Is anyone afraid they will have to sell their dvc in this economy?

[eporter66]

I have always considered ourselves lucky and blessed to live the way we do. DVC has been great for our family, and depending on the circumstances, I would certainly try to rent them out for a year or two and hope things turn for the better. Ultimately, if an important decision needed to be made, I would sell.

I think about growing up, and we went to WDW once as a family. I am sure my parents sacrificed a lot to take us. I have already taken my 5 year old daughter 5 times. It is amazing to think of how lucky we have been.

I dont know your situation, but as another poster said, DVC is a luxury item. It is a wonderful gift to be an owner, but not a necessity. As others have said, you can always buy back in at some future date.

Best of luck, and of course I hope you are able to continue as DVC owners.

 

[Rock'n Robin]

I've been in your situation. In 2004 my husband's business failed and we had to sell the contracts we had at the time--160 at BWV and 100 at VWL. We had them for 4 years and had taken 4 trips, large and small, with them. Things have been getting better for us and on our trip last March DH stopped by a DVC booth and set up a tour--next day we had 160 SSR points. He said one of his main goals was to get DVC back.
That said, if things go south again, who knows? My 403B took a hit last year but I have 13 years to go to retire....and the kids don't have much college $, but they can go local for less since we have two good state schools within 15 miles of us if they don't get scholarships. We may only be able to go every other year through the college years, but we should be able to hold on to DVC.
Robin M.

 

[eliza61]

I will spare you the details, but our family has been hit hard by the economy. My husband is barely bringing in any income. He has a plan for the future, but getting there will be difficult. We are trying to get out of any debt possible, selling what we can, shaving off expenses, etc. My husband has mentioned selling our DVC as one less payment. I don't want to be selfish and cause our family to suffer in order to keep it, but the thought of selling it makes my heart ache. It brings our family so much joy. It's such a great way to get away from our problems. Since we live in Florida, we are able to drive there, and due to money issues it's been awhile since we purchased tickets to go in the parks. We've basically just been enjoying the resorts, downtown disney, etc.

Can anyone else relate?

I think we can all relate in one fashion or another. I think disappointing is probably a better description to what you are feeling than selfish. generally we all have a plan for our lives and it sucks royally when some thing blows that plan out the water.
Try not focusing on the losses (I know extremely hard). Look at it as a short term set back. Make a new plan or set a new long term goal.
My area has been hit by almost 9% unemployment so I see the effects of a recession daily.
My dh and I are trying to make good decision in this rough economy. some times we hit the mark, some times we miss it by a mile. I haven't had to sell my contract yet but I would if I had too.

 

[photobob]

I hope things don't get to the point that selling would be necessary, but if they did we'd surely sell. You do what you have to do.

 

[cseca]

I agree with PPs that if you've paid your contracts in full it'll be best to just rent your points to cover your MFs.
However, if you are still financing you probably will need to do some # crunching on how much "savings" or "loss" you'll acquire by continuing to own and rent OR to sell.
I'm sorry that you'll have to think about this, I thought about it too recently for a different reason. But it was pretty heart wrenching for me. And luckily after some number crunching we decided it would be best to keep our current contracts instead of selling some.

 

[december14disney]

I would go the renting route. If that doesn't work--then sell. I know thats hard. Im sorry.

 

[BEASLYBOO]

I feel your pain! It took me many years to save up for the OKW resale I purchased. This year after two paycuts and an uncertain future with the Co. I work for I've given selling a great deal of thought.

My family and friends have enjoyed so many good times using our DVC that it would be a great loss to have to let it go. With that said, if I lost my job or were in jeopardy of losing my house, I'd let it go in a heart beat and regroup when times got better.

The going rate for transfer/rental points is $10, that would pay your maintenance probably by double and might help your cash flow.

Don't lose hope, even if the time comes for you to make tough decisions.

 

[aes74]

Thank you for all of your kind words and helpful advice. I have really gotten some strength and direction.

One question, can I rent points from banked points? I am asking this because my window to bank 100% of my points closes at the end of this month. I was just going to bank as usual, but now I am not sure how that affects renting. Does it? Also, my use year begins in August.

 

[Chuck S]

Thank you for all of your kind words and helpful advice. I have really gotten some strength and direction.

One question, can I rent points from banked points? I am asking this because my window to bank 100% of my points closes at the end of this month. I was just going to bank as usual, but now I am not sure how that affects renting. Does it? Also, my use year begins in August.

It doesn't affect renting, where you make a reservation for someone else. Banked points can not be transferred into another members account, though.

 

[maburke]

Thank you for all of your kind words and helpful advice. I have really gotten some strength and direction.

One question, can I rent points from banked points? I am asking this because my window to bank 100% of my points closes at the end of this month. I was just going to bank as usual, but now I am not sure how that affects renting. Does it? Also, my use year begins in August.

If you want to transfer, as Chuck said, you should not bank. But transferring for cash seems to be a MUCH quicker transaction than finding someone who wants a reservation and then making that reservation. I would look at the Rent/Trade board and see if you can set up a transfer transaction in the next few days (someone else can bank the points to transfer to them, but you can't transfer your banked points). If you can't, I would bank the points and then start looking for a rental or transfer that begins after Aug. 1. I would NOT let the banking deadline go by -- then you have "distressed" points that have to be used in the next few months, when it might be hard to get a reservation. You'd get less money for that, even if you could do it. Your biggest advantage on rentals is that you'd have the 11-month window on THV, but that would be after Aug. 1.

Hope that makes sense. By the way, strictly speaking, transferring points for money is against the rules, though people do it all the time. Renting a reservation is not against the rules.

 

[Eventer98]

I actually just inquired the other day about selling our SSR contracts ( 2 50's and 1 160) Unfortunately, we haven't had them long enough so we would owe about $2800 at closing for all 3. My husband has been out of work for almost 3 months. I rented tons of points to help pay bills this winter and put our dues on a monthly schedule. It has helped. My husband was finally hired Friday but it will still be close each month as it is a paycut from before. I love the idea of deferring payments for 6 months; we are in good standing. However, I wonder if that "not using points" clause would apply to trips we already have booked? I have no plans to make a new booking until Nov.

I know it's scary right now for you and you are faced with some hard decisions. Like PPs said...hang in there as long as you can. I had no trouble renting my points and did so quite quickly. I also see our Disney vacations as a retreat from the real world and somehow make them happen.

 

[Disneymom2266]

We are in the beginning stages of this decision, so we are just beginning to consider many of the questions being asked. One big concern of ours is, if we sell it, will it sell for much less than what we owe?

My husband's thought is: sell now, and then down the road when things are better we can always buy in again.

As Florida residents, we have usually purchased tickets (like season passes) at pretty good prices. We aren't putting money towards tickets right now so we can pay off our credit card first, etc. But we still have really enjoyed going. And yes, you're right, w/ being so close to the parks it's not like we have to plan a year ahead for a vacation there for the most part (unless it;s thanksgiving or something), and it's pretty easy for us to go. But parks or no parks, it's been a joy.

As I said, we are just beginning to talk about the ramifications of it all. And our different options. But if all roads point toward selling, of course I would do that without a doubt. But if we can avoid it, I would love to do that instead.

AES,

I know how you feel. My DH`s job is seasonal, and in the midwest, winters hit our pockets hard. With a DD going off to college and other expenses, I also thought of selling our DVC. I have completely had a change of heart. Since coming to these boards, I have learned about renting, etc. We have decided on eating at home more, spending on credit cards less, etc. to help out our finances. If at all possible, rent out your points, it will be much easier than selling them. Even if you have to rent 2 years worth, people are receptive to paying good money per point. Try this, because in the future when you get over the financial hill and are doing better, you will still have your DVC membership, rather than having to buy it again. Good luck to your family in this tough economical time.

 

[Disneypirate85]

AES
Hang in there, things will improve. Like so many have said rent'em out to pay your fees and hold on. You will still need an occasional "get away from reality" trip and where better to do that then Disney? Heck pack some food put DH and kids in the car and drive over for a week night when points are cheaper and just "escape" Rent what you have to to pay the fee's and take day trips with the kids and hubby, OH and AES...Don't forget to enjoy a little family time, economy can't take that from you! We'll be thinkn bout ya good luck whatever you decide

Shawn

 

[Cindi0511]

Hey, neighbor! We're just down I-75 about 1.5 hours. We own, too, and I feel your pain. BUT, if it would make things a little bit easier, consider this: times are very tough, and one thing that might help you is to make up your mind to turn this into an adventure. I know that sounds rather insane during such an emotional time, but if you think about it, it can have massive rewards. I do think that renting your points may be a good option. Being FL residents does give us HUGE benefits. Have you ever thought about taking a DCL vacation? Florida residents can get some really good rates, and that includes all the food you and your kids can eat included. No dining plan necessary.

We, too, sometimes just go to our DVC and hang out there without even going to the parks. But you can do that at any hotel. Even Gaylord Palms is sharply discounting their rooms, and (please, I know it's almost criminal to say this here), but they certainly rival DVC's rooms and amenities, in my opinion. They have fantastic features.

IF you do end up selling your DVC, it's NOT a failure -- there are so many new things you CAN do that you might not have otherwise. And as you well know, you can buy back again if/when things turn around. Since we don't own our own rooms, it kind of might make it a little easier for you. S

Sometimes just deciding that we're not going to let something get us down makes a world of difference in our own emotional/mental state. My best wishes go out to you and your family. Hang in there!!! {{{{{{HUGS}}}}}

 

[gtrist4life]

Me and DW had a talk back in February and got a form from the TSS, filled it out and were ready to sign and send back. Had another talk before signing and e-mailing back and decided to make a deal that if a, b, c, happened or did not happen by end of March we would put it up for sale or keep it. Things have worked out and we're keeping our membership.

Our membership has been paid for for a couple of years, but we've not been in the best shape overall in other financial areas (not enough emergency savings, more short term debt than we'd like), but have started to change and get back on the right track (though DW does have new Camaro fever ).

The economy and country has a lot of fear that's slowly starting to thaw somewhat, but there's still a good amount of uncertainty in people to spend, plus I think there's a lot of folks like us who are changing their financial ways and that's slowing the turnaround too, maybe we'll saddle up that new Camaro later this year and do our part to help out the GDP .

Peace,
G4L

 

[Disneymom2266]

Well, I think I would keep my DVC before buying a brand new car. So far, DVC hasn`t lost any value,and you can never say that about a car. If I had to choose, I`d skip the car and stick with many years of vacations vs. a car payment. But that`s just me.