Get Out of El Cid Timeshare
Table of Contents
- Customer’s Review of El Cid Timeshare
- Class Action Lawsuit Against EL Cid Timeshare
- Timeshare Resale Vs. Timeshare Exit of El Cid Timeshare
- Timeshare Rescission Law
- Preventing Large Up-Front Costs and the Safeguarding Effects of Escrow Payments
- El Cid Timeshare Deedback Program
- Benefits of Exiting EL Cid Timeshare
RCI, the largest timeshare firm in the world, is the owner of El Cid Vacations Club and El Cid Resorts, two timeshare companies with locations in Mexico. They have several properties in Cozumel, Cancun, and Mazatlan.
For a while, having a timeshare in one of these legendary destinations can be fulfilling, but you could still be asking if it’s possible to get rid of El Cid timeshare. There are numerous potential causes for your predicament. Many timeshare owners who desire to sell or cancel their memberships do so due to excessive costs, unforeseen property maintenance requirements, or frequent reservations that prevent them from ever truly relaxing on vacation.
While it’s true that having a timeshare at any of these historic properties might be gratifying for a time, you may be asking if you can cancel El Cid timeshare. Several things could have led you here. Due to hefty fees, unanticipated property repair demands, or consistent bookings, many timeshare owners are looking to get out of their contracts.
Customers’ Review of El Cid Timeshare
As is often the case with El Cid Vacations Club and El Cid Resorts, our research into this timeshare company revealed even more serious complaints and concerns.
If you do a short Google search, you’ll notice that many people want to get out of El Cid timeshare contracts because they feel they were victims of a scam. Many disgruntled clients have complained that El Cid Vacations Club and El Cid Resorts are nothing but a fraud. Neither Google nor the Better Business Bureau has any reviews, but ComplaintsBoard and defaulters.com give you a glimpse into the nature of these complaints with a 3-star rating and 41% of all claims still unresolved. The fact that RCI, the company’s parent, has only 1.5 ratings out of 5 on ConsumerAffairs speaks a bunch about the quality of management there.
- “El Cid is a pure rip off scam! They are a one way service. You pay and they take. The help desk will not return any complaint calls. I find it incredible that a large company would embark on such a conspiracy of not responding to complaints nor acknowledging their written promises. I hope anyone considering buying anything from El Cid Vacations Club will learn from my and numerous other people’s experience, and avoid these people. We paid the upfront deposit and were dutifully paying the monthly payments and annual fee. We were especially interested in the relationship with RCI and were told we could use it the same as El Cid. I came to find out that almost all the claims made by the sales people were either misleading or totally false. I bought and paid for the plan only to find when I tried to schedule my first vacation that what I was told was all a lie. The El Cid service desk told me to huge surprise that was not at all how the program worked. Also, the point exchange fees were all a lie. I would have to pay to roll over my points to the next year. Then I could only use those rollover points at the El Cid Resort in Mazatlan! I plan on contacting PROFECO The Department of Conciliation Services to Foreign residents. They were recommended to me by RCI, who has had numerous other complaints regarding El Cid. PROFECO’s mission is to try and help travelers like myself who have been scammed by companies such as the El Cid chain.”
- “All El Cid resorts are fraudulent and scheme off innocent people. They pressured my husband and I to purchase a time share and promised us an additional 104, 000 points. They also promised, in writing, that they would “rent out” the purchased time share and pay us $25, 000 on May 10, 2014. Surely enough, we never received the promised payment or the additional points. This company operates based on lies and deceit, and they have no value for integrity and honesty. I hope you read this message before you get scammed by El Cid. They should be put out of business!”
You are not alone if you want to get rid of El Cid timeshare. There are certain options you might pursue to get out from under this property that has been unfairly thrust onto you.
Class Action Lawsuit Against EL Cid Timeshare
- Case 1:20-cv-00436-UNA Filed 03/27/20 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE STEVEN ERIC KIRCHNER, ) ELIZABETH LEE KIRCHNER, and ) NAZRET Z. GEBREMESKEL, ) ) individually and on behalf of ) all other persons similarly situated, ) ) Plaintiffs, ) ) Case No. 20 – ) vs. JURY TRIAL DEMANDED ) WYNDHAM VACATION RESORTS, ) INC., ) ) ) Defendant. )
Timeshare Resale Vs. Timeshare Exit of El Cid Timeshare
Selling a timeshare on the secondary market can be extremely challenging. If you complete the necessary research and discover that your timeshare is not worth too much, selling it will be even more of a challenge. Some timeshare owners have luck selling their properties through resale agents, but unless your timeshare is quite expensive, you probably won’t be able to locate one who is interested in buying it. You can find timeshares listed on eBay for $1, and still no offer.
However, a timeshare exit may be preferable; this service involves a third party contacting the timeshare developer on your behalf and negotiating the terms of your release. You’ll have to do some digging if you go with this strategy. When it comes down to getting out of a timeshare, several businesses are nothing more than scams. It will be a great help if you look for someone with extensive experience in the field and a proven record of successfully canceling contracts.
Timeshare Rescission Law
Rescinding your El Cid timeshare may or may not be possible, depending on the specifics of your case. If you made it within the last few days, you could rescind your timeshare purchase by following your state’s rescission regulations. As a rule, timeshare purchasers have the right to cancel their contracts within three to fourteen days, depending on the state. If you follow the applicable laws and regulations, El CID will have no choice but to refund your entire timeshare purchase. In this procedure, you will not receive cash, but you will receive a full refund. Since the value of most timeshares drops by half or more after they are bought outright, this is the best option if you can afford it.
Those who have missed the rescission period might still try to get out of El Cid timeshare on the secondary market. Timeshares are difficult to sell, especially if the owner still owes money on a mortgage for the property. Those in this predicament should investigate timeshare exit firms that accept escrow payments.
Preventing Large Up-Front Costs and the Safeguarding Effects of Escrow Payments
Generally, we recommend against signing on with any business requiring payment upfront. The fact that they provide a money-back guarantee says nothing about whether or not you will truly receive a return if they are unsuccessful. In addition, it isn’t certain that your timeshare exit company would effectively help you to cancel your contract with them. We like to recommend finding a business that offers escrow services instead.
When you use an escrow service, your money is held in a separate account by a neutral party while the corporation handles the timeshare cancellation process. If they do not deliver the promised service, they will refund your money without a hassle. Your financial stability and the timeshare exit company’s motivation to cancel your timeshare depend on this.
Many timeshare owners have told us horror stories about paying a resale or cancellation company up front, only to find out months later that their timeshare is still in their name and was never canceled. Stay away from that fate! Choose a provider that won’t hit you with many hidden costs.
El Cid Timeshare Deedback Program
Timeshare owners have the “right” to take an annual vacation at a resort of their choice, provided they also pay the required maintenance fees each year. This may facilitate your timeshare’s sale through a deed back provision in your purchase agreement or the resort’s deed back program. You can return timeshares to resorts under deed-back provisions or exchange programs. Until then, you’ll need to keep up with your mortgage payments and special assessment costs.
Deed Back Documents
When deeding back a timeshare, most resorts demand the same standard paperwork. You must complete the resort’s timeshare transfer paperwork to start the process. The majority of resorts will accept a quitclaim document to transfer ownership lawfully. A copy of the original deed from when you bought the timeshare will also be required. You will also include a waiver of the right of first refusal if the resort offers a repurchase program. The transfer fees must be sent with the other deed back paperwork. You may also need to show documentation that any mortgages on the property have been fully paid, according to certain resorts.
Deed Back Replacements
You can consider other options if your resort won’t take your timeshare when you return it. Many hotels will rent your timeshare for you and utilize the money from the sale to cover your maintenance costs. Either you or a timeshare realtor can list the timeshare for sale. Before signing, carefully read the listing agreement. If a business requests a deposit to promote your timeshare, think again. Some businesses that pose as timeshare resellers are fraudsters who grab your money and run. To make sure the person managing the sale is a licensed realtor in good standing, check with your state’s real estate commission.
Benefits of Exiting El Cid Timeshare
The timeshare firm has the right to issue liability invoices, also known as special assessment fees, for any sum. For instance, you might be liable for contributing to the cost of repairs if a natural disaster occurred at a resort.
They will also add a monthly or annual maintenance cost to your bill. These costs are in addition to the timeshare mortgage installments made each month. Additionally, you can be charged exorbitant interest rates if you borrowed money to buy the timeshare. You can cancel the timeshare to get away from these financial burdens.
El Cid is a timeshare corporation with deceptive methods, but it isn’t impossible to leave; there are trustworthy exit companies that can help you sort out your problem. To analyze timeshare exit firms that treat customers properly and don’t charge them until they’ve assisted them in recouping their investments, we built this website with that goal in mind. This is one of the main reasons we like to recommend timeshare exit businesses that employ escrow and don’t demand up-front payments.
If you’re looking to get rid of El Cid timeshare, browse our list of trusted timeshare exit companies, give us a call at 619-354-2362, or submit a contact form or live chat on the right side of the page.
- How Do I Transfer Ownership of El Cid Timeshare?
There are several different ways to go, with cancellation or exit companies claiming they can help. We like to recommend hiring a timeshare exit provider with experience and notable reviews on exiting a timeshare.
- What Happens If I Stop Paying My El Cid Timeshare fees?
If you stop paying the monthly maintenance fees, you’ll typically lose your timeshare and have to start over as a renter. As a result, not only the resort but also you and your credit will suffer. Regaining possession at the resort has a similar financial impact to foreclosure.
- How Can I Exit El Cid Timeshare?
Using the rescission period is the first option if you want to get out of your timeshare with El Cid Resorts. You can rescind your contract when it is annulled effectively. The second option is hiring a trusted timeshare exit provider that offers escrow payment options.
Link To Lawsuit
- Case 1:20-cv-00436-UNA Filed 03/27/20 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE STEVEN ERIC KIRCHNER, ) ELIZABETH LEE KIRCHNER, and ) NAZRET Z. GEBREMESKEL.