Wyndham Timeshare Cancellation

This can depend on how and when you bought it. If purchased from Wyndham, buyers can cancel a Wyndham timeshare within the first few days of buying it – which is known as the rescission period. State laws generally mandate a recission period in the state in which your Wyndham timeshare was purchased, usually at the resort location. Check your sales documents for details since the laws are different state by state but the timeframe may be anywhere from the day after a purchase to two weeks out from the purchase date, sometimes less. Such recission periods do not apply to third party or by-owner sales.

Beyond the initial rescission period, you can contact Wyndham directly to see if they will cancel your timeshare ownership. While there is no guarantee that Wyndham will allow you to cancel, they do have a customer service department called Wyndham Cares which has been established to discuss the issue with owners.

Owners looking to cancel oftentimes just want to be finished with their timeshare. One way to do this is to sell your Wyndham timeshare and transfer ownership to a new owner. This is where working with a licensed timeshare resale agent can help, since they work like a standard real estate agent with no upfront fees. Owners can list with an agent and have them find a buyer for your timeshare. At least you would get something in return for your ownership rather than just cancelling it.

Contact Wyndham directly if you are looking to cancel your Wyndham membership. Wyndham has staff that will discuss your situation with you and go over your options. Any cancellations usually require that the timeshare be clear of any liens or mortgages and all annual fees and dues be paid and up to date.

Such options are normally tailored for long term owners looking to transition out of their ownership and are under some type of financial or health-related hardship.

If these areas do not apply to you, it is less likely that a cancellation would be granted. There are no guarantees that Wyndham will grant a cancellation but it is worth contacting the company to find out.

These options tend to be a last resort for owners looking to give their timeshare back to Wyndham, but you always have the option to sell your timeshare and get some money back for your ownership. Because licensed timeshare resale agents work on commission, there are no upfront fees involved so you can contact an agent for a no cost consultation to find out the best way to sell.

An area you want to avoid is dealing with the timeshare cancellation companies. These companies say they can cancel timeshare ownership but they charge excessive upfront fees between $5,000 to as much as $10,000. Remember that only Wyndham can authorize a timeshare or club membership cancellation and you can contact Wyndham yourself and save yourself the money.

Perhaps but it is strictly up to Wyndham as to whether they will take it back. Wyndham has a customer care program where they can discuss take back options with owners.

The final decision comes down to Wyndham as to whether they will take back a timeshare. Before contacting Wyndham, owners need to make sure they have:

• Paid off their timeshare. Wyndham cannot take back a timeshare if there is a mortgage to be paid off.
• All fees paid up. Any maintenance fees or annual dues need to be paid in full before Wyndham will even consider this.
• Their account in good standing. Make sure your relationship with Wyndham is intact with no unresolved issues.

Much of the time an owner needs to demonstrate some type of health or financial difficulty to convince Wyndham to take it back. If you have documentation that you are willing to share, it will help your case.

This can cause a significant hit to your credit score. If you stop paying your Wyndham timeshare annual fees then Wyndham can begin collection proceedings – usually through their debt collection department. Wyndham will contact owners first to see if there are any underlying conditions that can be managed and assess the owner’s willingness to pay.

If the account is not brought up to date and the debt collection is unsuccessful, Wyndham can begin the foreclosure process to reacquire the timeshare or points back into their system. At each step of the process the account can be reported to the major credit bureaus, impacting credit scores and affecting an owner’s ability to obtain loans.

If an owner stops paying a loan on their timeshare, this is between the owner and the lender who holds the mortgage on the timeshare. These loans are primarily unsecured loans and operate more like a credit card loan than a conventional mortgage. If an owner stops paying the loan, the lender can begin proceedings to obtain the money – in some cases involving the legal process.

Owners thinking about not paying on their Wyndham timeshare should seriously consider either selling their timeshare or giving it back before heading down this track. Talk to one of our licensed agents about your options to sell or at least call Wyndham directly to go over your options.

This depends on whether the timeshare is being offered at the resort or on the resale market. Wyndham timeshares cost significantly more at the resort than as a resale, with the timeshare resale market offering savings of 50-60% off the retail costs.

A Wyndham timeshare week costs about $22,000 if purchased through Wyndham, which averages the cost of a week or the equivalent in points. When looking at resales, you will literally save thousands of dollars compared to the developer prices.

Keep in mind that this does not factor in financing costs and associated interest which is often needed when buying directly from Wyndham. The lower resale prices reduce the likelihood for financing and saves even more money in the long run.

These comparisons don’t factor in annual fees, which are paid to Wyndham regardless of how the timeshare or points are purchased. The average maintenance fee is about $1,000 per year for each week of timeshare.

Because timeshares are a use product, buyers are essentially prepaying for their future vacations. This is why it is important to keep the purchase in context to the number of years it will be used. Prorate the cost of the timeshare and the annual fees over the number of years you expect to own the timeshare and you will get a better understanding of the cost compared to regular vacation accommodation.

For instance, you can buy a package of Wyndham Bonnet Creek points for sale as a resale for as little as $4,500. If you estimate the average maintenance cost and prorate the total cost over a 20-year period, your annual cost would be about $1,225 for the week of accommodation or about $175 per night.

Remember that timeshares are more like vacation apartments with kitchens, living rooms, dining areas and multiple bedrooms for privacy from the kids. For that amount, it’s a great deal compared to most hotel options with rooms that really don’t compare to timeshares.