Getting out of a timeshare can be a challenging process, but there are a few options to consider if you want to exit your Capital Vacations timeshare agreement. In this article, we’ll explore the most common ways to get out of a Capital Vacations timeshare and provide tips to make the process as smooth as possible.
Try selling or renting your Capital Vacations timeshare
One of the first options to consider is selling or renting your Capital Vacations timeshare. Although it can be difficult to find a buyer in today’s market, it doesn’t hurt to at least try selling your timeshare before exploring other options.
You can list your timeshare for sale on sites like RedWeek.com, MyResortNetwork.com, and TimeshareUsersGroup.com. Be sure to include details like the resort name, unit size, week owned, and your asking price. Consider pricing it at least 25-50% below listings for similar units to attract buyers.
Renting out your unused timeshare weeks is another possibility. Sites like RedWeek.com and TUG2.net have rental listing sections. You likely won’t recoup your annual maintenance fees, but you can earn back some of the costs. Renting also keeps you from defaulting on your contract.
Transfer ownership
If you have a friend or family member who might want to take over your Capital Vacations timeshare, you may be able to transfer ownership to them. This is easiest to do for deeded timeshare weeks. The new owner assumes the contract and ongoing fees.
Before transferring, make sure the new owner understands the costs and rules of the timeshare. Have them speak to an owner services representative so they know what they are getting into. Complete the official transfer paperwork through Capital Vacations to sign the contract over to the new owner.
Donate your timeshare
It is sometimes possible to donate a timeshare. Organizations like the Timeshare Givers organization accept timeshare donations. They take over ownership and your ongoing financial obligation.
To donate your Capital Vacations timeshare, start by contacting Timeshare Givers to discuss the specifics of your contract and resort. If they agree to take on your timeshare, they will have you sign power of attorney and disclosure documents before processing the transfer. Expect this to take several months to complete.
Deedback or surrender programs
Some timeshare developers like Capital Vacations have deedback or surrender programs where you can voluntarily give back your timeshare if you meet certain criteria. This releases you from the contract and any future obligations.
To qualify for Capital Vacations’ program, you typically need to be a current owner in good standing. There are costs involved with deedbacks, usually $250 – $500, and you must be albe to pay closing and transfer fees. The resort also has to approve taking back the timeshare week.
If you’re interested in a deedback, call Capital Vacations directly to discuss your situation. Be upfront about why you want to exit your timeshare. The company may work with you if you have an important reason like financial hardship, health problems, or other major life changes.
Cancel within the rescission period
If you just purchased your Capital Vacations timeshare and are having second thoughts, you may be able to cancel the purchase during the rescission period. In many states, you have 5-15 days to rescind the contract. Carefully review your purchase documents to confirm the rescission timeline and process.
To cancel, you’ll need to send a written letter or document to Capital Vacations stating your intent to rescind your timeshare purchase. Send this by certified mail and save copies of what you send. Once they receive your rescission notice, the contract should be cancelled and deposits refunded.
Hire a timeshare exit company
Timeshare exit companies like Timeshare Freedom Group and Wesley Financial Group specialize in helping owners terminate timeshare agreements. They charge an upfront fee and claim to be able to negotiate an exit, transfer ownership, or otherwise release you from the contract.
Reputable companies can be helpful navigating the intricacies of timeshare contracts and transfers. Make sure to research companies thoroughly before paying fees. Look for free consultations, guarantees, and client reviews and testimonials.
| Timeshare Exit Company | Services | Average Cost |
|---|---|---|
| Timeshare Freedom Group | Contract cancellation, transfers, deeding back | $2500 – $3500 |
| Wesley Financial Group | Negotiated exits, deedbacks | $2000 – $3000 |
| Redemption and Release | Transfers, rental assistance, deedbacks | $1800 – $2800 |
Prove you were misled by the timeshare company
If Capital Vacations used fraudulent or misleading sales tactics when you purchased the timeshare, you may be able to prove your contract is invalid. Things like verbal misrepresentations, unrealistic projections, or concealing information could make a contract void.
Work with an attorney to build a case proving the company misled you. They can help gather evidence and testimony and represent you in disputes or lawsuits to terminate the agreement.
Stop paying maintenance fees
Some owners simply stop paying their timeshare’s annual maintenance and assessment fees to try to get out of the contract. If you default on payments for a certain period, the contract could be voided.
Before going this route, note that there can be major downsides. The resort can send the unpaid fees to collections, damaging your credit score. You also risk getting sued by the timeshare company. Only stop paying as a last resort after other exit attempts fail.
Foreclosure
If you stop making payments to your timeshare for an extended period, Capital Vacations may eventually foreclose on it. The foreclosure process varies by state and can take 12-36 months. This terminates your ownership and obligations.
Timeshare foreclosure should be a last option since it also ruins your credit. Consult consumer protection laws in your state to understand the foreclosure process and timeline. Consider working with an attorney if you go this route.
Conclusion
Getting out of your Capital Vacations timeshare requires careful research into the options and potential consequences. Start by trying to sell, rent, transfer, or deedback the timeshare if possible. Hiring a reputable exit company can provide guidance if needed.
Avoid simply stopping payments unless you’ve exhausted other options, since that risks collections and lawsuits. Seek legal help if Capital Vacations misled you when purchasing. With patience and perseverance, it is possible to successfully terminate unwanted timeshare agreements.
