DVC Too Good To Be True?

[Disneypal]

A friend told me about her Disney Vacation Club Experience and I have a couple of questions about it.
She was recently introduced to someone who was finished using his or her Disney Vacation Club and just wanted someone else who was going to enjoy it to have it. They told her that they would give her and her family the deed for no charge what so ever. I was concerned that this was too good to be true! She assures me it is legitimate, that they have gotten a lawyer to transfer over the deed and after all is said and done they will be Disney Vacation Club Members.
1. Have any of you ever heard of something like this?
2. Is it something that is truly legitimate?
3. After assuming the deed what would you then be responsible for financially?
4. If it is all on the up and up how do I find someone who is finished with his or her Disney Vacation Club?

 

[DVCconvert]

It could be a real sweet deal...

1)approval for a transfer of ownership has to be submitted to dvc and is subject to dvc's right of first resusal. No one can just "assume" a membership contract without DVC agreeing to it.
2)if it passed ROFR the new owner would then be responsible for the annual dues - this varies in cost per point and by resort.
3)I don't know why anyone who is "finished" with their membership would want to just give it away without first trying to sell it on the resale market first
4)there's a chance the current owner may still owe $$ on the membership

 

[snoope]

Disney would not allow that to happen and they would snatch it up. If they are good friends, they should have a "behind closed doors" agreement.

 

[RobOnDisney]

As snoope says-- gratuitous transfers are only allowed to immediate family members and that exists within the contract.

 

[Dean]

While officially that's true, I doubt DVC would hold up the gift. Just call them and ask their thoughts (Member Admin).

 

[chalee94]

She was recently introduced to someone who was finished using his or her Disney Vacation Club and just wanted someone else who was going to enjoy it to have it. They told her that they would give her and her family the deed for no charge what so ever.

this is common for non-DVC timeshares but very unusual for DVC. make very certain that the deed is for one of the DVC timeshares and not simply one of the other orlando timeshares.

 

[DVC Dude]

It does seem too good to be true to me, unless the two parties are Extremely good friends.

Using conservative estimates of $50pp and 100 point contract still = $5,000 value

Thus, this is an incredible gift to a very close friend or it is a scam. There is no middle ground here.

 

[Jason@dvcstore]

4. If it is all on the up and up how do I find someone who is finished with his or her Disney Vacation Club?

1 more question to ask

5. How do you find someone who wants to give up their ownership for free?

Jason

 

[Dean]

this is common for non-DVC timeshares but very unusual for DVC. make very certain that the deed is for one of the DVC timeshares and not simply one of the other orlando timeshares.

I think this is a very important issue. Is it really a DVC timeshare or a "Disney" timeshare. Many people and many ads will say Disney timeshare when they mean an Orlando area timeshare. Many of those are worth owning but can be bought for far less, many aren't worth owning even for free either.

 

[BBG-BLT]

You'd have to pry my DVC out of my cold, dead hands.

It's a very sweet deal if you can get by Disney with it.

You would be responsible for yearly maintenance costs which differ depending on the resort and number of points.

If you don't want it I'll give you my number

 

[OrangeCountyCommuter]

1 more question to ask

5. How do you find someone who wants to give up their ownership for free?

Jason

I actually know someone who would probably give her's up for "free" just to get out of the dues and loan payments. She actually wants someone to assume the debt, which is about 50%paid off... So figure it's 50% of retail (and this is on BLT)

She has lost her job, resort is not really selling via brokers (Maybe even yours I didn't ask) and is ready to just be rid of it..(She also discovered she really disliked the resort)

Another month or so and I think she will give it to Disney for "free"

(And no, I will not do referrals to her. Please don't ask. I know that selling on the DIS is not right plus I don't want to be in the middle of this drama in my coworkers life!)

I think that by the time I am ready to give mine up I will have to give it away for "dues" I mean exactly how much is a timeshare with 10 years left on it worth... not much!

 

[rsinj]

I mean exactly how much is a timeshare with 10 years left on it worth... not much!

Depends on what the going rates are for DVC accommodations 20 years from now.

It seems to me, even with only a couple years left, it would still be better to use it as cash rates will still surely be more than the dues.

 

[drusba]

Just a disagreement with something said above. There is no limitation in the contracts that says gratuitous transfers are limited to relatives. An owner can give it away to anyone. Also, in that case Disney actually has no right of first refusal. That right applies to sales. You have to go through the right of first refusal process when you do a gift but that is a process and waiver that Disney does as a matter of course so it can assure itself it is in fact a gift and then show in the public record that it has not applied its right of first refusal.

Note if there is an outstanding loan the issue would be different because there would in effect be a sale to which ROFR can apply if the buyer is paying off the loan.

 

[OrangeCountyCommuter]

(And no, I will not do referrals to her. Please don't ask. I know that selling on the DIS is not right plus I don't want to be in the middle of this drama in my coworkers life!)

!

To those of you who have PM'd me about this. Please re-read the above statement. I meant it. I will not be responding. SORRY!

 

[MinnieGirl33]

You'd have to pry my DVC out of my cold, dead hands.

I'm with you!

 

[POLLY ANN]

Nothing is free in this World. And, I guess you would have to decide if you really wanted to accept a DVC timeshare as a "gift".

They may not have to pay the initial cost of the membership (Back in '95, we paid $62/pp for 220 pts so $13640 initially), but the dues still need to be paid annually, and they keep going up.

Right now I pay just over $1000/year just for dues and my contract runs out in 2042, so consider with no raises in dues, that's over $30,000 out of my pocket until it expires, not to mention how much I have paid out over the past 16.

So, I guess you have to decide what makes it a deal for you, personally.

 

[Disneypal]

Ok I am thoroughly confused! I have passed along all of the info to my friend. I was afraid it was a scam of some sort and hadn't even thought of some of the things all of you brought up (Orlando time share selling as Disney, Disney not approving, not being paid off etc).
Here is a little more background
1. Families are not friends. Person just herd they were looking for one and they were finished using theirs and wanted it to go to someone who would enjoy it.
2. Checking into if it is paid off and length left on it.
3. Checking into location of time share.
4. Checking into dues and point values.
I can assure you if it were mine I would never give it up!!! I can also say if given the opportunity she has been given I would not have hesitated to jump on it : )

 

[lovindisney4ever]

I thought that I would never give up my DVC but unfortunately due to a messy separation and divorce my soon to be ex-husband left me high and dry financially and now I have to deed ours back to DVC. I cried and cried and cried and cried. I am going to miss DVC so much. I wish someone would save mine or give me theirs because I used to visit once a month because we had DVC now it has been over a year and I am having serious withdrawals lol

 

[Disneypal]

So sorry!!! I feel so bad for you!!! Do you know what happens if you deed it back to Disney? Maybe someone would take it off your hands and let you buy points from them? Good luck and I am so sorry!!!

 

[Nanajo1]

You'd have to pry my DVC out of my cold, dead hands.

One of my DDs asked if DVC can be left in the will! I know who will pry my DVC from my cold,dead hands!