you with thousands of dollars you paid them on "fees".
A red flag to notice is they will ask for an upfront fee, as well as will for many charges in relation to the timeshare maintenance and cleaning.
CNN points out how law enforcement is stopping these scam artists and warns on their tricky business for you, don't be fooled in your desperation.
This mistake is also made by timeshare owners that realize it is too late to cancel.
It can happen that their five days rescission period was over maybe a year ago, or just ended weeks ago, some of them don't even know they had the right to cancel because they were never notified in the timeshares presentation or before signing a contract.
If you have come this far, the best option for you is cancelling your timeshare contract right away. It is safe and legal, no up-front fees and no scam.
If you sent your timeshare cancellation letter during the right period, but you have not received an answer from the resort after 15 days, don’t feel hopeless.
Timeshare cancellation is a difficult process. Contact us and ask for a free consultation.
At Mexican Timeshare Solutions, we are sure that we can help you cancel your Mexican timeshare contract.
To receive more information about how to cancel a timeshare contract, send a WhatsApp to +52 333 239 6589, fill in the form in the contact section or call us at +1 714 277 3662.
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If you want to know more about the business days to cancel a timeshare contract in Mexico, visit:
Get out of a timeshare legally – Timeshare Law
Timeshare Regulations in Mexico
How long do I have to wait to get a confirmation on a cancellation of a timeshare contract?
