Buyer's remorse

[miss.jen]

Hi all,

I just returned from a vacation at Disney where I jumped into buying into DVC. I purchased 160 points at BLT.
Now that I'm on this board and reading what everyone is saying, I'm having second thoughts about whether or not i made the right choice.
I'll start off by saying that I'm 29 years old, unmarried with no children. However, I have been to Disneyworld every year since 1998 except 2008 when I went to Disneyland and Tokyo Disney. SO, i do travel quite a bit to Disney even though I have no kids.

My parents own two weeks at RCI that they can pretty much use at ANY time of the year. (They bought 2 sought after July weeks in Cape Cod). So i grew up using their weeks to take my vacations to various places. They have since paid off the initial cost and have been paying their annual dues even though they don't use their weeks to vacation.
I bought into DVC thinking that I'd have more flexibility with taking my vacations. However, I'm having second thoughts for TWO reasons:
1) I will probably visit a DVC resort once every two years. But mostly, (Probably until i have children...) I liked the idea of being able to stay at top notch RCI resorts and Concierge hotels in other cities and countries. But listening to what everyone is saying, I think i've made the wrong choice in buying into DVC because it's not going to pay off in the long run.
2.) Since my parents own two weeks at RCI, they could sign it over to me and all i'd have to do is pay the annual dues. I could then use it at places all over the world even the DVC resorts when they are available.

I can afford to pay for one of these options right now, but not both.

I've been stressing over this for the last 24 hours big time. Does anyone have any advice for me?
Has anyone ever rescinded on their purchase? I have 10 days to change my mind with little to no penalty.

 

[karrit2000]

If your interest is in the RCI options then that is where you should buy. Many DVC owners purchased to vacation Disney style. I for one have never used my points for anything other than Disney, usually a DVC resort but ocassionally a WDW or DL hotel. I think a large number of the members on these boards use their DVC points to travel with Disney rather than trading out to RCI & previously II. I would never use my points to book a cruise, either Disney or the other options because it just doesn't seem a wise use of my points IMO. For the people who have 1000 or more points it may be worthwhile but with my 320 I'll stick with the Disney brand. Someday I hope to use them for Disneyland Paris or Tokyo but that wasn't my motivation for purchasing. The trading out has always been pitched as a selling point but not one that effected my decision to buy in.

 

[luvindisneyworld]

If you have bought into DVC for the exchanges then you are not going to get the most of the membership.
If you dont plan to use your points at the DVC resorts then I would never think about buying in. I hope that you make the right decision for yourself.

 

[hopare]

I would say to cancel DVC. You should be 100% sure with a purchase this big. You can always buy later if wanted, after you research ALL options to the fullest!

 

[wingkng]

Sounds like you bit off more than you can chew. Since you have access to 2 weeks at RCI, I don't see why you would need to have DVC. You can probably exchange into DVC through RCI and enjoy the same access as if you are a DVC member. Orlando is one of the easiest places to exchange into, so you should try some other Orlando properties. I would even say that some timeshare properties outside of DVC may be equal to DVC in vacation experience.

Since you are single, you can travel all over the world. When I was single, I would take long weekend trips to Europe, just because I could. This is something that families with kids (like mine) cannot afford to do. DVC is a great vacation option for us because it doesn't require much planning and there is guarantee that we will enjoy ourselves. We do own other timeshares through Starwood, but at this time our child is too young to be dragging along to different places. I say enjoy your vacation experience as a single while you can.

As for your purchase, just call them up and say you changed your mind. If you do want to get DVC later, when you have a family, you can still get it. It will still be around. Buying it in the resale market can even be a cost saver.

 

[DisneyWhirled]

I don't have a lot of advice for you, except to say, that you really need to do what is right for you. With that being said, I see that you have read on these boards a lot of the good and bad about DVC.

It was sold to us as a great opportunity to vacation elsewhere, but as we hear more and more, it does not seem to be a great value unless you stay at a DVC property.

The properties are gorgeous, but they may lack the amenities you would expect at a top notch concierge hotel (for example, no daily housekeeping unless you pay extra).

Good luck with your decision!!

 

[Mickey'sApprentice]

I don't have a lot of advice for you, except to say, that you really need to do what is right for you. With that being said, I see that you have read on these boards a lot of the good and bad about DVC.

It was sold to us as a great opportunity to vacation elsewhere, but as we hear more and more, it does not seem to be a great value unless you stay at a DVC property.

The properties are gorgeous, but they may lack the amenities you would expect at a top notch concierge hotel (for example, no daily housekeeping unless you pay extra).

Good luck with your decision!!

Only you really know what is right for you. I know as a couple, 160 points are too many for us. Since you normally travel to WDW once a year, I think DVC may actually be right for you.

Also, from marketing and consumer behavior...men have remorse before a big purchase and women tend to have buyers remorse after a big purchase.

This is one of those times that you've got to dig down deep within yourself and decide whether you made the right decision for you, or whether you've just got buyers remorse from making a large ourchase.

Do consider whether or not you could handle both if you cancelled and purchased a smaller resale that would allow you to stay every 1 to 2 years. You can always add on later.

 

[dianeschlicht]

If you are thinking your DVC would be for exchanges every other year, I think you should look at it differently. Your parent's RCI resorts COULD be able to exchange into DVC, but WOULD they be good enough to draw it? It's hard to know unless they have already tried and been successful.

Since you plan to travel to Disney at least once a year, I still think DVC is a good fit for you, but MAYBE not 160 points and maybe not at BLT. First of all, BLT takes more points/stay than some of the other deluxe DVCs. Secondly, if you travel once a year or even once every 2 years, why not buy a smaller DVC contract and cut your expenses both for initial buy in and for maintenance? Maybe look at a 50-100 point OKW(extended), SSR, or AKV contract. That way you will have nearly as long to enjoy it as you will at BLT, but by buying resale and a smaller contract that fits your needs better, you wont be overspending at this time.

As for taking over your parent's RCI....Without knowing which resorts and how well they would draw, it is hard to advise exactly what would be best, but even if you only paid maintenance on ONE of their RCI contracts, you would have the best of both worlds....DVC for Disney annually or every other, and RCI for other locations. I guess that is what I would be trying to do at this point.

 

[DVCGeek]

If you only plan to go to Disney every other year I think a smaller resale contract (to bank or borrow to effectively use double points on your 'trip years') and trying to get the RCI deeded over to you would be perfect. It seems like taking the RCI off your parent's hands might be the best for everyone.

It sounds like canceling DVC might be your smart at this point for you based on your post...

 

[littlestar]

If your parents own prime July weeks at a high quality resort on Cape Cod, you should (depending on when they made their deposit) be able to easily exchange into DVC. The availability for DVC via RCI is unbelieveable - seems to be way more than there ever was in II (Interval). You'll probably have your pick of resorts, too. There even seems to be some holiday weeks. I'm hearing about more and more people that are thinking about selling their DVC points and just trading in instead.

I'd rescind the DVC purchase if you still have time.

If your parents have a week on deposit with RCI, do an online search and see what DVC resorts you pull.

Good luck.

 

[jerseygal]

Ours was mailed to us, and I was told you could resind within 10 days of signing the contract..

Good Luck..Hopefully, you'll make the right decision!

 

[calgarygary]

Hi all,

I just returned from a vacation at Disney where I jumped into buying into DVC. I purchased 160 points at BLT.
Now that I'm on this board and reading what everyone is saying, I'm having second thoughts about whether or not i made the right choice.
I'll start off by saying that I'm 29 years old, unmarried with no children. However, I have been to Disneyworld every year since 1998 except 2008 when I went to Disneyland and Tokyo Disney. SO, i do travel quite a bit to Disney even though I have no kids.

My parents own two weeks at RCI that they can pretty much use at ANY time of the year. (They bought 2 sought after July weeks in Cape Cod). So i grew up using their weeks to take my vacations to various places. They have since paid off the initial cost and have been paying their annual dues even though they don't use their weeks to vacation.
I bought into DVC thinking that I'd have more flexibility with taking my vacations. However, I'm having second thoughts for TWO reasons:
1) I will probably visit a DVC resort once every two years. But mostly, (Probably until i have children...) I liked the idea of being able to stay at top notch RCI resorts and Concierge hotels in other cities and countries. But listening to what everyone is saying, I think i've made the wrong choice in buying into DVC because it's not going to pay off in the long run.
2.) Since my parents own two weeks at RCI, they could sign it over to me and all i'd have to do is pay the annual dues. I could then use it at places all over the world even the DVC resorts when they are available.

I can afford to pay for one of these options right now, but not both.

I've been stressing over this for the last 24 hours big time. Does anyone have any advice for me?
Has anyone ever rescinded on their purchase? I have 10 days to change my mind with little to no penalty.

Do yourself a big favour and rescind your contract immediately. It sounds like you might have jumped into it emotionally and now the logic is kicking in and you realize that DVC is not right for you. Be sure to follow the directions in your contract to a T when you rescind. You will get a great education here on DVC but you will get a better education on timeshares over at TUG so I suggest you spend some time there learning as much as possible about timeshares and the various systems.

 

[WolfpackFan]

If you have questions in your mind as to whether you did the right thing, you should rescind.

 

[phyllisnnj]

Hi all,
They have since paid off the initial cost and have been paying their annual dues even though they don't use their weeks to vacation.

It looks like option #2 might be the better choice. Cape Cod summer weeks are in high demand (see chart below)

Since your parents aren't using their week, perhaps you should try to see what their summer Cape Cod weeks will pull in RCI and/or Interval International. If they own weeks with a strong trading power, you might be able to use their weeks to exchange into other top notch resorts (including Disney if their resort is affiliated with RCI).

Here's a list of Cape Cod resorts that are affiliated with Interval International (link)
Here's a list of Cape Cod resorts that are affiliated with RCI (link)

I suggest that you visit the Timeshare User Group (TUG), they may be able to answer any questions regarding exchanges with your parent's week - tugbbs.com/forums/

Good Luck

 

[JimMIA]

Ours was mailed to us, and I was told you could resind within 10 days of signing the contract..

Good Luck..Hopefully, you'll make the right decision!

That's correct. Under Florida law, you have ten days from signing the contract...not from your initial deposit.

 

[dcfromva]

I would back out of the contract until you are absolutely sure. It sounds like maybe another option such as a smaller DVC resale contract might be a better fit for your planned usage at this time.
You can always buy again later when it feels right.

 

[tidefan]

If your parents own prime July weeks at a high quality resort on Cape Cod, you should (depending on when they made their deposit) be able to easily exchange into DVC. The availability for DVC via RCI is unbelieveable - seems to be way more than there ever was in II (Interval). You'll probably have your pick of resorts, too. There even seems to be some holiday weeks. I'm hearing about more and more people that are thinking about selling their DVC points and just trading in instead.

I'd check first. My in-laws own a Gold Crown rated resort in St Maarten (Diamond Resorts Royal Palm Beach Club - we actually own here too, but we have never tried an exchange) in a high season week and their RCI deposit won't pull DVC. Now, I have a theory that this could be because they made this deposit really late (as in 2 months before they were to use it), but it sees all of the Hilton's and Bonnet Creeks and the likes, but not DVC...

 

[zalansky]

I would also back out now. My husband and I bought back in 2004 and had immediate buyers remorse, I just couldn't feel good about it when it didn't feel right. And I'd spent lots of time here. So we cancelled right away. But a year a half later we got a 15% discount and my husband got a bonus we used as a downpayment...so we bought our first contract. Notice I said "first"! When we finally did buy in, it felt right all the way around and we haven't looked back. We love every second we spend there with our 2 kids.

DVC isn't going anywhere and like others have mentioned, you can go resale and do better there anyway. Sad to say but i think its going to be a while before DVc picks up again, and I also think we are going to keep seeing lots of resales keep coming. Hold off and do it when it feels right.

 

[Caskbill]

Keep in mind there is no guarantee in the future that DVC will stay with RCI.

When DVC first began, RCI was the trading company. DVC then switched over to II (Interval International) and stayed with them for years. They only switched back to RCI this year (Jan 2009).

My understanding is that the agreement is only for something like 1 or 2 years. Who knows, DVC could renew with RCI, or maybe change back to II.