First Time Buyer Questions

[iowacedar]

Hello,

My family and I are looking into purchasing a re-sale DVC contract at Old Key West. Have a couple of questions for the more experienced DVC folks here.

1. Are there any recommended DVC re-sale brokers?

2. For financing the purchase of a re-sale DVC contract, I've seen Monera Financial, Vacation Club Loans, and LightStream pop up as financing sources. Are these three the ones people usually finance through? Are there other financing alternatives? Anyone one have any positive or negative experiences with the three listed here?

Thanks!

 

[macman123]

1. There are about 10 or so different brokers. I have personally used three different ones including the board sponsor.

2. I have personally used Monera. They are ok.

 

[natty650]

As mentioned before, there are many resale brokers. Unfortunately, we're not allowed to name all of them on this forum. Guidelines allow us to discuss specific advertisers/sponsors of this forum. You can learn more here: https://www.disboards.com/threads/p...-site-you-wish-to-mention-or-discuss.3821848/ This thread has a list of some brokers, but there are more that are worth looking into.

Personally, I've purchased from www.dvcsales.com. Mark and Lori provided excellent customer service, the process was quick and easy, and the pricing beat out many of the brokers listed on this site. I was able to purchase at a price that the board sponsor said was not feasible.

I'm also going through ROFR on a contract through www.dvcstore.com. Again, awesome customer service and excellent communication. They have been very professional and didn't try to talk me into raising my bids or any of that nonsense.

Financing is definitely a personal choice, but if you have good credit, you might be able to find better rates elsewhere.

GL!

 

[natty650]

I should add that I'm a newbie to this, too, but I have learned a lot on these forums! Everyone is so helpful, so I'm sure through some searching you'll be able to find all the info you need to make a purchase.

 

[defrogger]

For financing, one thing to consider is a personal unsecured loan if it makes sense for you. I just purchased DVC in the last 4 months and i got a personal loan with one of the major banks at 6.9% interest. But i could only get $10k for the loan. That worked for me as i had the rest in the bank.
I like the personal loan as you didnt have to put the DVC contract as colateral plus i got a better rate. But depending on your credit getting more then $10k in loan might require the Secured loan.
When i was looking at the ones you mentioned they were around 10%, not sure what there rates are now.

You might already know this, but something to consider with OKW, when purchasing resale most contracts are only for 20 years for experation unless its noted that its an extended contract, those expire in 35 years i believe.
Also if you buy OKW from Disney direct they are extended contracts with the 35 years. Sometimes money wise OKW might makes sense to purcahse direct instead of resale.
Just something to research if you dont already know

 

[kilik64]

My answer to question 1 is broker is a broker, dont go for one specific one as they are all dependent on what contracts they have for sell and you as a buyer should cast the widest net to find the right contract for you.

What you really should be asking is for experience with title companies. You can choose what title company you use with any broker. There are quite a few title companies and they are the ones who do all the real work (sending for rofr, getting the estoppel, handling the closing paperwork timely, etc).

Personally we used Mason Title as our title company and Cammie with them was great, very responsive to questions and got our resale closed very timely on their end.

 

[Suzabella]

Agree with Kilik64. For resale, go where the best contract for you and your family is listed. We've also used Mason Title on 2 resale contracts.

That said, the process for resale is a lengthy and stressful wait. It can be a 2-3 month long process depending. We had one go 3 months and one take 2. We've also purchased direct when it made sense. Those points were in our account within hours of returning the signed contracts. Keep that in mind if you're thinking to use your points for an upcoming trip.

As for financing...anyone but Disney. Their interest rate is painful. We've purchased small resale contracts mostly and added on to get to the point level we felt we needed. (Once you own points, any number through resale, you are a member. You aren't held to the 150 Disney is requiring direct. Then you can add on any amount directly if you wish.) Those were small enough to pay cash. Our latest direct add on we put on our Chase Freedom card which was offering a special deal of 18 months SAC and 0 fees on travel. The Disney Chase card will give you 6 months SAC but you might find something better if you research.

Edited to add - If you buy resale, be sure to post it on the ROFR thread. It's a great 'support group' with people who are going through the same experience.

Good luck whatever you decide!!

 

[shoegal9]

We have used DVC Resale Market and Fidelity for our 3 resale contracts. We had positive experiences with both, but purchased 2/3 from DVC Resale Market. For financing we used Vacation Club Loans for part and paid part cash. They are great to work with. I think we had a 9% rate. Highly recommend.

 

[Spinster Travel]

OKW is a great resort! You can buy in resale at a decent price, but as has already been mentioned, you can purchase OKW direct and get a longer contract. You can find OKW extended (OKWe) contracts on the resale market, but they are harder to find and will cost you more per point than the standard exipiration, so keep that in mind. There are lots of pros and cons to buying resale vs direct, so go with what makes sense for you. With resale, I have about a dozen brokers pages bookmarked and search them regularly when I'm in the market for a contract (or when I'm not in the market, but looking to be tempted by a perfect add-on). Some are better than others, but when I did purchase, it really came down to which broker had the perfect contract.

As for financing - I used Lightstream and I don't think its mentioned much on these boards or even by many of the brokers because it is definitely geared to borrowers with better than good credit. They offer the best rates, BUT those rates are for those with "excellent" credit. The best rates they offer are for a 3 year term, but you can pay the loan off early. I got a loan for them for my Poly contract and took it out for 3 years and paid it off in one without any penalty. If you know your credit score is in the high 700's or 800's you should consider Lightstream. They DO pull credit and DO report the loan to the credit agencies so if that's an issue for you, you will want to look at one of the other options.

One final note is that you can use any loan company you want even if you are purchasing direct from Disney; my DVC Guide really didn't care where I got my loan.

Good luck!

 

[dvc lover 1970]

If looking at OKW make sure you get an extended contract. Most OKW are 2042 expiration while the extension is 2057 expiration. SSR expires in 2054. In terms of brokers go where you see the best price.

Agree with previous poster OKW direct might be the best buy. You get last years points and closing costs are usually cheaper.

 

[Sandisw]

As mentioned before, there are many resale brokers. Unfortunately, we're not allowed to name all of them on this forum. Guidelines allow us to discuss specific advertisers/sponsors of this forum. You can learn more here: https://www.disboards.com/threads/p...-site-you-wish-to-mention-or-discuss.3821848/ This thread has a list of some brokers, but there are more that are worth looking into.

Personally, I've purchased from www.dvcsales.com. Mark and Lori provided excellent customer service, the process was quick and easy, and the pricing beat out many of the brokers listed on this site. I was able to purchase at a price that the board sponsor said was not feasible.

I'm also going through ROFR on a contract through www.dvcstore.com. Again, awesome customer service and excellent communication. They have been very professional and didn't try to talk me into raising my bids or any of that nonsense.

Financing is definitely a personal choice, but if you have good credit, you might be able to find better rates elsewhere.

GL!

Just want to clarify that businesses allowed to be discussed are not only those who may be a sponsor or advertiser.

Plenty of businesses can be discussed here. Reasons for a business being in the filter are many and up to the board admins to decide that.

So, just post the link and as long as it’s not filtered, you may discuss.

My recommendation is always post a link even if you believe it should be fine saying just the name because changes do happen.

I even made that mistake once!

 

[natty650]

Just want to clarify that businesses allowed to be discussed are not only those who may be a sponsor or advertiser.

Plenty of businesses can be discussed here. Reasons for a business being in the filter are many and up to the board admins to decide that.

So, just post the link and as long as it’s not filtered, you may discuss.

My recommendation is always post a link even if you believe it should be fine saying just the name because changes do happen.

I even made that mistake once!

Thanks for clarifying.