Totally new! HELP

[ThreeMaganaGirls]

Ok we just bought a DVC membership on a cruise. We purchased the 320 points package. Got what we think is a great rate, but I am starting to think we just didn't get everything explained to us. Like our home resort (something we never heard of) and dues as high at 1800 a year? they quoted us a much lower number but of course did leave room for a yearly inflation.

Am I missing things? If so could you all help a newby out and see if we can figure out where to get the info we need??

 

[csharpwv]

Your home resort is where your points were purchased.

Your home resort is the specific resort that you bought in to - at this point Aulani, Animal Kingdom, Bay Lake Tower, or Saratoga Springs

You are going to have a LOT of people jump on this thread and tell them that if you bought direct from Disney, you got a HORRIBLE deal.... DVC is available for purchase through resales (owners selling their membership) - BUT the points aren't at full value, and cannot be traded in to all of the options.

Ask all the questions you like, my DW and I have 4 home resorts, and have been members since 2008 - and I am a total Disney and DVC nut - so ask all the questions you like!

 

[csharpwv]

Depending on your home resort, your dues will vary.

There is a fixed number for each resort, each year, based on the previous year's MF's. You can find lists of current MF's all over the internet, the dues for 2013 were just published with in the last month.

Ask away!

 

[chalee94]

Am I missing things? If so could you all help a newby out and see if we can figure out where to get the info we need??

hang out here. ask questions.

poke around in different threads that look interesting. get a sense of what other owners like, don't like or are having issues with.

look at the stickied threads like the "DVC Resource Center" to see how dues have increased over the years. dues will definitely be higher than $1800 on 320 pts in another few years.

cancel if you are still within the cancellation window and are unsure. if you didn't buy DVC to stay at DVC resorts, you need to understand that trading for cruises and such isn't a great deal (look at the point charts) - if you don't understand that a timeshare is fundamentally different than a hotel (and you love daily housekeeping), you may wind up disappointed.

if you bought direct and need to sell later, keep in mind you will be selling at resale prices less commission and will almost certainly lose money - so i say again, if canceling is still an option, do so if you are unsure.

 

[DebbieB]

Ok we just bought a DVC membership on a cruise. We purchased the 320 points package. Got what we think is a great rate, but I am starting to think we just didn't get everything explained to us. Like our home resort (something we never heard of) and dues as high at 1800 a year? they quoted us a much lower number but of course did leave room for a yearly inflation.

Am I missing things? If so could you all help a newby out and see if we can figure out where to get the info we need??

Your home resort should be listed in your paperwork. Animal Kingdom Villas? Bay Lake Tower? Aulani (Hawaii)?

Dues are charged per point and varies at each resort. For 320 points, you would be looking at around $1814 for 2013 at Animal Kingdom. Bay Lake Tower would be around $1440. Aulani would be around $2000.

With 320 points, I would break it up into 2 contracts in case you want to sell off part later. You may want to buy a smaller amount to start with and add-on later.

 

[ThreeMaganaGirls]

Thanks! We did break it up to two contracts. I know Auliani and DAK are on my paper work I will look in to see more specifically. We are within the cancellation. Cruising was not our reason for purchase. My mom was looking for a way to basically pre-buy our vacations and be able to plan large trips every 3 years (Large being WDW for more than a week) and smaller things in between.

Does our home resort (whatever it turns out to be) affect our ability to stay at other DVC resorts? Or the amount of points needed to do so? Or is the point chart what it is?

Thanks for all the help. I am sure more questions will come.

 

[chalee94]

Does our home resort (whatever it turns out to be) affect our ability to stay at other DVC resorts?

sometimes yes. if you absolutely want to stay at one specific resort and can book 10-11 months in advance, it is better to own there.

Or the amount of points needed to do so?

no. the point chart what it is.

 

[Lynne M]

The very best advice I can give you is to cancel now, and learn all you can about DVC, to find out if it's really for you. You'll need to understand more about your home resort and the impact that will have on your ability to book, especially at busy times of the year. Right now, one of your home resorts is in Hawaii, so you won't be getting the 11-month booking advantage at WDW with the points in that contract. Aulani also has very high maintenance fees, and unless you're planning to vacation frequently in Hawaii and need the 11-month advantage there, there's no reason to be paying those fees.

If you don't plan to use the exchange options like DCL, you'll also want to take a good look at resale. You lose nothing by buying resale except the ability to use points to book DCL, ABD, and some of the non-DVC resorts at WDW, and you'll almost certainly save thousands.

Understand that the salespeople on the cruise are paid to push certain resorts. Right now, they're selling Aulani and AKV. Get out of the deal, do the research, take your time, and choose the home resorts that are the right ones for your family.

 

[disneynutz]

Unless money isn't an issue, I agree with Lynne, resend your contracts and start reading here on the DIS.

Bill

 

[zavandor]

I support the idea of cancelling the contract for now.
I'm not saying that buying DVC is a bad idea, I'm buying my second contract now, but it looks like your salesperson did not explain it well everything you need to know.
So take your time, learn how the system works and then if you'll think that it's a good idea call back your guide and go on with the purchase. Or evaluate to purchase a different resort or thought resale instead of direct Disney.

Other questions you need to be able to answer:
What is a Use Year and how it impact your reservation?
What are cancellation policies?
What are banking and borrowing?
If you want to sell your contract, how much does it value?

 

[bumbershoot]

Depending on how busy the OP is for the next few days (some people are busy this time of year...some are not...for instance, my family is rarely busy this time of year since we don't celebrate anything seriously or with stress, and have no family functions to deal with), they could probably hold off on canceling (depending on how many days ago it was that they signed the contracts, of course) and just read read read.

Take a couple/few days to do that, and THEN cancel/rescind if they wish/need to.



We bought direct from DVC, we got Bay Lake...we have never stayed at Bay Lake, LOL. We have stayed at OKW, Animal Kingdom Jambo (and soon to be Kidani, giving them another chance), Boardwalk... Also soon, Villas at Wilderness Lodge and Saratoga Springs. This works for us, we are perfectly happy with our decisions and how we use our points. BUT I researched everything quite a bit, and we waited nearly 2 years between getting a presentation about DVC and buying. Lots of time to mull it over. (and yet we still missed one option, and I missed another specific bit of our exact purchase...so even 2 years won't necessarily make sure you get it ALL)


Dues do add up! Take $x per point and multiply it by 320, and you've got a lot of money each year.

 

[ThreeMaganaGirls]

Thanks! I think that the idea works for us, but I am a little annoyed that the idea of a different home resort or a home resort at all wasn't even mentioned. Since I think we need to cancel and figure everything out before we go forward, can we ask for a different home resort option? Perhaps not one in Hawaii since that will be a occasional thing but not our primary destination? Does anyone know?

 

[disneynutz]

Thanks! I think that the idea works for us, but I am a little annoyed that the idea of a different home resort or a home resort at all wasn't even mentioned. Since I think we need to cancel and figure everything out before we go forward, can we ask for a different home resort option? Perhaps not one in Hawaii since that will be a occasional thing but not our primary destination? Does anyone know?

You can buy anywhere you like, your should buy where you love to stay. Is financing a issue? If it isn't you should really consider resale.

Buying isn't the expensive part, it's the dues, food, travel, admission, and all the rest. A 300 point BCV ownership can easily cost a quarter of a million dollars over a 30 year period and that's with only spending $2000 for the first year.

Bill

 

[chalee94]

Since I think we need to cancel and figure everything out before we go forward, can we ask for a different home resort option? Perhaps not one in Hawaii since that will be a occasional thing but not our primary destination? Does anyone know?

it's fun to buy DVC (aka "a piece of the magic") on vacation but if you are spending tens of thousands of dollars, why not take a few months to do your homework on how DVC works and potential pitfalls before spending the money?

if you are sure you have a favorite onsite DVC resort, DVC will sell you a direct contract for whichever resort you prefer. the prices would be different (and in some cases, some resorts like beach club villas expire in 2042 while a newer resort like bay lake tower expires in 2060.) DVC guides/salespeople are compensated differently if you buy some resorts (AKV/aulani) as opposed to other resorts, so they might prefer to steer you in a certain direction - but be clear that you can get what you want if you are firm.

also, consider resales as lynne said. that is a great way to save thousands.

don't want to burst your bubble but if the money involved is significant to you, i'd agree that canceling and looking at some of the details before making a commitment is the best way to go. DVC will still be there in a few months...

 

[DougEMG]

Thanks! I think that the idea works for us, but I am a little annoyed that the idea of a different home resort or a home resort at all wasn't even mentioned. Since I think we need to cancel and figure everything out before we go forward, can we ask for a different home resort option? Perhaps not one in Hawaii since that will be a occasional thing but not our primary destination? Does anyone know?

Wise decision canceling and learning everything you can about the program first. DVC is still going to be there once you figure out everything out.

Things you need to learn about are
-direct vrs resale purchases
-home resorts and 11 month booking window
-non home resorts and 7 month booking window
-banking, borrowing and transferring points
-annual maintenance fees
-point costs for various rooms
-diference between DVC and a hotel room
-using points for cruising
-using points for trading into RCI


Good luck

 

[DizBub]

We jumped in with all 4 feet when we bought direct and basically learned as we went. It's been a wonderful experience for us and have enjoyed every minute.

That said, I agree with all the other posters to cancel your purchase for now and do more research. You REALLY need to have a better understanding of DVC and how it works. It's a huge outlay of money and the dues are not insignificant. Resale is less expensive and the dues will be the same. If you don't intend to visit Aulani often and don't need the booking advantage why would you want to pay the dues for it?

Best of luck with your decision!

 

[Deb & Bill]

DVC points only get your lodging. No transportation to the location. No park admissions. No food. Nothing other than lodging. Cancel now and find out more about DVC and see if you really want it.

 

[csharpwv]

If they sold you half of your points at Animal Kingdom, and half at Aulani - you REALLY do need to cancel, In my humble opinion, that's a horrible combination.

If you are looking to own 300+ points, you really should check Bay Lake Tower (just about the lowest dues...per year...per point).

If you plan on using your DVC ownership every three years, 300+ points is a lot of points, it will give you 900 points to use every three years. With the newer resorts, that's a Grand Villa booked with a great view category in an off season. 1288 is currently the highest point value for a Grand Villa (Aulani, Ocean View, Peak Season).

Then again, they are building the Grand Floridian Villas, and if things happen as they always have - a 3 BR Grand Villa will be over 1288 for a week.

You definitely need to have a LONG conversation with your Disney Vacation Club Guide (the CM that sold you your points). DVC is a very different system than most timeshare products - and there are some rules that border on crazy - and some that are so common sense they seem like they should be harder.

You could ask a TON of questions, and you would get a TON of answers but you are likely spending in excess of $35,000 just to purchase your points, not to mention your maintenance fees over the next 45+ years. In MF's alone you are looking at WELL OVER $100K over the life of your ownership/membership.

DVC isn't something that you want to jump in to without knowing EXACTLY what you are getting in to.

We bought our first contract thinking it would be our only contract - ehhhh, not so much, that didn't happen. We not have four home resorts - and have purchased two direct from DVC, and two through resale. We made each purchasing decision because it was the right decision for what we wanted, when we wanted it, where we wanted it, and how it would work best for us.

We won't be purchasing more points - we own 'enough' (is there such a thing) - but in all reality we own enough to do all we want.

BUT, you need to understand the most basic elements of HOW DVC works to get the most out of it, and at this point OP, you really don't understand how it all works enough to get your maximum value from your ownership.

CALL YOUR GUIDE!

 

[Missyrose]

You definitely need to have a LONG conversation with your Disney Vacation Club Guide (the CM that sold you your points). DVC is a very different system than most timeshare products - and there are some rules that border on crazy - and some that are so common sense they seem like they should be harder.


CALL YOUR GUIDE!

I agree that OP should cancel the contract and do some heavy research. But I will disagree with PP about using the salesperson to gain a better understanding of DVC and how the system works. The OP needs to learn from someone who doesn't have a financial stake in their purchase.
Salespeople for DVC have been known to slant their answers about the system to put buying direct in the best possible light (it's their job, after all).

OP, there is a great book by Passporter that explains exactly how DVC works. Once you understand that, you can begin to explore which home resort will work for you, etc.

Good luck!