Buying DVC

[lovin'fl]

What happens when the resort reaches its expiration? Then is it better to buy at a resort that has a "longer" expiration?

You are done when they expire...though Disney may offer extensions for a fee...nobody knows as we aren't there yet. I just assume mine will expire and we'll be done with DVC, but in 29 years I will be old anyway.

 

[disneynutz]

You are done when they expire...though Disney may offer extensions for a fee...nobody knows as we aren't there yet. I just assume mine will expire and we'll be done with DVC, but in 29 years I will be old anyway.

Disney offered an extension for OKW but their implementation of the program was done so poorly, the idea wasn't well received.

My guess is if they can make enough money with extensions, they will offer them. Disney currently is acquiring OKW contracts so my guess is that they are going to do something there.

Who knows what the new executive for DVD/DVC will come up with.

Bill

 

[ToddyLu]

There are several stickies at the top of the DVC forums. You can start there and learn about Use Year (UY), rules about cancelling a DVC reservation and picking a home resort. Passporter also has a DVC guide you can download to your computer and read at your leisure.

 

[ELMC]

Also look into the restrictions on the resale use. I believe they can only be used on Disney property and cannot be used with RCI

This is untrue. Resale points can be used for stays at DVC resorts (including off property locations such as HH and VB), RCI exchanges and Club Cordial/Club Intrawest.

The restrictions on resale points means that you can't use them for Adventures by Disney, The Concierge Collection, and The Disney Collection (Disney Cruise Line is included in this group and is, therefore, excluded).

That being said, these options are not guaranteed, have limited availability, are generally a very expensive way to use your points and require large amounts of points. It's basically like saying that if I buy a used car I can't attach a chainsaw to it and use it to mow my lawn. No biggie, I wasn't planning on doing that anyway.

 

[ELMC]

What happens when the resort reaches its expiration? Then is it better to buy at a resort that has a "longer" expiration?

You have a lot of great questions. My advice would be to skim the thread topics over the past few months to find ones pertaining to your questions as well as read the stickies on this board. You will learn a lot in a very organized fashion, and then you can start a thread to ask any question that you still have after doing your research. It might be easier and less confusing for you as you learn what you need to know about DVC.

Good luck.

 

[bellepearle]

I believe that you should buy where you love to stay.

At the end of contract life, Disney will take the contract back or they might offer an extension for a fee.

My guess is that most people won't keep their contracts until termination. Life changes, Disney changes, who knows what your interests will be in 10 years.

Bill

Ok. Good to know. Thanks so much!

 

[bellepearle]

You are done when they expire...though Disney may offer extensions for a fee...nobody knows as we aren't there yet. I just assume mine will expire and we'll be done with DVC, but in 29 years I will be old anyway.

I was just curious. I've never had experience with timeshares before.

 

[bellepearle]

There are several stickies at the top of the DVC forums. You can start there and learn about Use Year (UY), rules about cancelling a DVC reservation and picking a home resort. Passporter also has a DVC guide you can download to your computer and read at your leisure.

Thanks for the tips!

 

[bellepearle]

This is untrue. Resale points can be used for stays at DVC resorts (including off property locations such as HH and VB), RCI exchanges and Club Cordial/Club Intrawest.

The restrictions on resale points means that you can't use them for Adventures by Disney, The Concierge Collection, and The Disney Collection (Disney Cruise Line is included in this group and is, therefore, excluded).

That being said, these options are not guaranteed, have limited availability, are generally a very expensive way to use your points and require large amounts of points. It's basically like saying that if I buy a used car I can't attach a chainsaw to it and use it to mow my lawn. No biggie, I wasn't planning on doing that anyway.

Thanks for the info!

 

[bellepearle]

You have a lot of great questions. My advice would be to skim the thread topics over the past few months to find ones pertaining to your questions as well as read the stickies on this board. You will learn a lot in a very organized fashion, and then you can start a thread to ask any question that you still have after doing your research. It might be easier and less confusing for you as you learn what you need to know about DVC.

Good luck.

Thank you so much. I wasn't sure if my questions were stupid or not but I really don't know much besides what I've learned from renting points from a member.

 

[lovin'fl]

I was just curious. I've never had experience with timeshares before.

I think regular timeshares are for life...Disney is different in that it has and expiration. We own OKW and got a letter a few years ago, from DVC, asking us if we wanted to pay to get the extension...it was a few thousand dollars and we were like 'no thank you'. I can't see us continuing to visit WDW into our 70s....we figure we will pass our points on to our kids at some point (my plan was to have 300 points so that each kid could use 100...we have 275 and are trying to add on some more right now).

 

[bellepearle]

I think regular timeshares are for life...Disney is different in that it has and expiration. We own OKW and got a letter a few years ago, from DVC, asking us if we wanted to pay to get the extension...it was a few thousand dollars and we were like 'no thank you'. I can't see us continuing to visit WDW into our 70s....we figure we will pass our points on to our kids at some point (my plan was to have 300 points so that each kid could use 100...we have 275 and are trying to add on some more right now).

So if you pass on your points to your children, won't they expire since you didn't extend the contract? Will your children and their families be able to use the points without the extension?

 

[lovin'fl]

So if you pass on your points to your children, won't they expire since you didn't extend the contract? Will your children and their families be able to use the points without the extension?

They can use them until they expire and if Disney offers an extension then I guess my kids can buy it. I suppose, at some point, we will have to add our kids names on the contracts so they have access to them.

 

[lodge]

My advice would be to skim the thread topics over the past few months to find ones pertaining to your questions as well as read the stickies on this board. You will learn a lot in a very organized fashion, and then you can start a thread to ask any question that you still have after doing your research. It might be easier and less confusing for you as you learn what you need to know about DVC.

I'll second this, as it has been working for me. It certainly does take a bit of time, though (but it's FUN!!)

 

[ToddyLu]

to put cost in perspective. DH and I purchased 210 points direct in 2009, for reasons that are not improtant we decided to finance with Disney for 10 years at I think 10.75% interest. Our points then cost $93 a point after discounts running at the time. It was difficult for me to find the cost, too. We pay $237 a month for our mortgage and $80 a month for MFs. You are not penalized if you pay it off early and it does not show up on your credit report because Disney is accepting the risk with their points. We have excellent credit so were given a preferred interest rate as opposed to the standard interest rate of about 14%.

DH and I do not own a boat, golf, gamble or want a Rolex. This is the way we choose to spend our money.

I spoke with the Guide on a Saturday morning, we had the contract on Tuesday, sent it back on Thursday and it was at Disney on Friday.

 

[bellepearle]

They can use them until they expire and if Disney offers an extension then I guess my kids can buy it. I suppose, at some point, we will have to add our kids names on the contracts so they have access to them.

Ok makes sense!

 

[bellepearle]

I'll second this, as it has been working for me. It certainly does take a bit of time, though (but it's FUN!!)

Thanks!

 

[bellepearle]

to put cost in perspective. DH and I purchased 210 points direct in 2009, for reasons that are not improtant we decided to finance with Disney for 10 years at I think 10.75% interest. Our points then cost $93 a point after discounts running at the time. It was difficult for me to find the cost, too. We pay $237 a month for our mortgage and $80 a month for MFs. You are not penalized if you pay it off early and it does not show up on your credit report because Disney is accepting the risk with their points. We have excellent credit so were given a preferred interest rate as opposed to the standard interest rate of about 14%.

DH and I do not own a boat, golf, gamble or want a Rolex. This is the way we choose to spend our money.

I spoke with the Guide on a Saturday morning, we had the contract on Tuesday, sent it back on Thursday and it was at Disney on Friday.

Thanks for your explanation. You make it sound easy! Yes, I was surprised that I couldn't find the cost and what I did find did not have the cost for the older resorts like BWV, BCV, etc. Even after I got the info packet in the mail, that still did not explain the pricing!

 

[DizBub]

Thanks for your explanation. You make it sound easy! Yes, I was surprised that I couldn't find the cost and what I did find did not have the cost for the older resorts like BWV, BCV, etc. Even after I got the info packet in the mail, that still did not explain the pricing!

http://dvcnews.com/index.php/dvc-program/financial/pricing-a-promotions

This is a link to current pricing for all the resorts.
Note: Resale is much cheaper.

I justified our purchase like buying a car. Monthly payments for us is equal to a new car payment. Paid off in 4/5 years. Monthly dues are like insurance, tags, oil changes, gas, etc. I know this is not a popular comparison for some but it works for us.

 

[bellepearle]

http://dvcnews.com/index.php/dvc-program/financial/pricing-a-promotions

This is a link to current pricing for all the resorts.
Note: Resale is much cheaper.

I justified our purchase like buying a car. Monthly payments for us is equal to a new car payment. Paid off in 4/5 years. Monthly dues are like insurance, tags, oil changes, gas, etc. I know this is not a popular comparison for some but it works for us.

Thank you. Yes, I saw that link. It's a great website. No, your comparison does make sense as long as it is something that will be used.