Found a contract - What should I do??

[horselover]

I found a contract that I think meets all our needs, but I'm scared ! I love the idea of owning DVC & all it has to offer, but it's a lot of money . I know in the long run it will pay for itself after a few trips, but it's the initial output of cash that scares me. We could pay cash, but it would take up a good size chunk of our savings account. Given the state of the economy that does scare me, but I want that contract! But then we I think of spending the $ it makes me a little sick to my stomach . What to do, what to do . Anyone else feel this way before they bought in?

 

[Noreendisfour]

I laughed when I read this. I felt this way before I bought DVC.

I also felt this way when we bought our house, every time we buy a car, when my husband changes jobs, etc etc etc

I'm a worrier, so I let my husband handle the big decisions. Of course we still discuss the pros and cons of spending big amounts of cash like this, but if the pros outweigh the cons and I'm still worried, I walk away from it and say do what you want. It's works!

 

[starwood]

If it helps you can think that if you ever need the money you will be able to sell the DVC contract for almost what you paid for it.

 

[ont/ohana]

Hi we felt the same way. My DH's boss once said to him that the reason they bought into a timeshare was to make sure that the family no matter how busy, will always have a safe wonderful holiday together. So we stopped worrying, and bought into DVC. Since then we paid off the orginal, and have added on so we can get bigger units or go more often.
I hope this helps
We love the flexibility of DVC!!

 

[dnoyes]

I found a contract that I think meets all our needs, but I'm scared ! I love the idea of owning DVC & all it has to offer, but it's a lot of money . I know in the long run it will pay for itself after a few trips, but it's the initial output of cash that scares me. We could pay cash, but it would take up a good size chunk of our savings account. Given the state of the economy that does scare me, but I want that contract! But then we I think of spending the $ it makes me a little sick to my stomach . What to do, what to do . Anyone else feel this way before they bought in?

I'm feeling the same way as you are. I've done all the research (thanks to you people) and know what we want but I just can't make myself do it. I think it's a good time to buy at AK and I have the money to do it. I own a retail business and we're already off 30% this year so paying cash is not the greatest idea right now. I don't know anything about the terms at Disney because it was never a concern of mine .... now it might be. Anyone know how it works with Disney finance? Down, rate, payments and so on?

 

[TenThousandVolts]

YES! I felt the exact same way- I didn't want to see my savings balance plummet- so here is what we did- we paid 50% cash and put 50% on a brand new 0% CC (The 0% was on purchases for 12 months) Then I just divided the balance by 10 and planned on having it paid for in 10 months. - I ended up making extra payments and paying it off in 7 months. Somehow doing it that way allowed me to reconcile with my decision on a psychological level. Most resale companies won't take cc's but GMAC will allow you to pay a portion with a CC- I am doing my resale purchase the same way. Portion on a 0% CC- the rest in cash.

 

[starwood]

Actually if you charge the DVC purchase on your Disney Visa you get 6 months interest free.

 

[horselover]

Thanks everyone for your input. Leaning more & more towards going for it . I know I can't wait too long because I've already seen 2 small contracts get away before I could decide. BTW the advice on putting it on the Disney Visa is great. That's exactly what I was thinking of doing. I called them last night to ask them to send me the checks so I can pay for it that way. Seems like it has 2 benefits to doing it that way - 1. No interest for at least a couple of months (just opened the Visa last month so by the time the balance is due I'll only have a couple months left on the 0% for 6 mos.) & 2. I'll be earning a bunch of disney dollars that I can use to pay the MFs . When the 0% interest period is over I can pay off the balance. Win/win situation in my mind. I'll let you know what we decide. Keep your fingers crossed for us .

 

[horselover]

One more thing. This contract has a Feb. UY. The times we would probably go would be Spring or early Dec. Is Feb. a good UY for those times? Obviously it would work great for the Spring, but Dec. becomes more tricky. Should I try to get a Dec. UY instead?

 

[TenThousandVolts]

Are you sure about that Disney Visa deal? Last time I checked it you could only do the downpayment or 10% of purchase for 0%- and that was buying direct from Disney- not resale. Also- if using the checks I beleive there is a fee.

 

[minikk]

We could pay cash, but it would take up a good size chunk of our savings account. Given the state of the economy that does scare me, but I want that contract! But then we I think of spending the $ it makes me a little sick to my stomach . What to do, what to do . Anyone else feel this way before they bought in?

You are not alone. DH and I just sent the deposit in for a DVC resale. It is a lot of money, but we knew we wanted this DVC. It will take a big chunk of our savings too and I cringe when DH says we need to cut back on spending because I have cut way back as it is. We worked so hard to get out of debt and have such a large net to fall back on now, but once we spend the money for the DVC, that net just got a little smaller. But with DH's saving skills, we should be back in business in no time.

 

[Buckeye Fan]

One more thing. This contract has a Feb. UY. The times we would probably go would be Spring or early Dec. Is Feb. a good UY for those times? Obviously it would work great for the Spring, but Dec. becomes more tricky. Should I try to get a Dec. UY instead?

December would be ideal if you're concerned about cancelling. It will give you the most flexibility considering your travel habits. For us, we NEVER cancel, so while I know it's a risk, it wouldn't be as big of a consideration. Where we've bumped into trouble is with banked points. We have an Aug UY and when we bank, our points expire on 7/31 the following year. That forces us to travel earlier because we won't let the points expire.

If I had it to do over again (since we travel in the summer), I would have purchased a Dec UY. December would allow us to bank Dec - July. So as long as we cancelled a vacation by the end of July, we could still bank. Also, banked points wouldn't expire until the end of November, so we'd have plenty of opportunity to use those points during the summer.

Since you haven't purchased yet, just think through it and determine what benefits you. Based on other posts, most people don't have issues with their UY. I think I'm in the minority. Best of luck!

 

[horselover]

Are you sure about that Disney Visa deal? Last time I checked it you could only do the downpayment or 10% of purchase for 0%- and that was buying direct from Disney- not resale. Also- if using the checks I beleive there is a fee.

I spoke to someone from customer service at DV. They said I could use the check as payment, but if I write it to myself & then pay for the contract that way I won't get the reward dollars . I would qualify for the 0% interest though. They didn't say there would be any fee if I wrote a check. They also told me to check with the resale company & see if I can charge it directly to the card. He said a lot of times they will let you if you ask they just don't advertise it as an option.

The contract is still there as of this morning. Almost ready to call & make the offer just need that one more little push or maybe I just need a strong drink!

 

[starwood]

 

[TenThousandVolts]

 

[horselover]

Thanks everyone! Too funny!