Westgate does not buy back timeshares, so the only way owners can make some money back on their original purchase is to sell their Westgate timeshare on the resale market.

They have created a program call the Legacy Program, which is a customer service program Westgate developed to steer owners away from so-called exit companies. This program allows owners to contact Westgate directly with any questions regarding their ownership and possible exit options. But these will not include a buy back option and Westgate has been known to attempt to upsell owners into their travel club program as a way to transition owners from their timeshare into their club.

Owners looking to sell their timeshare can either contact a timeshare resale advertising company or a timeshare brokerage firm in order to sell and make some money from their ownership.

There is no standard price for a Westgate Resort timeshare, since the costs differ depending on a number of variables. The first is where the timeshare was purchased – either at the resort or on the timeshare resale market.

If the timeshare was purchased at the resort, the prices are considerably higher due to the sales commissions and marketing costs included in the resort prices. These costs can add up to as much as 60 percent of the overall sale price. On the resale market, these costs are removed because the buyer is purchasing from an existing owner instead of a salesperson on commission.

As a reference point, the American Resort Development Association (ARDA) states that the average price of a week of timeshare sold at a resort is just shy of $23,000. So a Westgate timeshare resale would cost thousands of dollars less than those sold at the resorts.

Other criteria determining costs include the resort at which the timeshare was purchased, the size of the unit and week or season of ownership. As an example, a two-bedroom unit at Westgate Park City during ski season would cost more than a one-bedroom unit in January at Westgate Myrtle Beach Oceanfront.

Prices for Westgate timeshare resales can be seen by clicking here. Remember that negotiating on the resale market can result in an even better price.

The first item to understand is that Westgate does not have a resale program, so they cannot help you if you want to sell it yourself. The best options to sell your Westgate timeshare would be to either advertise with an online company specializing in timeshare resales or use a timeshare brokerage firm.

You could try using outlets such as social media, magazines or telling your friends or family, but ask yourself where the buyers are more likely to be?

Online advertising companies in the timeshare resale space use search engine marketing to attract buyers to their websites – and buyers are online looking for deals. Sellers negotiate the sale themselves and use a closing company to complete the transaction. By using this method, the seller keeps all of the proceeds from the sale for themselves without the need to pay out a commission. All this requires is an advertising fee, similar to advertising any other product online.

A timeshare broker uses licensed agents to handle the process on behalf of the seller. While this seems like a good way to go, keep in mind that the seller pays for this service through a commission when the sale is completed. This can cost as much as $1,500 or 15 percent of the sale price, whichever is higher, and is usually more expensive than using an advertising service.

The primary way to cancel a Westgate timeshare is to request the cancellation in writing within the initial rescission period after the timeshare was originally purchased. State laws require that timeshare companies offer a timeframe after the sale when a buyer can request a refund and cancel their purchase. These timeframes vary by state but can be anywhere between three to 14 days after the purchase. For this option, refer to your sales contract for details and follow them to the letter.

If you are outside of your rescission period, you can try contacting Westgate directly to see if they can help. They have a program called the Legacy Program which is designed for customers thinking about transitioning from their ownership. Requests are considered on a case-by-case basis but there is no guarantee that Westgate will cancel your ownership.

Remember that they do not have a resale program and do not buy back timeshares. Criteria must be met such as annual fees paid in full and no mortgages attached to the ownership. In most cases, documented financial distress is the primary reason it would be considered, but keep in mind that this program has also been used at times to upsell Westgate owners into their travel club program.

One area to avoid is dealing with the so-called timeshare cancellation or exit companies. The Legacy Program was created as a way for Westgate to keep people away from these businesses and Westgate has brought legal action against these companies in the past. Cancellation companies claiming to get owners out of their timeshare charge upwards of $5,000, but the only company that can authorize such action is Westgate.

If you are an owner looking to cancel, trying selling instead and get some money back from your purchase. Timeshare resale advertisers and timeshare brokerage firms can go over the details with you to help you sell.

If an owner decides to stop paying their Westgate timeshare fees, it could have significant ramifications on your credit report.

First, understand that there could be multiple payments being made on your Westgate timeshare. If you took out a mortgage to pay for your timeshare, chances are that the contract was transferred to a lender that you are paying and this is probably structured as an unsecured loan. This could function more like a credit card payment than a typical, secured mortgage, so the lender could use every lawful means at their disposal to keep those payments coming in. At the very least, they would probably refer you to a collection agency before taking more drastic measures.

If your timeshare is paid up and you’re looking to stop paying your annual maintenance fees, this is between you and Westgate. The company will reach out to you to find out what the problem is and try to continue those payments. If you continue to not pay, they could refer you to a collection agency and eventually foreclose on your timeshare to get your ownership back.

In either of these scenarios, each step could be reported to the credit bureaus and negatively impact your credit score. The longer it goes and the more steps it takes, the more your score could be affected.

If you are considering not paying your Westgate fees, please give us a call so we can go over options with you to sell your timeshare.