RCI Timeshare Cancellation
RCI (Resorts Condominiums International) was founded by Jon and Christel DeHaan in 1974. They originated the idea of vacation swapping. RCI is also affiliated with nearly 4,500 resorts in over 100 countries. Nearly 4 million members joined the program to trade timeshare points between resorts. Terms for RCI timeshare memberships range from one to three years. Some RCI members no longer require the timeshare exchange network before their membership expires for various reasons. However, terminating an RCI contract can take a lot of work requiring mountains of documentation.
RCI has little incentive to assist you in canceling your contract. Consequently, the likelihood of escaping on your own is quite low.
Customer’s Report on RCI
If you want to get out of RCI timeshares, customers’ experiences are evidence of legitimate and fraudulent timeshares. According to the Better Business Bureau and Trustpilot, some consumer testimonials are below.
Better Business Bureau
“Absolute scam of a company. 1) Fee to just be a member. 2) Fee to book your timeshare exchange. 3) Fee to combine points to afford to book a timeshare. 4) Cant even look at current inventory as a paying member unless you deposit more points / weeks. They never have the locations you want for exchange but they have them for sale. And at the end of the day, it potentially costs you an additional $650 on top of any maintenance fees you pay for your timeshare to be able to exchange. We have done the math and it is cheaper to get a hotel or airbnb / vrbo rental in a location you actually want for the week than have a timeshare and use RCI. If you already have a timeshare, I recommend researching other exchange services or simply banking with your timeshare company than pay the ridiculous fees RCI charges its members and holds them hostage to bank more weeks just to see what weeks may be available.”
Trustpilot
“I have owned a time share for 18 years. I signed up with RCI the first two years and realized it was useless. I couldn’t ever get a week to exchange that was comparable to the unit/resort I owned and the fees they charge are ridiculous. I signed up again last year and banked two years of my timeshare. I have had the same experience but worse. If I don’t renew for another year I can’t use the property I reserve because my membership will be inactive according to Alex- the representative I spoke to who also could not give me his last name, employee number, a supervisor, email contact, etc. They also have a horrible cancellation policy. If you don’t pay for cancellation insurance then they take 100% of the fees paid even if they are for services that won’t be used because you are cancelling. I will never use RCI again.”
What Are Timeshare Resale and Timeshare Exit?
The main goal of a Timeshare Resale or Timeshare Exit company is to get you out of your timeshare contract legally. These companies provide an important service to timeshare owners who no longer wish to own their timeshare. True, timeshares may be a great way to spend your vacation money. However, yearly maintenance expenditures may run into hundreds (or thousands) of dollars, prompting many people to want to sell them.
Deedback Programs for RCI Timeshare Owners
Executing a quit claim deed and transferring ownership of the timeshare back to the resort is a viable solution. Regrettably, transferring property ownership to an unwilling recipient is not feasible.
The relinquishment of a timeshare to a resort can be facilitated through a feedback mechanism or a designated program. The responsibility remains on the individual to fulfill the obligations of maintenance and special assessment payments in addition to their mortgage payments.
The possibility of deeding back a timeshare to the developer with their consent is a potential avenue for those interested in selling their timeshare. Executing a deedback involves the transfer of the deed to an asset or interest from the grantee back to the grantor. The termination of an RCI timeshare contract can be achieved through the engagement of a reliable timeshare exit company.
RCI Rescission Laws
You have legal rights to exit RCI timeshare contract for any reason. Several laws protect the cooling-off periods that enable purchasers to alter their views about purchasing a timeshare. Desist allowing anyone to convince you that your timeshare purchase is non-refundable. Even if you are still determining the time, exercise caution.
You must locate the new contract number and all appendices for your timeshare documents. In most cases, the rescission period is between 3 to 14 days, depending on where you purchased the property and where you reside. The law is constantly altering, so you should take a risk immediately. The jurisdictional rescission period for your contract will be prominently displayed in your timeshare transaction’s closing documents.
Find the location where you should send your rescind request letter and send it there. Consult your RCI Timeshare contract for the correct address to submit your cancellation letter. The inability to locate the resort’s address online could result in the cancellation letter being sent to the wrong division.
The letter of cancellation should be sent via Certified Mail with Return Receipt.
The Lawsuit Against RCI
- GLENZ v. RCI, LLC
Safeguarding Your Transactions via Escrow
An Escrow account is a client account managed by a bank or trustee where the funds of timeshare owners are held until the timeshare is terminated.
Timeshare owners pay directly to the bank or trustee in an Escrow account, thereby preventing timeshare exit businesses from being enticed to use their customers’ funds as cash flow. The timeshare exit company can only withdraw funds from Escrow once the service has been completed.
Why You Should Cancel RCI Timeshare
Possessing a timeshare sometimes seems like a fantastic idea, but it may not be as alluring in the long run as you currently believe. It is easy to fall for the company’s enticing sales tactics; nothing entices us more than extravagant vacations. You will eventually encounter the disadvantages of purchasing a timeshare, however. You and future generations should recognize its drawbacks and initiate the process of leaving. Below are some reasons to cancel your RCI Timeshare:
Stress Attributable to Timeshare Ownership:
Those who have never purchased a timeshare should know how difficult and time-consuming the paperwork is to read before completing it. Resorts will take every precaution to protect your membership. These companies insist that you sign numerous documents, making your agreement legally binding and making it difficult to renege on your commitment. This documentation frequently employs industry-specific terms such as the Right of Survivorship Clause, the Right of Refusal Clause, and the Perpetuity Clause.
Due to these restrictions, finding meaningful ways to escape independently is more difficult without consulting a counsel. The salesperson will attempt to confound you with jargon when describing specific aspects. They are notorious for diverting your attention from the reality of timeshare ownership to persuade you to sign the contract.
Increasing Maintenance Costs:
The escalating annual maintenance costs are why many timeshare owners wish to abandon their properties. The maintenance fees are not disclosed at the time of the transaction; however, after one or two years, the business will begin increasing the costs annually. It will compel you to continue the contract and pay the increases.
Financial Change:
You may have been financially stable when you purchased your timeshare, but circumstances, as with everything in life, can change. You may have lost your job or depleted your savings due to an epidemic. There are other additional factors to consider before scheduling an annual vacation. Suppose you are experiencing financial restraints; in this situation, the next best course of action is to get rid of RCI timeshare, as you will save significant money overall. The funds may be used for something significantly more important than an annual vacation.
Boredom:
As timeshare contracts are lifetime commitments, they may outlast your desire to visit the destinations they offer. One of the most significant drawbacks of timeshares is their need to offer sufficient entertainment options.
Even if you have excellent resort options and various locations to choose from, you may become tired and feel like you’ve tried everything within the first five to ten years.
FAQs
- What is RCI cancellation policy?
When you quit more than 61 days before the start date, you will get 70% of the purchase price back. If you quit between 15 and 60 days before the start date, you will get back 50% of the buying price.
- What is the address for RCI cancellation?
A Member may cancel or change a Confirmed Exchange online by notifying RCI by telephone or in person at RCI, 9998 North Michigan Road, Carmel, Indiana 46032.
- Who runs RCI?
RCI is part of the Wyndham Worldwide Group, one of the largest hospitality companies across six continents.
If you wish to exit RCI Timeshare, please consult our directory of reputable timeshare exit companies, call us at (619) 354-2362, or use the message form or live chat on the right side of this page to reach us.