Direct closing costs???

[quandrea]

Talked to a guide today who said closing costs on 200 OKW points would be about $900. A resale broker says $600 for 200 points. I alothought closing costs with Disney direct was less. Is my guide misinformed?

 

[lovin'fl]

They used to be zero and have slowly creeped up. And then they started charging some admin fee...that may be tacked on to the CC in the quote your guide gave. That is high though. Last time I added direct points (70 CCV last July) it was like $135 for CC. ...I should go back and look at my contract.....let me see....

 

[Bruin_mouse]

I bought 75 points BLT direct in June. Closing costs were $202.10 I think. I don’t think there was an admin fee at that time.

 

[lovin'fl]

Yeah, the admin fee thing is new-ish. My contracts are in DH's office and he's on a call so later tonight I will get our my CCV one and see what I paid. May have been more than $130. We have bought 4 direct contracts...55 BWV in 2014, 25 BWV in 2014, 25 BWV in 2016 and 70 CCV in 2018. I will try to post the CC for each....they did go up a tad each time. Was like $90 the first time.

 

[lovin'fl]

https://www.disboards.com/threads/direct-closing-costs.3712961/

Looks like added $195 prep fee as of Oct 1. My CC last July were just $181 on 70 CCV points. Did not pay the $195 prep fee back then. OP, $900 still seems high. Maybe they added dues in with that too (used to get billed later for dues but maybe now they are taking up front???). No, that can't be...I have 200 OKW and our dues were more like $1400.

Ooops...edited fix last 2 sentences to say dues (had said CC but meant dues)

 

[KAT4DISNEY]

They've added an admin fee and the closing costs were raised again either in December or January I believe that brought it up pretty much on level with resale. Or, with enough points apparently has surpassed them! I'm pretty certain it's a Disney company that does this so I'm sure they need to increase their revenue too.

 

[Bruin_mouse]

They've added an admin fee and the closing costs were raised again either in December or January I believe that brought it up pretty much on level with resale. Or, with enough points apparently has surpassed them! I'm pretty certain it's a Disney company that does this so I'm sure they need to increase their revenue too.

That’s crazy! I’ve only been interested in DVC for a year and a half and bought my first contract (resale) a year ago. Closing costs was such an easy win for Disney in the “pros” column for direct purchase. Unbelievable that they would throw that advantage away for a relatively (for them) small amount of money, but I guess it makes sense if you figure resales aren’t a huge part of the DVC market.

 

[Henwen88]

Talked to a guide today who said closing costs on 200 OKW points would be about $900. A resale broker says $600 for 200 points. I alothought closing costs with Disney direct was less. Is my guide misinformed?

Did you confirm that the $900 figure was indeed all closing costs? If they are really charging that much, I'd be surprised (can't say shocked, cause I've seen what else they feel like they can do these last few weeks). That is a huge negative for any direct purchase. I wonder if it's any cheaper for an add-on? My only direct purchase was CCV in 2017 - lemme go find what they were charging then.

 

[quandrea]

Did you confirm that the $900 figure was indeed all closing costs? If they are really charging that much, I'd be surprised (can't say shocked, cause I've seen what else they feel like they can do these last few weeks). That is a huge negative for any direct purchase. I wonder if it's any cheaper for an add-on? My only direct purchase was CCV in 2017 - lemme go find what they were charging then.

I called my guide Friday afternoon but haven’t heard back yet. This is an add on. 200 points at OKW.

 

[larry47591]

I would say it is probably accurate. We just bought direct at ccv for 150 points and closing was 700

 

[quandrea]

I would say it is probably accurate. We just bought direct at ccv for 150 points and closing was 700

I was surprised by how high it is. I remember the days of no closing costs.

 

[lovin'fl]

That's like adding $4.50pp to the price which is already high.

 

[kniquy]

No, that can't be...I have 200 OKW and our dues were more like $1400.

Maybe prorated closing costs? I don't think OP noted what UY they were purchasing

 

[quandrea]

December UY. Not talking dues, but closing costs. Unless you mean that the guide was adding in dues to the closing cost figure. I have to talk to him again. He seemed deliberately vague about pricing. He’s a new guide for me. Mine is on leave.

 

[lovin'fl]

Maybe prorated closing costs? I don't think OP noted what UY they were purchasing

I was wondering that too.

 

[lovin'fl]

December UY. Not talking dues, but closing costs. Unless you mean that the guide was adding in dues to the closing cost figure. I have to talk to him again. He seemed deliberately vague about pricing. He’s a new guide for me. Mine is on leave.

So you get Dec 2018 points and forward. But pay only 2019 dues I am thinking. And all 2019 (or maybe just 11 months worth). I am trying to think...when I bought July 2018 for my Aug UY I paid about 5 months of 2018 dues. Got 2017 points for free (dues wise). So I don't think it's including dues as it would be more like $1325 just for 11 months of dues ($1446 for 200 OKW 2019 dues).

I have a great guide if you need a recommendation.

 

[quandrea]

So you get Dec 2018 points and forward. But pay only 2019 dues I am thinking. And all 2019 (or maybe just 11 months worth). I am trying to think...when I bought July 2018 for my Aug UY I paid about 5 months of 2018 dues. Got 2017 points for free (dues wise). So I don't think it's including dues as it would be more like $1325 just for 11 months of dues ($1446 for 200 OKW 2019 dues).

I have a great guide if you need a recommendation.

I’ll take that guide recommendation please.

 

[4luv2cdisney]

I only paid a small amount for closing on 60 points in late 2017 (just over $100???) but was just quoted nearly $350 for only 50 points. That $195 admin fee was likely the difference.

I've declined 2 of my 3 direct waitlists so far. I just can't bring myself to pay the recent increase AND another $200 that they've decided they suddenly need to charge.

I do need more points but I also don't want to be forced to buy a larger contract than I need (limited availability of resale).

Not sure what I'm going to do.

 

[quandrea]

I only paid a small amount for closing on 60 points in late 2017 (just over $100???) but was just quoted nearly $350 for only 50 points. That $195 admin fee was likely the difference.

I've declined 2 of my 3 direct waitlists so far. I just can't bring myself to pay the recent increase AND another $200 that they've decided they suddenly need to charge.

I do need more points but I also don't want to be forced to buy a larger contract than I need (limited availability of resale).

Not sure what I'm going to do.

I see where you are coming from. I’d like to own at OKW. We had planned to buy 200 direct OKW and sell our 200 SSR. Now I’m wondering if we just keep everything as is and take our chances at seven months. Love those OKW grand villas though.

 

[Henwen88]

Okay, went and checked. In 11/17, closing costs for 118 points at CCV were $383.70. I remember grumbling about the amount at the time. I was already a member, but this was a new UY, so technically a new membership. Still... not anywhere in the 900 dollar range. Yikes.