Cancelling DVC contract within 10 days

lindyq

Earning My Ears
Joined
Nov 17, 2017
I got carried away by the magic while on vacation last week, and made the decision to buy too hastily due to what felt like high pressure from the guide. He promised to send the documents by FedEx so I wouldn't have to bring them with me to the park, but now that I'm home, 5 days later, no documents have arrived and I can't refer to the papers to find out how to rescind. Can someone please tell me what I need to do. Thanks!
 
  • Ben E N

    DIS Veteran
    Joined
    Jul 14, 2017
    If you don't sign and return, you DID NOT buy anything. Relax
    Right. Same thing happened with me. Call your guide to let them know "oops". They'll try to still sell to you but if you're firm then you'll be guided to write an email about not wanting to complete the purchase, just for records' sake. If your paperwork is currently on the way, then enjoy your new tote bag.
     

    KAT4DISNEY

    Glad to be a test subject
    Joined
    Mar 17, 2008
    I got carried away by the magic while on vacation last week, and made the decision to buy too hastily due to what felt like high pressure from the guide. He promised to send the documents by FedEx so I wouldn't have to bring them with me to the park, but now that I'm home, 5 days later, no documents have arrived and I can't refer to the papers to find out how to rescind. Can someone please tell me what I need to do. Thanks!
    So, you signed but they were going to send the paperwork for your records home? Call Quality Assurance to get the direction for cancelling. You will have to do it in writing via fax but get the directions by calling: 800-782-6767.
     

    miTnosnhoJ

    DIS Veteran
    Joined
    May 7, 2015
    It does not mean you made a bad decision. But you are wise to rescind and take your time to get educated before moving forward.
     

    sndral

    DIS Veteran
    Joined
    Feb 3, 2008
    If you don't sign and return, you DID NOT buy anything. Relax
    Right. Same thing happened with me. Call your guide to let them know "oops". They'll try to still sell to you but if you're firm then you'll be guided to write an email about not wanting to complete the purchase, just for records' sake. If your paperwork is currently on the way, then enjoy your new tote bag.
    Although OP isn’t clear, I think OP may have signed the documents and the guide promised to fed ex OP’s copies to them, in which case OP needs to rescind ASAP if they don’t want to buy DVC.
     

    Ben E N

    DIS Veteran
    Joined
    Jul 14, 2017
    Although OP isn’t clear, I think OP may have signed the documents and the guide promised to fed ex OP’s copies to them, in which case OP needs to rescind ASAP if they don’t want to buy DVC.
    Yeah that seems like a possibility, at which point, yes bail as quick as possible. Call any DVC number they can find to get it going, and email the guide as well so there is some dated proof of wanting to rescind.
     

    jerseygal

    DIS Veteran
    Joined
    Jan 1, 2008
    Common for it to happen. We were in the Bahamas, Atlantis before we became DVC members. Had an AWESOME vaca in 2006, stayed at the Harborside and decided to purchase. We signed the docs, but I had "second thoughts" about having a timeshare out of the country.:scared1: The right to rescind was plainly spelled out in the docs, we were well within the time frame. The next day after returning, followed the procedure, sent the papers back registered return receipt to ensure that they received them, and all was well. We got caught up in the "magic" of our wonderful vaca. Happy that the ability to rescind was clear and that we had time on the plane to really analyze the pros and cons! Perhaps a timeshare will be in your future, GOOD LUCK!pixiedust::goodvibes
     

    jerseygal

    DIS Veteran
    Joined
    Jan 1, 2008
    Yeah that seems like a possibility, at which point, yes bail as quick as possible. Call any DVC number they can find to get it going, and email the guide as well so there is some dated proof of wanting to rescind.
    YES, written documentation and evidence is very important!!!::yes::
     

    RX8

    Earning My Ears
    Joined
    Jul 3, 2018
    And unlike most timeshare developers, which require you to send the rescission via USPS mail, DVC also allows you to simply call them and cancel the contract. I skipped the mailing part (the contract did have a rescission mailing address, and the phone number) and called them to cancel.
     

    Jerry@dvcstore

    DIS Veteran
    Approved Advertiser
    Joined
    Jul 14, 2005
    The 10 day recession period starts on the day you sign the Contract for purchase. If you did not sign the purchase documents, your 10 days hasn't started yet. You should be fine.
     

    Dean

    DIS Veteran<br><a href="http://www.wdwinfo.com/dis
    Joined
    Aug 19, 1999
    You have 10 days from your signing date to cancel.

    :earsboy: Bill
    The 10 day recession period starts on the day you sign the Contract for purchase. If you did not sign the purchase documents, your 10 days hasn't started yet. You should be fine.
    Technically it's 10 days from the date of signature or the date all documents are delivered that are required by FL statute 721, which ever is later. So as long as they weren't presented with them at signing and didn't sign they received them even though they didn't, they could have more time. Still, I wouldn't want to be in the situation to argue this point if avoidable.
     

    nangosix

    Earning My Ears
    Joined
    Sep 22, 2018
    I am very torn at the moment. I was a DVC member in the past and sold about four years ago after getting divorced. I have missed being a DVC member. This past week, I was really set on buying back into DVC. I initially had planned on purchasing 75 points direct and 125 resale. Then I spoke on the phone with a Guide. Yes, I wanted my blue card and the "benefits" that come with it. I also already had two trips planned for the year and was going to spend 6k in hotel costs. The guide then had said I could get into BCV in a 2 BR villa for one of the trips we already had planned. Then I ran through the breakdown. I assumed that if I did resale, it was going to be highly unlikely that it goes through ROFR, and closes and I would be able to have all the points by the June trip. Now, I could be completely wrong but that was what I told myself. Looking at the breakdown I went with : AKV purchase 200 points =34200. - the 6 k I was already going to spend - 28200 - what I would have spent on 75 direct points (171*75) 12,825= 15375 then if I subtract out a resale at 110 per point for the 125 points (13750) the difference is 1625. Plus the closing costs etc., Which leads me to now.....Do I back out of the current contract I just signed or do I just take a deep breath?

    I honestly didn't think I was going to make it through ROFR and have a definite closing in time for the upcoming trip so I considered that money as money which was already going to have been spent. And...I already purchased the gold annual pass as we are going in June and September. Thoughts?
     

    KAT4DISNEY

    Glad to be a test subject
    Joined
    Mar 17, 2008
    I am very torn at the moment. I was a DVC member in the past and sold about four years ago after getting divorced. I have missed being a DVC member. This past week, I was really set on buying back into DVC. I initially had planned on purchasing 75 points direct and 125 resale. Then I spoke on the phone with a Guide. Yes, I wanted my blue card and the "benefits" that come with it. I also already had two trips planned for the year and was going to spend 6k in hotel costs. The guide then had said I could get into BCV in a 2 BR villa for one of the trips we already had planned. Then I ran through the breakdown. I assumed that if I did resale, it was going to be highly unlikely that it goes through ROFR, and closes and I would be able to have all the points by the June trip. Now, I could be completely wrong but that was what I told myself. Looking at the breakdown I went with : AKV purchase 200 points =34200. - the 6 k I was already going to spend - 28200 - what I would have spent on 75 direct points (171*75) 12,825= 15375 then if I subtract out a resale at 110 per point for the 125 points (13750) the difference is 1625. Plus the closing costs etc., Which leads me to now.....Do I back out of the current contract I just signed or do I just take a deep breath?

    I honestly didn't think I was going to make it through ROFR and have a definite closing in time for the upcoming trip so I considered that money as money which was already going to have been spent. And...I already purchased the gold annual pass as we are going in June and September. Thoughts?
    How many points is the BCV 2BR taking? And was the 6K in room costs alone? Where were you going to stay on cash?
     

    nangosix

    Earning My Ears
    Joined
    Sep 22, 2018
    How many points is the BCV 2BR taking? And was the 6K in room costs alone? Where were you going to stay on cash?
    I had two rooms booked at board walk which were totaling just shy of 4300 for the rooms alone (traveling with 8 people, 5 kids and two grandmas). The second reservation was for four nights at Beach Club in July and that reservation was a little over 1600 so the total was around 6 K. This was just the rooms. The BCV is 302 points for the June stay. And yes, staying on cash for those two reservations but now would be on the membership.
     

    KAT4DISNEY

    Glad to be a test subject
    Joined
    Mar 17, 2008
    I had two rooms booked at board walk which were totaling just shy of 4300 for the rooms alone (traveling with 8 people, 5 kids and two grandmas). The second reservation was for four nights at Beach Club in July and that reservation was a little over 1600 so the total was around 6 K. This was just the rooms. The BCV is 302 points for the June stay. And yes, staying on cash for those two reservations but now would be on the membership.
    And what is the UY of the AKV purchase? Do you like AKV and want to own there? Just gathering a few more details before a response on the numbers you've calculated. :) And you'll be able to take advantage of the member benefits to make up the difference in direct/resale costs?
     

    nangosix

    Earning My Ears
    Joined
    Sep 22, 2018
    And what is the UY of the AKV purchase? Do you like AKV and want to own there? Just gathering a few more details before a response on the numbers you've calculated. :)
    Yes, I do like AKV. Initially when I was going to buy back in, I was considering BWV and BCV because of their location. I used to own though at AKV and have always loved our trips there. The only downside is the distance away from the other resorts. I was looking at resale contracts for the above two. I did a March use year. I am not sure it's really a popular one, but I liked that I was getting essentially 400 points to use right away and (2018 and borrowing from 2019). I did feel happy at first when I did the contract and then panicked over whether it should have been done resale.
     

    KAT4DISNEY

    Glad to be a test subject
    Joined
    Mar 17, 2008
    I had two rooms booked at board walk which were totaling just shy of 4300 for the rooms alone (traveling with 8 people, 5 kids and two grandmas). The second reservation was for four nights at Beach Club in July and that reservation was a little over 1600 so the total was around 6 K. This was just the rooms. The BCV is 302 points for the June stay. And yes, staying on cash for those two reservations but now would be on the membership.
    It's a bit muddied because of the upcoming trips for sure.

    So if I'm understanding correctly the only trip the direct point purchase covers is the $4300 for the June stay that would now be 302 points. You will still have to try and rebook the July trip which will be more points and more MF's. If so and you consider the MF's on the 100 2109 points (plus the 200 2018 points) for the June trip it's more like a $3,500. So closer to paying a $2900 premium to buy direct which if you can use the benefits to consistently purchase Gold AP's isn't terrible. The bigger comparison is if you purchased all 200 resale and took the approx $11,000 difference to use towards the future AP purchases.

    Or you could consider a smaller 100-105 point direct purchase and use banked 2018, current 2019 and borrow the 2020 points for the June trip and then continue to look for a 100 point resale contract. Maybe even a different resort to give you 2 different home resorts that you'd rotate staying at with banking or borrowing.
     

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