Understanding Diamond Resorts US Collection Contract Cancellation

Owning a timeshare can be an exciting opportunity, offering luxurious vacation stays at top-rated resorts. However, as many timeshare owners soon realize, the long-term financial commitment and contractual obligations can become overwhelming. Diamond Resorts, a major player in the timeshare industry, offers a US Collection of timeshares that can be difficult to exit once a contract is signed. If you are looking for ways to cancel your Diamond Resorts US Collection contract, this article will provide you with essential information, options, and legal considerations.

Why Do People Want to Cancel Their Diamond Resorts US Collection Contract?

Many timeshare owners seek to cancel their contracts for various reasons, including:

• High Maintenance Fees: Maintenance fees tend to rise annually, making ownership more expensive over time.

• Unexpected Financial Hardship: Life events such as job loss, medical expenses, or retirement can make it difficult to keep up with payments.

• Limited Availability: Some owners struggle to book vacations at their preferred locations due to overbooking.

• Deceptive Sales Practices: Many buyers feel pressured into purchasing through high-pressure sales tactics.

• Change in Travel Preferences: Lifestyle changes may make timeshare ownership less desirable.

How to Cancel Your Diamond Resorts US Collection Contract

1. Check Your Rescission Period

   • If you recently purchased your timeshare, you may still be within the rescission period, which is the legally allowed time to cancel the contract without penalties. This period typically ranges from 3 to 10 days, depending on state laws.

   • To cancel within this period, you must send a formal rescission letter via certified mail to Diamond Resorts within the stipulated timeframe.

2. Review Your Contract

   • Carefully read the contract to understand the cancellation clauses and any penalties associated with early termination.

   • Look for sections that discuss exit options, resale opportunities, or surrender programs.

3. Contact Diamond Resorts Directly

   • Diamond Resorts may have an official exit program, such as their "Transitions" program, which allows eligible owners to surrender their timeshare under specific conditions.

   • Be prepared for resistance, as timeshare companies have a vested interest in keeping owners locked into contracts.

4. Hire a Timeshare Exit Company or Attorney

   • If you are unable to cancel on your own, consider seeking help from a reputable timeshare exit company or attorney specializing in contract law.

   • Ensure the company or attorney you hire has positive reviews and a history of successful cancellations.

5. Sell or Transfer Your Timeshare

   • While selling a timeshare can be challenging, platforms like eBay, Craigslist, or specialized resale marketplaces can help connect buyers and sellers.

   • Some timeshare exit companies may also assist with resale options.

6. Cease Payments (Last Resort)

   • Some owners choose to stop making payments, but this can result in collections, credit score damage, or legal action.

   • If considering this option, consult with a legal professional first to understand the risks involved.

Legal Considerations for Timeshare Cancellation

• State Laws: Timeshare laws vary by state, so research the consumer protection laws in your jurisdiction.

• Deceptive Sales Practices: If you were misled during the sales process, you might have grounds to cancel your contract based on fraudulent representation.

• BBB and Attorney General Complaints: Filing complaints with the Better Business Bureau (BBB) or your state’s Attorney General may pressure the company to negotiate an exit.

Conclusion

Diamond Resorts US Collection contract cancellation can be complex, but it is not impossible. Understanding your legal rights, exploring available exit strategies, and seeking professional assistance can help you successfully navigate the process. If you are stuck in an unwanted timeshare contract, take action today to regain your financial freedom.