Everyone knows that Mexico is one of the most beautiful destinations for vacation. That’s why many people have signed up for a timeshare contract in Mexico. However, there’s some tough news as well.
If you also have a Mexican timeshare, it would be better to cancel it. After purchasing the ownership contract, you might have received a lot of paperwork. Well, there are some points in the paperwork that don’t look right.
In most cases, this is the reason why many people want diamond resorts’ timeshare exit. Well, you can’t find all the points perfectly. For example, some contracts will give a high mortgage price while some will give a high maintenance fee.
If you had this experience with a Mexican timeshare contract, you are not the only one. Most people have the same issue. However, owning a timeshare in a foreign country can be more tricky. That’s why we will cover how to cancel the ownership contract in Mexico. Let’s find out.
Timeshare Cancellation Policy in Mexico
Before you start the procedure, you have to know about the timeshare cancellation policy in Mexico. It would be great if you read the policy as soon as you purchase the timeshare contract.
You should know that the grace period or rescission period is the best way to cancel the contract. The company won’t charge you anything if you cancel the ownership during this period. In most cases, companies give 3-10 days of rescission period. However, there are a few companies that provide the rescission period for one month.
If you are on the grace period, it would be best to cancel the contract. First, you have to call the resort and inform them that you want to cancel the timeshare. Next, you can mail them all the required documents. If the documents arrive after the rescission period, the company will not honor your request.
Mexico Timeshare Exit Law
Besides knowing the cancellation policy, you also need to know about the Mexican timeshare exit law. It’s more essential if you are from some other country. Most timeshares in Mexico have a lifespan of 3-100 years. Well, it depends on the company that sells the contract.
In most cases, you have to pay either monthly or yearly fees for the timeshare. Moreover, you also have to pay the high-interest mortgage and the maintenance fee. Plus, you have to know about Article 56 Federal Consumer Protection Law. Well, this law applies to both the citizens and foreigners of Mexico.
So, you can explain your situation with this law. In this case, you have to write a hand-written timeshare cancellation letter. Make sure you include all the details such as dates, names, contact numbers, and the date of timeshare purchase. Moreover, don’t forget to add the reference of ‘Article 56 Consumer Protection Law’ in the cancellation letter.
How to Cancel Timeshare Contract in Mexico
Now, you know about the policy and law of Mexican timeshare cancellation. If the cancellation request is not approved, you have to try other options. Most people want to sell their timeshare through a reselling website. However, there are so many scam websites on the internet. So, make sure you avoid the resale option.
The best option is choosing a timeshare exit company. However, you have to be aware of those scam timeshare exit companies. In this case, make sure you choose a reputable team. In simple words, a timeshare exit company will help you cancel the contract when the grace period is over.
Moreover, if you fell for a false presentation while purchasing the timeshare, they will file a case in court. Some of the examples of false presentation are:
- The maintenance fee will never increase
- The timeshare is an investment, so the value will grow
- You can cancel the contract at any time
Well, it can be tricky for timeshare exit companies to get you out of the contract in Mexico. That’s why you have to find a well-known timeshare exit company. Even though there are some restrictions, they will help you throughout the procedure.
The good thing is most timeshare exit companies provide a free consultation. So, make sure you book it as soon as possible. You can also get help from their live chat.
You see, canceling a Mexican timeshare contract can be tricky. If you don’t have the basic information, you have to face many complications. We have shared how to cancel your timeshare contract in Mexico. Make sure you follow the law while doing the procedure.
On the other hand, you have to hire a good timeshare company. Plus, don’t go for reselling websites as we don’t recommend it. Reselling should be the last option for you. If the timeshare cancellation case is complicated, you can also hire an attorney.