I'm sold but the husband isn't

[acejka]

So I've been sold on a DVC since July 07, after hearing about it on my honeymoon in Oct 06.

They briefly told us about it because we didn't want to use honeymoon time on a timeshare presentation, and I forgot all about it until last summer when I came across the papers they gave us. I then started researching everything
I could about it and I am ready to sign papers, but my husband is citing everything from money (not having cash up front for it-which I know is a bit irresponsible, but for something this important to me, I don't mind doing) to what if I don't like disney in a few years (like that would happen).

My question to everyone who already has a dvc, is how hard is it to get a reservation??

*Just as a note, we are thinking of buying into sarasota springs, and we like to travel spontaneously, which I have heard can be an issue, but its not like 6 weeks out from Christmas I will decide to want to go to Disney. Its more like in December we will decide we want to go somewhere in late February. We usually plan about 8 weeks in advance, and are not picky as to where we would stay or what size (1 bedroom or studio is fine with us) BUT I've heard it goes either or, if you are a spontaneous traveler who likes to plan last minute in the off season and are flexible with your days, it shouldn't be a major problem, but I've also heard the oppisite.

Thanks for any responses or experiences you may want to share!!


*** To clarify we are definately getting the dvc.... hubby just isn't as pleased as he should be, but he has his car stuff and this is equal to that for me... Everyone is telling me to buy a house with the money I would be using, but that is out of the question because we don't want to settle down in our area, and even if we choose to settle here in the dc area, we have a house deeded to us, so there is really no need for buying a house here. We actually prefer to rent. I know that is weird but it is how we are. All of our other debt will be paid off this year, so we are buying it next year. I know it is right for me program wise, I was just mentioning my upset that he is not as sold as I am, but then again I am not sold on all of his car parts and stuff so I guess we are equal.

My question was only what are your experiences with booking?? Is 3 months in the off season enough time out?? I prefer vacations in September, October, January, February and March and are flexible with the actual dates in those months.

 

[SSRFred]

Reservations are the same with all floating timeshares, high demand weeks will force you to plan early.
If you love Disney (Have you stayed in Disney 7 times in the last five years?) then do it.
Otherwise, I'd wait only because you have so much on your plate right now. Don't ever finance a vacation(Just my 2 cents). If I were to go back in time, I would have done it when my first kid was 2. Before that, there was too much to experience and to sort out in my absolutely wonderful marriage.
Don't rush into anything. There's a saying my jeweler taught me, there are no deals when it comes to diamonds. You'll be paying market rate now or ten years from now.
Don't convince your hubby, talk to him and LISTEN to what he says and feels. Hopefully you'll meet in the middle and both of you will be happy and confident about the purchase .

 

[acejka]

I do love Disney, but I haven't been 7 times in the last 5 but that is only because I am only 23 and I went for the first time at almost 19 and the second time at 22. We are going again this year (we were going to go last year but illness ate up all my vacation leave)

I would go with or without the hubby every year if I had my choice, and since we are in the DC area, I feel we would also make good use of Hilton Head.

Thanks for your 2 cents though, I appreciate it!

 

[3DisneyKids]

While many (ALL?) of us wish that we had purchased when we were younger and/or first learned of DVC, I would strongly reconsider taking on the financial obligation at your age.

You said you would have to finance...that usually means that it will take a VERY long time for you to break even on your DVC (as compared with staying at a different Disney hotel). If you already own a home, then you could finance with a Home Equity LOC or Loan and that would certainly be far more beneficial than financing through Disney. (If you do not yet own a primary residence, I would not consider spending money on DVC right now...that money could be better spent on your first home. JMHO. )

As for last minute trips...we always book within about 3 months (and sometimes within just a few weeks) and we have never had a problem. We only go off season and we are flexible with our days and dates. Many other folks here will state the opposite. This is one of those issues where ymmv.

And as for taking last minute trips...I wouldn't let that influence you. As you grow (and your family does as well), you will find that the way you vacation changes. So don't necessarily assume that you will always be last-minute planners.

Good luck as you make your decision.

 

[BroganMc]

I second that. Not to dictate to you, but it seems at 23 and newly married you'd have a lot on your plate already. DVC will always be there. And like others have said this is a luxury vacation plan. It's not something you want to burden yourself with as a high-interest financial loan.

The initial cash outlay for purchase is only the tip of the iceberg. You'll have maintenance bills to pay every year, park tickets, food and all the travel expenses that come with frequent trips to Disney. We did it but then we had enough saved up to pay cash and were already taking regular trips to Orlando. Ten years ago when I went for the first time in 20 years I'd never consider such an idea.

In the meantime, you can still indulge your newfound love for DVC. Just go the rent/trade route and pay as you go for DVC vacations.

Also keep in mind that off-season for DVC and everyone else can mean two different things. For instance the first two weeks of December are insanely busy for DVC bt slow everywhere else. Summer can also show a bit of availability since many DVCers prefer going during Fall or late Spring to save points.

 

[goldilocks_63]

Okay, not to generalize, but something like 50% of marriages don't last... So why get into a commitment voluntarily that you don't both agree on....

Pay off all your credit cards, student loans, car loans, and save up for a 20% house deposit.

Listen to Suzy Orman (SP?).

Best wishes, Goldi

 

[BrentR]

There are a lot of good threads on the disboards in regards to "if DVC is right for me". I will not rehash what others have said.

I agree with the previous poster that financing would definately increase the time it takes for DVC to payoff for you. However that being said you may want to consider a smaller resale contract. If you purchase directly throught DVC you will have to purchase a minimum of 160 points for $94/pt.
By considering resale you can purchase a smaller contract say 50,75 or 100 points at a reduced price through a reseller. If you bank and borrow you still will be able to take advantage of the program and it's benefits and you will still be considered a full fledged member with ALL the benefits.

By purchasing a smaller contract perhaps you will not have to finance the purchase......or perhaps you can finance an amount you will be able to pay of in a short period of tiime

Take a look at Time Share Store......link at the top of this page....it will give you an idea of the contracts that are out there and the prices you can get them for....

good luck in your decision.....DVC is a wonderful program in the right circumstances.

 

[Mtnman44]

This is an excellent compromise solution. And don't borrow for it. Take 6 months, 12 months, whatever it takes to save up the purchase price. A 75 point re sale contract is roughly $6,500.

We are all making some assumptions that your financial situation is roughly the same as most of ours were when we were newlyweds in our early 20's.

Now if you can't save up that much extra cash in a year or so, I would say you should hold off on DVC since, as pointed out earlier, those annual vacations are going to cost a lot every year, even with DVC. If you can't save the cash for a purchase, how are you going to pay for the vacations once you own DVC? It's just a Hypothetical question of course. Only you know your own financial details.

by the way, a minimum 160 point contract financed thru DVC costs almost $2,000 a year in loan payments and another $600 per year in dues. So if it takes another $2,000 per year to actually take that vacation (tickets, food, airfare, etc, etc). That means by financing a DVC purchase you are basically saying, "yea, I have around $4,600 per year to spend on WDW vacations".

If that is the case I say WAIT for 12 to 18 months and instead SAVE that money. Then BUY a small DVC contract via resale for CASH. Instead of a burden every month, it will truly be an assest for your family and will provide excellent accomodations every other year. In time, you can continue to add on more points as necessary. 25 point contracts are easily affordable with cash with proper planning.

There are a lot of good threads on the disboards in regards to "if DVC is right for me". I will not rehash what others have said.

I agree with the previous poster that financing would definately increase the time it takes for DVC to payoff for you. However that being said you may want to consider a smaller resale contract. If you purchase directly throught DVC you will have to purchase a minimum of 160 points for $94/pt.
By considering resale you can purchase a smaller contract say 50,75 or 100 points at a reduced price through a reseller. If you bank and borrow you still will be able to take advantage of the program and it's benefits and you will still be considered a full fledged member with ALL the benefits.

By purchasing a smaller contract perhaps you will not have to finance the purchase......or perhaps you can finance an amount you will be able to pay of in a short period of tiime

Take a look at Time Share Store......link at the top of this page....it will give you an idea of the contracts that are out there and the prices you can get them for....

good luck in your decision.....DVC is a wonderful program in the right circumstances.

 

[acejka]

I feel your reply is exactly right when you mention the assumptions. A lot of people assume that since we are both under 25 that we are not too financially set quite yet. We do have some debt left over from various wedding aspects etc, but we aren't in the situation that a lot of our friends are in with money so its not a big deal to us.

One reason I want to finance is just to have it on my credit report that I am paying monthly and on time to a revolving debt, which I know has its pros and cons.

I looked into resells, and that is what I am going to do, some of the resell packages I have seen can be saved up for in a matter of months that will suffice what we need at this time. When we come to Florida, we like to do Tampa and Orlando (but only for 3-4 days because we can't stand AK so we usually do a day in epcot, mk and mgm so as not to see every single thing on every single trip) so really a 50-60 package would do us to begin and then we can add on as children come and as time for vacations increases. Also the husband is more comfortable with having a lower package.

Thanks for the understanding reply and great idea for resells.

 

[abner1776]

Call me old, frumpy and unamerican, but I do not believe in financing vacations...if you ain't got da money...don't take the vacation. Financing should be reserved for cars, homes and college. Some may argue with DVC is not a vacation, that it's in investment, but it's nothing more than a prepaid vacation for the next xxx years.

At your age, you need to prioritize your needs and your wants...if you can cover your needs then look at your wants and DVC is definitely a "want." We all want to take vacations every year or more often, but not at the expense of our "needs." That DVC vacation will be long forgotten by the time the college tuition comes due or your retirement comes to pass.

 

[BrentR]

One reason I want to finance is just to have it on my credit report that I am paying monthly and on time to a revolving debt, which I know has its pros and cons.

I work in the credit industry. I know you will make the right decision for your situation but don't use wanting to finance your contract to get a good credit rating one of your reasson to finance.

The contract is not a revolving contract it would be an installment loan. Just like a car loan, home loan etc... There are revolving line-of-credit mortgage products out there but given the fact you don't own a home this does not sound like an option in your case.

If you want/need revolving trades on your credit file then you need to get a credit card(I hestiate to give this advice becuase credit cards can be big trouble) or a revolving line-of-credit from your financial institution. You most likely have this type of account already as most everyone has some type of credit card.

Bottom line is, financing DVC to build credit history is not a wise decision.

However, that being said If you have researched the program and it is right for you in your situation and you can afford the purchase by all means jump in!!

 

[TisBit]

OK, I will throw my hat into the arena here. I think that there is a LOT of assumptions made here and a lot of advise based on our own credit or life history.

Reasons to buy DVC:
1. You can afford to and you like to vacation there! (either by financing or not financing the initial amount, that is the OP's personal decision to make and no one should look down on someone who chooses to finance it)
2. You will continue to want to go to WDW on vacations (both you and your husband)

Bad reasons to buy DVC:
1. Just to build your credit history
2. It sounds neat and you think it would be fun, but not sure you will like to vacation at WDW a decent amount

Dont decide against DVC just because other people have gotten divorces, etc. That is absurd and if that were the case you shouldn't buy a house or get any other asset just 'in case'. But if you significant other doesn't want to buy it and it is going to cause problems then think twice about it.

It sounds like if you decide to do DVC, starting small is a great idea. Less money up front and less dues every year. It also doesn't lock you into 'having' to go to WDW every year. One year you can do Disney and the other something your husband wants to do.

As for your 'original' question you will find that booking three months out can be difficult if you have your heart set on a specific resort/room type and dates. I think most people who book 'relatively' last minute but are flexible can enjoy DVC. Just don't expect to get AKV Concierge at three months, probably won't happen.

It is also easy to change your vacationing habits...I always booked relatively last minute, but after getting DVC and using it for our first trip in November, I am booking at 11 months and planning much further out then normal. (I had my DVC November trip planned and booked before a trip to Cancun in April )

 

[ldo]

When I went to the DVC tour last month, the guide was saying that DVC keeps the financing "in house" and doesn't report it. I saw your other post, and I know many 25 yr olds who are very mature and financially savy. But, I agree with others, I would not finance DVC--only b/c I look at the TOTAL price of everything--and with an interest rate of 10%, I think the total price is too high. Some things you have to finance, like a car. But I do not like to finance timeshares, esp. when there is a really good alternative--resale smaller contract.
Plus, since your spouse is not as keen on DVC as you, why not also compromise and buy a smaller resale (50-100 points is good), pay cash, and enjoy it. You can tell your husband with banking and borrowing that you don't have to vacation at WDW every year--you could take a year off, or even two and be fine---then you could "test drive DVC" for a while and see how it works for you and husband.
Then, if you find that you want points more after another year or two, you can always add-on in increments of 25 directly through DVC--that is exactly what we are doing. That way, you can enjoy DVC now, but not be locked into a bigger DVC contract. Good luck! Elaine (soon to be owner of 50 VWL points, then adding on 25-50 points AKV in 2009).

 

[wendyinoc]

I don't know where you live but housing prices are falling and will continue to fall through 09. So get DVC now. I looked at this when I was 26 and now I am buying at 34. I would got it alot cheaper then. Buy a small contract and work your way up. You can always add later.

 

[nunzia]

I guess I differ a little from many posters. While using cash and never financing a trip are very wise and the usual course for us, there have been times when we did supplement our cvacation funds with credit and I have no regrets. We were quite low on the income ladder when the kids were little (still are compared to many, but being frugal we don't notice it). To me, having the kids able to experience things and have great memories was worth a little interest if need be. Now, we did not go crazy and we saved all year, but we also at times had to use credit to complete the money for a trip. The kinds of things that would throw us for a loop, like the car needing major repairs right before a trip and the like, seemed to pop up. Now the kids are all grown and have their own kids and the memories they have and we have as a family were worth every cent. You can't always save enough in the time you have with them being little. You do not want to miss the young wonder years of a kid at Disney. My oldest son took a day long art class at WDW and it cemented his love of art. He now has a college degree in graphic art and works in that field. They all love Disney, they all know that vacations are an important part of building a family. Let me stress again that we didn't go nuts with this..we'd stay off site, do most meals off site, go easy with food purchases on site..the kids loved the curros and it was a big treat for them, souveniers were kept to a strict minimum..but sometimes the savings just weren't enough when it was time to go. I think the biggest waste of money is buying a new car. I'd rather wait for that depreciation, save cash and buy a nice still under warranty car for a huge savings. So I guess it all depends on our perspectives.
As an added note, as my daughters graduates this may with her BS we are taking all three kids, a spouse and five grandkids to DL, staying at DGC and eating at the fun places, all on cash. I'm just saying times and circumstance change but kids are only little once.