Direct Purchase - How Quickly? and other questions...

[polynor]

So, I think we're finally serious about buying into DVC...
I've searched (probably ineffectively) for these answers and would like to understand it from people's experience before we get a guide...

a) How long does it take to close on a direct purchase if you aren't an existing member and you aren't financing?
b) I saw some threads about paying by credit card -- is there a limit to how many they will split the charge over? (we try to keep a low limit. We do pay off in full, I would be interested in getting my extra points/cash back)
c) When do you need to pay the full sum of the purchase? Is it upon finalizing the contract or a deposit and a balance later?
d) We are interested in Riviera (we are aware of the cons with the resale value), will we be able to pick a use year? We usually vacation in March or early summer -- I was thinking Feb or March UY.
e)Finally, is it much more painful to do three separate contracts -- not for resale (again, we understand the cons) but for inheritance? If we stick with one contract, our kids in the future would have to negotiate amongst themselves to handle it if I understand it correctly. So eliminating that argument seems better...

Thanks for all the advice!

 

[Rush]

a) How long does it take to close on a direct purchase if you aren't an existing member and you aren't financing?

They will put the points in your account almost immediately, but it won’t close until you pay it off in full. Pay it all on day one (I see little reason to do this though) and it can close very quickly.

b) I saw some threads about paying by credit card -- is there a limit to how many they will split the charge over? (we try to keep a low limit. We do pay off in full, I would be interested in getting my extra points/cash back)

I don’t believe there is a total limit you can charge, how many different cards I’m not sure, but I know you can set it up to pay it multiple payments. Over what time frame I’m not real sure, but a guide can tell you those specifics. I’d bet if you want to buy they will let you do as many as you need to make the sale.

c) When do you need to pay the full sum of the purchase? Is it upon finalizing the contract or a deposit and a balance later?

You’ll pay a 10% down payment, final payment will be due on a specified date in your closing documents, for ours I believe it was 30 days of the initial purchase. If you set up multiple payments on specified dates that could alter the final payment timeline, and possibly delay closing.

d) We are interested in Riviera (we are aware of the cons with the resale value), will we be able to pick a use year? We usually vacation in March or early summer -- I was thinking Feb or March UY.

Yes, they should be able to match your UY to fit your needs. Feb or March would be a good choice based on your travel times.

e)Finally, is it much more painful to do three separate contracts -- not for resale (again, we understand the cons) but for inheritance? If we stick with one contract, our kids in the future would have to negotiate amongst themselves to handle it if I understand it correctly. So eliminating that argument seems better...

No, several smaller contracts are fine, the only downside will be 3 closing costs vs 1. Smaller multiples are not only good for the reason you stated, but should you need to off load for any reason, smaller allows you to downsize vs selling all. Also, smaller contracts usually sell for higher prices, though the uncertainty of Riviera is somewhat of an unknown in that regard.

 

[kboo]

A, B. If you’re not gonna finance and you’re going to put it on a CC, you’re “paid in full” as soon as the charges go through on the card(s). Obviously this is not a good long term plan, but if you have interest-free cards or plan on paying off the balance immediately, then there really isn’t a downside to putting it on a cc.

We already have a membership set up, and did this for our recent purchase (put on 1 cc, checked w cc company beforehand that the charges would go through), signed docs on Tuesday AM, and made a reservation with those points last night (Wednesday PM). With a new membership, it does take a little longer but it should not be like the resale timeline.

We broke our purchase into 2 contracts. The closing costs difference was minimal, and they applied the developer credit as if it was 1 contract.

One last point on UY: because they weren’t selling RIV until April, if you buy a February or March UY you won’t get points until 2020. April - Dec forward you will get 2019 points, which is useful if you want to use your points before Feb or March 2020. They did say that for new members their default that they’re selling now is Dec UY.

 

[TexasChick123]

They did say that for new members their default that they’re selling now is Dec UY.

The previous posters have already answered your questions very well. The only thing I was going to add is that if you are insistent on a particular UY, they’ll do it eventually. Also, I think it is only a Feb UY that didn’t get 2019 points because Riviera went on sale in March 2019.

 

[miTnosnhoJ]

You get your points immediately, but you still have the 10 day rescission period. I don't think they will close before that runs out.

 

[stewart715]

You can use points immediately for reservations 30+ days out. After closing, you can make a reservation for any time up to 11 months.

 

[vikequeen]

We are purchasing riviera also. We also split it into two contracts. Only downside was about $200 extra closing costs. We can put entire cost on cards (we also intend to pay it off immediately). And we requested and are receiving a sept use year to line up with our other points. Good luck!

 

[zapple]

We just bought direct last month, we did it in person and our points and digital membership cards were available immediately. We paid in full with 2 credit cards, I don't know how many cards they'll let you use. We could use our points immediately. A few weeks later, after closing, we got the bill for our pro-rated 2019 annual dues.

 

[polynor]

Thanks everyone for your responses! I see I was equating agreeing to buy with needing to upfront all the money right at the document signing to close. I understand now, we just need to pay the deposit. And then arrange for payment later which we put on cards (yea points!).

Coincidentally, dvc called us today because I ordered the new video so my husband asked a bunch of questions too. Of course I apparently had put us on the do not call list, so to set it up for them to call again I had to remove the block. The guide told us to take advantage of the incentive we’d need to start the process by May 29. So we’ll sit for another month and then proceed!