Bought into DVC on our cruise. Buyer's remorse/panic?

[dreadpiraterose]

Hi all. Hoping this is the right sub-thread for this.

My husband and I just bought a 150 point resale in OKW from Disney a few days ago while on a Disney cruise. This is our first foray into DVC. We had been looking into DVC for over a year, and felt we had done our due diligence, but now that we're home and digging into things a bit more as members, I'm starting to really question our decision. We have about a week left in our 10 day cancellation period, so there's still time to pull out. We financed a portion of the buy in.

What I've gathered is that maybe we should have bought from someone on the resale market instead, and not financed anything to make it really worth while. I guess what I didn't realize was the level of mark up on points Disney had, vs buying a resale from an individual.

For those that have purchases a resale, what were your experiences? Did you buy via Disney or on the resale market?

I just feel like maybe we got "salesmanned" and were riding the pixie dust high from our best Disney vacation ever and now the reality of the investment is settling in and I'm questioning it all.

Edit: Okay. I got it. We jumped the gun. Thanks for honest feedback on this.

 

[msjprincess]

I'm sorry, I'm confused. You bought a resale or you bought direct from Disney?

 

[dreadpiraterose]

I'm sorry, I'm confused. You bought a resale or you bought direct from Disney?

Sorry, I think I'm still getting a grasp of all the common terminology. We bought direct from Disney, but it was a "used" contract at OKW, not a new one from like Poly or Aulani.

 

[msjprincess]

Personally I would never buy direct, especially for OKW. How much are they charging for OKW these days? If I were in your shoes I would cancel the contract and do some research before you make a decision. You can start by reading this thread http://www.disboards.com/threads/★-☆-★-the-dvc-information-center-★-☆-★.3436037/

Good luck with whatever you decide.

 

[_auroraborealis_]

Rescind.

Research.

Then, if you decide that DVC is right for you, OKW (and other resorts!) will still be there 3 weeks from now, a month from now, whenever you decide it is the right choice.

 

[dreadpiraterose]

Personally I would never buy direct, especially for OKW. How much are they charging for OKW these days? If I were in your shoes I would cancel the contract and do some research before you make a decision. You can start by reading this thread http://www.disboards.com/threads/★-☆-★-the-dvc-information-center-★-☆-★.3436037/

Good luck with whatever you decide.

$140 a point for OKS. Thanks for the the link. Read through that once before, but I'll make a pass through it again.

Oy. I feel like there's such a learning curve here. I thought we were prepared, guess not.

 

[msjprincess]

$140 a point for OKS. Thanks for the the link. Read through that once before, but I'll make a pass through it again.

Oy. I feel like there's such a learning curve here. I thought we were prepared, guess not.

You could buy a SSR contract (which ends only 3 years before the extended OKW contract) for $80-$90 per point. And the maintenance fees are lower.

 

[disneynutz]

Maybe your due diligence needs some more work? Smart of you to question your decision. Rescind your purchase, spend some time reading the purchase threads here, ask a few questions, decide which resort is your favorite, decide on a UY and number of points and start hunting on the resale sites.

Bill

 

[dreadpiraterose]

Maybe your due diligence needs some more work? Smart of you to question your decision. Rescind your purchase, spend some time reading the purchase threads here, ask a few questions, decide which resort is your favorite, decide on a UY and number of points and start hunting on the resale sites.

Bill

Thanks. Feeling pretty foolish. I appreciate the honest advice everyone.

 

[Minniesgal]

If in doubt rescind

 

[theyoungs07]

Don't feel foolish, the salesmen did a good job and your emotions were on a high...this is the whole reason they give you so long to rescind. Now you'll learn a lesson and probably "save" so much you could buy a larger contract! Your situation is one of the main reasons there are so many resale contracts to begin with.

 

[disneynutz]

Thanks. Feeling pretty foolish. I appreciate the honest advice everyone.

Hey, not too late to reset and start over, Disney is known for making magic and getting caught up in the pixie dust and buying a DVC interest is how they make their money. Just think of the thousands of people who bought without really knowing what they bought. We have met seasoned owners who still have no idea how to use their membership. We were talking to someone at the DVC Christmas party who owns OKW, bought years ago, have never stayed anywhere else because it's too confusing booking somewhere else!

Bill

 

[ColinBlair]

Thanks. Feeling pretty foolish. I appreciate the honest advice everyone.

The good news is that the rate you paid ($140 per point) is almost exactly the same price as the Polynesian ($168 per point) after you adjust for the difference in number of years remaining on the contract. Most of the other resorts are being sold retail at a hefty premium over the Polynesian price so you didn't come off nearly as badly as you could have.

 

[supersnoop]

Thanks. Feeling pretty foolish. I appreciate the honest advice everyone.

Don't be too hard on yourself. Plenty of people by direct and never realize or care. "Due diligence" isn't just about price or buying direct, but more about making sure DVC makes sense for your family and travel plans. You somehow managed to talk them into selling you OKW, so you obviously have some research completed.

Basically, you'll probably save $7,500 by rescinding and buying OKW through the resale (secondary) market, rather than directly from Disney.

 

[jerseyduke]

If you are having any doubts, rescind your offer.

You can buy again next week, there is no hurry. You made a smart move by asking here.

So, rescind. Ask your questions, get your answers. If then, you decide that buying OKW, directly from Disney is the way you want to go, then pull the trigger in a week or two. You will end up exactly where you are now, and be able to feel comfortable that you have made an informed decision.

That being said, as PP stated, you could probably save about 7,500$ going through the resale market. Buying resale does mean that your points are restricted, in that they can not be used for Disney cruises, etc, but all math points out that from a financial perspective, you are better off renting out your points, and using the cash to pay for the cruise.

The only reasons as for not buying resale at OKW, as I see them are:
1. You want the points NOW! You can not wait the 2 months or so the resale process takes. (Is that worth 7,500?)
2. You want to use your points for cruises and other options, and you would be uncomfortable using on of the point rental brokers to rent them out. (Or just do not want to deal with that hassle)

Also, if you do decide to buy direct, you might want to consider 3 50 point contracts as opposed to 1 150 pointer.
Doing that will add some closing costs, but it will enable you to downsize in the future - You can sell 1 of the 50 pointers...otherwise you would have to sell all 150
Also, smaller contracts do get more $ per point on the resale market.
This is not really something you can do on the resale market, since you would be paying more per point for 3 50 point contracts that you would for 1 150 pointer; wiping out any resale savings. It is only when buying direct, since the price per point does not change.

 

[gharter]

I would agree with everyone and rescind now. Then you have some time to really research and decide which resort you want as your home resort. You can also look at the resale market and make an informed decision about buying direct (at a higher cost, but faster) or going through the resale market.
We are nearing the end of the process, but have been happy with our experience going through the resale market. Taking longer than buying direct, but the cost savings is worth it.

 

[malba2366]

Hi all. Hoping this is the right sub-thread for this.

My husband and I just bought a 150 point resale in OKW from Disney a few days ago while on a Disney cruise. This is our first foray into DVC. We had been looking into DVC for over a year, and felt we had done our due diligence, but now that we're home and digging into things a bit more as members, I'm starting to really question our decision. We have about a week left in our 10 day cancellation period, so there's still time to pull out. We financed a portion of the buy in.

What I've gathered is that maybe we should have bought from someone on the resale market instead, and not financed anything to make it really worth while. I guess what I didn't realize was the level of mark up on points Disney had, vs buying a resale from an individual.

For those that have purchases a resale, what were your experiences? Did you buy via Disney or on the resale market?

I just feel like maybe we got "salesmanned" and were riding the pixie dust high from our best Disney vacation ever and now the reality of the investment is settling in and I'm questioning it all.

Edit: Okay. I got it. We jumped the gun. Thanks for honest feedback on this.

Definitely rescind. They love pushing these on cruises because you are in a vacation mindset and usually have no internet access to look things up. My wife was convinced by one of these guys on a cruise to buy DVC...he flat out lied and told her that they hold the best rooms for people who buy direct from disney and that the price is essentially the same once you add in the broker commission for resales, and obviously the quoted price would go up the second we walked off the cruise ship. My wife was ready to sign the papers...I convinced her to wait so that we could research it some more and now we have a bid in for a resale at BLT which is sitting at Disney for ROFR.

 

[KAT4DISNEY]

Don't feel foolish, the salesmen did a good job and your emotions were on a high...this is the whole reason they give you so long to rescind. Now you'll learn a lesson and probably "save" so much you could buy a larger contract! Your situation is one of the main reasons there are so many resale contracts to begin with.

Absolutely no need to feel foolish. Disney knows how to play upon the pixie dust and the vacations are good so you want to continue with that! What you are doing now is giving that decision reconsideration which many wouldn't. That's being smart. It sounds like you've decided to rescind and do more investigation - very appropriate since you are having questions and there's nothing lost by doing so but potentially a lot gained in savings.

 

[suebeelin]

Thanks. Feeling pretty foolish. I appreciate the honest advice everyone.

Don't feel foolish but definitely rescind!!! If you want to buy direct, call back and ask for Polynesian instead (and only 100pts!).

I would never buy direct for old key west but poly isn't kinda tempting.

If you want any other resort besides poly, please buy resale. The cost savings are easily worth the "restrictions".

 

[KAT4DISNEY]

Don't feel foolish but definitely rescind!!! If you want to buy direct, call back and ask for Polynesian instead (and only 100pts!).

I would never buy direct for old key west but poly isn't kinda tempting.

If you want any other resort besides poly, please buy resale. The cost savings are easily worth the "restrictions".

But Poly only has studios as a semi reasonable option. If that doesn't work for a person or they wouldn't plan to stay there most of the time then one should own elsewhere.