Q: Can I cancel a timeshare I just signed up for?
I was in Akumal, Mexico 2 weeks ago and signed up for a timeshare. I got a great deal and it's not that I can't afford it but after thinking about everything for 2 weeks I'd rather do something else with my money. They mentioned something about not being able to cancel it but there has to be something I can do. I put down $4100.00 and I'm supposed to pay another $3100.00 in 2 weeks. Then I pay $180.00 a month for 36 months. There are no maintenance fees. I would really like to cancel everything and get a refund of my down payment but if that is not possible i'd at least like to cancel it before I make the next installment of my down payment. If that's not possible then is it possible to sell it asap? Also, what are the repercussions if I just don't pay anything more to them? Any and all info is greatly appreciated! Thank you in advance!!
A: Timeshares in Mexico give you a 50-day rescission period, so you're likely too late to use that route. You may still be able to get out of the contract, but you no longer have the easiest route to a refund/cancellation. When I've helped clients in similar situations, some have mentioned facts that have allowed us to get a refund, but most of the time it involves forfeiting the downpayment as settlement to cancel the timeshare ownership.
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