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How to Get out of a Diamond Timeshare
Recommended Timeshare Exit Companies
How to Get out of a Diamond Timeshare
- January 13, 2022
Table of Contents
How to Get out of a Diamond Timeshare
Being on a vacation is usually fun–especially when you travel with your family members. Even though you are away, you still feel like you are at home because you are with them. The absence of work stress will make you wish the vacation would never end. One of the many things people think will create an enjoyable vacation is getting a timeshare.
You might think that a timeshare will lessen the burden of a family journey, especially if you travel a long distance. The best way to put that tiring experience behind you is by feeling at home. Many timeshare owners think the only way to make this happen is to get a timeshare. Some vacationers also see buying a timeshare as a double advantage: both a great opportunity to own an accommodation outside of their state and as a lucrative investment for the future. They do not realize that the reality of timeshare goes beyond that.
To start with, there is a better way to enjoy a family vacation without buying a timeshare. Buying a timeshare will never ease the burden of a long journey. Instead, it will only more headaches for you. A safer option would be to check and see if the resort offers a rental option. You can rent an accommodation large enough to house your entire family for as long as you’d like. Unlike a timeshare, after this vacation ends there will not be any future fees.
Buying a timeshare is never a lucrative investment. and a Diamond timeshare is not an exception to this rule. You may never be able to recoup all of the money you have spent on your Diamond timeshare and you cannot expect a profit. A Diamond timeshare is not like a real estate investment. A timeshare begins to depreciate in value the moment you sign the contract and you will continue to have high maintenance fees. Whether you use the timeshare regularly or have only used it once, you will continue to pay the maintenance fees for the timeshare. This is where the problem lies for most timeshare owners.
If you are about to buy a Diamond timeshare, we urge you to reconsider. If you are already under contract but want to exit it as soon as possible, there may still be ways to get out of the timeshare. Here is a short review of Diamond Resorts.
Diamond Resorts and Timeshare Reviews
Founded by Stephen J. Cloobeck in 2007, Diamond Resorts has more than 379 locations across 35 countries. The resort is headquartered in Las Vegas, NV, and Michael Flaskey is the CEO. Diamond Resorts has been hosting golf tournaments since 2013 to raise money for children in Florida hospitals.
According to the company’s website, “Diamond Resorts offers destinations, events and experiences to help members make a habit of breaking from the routine…of work responsibilities.” The company focuses on quality resorts and costumer service. The flexibility it offers means that “members can return to a favorite resort, book a cruise to explore new countries or attend a once-in-a-lifetime event.” With access to “a world of entertainment and activities, a Diamond membership ensures that people are always looking forward to vacation.”
Diamond Resorts has a points system which makes it easy for you to plan your next vacation without having to stress yourself out. You can choose to stay in your preferred location or go somewhere new. During your vacation you will be able to enjoy “the exclusive concerts, events and experience that you can’t get anywhere else.”
Diamond Timeshare and Fees
A Diamond timeshare is no different from other timeshares. Like other resorts, you may be allowed to join the Resort membership club. Joining a membership club usually comes with membership dues. It is uncertain whether Diamond Resorts charges these fees. However, you will certainly be charged certain fees for the maintenance of your Diamond timeshare whether you use it or not.
Can I Get Out of a Diamond Timeshare?
If you are already a holder of a Diamond timeshare but want to get out of the contract, you might be able to with certain options. The following are some of the ways you can get out of your Diamond timeshare.
• Target a Rescission Period
The first and the easiest way to get out of your Diamond timeshare contract is to take advantage of the recession window. This will allow you to return your timeshare without spending any money. The length of the recession period varies depending on where you got your timeshare. In some states, you only have five days after the purchase to rescind the contract. If you miss the rescission window, you will need to spend some cash to get out of your Diamond timeshare.
One of those ways is contacting the resort itself.
• Contact Diamond Resorts
If you miss the opportunity to return your Diamond timeshare during the recession window, the next best option is to contact Diamond Resorts to apply for Transitions. Transitions by Diamond Resorts will allow you cancel your timeshare contract and all its burdening fees. There are some conditions that must be met to take advantage of this program. One of these conditions is that you must not have any outstanding debt on your timeshare. Other conditions are as follows:
• You must have a clear and free title to the vacation ownership.
• All future reservations must be cancelled or traveled on prior to submitting a request. Does not apply to certain Fixed Week/Fixed Unit deeded week owners who have their reservation automatically booked in advance.
• Your vacation ownership must be in a Diamond Resorts Collection or managed property. Currently, members who own in the EU Collection do not qualify.
• You must have purchased your vacation ownership directly from Diamond Resorts or from a predecessor whose developer rights were acquired by Diamond Resorts. Members and owners who have inherited or been gifted a vacation ownership from family will qualify if their family members would have qualified.
Please note the following comments on the company’s website:
• Participation with a timeshare exit or resale company or firm may negatively impact your ability to apply for Transitions.
• The enrollment and completion in the Transitions program will negate your ability to be added to the Embarc Repurchase program list. In addition, if you are already on the repurchase list, your position will be forfeited upon completion of Transitions.
If you meet these conditions, you may be able to get out of your timeshare contract. If not, you still have another option. You can hire brokers who will help you sell your timeshare on a commission basis. However, since timeshares do not appreciate in value after it has been purchased, even brokers may find it difficult to sell the timeshare at an amount that will earn them their commission. They may even find it difficult to sell the timeshare at all.
In that case, the only option left is to hire a timeshare exit company to get rid of your Diamond timeshare.
• Timeshare Exit Companies
With this option you will have to pay to get released from the unwanted Diamond timeshare contract, since timeshare exit companies require money for their services. These companies will not help you sell your Diamond timeshare. Instead, they will meet up with your resort and look for a way to get you out of the contract on a legal basis or with the help of timeshare exit experts.
When trying to hire a timeshare exit company, make sure you hire one that uses an escrow payment option. This means you won’t pay the company until you are released from your Diamond timeshare. This is important because the timeshare exit industry is filled with scams. You can avoid getting scammed is by not paying a company any amount until the contract is cancelled.
Conclusion
As you can see, there are many ways to get out of your Diamond timeshare. Analyze your timeshare contract and choose the option you think best fits your situation.
