If you’re an owner of a MGM timeshare and you’re feeling trapped by escalating maintenance fees, rising annual costs, or simply no longer wanting to keep the property, you’re not alone. Many timeshare owners face similar challenges. Fortunately, there are several ways you can explore to exit your MGM timeshare and regain control of your finances and vacation plans. This detailed guide will walk you through your options, including legal avenues, the timeline, potential costs, and expert advice on how to navigate the cancellation process.
Why Would You Want to Get Out of a MGM Timeshare?
Owning a timeshare with MGM can seem like an attractive investment in vacation time, but for many owners, the reality can become overwhelming. Some of the most common reasons people seek to exit their MGM timeshare contracts include:
Rising maintenance fees:
Annual fees for maintenance, taxes, and other costs often increase over time, making it harder to justify the continued ownership.
Lack of use:
Many owners find they don’t use their timeshare as frequently as expected, leading to regret over the purchase.
Inability to travel:
Scheduling conflicts, health issues, or financial constraints can limit your ability to use your timeshare.
Poor resale value:
The resale market for timeshares is notoriously difficult to navigate, and many owners struggle to recoup their investment.
Pressure from the sales process:
Some MGM timeshare owners feel they were misled or pressured into purchasing, leading to frustration and a desire to exit.
Whatever your reasons may be, there are options available to help you legally cancel or exit your MGM timeshare contract.
Options to Get Out of Your MGM Timeshare
There are several potential strategies for exiting your MGM timeshare, each with its own set of pros and cons. Understanding your options is crucial in deciding the best path forward.
1. Exercising the Rescission Period
If you’ve recently purchased a MGM timeshare, you might still be within the rescission period, also known as the “cooling-off period.” This is a legally-mandated window of time, typically ranging from 3 to 10 days after signing the contract, during which you can cancel your timeshare without penalty. The exact rescission period varies by state law and the terms of your agreement.
What to do:
If you’re still within the rescission period, simply submit a written cancellation letter to MGM in accordance with their guidelines (usually found in the contract). Be sure to send this letter via a trackable method (like certified mail) to ensure proof of delivery.
Pros:
No cancellation fees or penalties.
Cons:
This option is only available immediately after purchasing your timeshare, making it impractical for owners who have had their timeshare for a while.
2. Negotiating with MGM to Deed Back the Timeshare
If the rescission period has passed, another potential option is to negotiate directly with MGM. Some timeshare companies, including MGM, offer a deedback program that allows owners to return their timeshare in exchange for giving up all rights to the property.
What to do:
Contact MGM’s owner services department and inquire about the possibility of deeding back your timeshare. Be prepared to explain why you want to cancel, and they may ask you to pay any outstanding fees or maintenance costs before the process can proceed.
Pros:
If successful, this is a straightforward option that requires minimal effort on your part.
Cons:
MGM may be unwilling to accept the property back, especially if it’s considered a lower-value unit or if there’s a significant balance owed.
3. Using a Timeshare Exit Company
If Wyndham is uncooperative, or you simply prefer to avoid the hassle of negotiating yourself, you can turn to a timeshare exit company. These companies specialize in helping timeshare owners cancel their contracts through legal and strategic means, including negotiation, mediation, and, in some cases, litigation.
What to do:
Research reputable timeshare exit companies that specialize in MGM timeshare cancellations. These companies typically offer a consultation to evaluate your contract and determine the best course of action. They may charge a flat fee or work on a success-based payment model, meaning you pay once the timeshare is successfully canceled.
Pros:
These companies handle the entire process, saving you time and reducing the emotional toll. They have experience in handling complex timeshare contracts and can potentially get results faster.
Cons:
Timeshare exit companies usually charge fees ranging from $2,000 to $5,000, depending on the complexity of your case. Be sure to verify their credibility and check for reviews to avoid potential scams.
4. Legal Action (Lawsuits)
If MGM or a timeshare exit company is unable to help, or if you believe your timeshare contract was signed under fraudulent or misleading conditions, you may consider filing a lawsuit against Wyndham for breach of contract, misrepresentation, or fraud.
What to do:
You’ll need to consult with an attorney who specializes in timeshare litigation. This can be a lengthy and costly process, but if you have strong grounds (such as misleading sales tactics or undisclosed fees), a lawsuit could lead to the cancellation of your contract and possibly financial compensation.
Pros:
Legal action can hold timeshare companies accountable and may allow you to receive damages, like a refund of your purchase costs.
Cons:
Lawsuits can take months or even years, and legal fees can add up quickly, often costing between $3,000 to $10,000 or more, depending on the complexity of your case.
Important Considerations Before Cancelling Your MGM Timeshare
Before moving forward with any of these options, there are a few important things to consider:
1. Review Your Contract
Start by carefully reviewing your MGM timeshare contract. This document outlines the terms of your agreement, including payment schedules, cancellation policies, and potential penalties. If your contract includes a perpetuity clause, it may be more difficult to cancel, as such clauses extend the financial obligations to your heirs.
2. Understand the Financial Implications
Some timeshare exit methods, such as using an exit company or attorney, involve costs. These fees can range from $2,000 to $5,000 or more, depending on the provider and the complexity of your case. If you choose to pursue legal action, you could incur attorney fees and other associated costs.
In addition to exit costs, make sure that you’re up to date on your maintenance fees and other outstanding payments, as unpaid fees could impact your ability to cancel the timeshare.
3. Impact on Your Credit
While cancelling your MGM timeshare will not automatically hurt your credit, it’s essential to stay current on your maintenance fees and mortgage payments (if applicable) until the cancellation process is complete. Missing payments could result in collections or damage to your credit score. Working with a reputable exit company or attorney can help ensure that the process is handled properly and doesn’t negatively impact your financial standing.
How Long Does It Take to Cancel a MGM Timeshare?
The timeline for cancelling a MGM timeshare depends on the method you use:
Rescission Period:
If you’re within the cooling-off period, the cancellation process can take just a few days to a couple of weeks.
Negotiating with MGM:
The deedback process may take anywhere from 3 to 6 months if MGM agrees to take back the property.
Using an Exit Company:
Exit companies typically complete cancellations within 6 to 12 months, depending on the complexity of your case.
Legal Action:
A lawsuit can take several months to years, depending on court schedules, the specifics of your case, and the willingness of MGM to settle.
Conclusion: Take Control of Your MGM Timeshare
If you’re struggling with your MGM timeshare and want to get out, there are multiple options available, from utilizing your rescission rights to negotiating directly with MGM or working with a timeshare exit company. While the process can take time and involve costs, it’s important to act quickly and seek professional help to ensure that you can free yourself from the ongoing financial burden of timeshare ownership.
At Timeshare Resolution Pros, we are committed to helping timeshare owners like you understand your rights and explore the best solutions for your specific situation. Whether you choose to go through a timeshare exit company, attorney, or negotiation, we provide the expertise and support to help you navigate the cancellation process and achieve a positive outcome.
If you’re ready to begin the process of getting out of your MGM timeshare, contact us today for a consultation and take the first step towards freedom from your timeshare obligations.