How to Cancel a Hyatt Timeshare

If you’re trying to cancel your Hyatt Residence Club timeshare, several options are available to exit. Whether you’re facing health issues or financial challenges, or no longer want ownership, you may choose to

• Use your cooling-off period to exit (if it’s still active)
• Request a formal release from Hyatt Residence Club
• Work with licensed exit professionals to handle cancellations on your behalf
  
• Resell or rent the unit through known platforms
  
• Give your timeshare away to someone if there’s no other option
  
• Avoid timeshare scams and bait offers

Each option has potential challenges, and understanding them is crucial to picking the best one.

1. Rescind Your Timeshare 

If you recently purchased a Hyatt Residence Club timeshare and are thinking of canceling it, you may rescind your contract. This is a legal period called rescission, during which you are not required to pay a penalty. This is often the cost-free and easiest method of canceling a timeshare, but it has a short window, typically ranging from 3 to 15 calendar days after signing the agreement. 

Hyatt Cancellation Policy

Hyatt Residence Club operates in several U.S. states, each with its own rescission period. You’ve seven calendar days if you’ve purchased your Hyatt timeshare in Arizona, California, Hawaii, New York, or Virginia. You have five calendar days in Utah, South Carolina, Nevada, and Colorado. In Tennessee and Florida, you have 10 days to legally rescind your timeshare agreement.

Step-by-Step Guide on How to Cancel within the Rescission Period

Review your Contract: Open the contract and locate the rescission clause. It includes cancellation instructions and specifies the number of days required for legal cancellation.

Prepare a Letter for Cancellation: Write a formal letter to the Hyatt Residence Club and include:

• Your name and contact information
• purchase date
• Unit/week details
• A clear statement that you want to rescind the contract and the reasons for cancellation.

Click to learn how to write a perfect rescission letter

Mail it the Right Way: Mail the written letter using certified mail with a return receipt to have evidence that your letter was delivered on time.

Note: Send it to the correct address mentioned in your contract.

Keep All Documentation: Save copies of your letter, mailing receipt, and delivery confirmation.

Common Mistakes To Avoid During Rescission Request

• Do not send the cancellation letter to the wrong address.
• Do not wait for too long and miss the deadline
• Do not attempt to cancel over the phone or by email.

2. Working Directly With the Hyatt Residence Club

If you’ve missed the rescission period but still wish to exit your Hyatt Residence Club timeshare, the most logical step is to contact the resort directly. You may be surprised to learn that Hyatt offers limited pathways for timeshare cancellation, but these options are often not well-promoted.

Common Exit Options 

Hyatt Residence Club may offer the following exit options.

Deed-Back Program: This program allows you to return your deeded interest to your Hyatt voluntarily. It usually requires the account to be in good condition, i.e., no past-due fees. The resort may charge a small processing fee, but it is minimal compared to the costs of the exit company.

Surrender of Points: You can surrender your points back for point-based memberships if you haven’t used them.

Hardship Release Option: The resort may provide relief options if you can prove a hardship, such as a disability or medical condition, the death of a co-owner, or loss of income.

Why Should You Work with Hyatt

Working directly with Hyatt is usually more cost-effective than hiring exit companies. Moreover, it is simpler and more secure legally, with no risk of scams.

3. Hire a Professional Exit Company

Hiring a professional timeshare exit company may be viable when your resort has denied your request. These exit firms specialize in assisting timeshare owners in legally exiting their contracts.

However, not all exit companies are legit and reliable, and scams are more common in the exit industry. Therefore, it’s essential to conduct thorough research before selecting a partner.

When to Hire a Timeshare Exit Company

You might consider hiring an exit company if:

• You’ve missed your cooling-off period (rescission window).
• You’ve tried and failed to negotiate directly with Hyatt.
• Your timeshare has an outstanding mortgage.
• You’re facing the issue of rising maintenance fees or harassment.
• You were misled during the purchase and suspect fraud.

What Does a Timeshare Exit Company Do?

• A timeshare exit company will review your contract and ownership details
• Identify legal or contractual loopholes.
• Negotiate effectively with your resort on your behalf
• Work with legal teams, if needed.

How to Find a Reputable Exit Company

Here are some tips to help you choose a reputable exit company and protect yourself from scams.

Look for Accreditation: Check whether the exit company is accredited by the Better Business Bureau (BBB) and has years of experience in the timeshare exit industry.

Escrow Payment: Work with firms that do not charge all fees upfront. Trustworthy companies offer escrow payment protection to their clients.

Read Client Testimonials: Always check customer reviews and ratings on different platforms. Verified testimonials can showcase how the company handles timeshare contracts.

4. Rent Out Your Hyatt Residence Timeshare

If you’re not ready to sell, consider renting it out to cover some of your costs. However, remember that renting is not a straightforward process. Hyatt Residence Club owners with point-based or floating week ownership may be able to rent out their property, but there are some restrictions.

• You must be in good standing (fees paid and no defaults)
• You may need to book first, then rent it to someone else.

Biggest Misconception regarding Renting Timeshare

One of the biggest misconceptions is that there’s a high demand for timeshare rentals, but in reality, most travelers prefer to book hotels, Airbnb, or vacation rentals.

The results? Your timeshare may be listed for weeks or months, you may end up paying listing fees, and your listing may sit unsold.

Risks of Renting

Aside from low demand, renting carries significant risks such as:

Property Damage: If a renter damages the property or mistreats the unit, you may be held responsible.

Violation of Rules: Renters may be unfamiliar with resort policies and inadvertently violate rules, which can lead to disputes with the Hyatt resort.

5. Sell Your Hyatt Residence Club Timeshare

When you aren’t eligible for cancellation through the resort, you can consider selling your Hyatt Residence Club timeshare. While this may sound easy, it’s often more complex and less profitable.

Why Selling is not a Smart Option?

Selling is not a good option due to:

• Oversaturation of the resale market with listings.
• The limited demand for timeshare
• Less or no resale value

The harsh truth is that many timeshare owners sell their units for $1 or less on platforms like eBay, Craigslist, or other resale forums. Why?

Because buyers aren’t purchasing for value, they’re taking over your annual financial burden. Many sellers will sell their timeshare for free to escape the ongoing fees.

6. Give Away Your Timeshare

One option to free yourself from a timeshare contract is to give it away to someone. Whether it’s a family member, friend, relative, or even a stranger, it’s essential to provide or give away only to those who genuinely want it. 

Giving away options is also not without risks, such as facing restrictions from your resort or incurring a high transfer fee. 

Moreover, in many states, such as Florida, the original owner is held liable for any defaults made by the new owner. 

According to the Florida timeshare law under Section 721.17, “the obligations of the transferee under such instrument will continue to exist despite any cancellation or rejection of the contracts between the developer and purchaser arising out of bankruptcy proceedings.”

So,  if you do not transfer timeshare legally, you’ll still be on the hook. So, always consult a legal expert or use a professional title transfer service to ensure a safe and legal way out.

Legal Action

Legal action may be a viable option to consider when other options are unsuccessful. This should be taken when:

• You’ve tried all other exit options, such as direct negotiation with your resort or working with a reliable exit firm.
• You’ve faced significant financial losses due to fraud, fake promises, or unforeseen circumstances.
• You’re suffering from collections or lawsuits from the timeshare company or third-party debt collectors.

Don’t go for this alone; contact a lawyer who specializes in timeshare law to help you determine the best course of action and potentially recover damages or secure a release from the contract. 

Timeline and Cost Expectation for Each Option

Here’s a brief overview of each option’s timeline and associated costs.

How to Avoid Timeshare Exit Scams

It’s too difficult to protect yourself from timeshare exit scams because the industry is unfortunately filled with scams. Knowing what to look for and what to avoid can save you from losing thousands.

Some common red flags that signal a scam are promising quick cancellation, using high-pressure tactics, not providing written evidence, and not having a transparent fee structure.

At Timeshare Cancellation, we understand how tricky it can be to choose the right exit partner. That’s why we’re here to provide honest advice to help you avoid fraud and connect you with only vetted, trusted exit companies that use an escrow, no upfront payment option.

Lawsuits Against Hyatt Residence Club 

The fractional owners at Hyatt Grand Aspen filed a lawsuit against Hyatt, claiming that the company misled them by converting unsold fractional ownerships into a point-based system. This change minimizes the value of their original ownership. The owners argue that the company violated their trust and caused them to lose value in their investment.

Conclusion

Cancelling your Hyatt Residence Club timeshare is possible, and there are numerous ways you’ve just explored. You can work with your resort, sell, rent, or hire a professional exit company. Each option has benefits and risks, and the right choice depends on your situation.

If you’re unsure which path suits you or want to avoid scams, Timeshare Cancellation can help you. Our team of experts will guide you and recommend reliable exit companies that use escrow protection. 

FAQs 

Q1: Do I get my Hyatt points back if I cancel?

If you cancel your Hyatt timeshare, your unused points may be forfeited, depending on your contract terms and conditions. Usually, points are non-refundable upon cancellation. It’s essential to check your agreement or consult with Hyatt’s Exit Specialists to learn the implications of your points.

Q2: How do I cancel the Hyatt Residence Club timeshare?

You have various options to cancel your Hyatt timeshare, such as a rescission period during which you can cancel without penalty, contacting your resort to explore exit programs, or hiring a timeshare exit company to negotiate with your resort.

Q3: Will Hyatt buy back my timeshare?

Hyatt Residence Club may buy back your timeshare under specific conditions, such as that your ownership is fully paid and all maintenance fees and dues are current. However, acceptance is not guaranteed, so it’s advisable to contact Hyatt exit specialists for details.

Q4: How do I sell my Hyatt timeshare?

To sell your Hyatt timeshare, research recent sales of similar timeshares to set a price. Then, list your timeshare on reputable platforms like Redweek, Fidelity Real Estate, or Timeshare Only. Once you find a buyer, work with a licensed broker to handle the transfer of ownership.