Check needs to be sent in by next Tuesday, need answers!

[Coach81]

1. What is this about the room not getting cleaned up for you but once in a while?

2. If SSR is my base, how difficult will it be to reserve the other resorts in my 7 month window? Does availability become a major problem?

3. My contract will be for the next 47 years, then what? I (or my family) just lose all my rights and investments to DVC?

4. Any truth to the rumor that DVCers are treated like second class citizens, because Disney "already has our money"?

5. What if I don't use my points for a few years.. I just lose them?

6. How difficult is it to rent your points?

7. It is just such a commitment for so long, would it be wiser to just take the $200 - $250 monthly payment and put it into a savings account and just pay for the deluxe resorts every year or two?

8. Overall, DVC vets, are you satisfied with your decisions to own DVC?

Thanks ahead of time.

 

[Chuck S]

1. What is this about the room not getting cleaned up for you but once in a while?

It is a timeshare, you get trash & towel service on day 4, unless staying 8 nights or longer, then you get a full cleaning on day 4 and trash & towel on day 8. Additional housekeeping days are available, if requeted, for an additional charge. Most members prefer not having to "get out of the room" to let the housekeepers do their work on a daily basis.

2. If SSR is my base, how difficult will it be to reserve the other resorts in my 7 month window? Does availability become a major problem?

It depends upon which resort, and the dates you are trying to book. It can be difficult, or you could have no problems. That is the basis of allowing priority at your home resort 11 to 8 months out, then opening up to everyone at 7 months. If you truly want to stay at a specific resort, other than SSR, on a regular and ongoing basis, you should probably buy at that resort.

3. My contract will be for the next 47 years, then what? I (or my family) just lose all my rights and investments to DVC?

No one knows for sure what DVC/Disney will do. Contractually, your ownership interest would end and you would no longer be a DVC member. The value would have been in your use of your membership.

4. Any truth to the rumor that DVCers are treated like second class citizens, because Disney "already has our money"?

I have always been treated the same as any other resort guest.

5. What if I don't use my points for a few years.. I just lose them?

You can bank one year of points to the next year, and borrow from one year in the future. But if you can not use your points within the guidelines, yes, you simply lose them.

6. How difficult is it to rent your points?

It depends on many factors, the contract you agree to with the person who rents from you, etc. If you price your points within the normal "range," and have enough booking time... most people don't have any problems. It is all based on what the "market will bear" and, like the stock market, that can change at any time.

7. It is just such a commitment for so long, would it be wiser to just take the $200 - $250 monthly payment and put it into a savings account and just pay for the deluxe resorts every year or two?

If you stay regularly at a deluxe class Disney resort, DVC will save you $$ on accomodations in the long run by booking into a studio or 1 bedroom vs. a standard deluxe room.

8. Overall, DVC vets, are you satisfied with your decisions to own DVC?

Thanks ahead of time.

We've had 15 very enjoyable years with DVC, and have not regretted our membership at all.

 

[Maistre Gracey]

1. What is this about the room not getting cleaned up for you but once in a while?

2. If SSR is my base, how difficult will it be to reserve the other resorts in my 7 month window? Does availability become a major problem?

3. My contract will be for the next 47 years, then what? I (or my family) just lose all my rights and investments to DVC?

4. Any truth to the rumor that DVCers are treated like second class citizens, because Disney "already has our money"?

5. What if I don't use my points for a few years.. I just lose them?

6. How difficult is it to rent your points?

7. It is just such a commitment for so long, would it be wiser to just take the $200 - $250 monthly payment and put it into a savings account and just pay for the deluxe resorts every year or two?

8. Overall, DVC vets, are you satisfied with your decisions to own DVC?

Thanks ahead of time.

1) You don't get daily housekeeping. You get trash & towel service on day 4, and a full cleaning on day 8 if you stay that long. Yes, at first most new Members are worried about this, but after a stay or two most rather have it this way.
Personally, I love it. Not having to be gone for the housekeeper is a real blessing.

2) I would purchase where you don't mind staying most often.

3) Yes. At the expiration date, the party's over.

4) Never happened to me. Always had 1st class treatment (or better).

5) You can bank one year ahead. If you borrow, then wait, then bank, you can go 3 years and not lose points. Purchase 1/3 of needed points for a trip every third year and you will be fine. *Some planning required*

6) Pretty easy, but I wouldn't buy with that intention. If you want to visit once every 3 years, buy 1/3 the points needed. With banking and borring, you will be right on target.

7) No.

8) Yes. So much so that we have added on 7 times to our original contract. 1400 points, 3 home resorts, 8 contracts, and NEVER rented a single point.

Good luck!

MG

 

[Maistre Gracey]

Phew!... Chuck and I were typing at the same time.
Fortunately we both look smart, as our answers rhyme pretty well!!
MG

 

[Coach81]

Thank you both for the quick, and excellent reply. My wife and I have become Disney Freaks along with our 2 children. But this is such an investment.

So far, love the responses. Anyone else have some feedback on my questions?

 

[Boston5602]

Thank you both for the quick, and excellent reply. My wife and I have become Disney Freaks along with our 2 children. But this is such an investment.

So far, love the responses. Anyone else have some feedback on my questions?

As another Dis'er <hhhmm is that right?> once said . Its like buying a car once you pay $25,000.00 for the car and drive it off the lot it drops its value almost in half. After a few years its got a slight value to it and after 40 something years most cars are in the junk pile. You dont buy most cars and after 20 years of using it expect to sell it for anything !

You dont invest in DVC you buy DVC and invest in your family's vacations.

 

[bcpage]

MG and Chuck have already provided a detailed reply...a couple of things I would add are:

1) when I was doing my research to purchase, I heard a common response which was "We wish we would have done this sooner" and now that my family is part of DVC, that statment certainly rings true.
2) you could buy the minimum and see if it fits your vacation patterns, with the knowledge that you can always add on points later, either at SSR or another resort (i.e. have more than one home resort). We originally purchased 200 SSR points in November 2005 and recently added on 150 AKV points.

Good luck with your decision.

 

[SuzanneSLO]

DVC works best for those who can usually plan vacations at least 7 months ahead. Your ability to book resorts other than SSR for certain times of the year and certain accomodations will depend on calling as soon as you are eligible to book when the 7 month window opens. If you can't, or dont want to, book that early, then DVC may not be the best choice for you.

And to answer your question 8, yes, we are satisifed with buying into DVC. we bought at BWV in 2005 and my husband can't imagine going to WDW and not staying at our home resort.

Best of luck in your decision -- Suzanne

 

[Deb & Bill]

Don't buy your points with the expectation of renting them out. It appears to be harder than it looks. Lots of non-members want 5 day vacations (Sun-Fri) in a studio for a grand total of 50-60 points. Not a real money making venture if that is what you are planning. And lots want to pay less than $10-12 a point. They are envisioning a deluxe vacation at bargain basement prices and expect you to be their CRO, including cancellation policies and refunds.

We're having a good time using our 500 points every year. We've done about 20 trips to Disney on DVC points, plus one four night cruise.

 

[crisi]

I'm one who doesn't feel I'm treated as well or that the rooms are as "up to snuff" as when I paid cash.

Now, I'm content - I think I'm getting a great deal, but I MUCH prefer the Deluxe resorts with daily maid service. I think the difference in front desk service IS noticable. The biggest deal however is that Disney doesn't have my money - so if we get put in a smoking room for cash, we can just walk - maybe I'm out my deposit, or maybe its refunded by the credit card company after a complaint. With DVC, your ability to walk from a room you don't like is restricted by losing your points. To me, that's significant.

As I said, I'm content. But my husband and I have an agreement - a noticably smokey room and we check into the Hilton at DTD and scrap that nights points - try again in the morning.

 

[mikeandkarla]

saving 200-250 a month now might get you the accomodations you want now. However saving that same amount in 10-15 years will not. Whereas your point schedules for the DVC resorts will never change for your weekly usage. Your yearly MF(maintenanace fees) do increase slightly each year, but at what seems to be a smaller % than room rates. Good luck in your decision. This is the best place to acquire any information you may need.

 

[Glendamax]

Thanks to the OP for asking most of the questions I have! And thanks for your detailed answers.

Now I have 2 questions:

1. How long did it take you to pay off your loan? I heard it's a standard 10yr loan, but I can't imagine paying on this for that long.

2. What is the lowest percentage rate you were able to get? Did any of refinance through someone else?

(thougout of 3rd question)

3. What is a good down payment? 2k, 3k?
Thank You!

 

[castleri]

Thanks to the OP for asking most of the questions I have! And thanks for your detailed answers.

Now I have 2 questions:

1. How long did it take you to pay off your loan? I heard it's a standard 10yr loan, but I can't imagine paying on this for that long.

2. What is the lowest percentage rate you were able to get? Did any of refinance through someone else?

Thank You!

I have not had any loans through Disney but am still paying on my SSR contract from several years ago. ( I bought presale for DVC members). The first two contracts (OKW AND BCV) I paid cash with an inheritance. The SSR contract I paid the downpayment and then put the rest on a credit card with 0% interest and have been moving that balance around ever since. Although I have had some $50-$90 transfer fees it has not been anywhere near what it would have been with regular interest rates. I do have a home equity line of credit that I could have used and may still if the 0% offers aren't available although there have also been some balance transfer offers with a low life of the loan rate that would be less than that. I think there are many ways to finance this purchase and with everything else DVC there is no one size fits all. I had hope to have it paid off by now but due to some unexpected expenses and retiring 2 years early my stategy didn't quite work. It is working for me but I don't say everyone should put this type of purchase on a credit card. Getting reward points can be a good thing also but not if you have to leave the balance there at 20%+ interest rate. I don't know if there are other ways to finance through banks or financial institutions but maybe someone else will comment on that. I do think there are some other financing options available on resales through TTS if you chose to go that route. Good luck with your decision and hopefull you will join the DVC family soon.

 

[Dman67]

I'm one who doesn't feel I'm treated as well or that the rooms are as "up to snuff" as when I paid cash.

Now, I'm content - I think I'm getting a great deal, but I MUCH prefer the Deluxe resorts with daily maid service. I think the difference in front desk service IS noticable. The biggest deal however is that Disney doesn't have my money - so if we get put in a smoking room for cash, we can just walk - maybe I'm out my deposit, or maybe its refunded by the credit card company after a complaint. With DVC, your ability to walk from a room you don't like is restricted by losing your points. To me, that's significant.

As I said, I'm content. But my husband and I have an agreement - a noticably smokey room and we check into the Hilton at DTD and scrap that nights points - try again in the morning.

Great answers to the original questions posed. I am in the process of buying my first DVC contract through TTS. I am a bit concerned about this post by Crisi. Getting stuck in a smoking room to my wife and I is worse then having to sleep in the car. How often has this happened to you? Are you really stuck with the room...you can't go an ask to be moved?

 

[Coach81]

Totally agree! I can't stand the smell of smoke! Is this something that happens quite often???

 

[mikesmom]

Hasn't happened to us in 7 years of ownership and we would have noticed - pretty bad allergies here.

You can asked to be moved from a smoky room, but if it is one of those times when the resorts are sold out (and that can be fairly often with DVC as occupancy rates are higher than regular hotels) there may be simply no place to move you.

 

[pilferk]

Thanks to the OP for asking most of the questions I have! And thanks for your detailed answers.

Now I have 2 questions:

1. How long did it take you to pay off your loan? I heard it's a standard 10yr loan, but I can't imagine paying on this for that long.

2. What is the lowest percentage rate you were able to get? Did any of refinance through someone else?

(thougout of 3rd question)

3. What is a good down payment? 2k, 3k?
Thank You!

1) We JUST bought in. Regardless of the term of our loan, I'm figuring payoff will be about 3 years....less probably, because in figuring that out I'm assuming all my bonuses at work, for those 3 years, will be equal to the lowest bonus I've recieved in the past 6 years. But it will all depend on how much "extra" you can pay above your loan payment....there's lot of good loan calcs out there that can show you what additional payments will do to the term.

Here's one:

http://www.bankrate.com/brm/popcalc2.asp

2) Interest rate will all depend on financing status (standard or preferred) and the duration of loan you choose (1,3,5 and 10 year terms are available, I think). Standard on the 10 year is 14.25% (I think that includes a 1% discount for auto deducting from your bank account), preferred on the 10 year is 10.75% (I think that includes a 1% discount for auto deducting from your bank account, too) according to the paperwork sitting in front of me. Those rates, obviously might change at any time before you purchase so don't take them as gospel.

3) The required minimum down payment is 10% on the 5 and 10 year terms. I think it's more on the shorter terms. It COULD also be more depending on how your credit checks out (lower credit score could mean more $$ down, in addition to the increased interest rate) You can pay $500 at initiation of purchase with the remainder due within 30 days. What's "good" for a downpayment is 10% + whatever extra you can afford to put down, since, obviously, you'll not have to pay interest on that amount.

 

[Coach81]

My wife has been getting a nice incentive bonus where she works, we plan on putting all or most of them on the loan if we decide to get it. He hope to pay it off in half the time.

 

[Chuck S]

Totally agree! I can't stand the smell of smoke! Is this something that happens quite often???

Not as often as it used to, according to reports. DVC resorts, especially OKW, have adjusted the number of smoking rooms over the years, they are now a much smaller percentage of rooms than they were originally. OKW is down to one and 1/2 smoking bldgs.

Smoking/non-smoking is a hot topic on the DVC boards, and the subject is limited to this thread: DVC Smoking Thread

Normally we close a thread when it veers toward the smoking topic, but I will leave this thread open, as there is a lot of other non-smoking related info contained in it. But PLEASE limit further smoking issues to the smoking thread. Thanks.

 

[Coach81]

Well my mind is now made up! I"ll be sending the contract and down payment tomorrow morning to TTS! Now let's hope we pass ROFR!!!

Thanks to all of you for the info, my family is very excited. Now the 3 weeks of wait