Just purchased, should I cancel and do re-sale instead?

[javaj]

We just got back yesterday and we purchased the minimum 150 points at SSR, for December use year. There were no extra incentives except for the $10 per point incentive. I didn't really do my research on resales (bad bad!) before we left and now it seems like we can get a slightly better deal on resales, not to mention that I'd rather buy about 200 VWL points.

Our guide said we had until this Friday to cancel and our downpayment would be refunded. Should we do that and look into resale instead? We are in no hurry.

Thanks for any input!

 

[TammyAlphabet]

The question you are weighing is whether it is better to get the resort you want (VWL) or buy SSR that does have the extra 12 years. That is a question that only you can answer. However, the saying around here is, usually, buy where you want to stay! So if not staying at the VWL is going to bum you out, then cancel and get the resort you want. JMHO!!!

 

[Mike]

If financing is an issue, you will have to arrange your own if you purchase via the resale market.

 

[bobbiwoz]

You can always do an add on at VWL, resale or direct through Disney. Or you can even try to buy VWL direct through Disney as your one and only purchase.

It is good that you have time to step back from your original decision to think and truly figure out what is best for you!

Bobbi

 

[disneydenisel]

If you truly want VWL, ask your guide if they have any points available there. There may not be a wait and you can get the resort you want for $95/pt, no closing fees, and be in the system almost immediately! That's what I would have done if my guide would have had the BCV points to buy when I was wanting to buy them! I'm sure that they would love to sell you 200 points at VWL! Just ask!

 

[Steamboat Bill]

what are your terms and total monthly payment and years of payment?

Total price, down payment, interest rate, maintenance, points, etc.

 

[javaj]

Thanks for all the input so far!

Financing isn't an issue, neither is time to be in the system. I guess I'm mostly worried about getting the best deal out there -- getting the most points for my mone I guess I've read other posts about people getting APs at purchase, or getting extra points by backdating the use-year....if we had gotten anything like that, I wouldn't consider backing out of the deal and going resale instead. But without anything extra, it just seems like we might end up getting a few more points for the same amount of money going the resale route.

 

[RobDoc]

Thanks for all the input so far!

Financing isn't an issue, neither is time to be in the system. I guess I'm mostly worried about getting the best deal out there -- getting the most points for my mone I guess I've read other posts about people getting APs at purchase, or getting extra points by backdating the use-year....if we had gotten anything like that, I wouldn't consider backing out of the deal and going resale instead. But without anything extra, it just seems like we might end up getting a few more points for the same amount of money going the resale route.

The APs are an incentive for purchases made while at DL or when existing members add-on 130 or more points at SSR. That has not usually been an option offered to new member purchases at WDW.

"Backdating" is a misnomer since all direct purchases from DVC will receive current points. If you were to purchase directly from DVC with an October or December Use Year, you would get current points (from the 2005 Use Year) and then the next allotment on Octover 1 or December 1 this year. All other Use Years are already in the 2006 Use Year. Basically, you got the same deal already with your purchase.

With a resale you might find a contract with banked points and all current points still intact, but you may also find many contracts with no banked or current points and some may even have borrowed points from the next Use Year.

I'd agree with the suggestion to purchase at a resort where you would enjoy staying. Make sure you consider all costs of any purchase - resales will commonly expect the buyer to pay closing costs and all current maintenance fees unless you negotiate that in your offer - while direct purchase will have no closing costs and fees will be prorated from time of purchase.

Do the math and please ask any other questions that come up.

 

[castleri]

"Backdating" is a misnomer since all direct purchases from DVC will receive current points. If you were to purchase directly from DVC with an October or December Use Year, you would get current points (from the 2005 Use Year) and then the next allotment on Octover 1 or December 1 this year. All other Use Years are already in the 2006 Use Year. Basically, you got the same deal already with your purchase.

With a resale you might find a contract with banked points and all current points still intact, but you may also find many contracts with no banked or current points and some may even have borrowed points from the next Use Year.

I'd agree with the suggestion to purchase at a resort where you would enjoy staying. Make sure you consider all costs of any purchase - resales will commonly expect the buyer to pay closing costs and all current maintenance fees unless you negotiate that in your offer - while direct purchase will have no closing costs and fees will be prorated from time of purchase.

Do the math and please ask any other questions that come up.

I take it to mean that you would have 150 points immediately with 150 more coming Dec. 1. I think they would let you bank those first 150 into the 2006 year since it is such a late in the year purchase.

The big question here is where do you want to stay the most and does the extra 12 years mean a lot to you. Only you can answer these questions. If you get the 150 contract and then add on 50 points at VWL you might get the best of both by banking and borrowing for when you really want that VWL trip and having the longer number of years to use the other points. Good luck with your decision.

 

[Telcogirl]

I am in the process of buying also. I hope to make my down payment this week. However, my DVC guide has told me that I can buy into SSR Phase 2 or SSR Phase 3. The differences are that Phase 2 will give us an April UY and we will have our points to use immediatley. A Phase 3 purchase would give us a Decmeber UY. There is also an $8 per point discount for the Phase 2 purchase versus the $10 discount of the Phase 3 purchase. If we bought the Phase 2 option, we would be able to bank our points for next year. We are going to purchase the Phase 2 option because it will give us more points for our vacation next year. Can anyone tell me if I am missing something or why everyone is not offered the same options?

 

[vascubaguy]

If you truly want VWL, ask your guide if they have any points available there. There may not be a wait and you can get the resort you want for $95/pt, no closing fees, and be in the system almost immediately! That's what I would have done if my guide would have had the BCV points to buy when I was wanting to buy them! I'm sure that they would love to sell you 200 points at VWL! Just ask!

I thought that new members now had to pay closing costs... or is that only for SSR? In the rumor section of the newest Vacation Magic is said that new members had to pay closing costs, but existing members did not have to pay closing for add-ons. (Wonder how much they charge for closing...)

To the OP, looking for the "best deal" isn't always that easy with DVC. There are perks for buying direct and via resale. Buying direct provides you a quick, easy, and relatively painless DVC purchase. You'll be setup as a new member in a matter of days and ready to make your ressies; however, the con is that you'll end up paying a little more and might have to wait if you want something other than SSR (which they will encourage you to buy).

With resale you'll have to find the contract you want (usually with the help of one of a resell agent, like the great folks at TTS). Not only do you have to consider the price per point, you have to look at whether you have to repay any maintenance fees, who pays closing costs, how many points are available with the contract (is it loaded or stripped), etc. Then you have to wait for ROFR... if the deal is too good to be true, DVC will most likely end up buying it out from under you. You mentioned that financing isn't a problem so you don't have to worry about all that, but the whole resale process can take a few months (and if your first contract doesn't pass ROFR, it can take significantly longer). HOWEVER, if you aren't in a big hurry, you can save several hundred (even thousands) of dollars by purchasing resale.

If you really want VWL, I'd suggest that you consider trying to buy there rather than SSR. It's one of the smaller resorts and can be difficult to book at peak times. You just have to compare what is more important... the extra 12 years and lower MFs, or having that 11 month advantage to book.

Best wishes!

 

[RobDoc]

I thought that new members now had to pay closing costs... or is that only for SSR? In the rumor section of the newest Vacation Magic is said that new members had to pay closing costs, but existing members did not have to pay closing for add-ons. (Wonder how much they charge for closing...)

To the OP, looking for the "best deal" isn't always that easy with DVC. There are perks for buying direct and via resale. Buying direct provides you a quick, easy, and relatively painless DVC purchase. You'll be setup as a new member in a matter of days and ready to make your ressies; however, the con is that you'll end up paying a little more and might have to wait if you want something other than SSR (which they will encourage you to buy).
...

I just checked the Fall Vacation Magic issue on the member's site and it does state that new member purchases now will pay closing costs while add-ons by existing members still have no closing costs. While I've not seen any reports of closing costs being included fro new members, it does appear that the rumor is true.

It will be interesting to compare those costs with typical resale closing costs since I assume that DVC will still handle the closing and the fees will be paid to DVC.

I do agree with vascubaguy about what constitutes the "best deal" since that can be an elusive concept to define with all the variables involved within DVC.

 

[javaj]

I take it to mean that you would have 150 points immediately with 150 more coming Dec. 1. I think they would let you bank those first 150 into the 2006 year since it is such a late in the year purchase.

See, this is what I don't understand -- we don't get 150 points until December of this year. If we were getting 150 points immediately with 150 more coming on Dec 1st, I'd be happy with tht deal! The guide explained (and the paperwork states) that we can make reservations now for November and on because we will technically not receive points until December but they would advance points a month prior if we wanted.

 

[javaj]

I just checked the Fall Vacation Magic issue on the member's site and it does state that new member purchases now will pay closing costs while add-ons by existing members still have no closing costs. While I've not seen any reports of closing costs being included fro new members, it does appear that the rumor is true.

It will be interesting to compare those costs with typical resale closing costs since I assume that DVC will still handle the closing and the fees will be paid to DVC.

Closing costs were a little over $200. We were told that there were no title fees since Disney owns the Title company used.

 

[javaj]

I am in the process of buying also. I hope to make my down payment this week. However, my DVC guide has told me that I can buy into SSR Phase 2 or SSR Phase 3. The differences are that Phase 2 will give us an April UY and we will have our points to use immediatley. A Phase 3 purchase would give us a Decmeber UY. There is also an $8 per point discount for the Phase 2 purchase versus the $10 discount of the Phase 3 purchase. If we bought the Phase 2 option, we would be able to bank our points for next year. We are going to purchase the Phase 2 option because it will give us more points for our vacation next year. Can anyone tell me if I am missing something or why everyone is not offered the same options?

Sounds like this is what I was hoping for - I wonder if I talked to my guide about this option whether our contract could stil be rewritten.

 

[disneydenisel]

Thanks for reminding me about the new member closing costs!

 

[Boas]

recommendations...
1) buy were you want to stay
2) research what you want... DVC is not a pressure organization. Shop re-sale, shop DVC... get comfortable with what you REALLY want.
3) if you go re-sale... don't get hung up on +/- a $/ point... remember the real $$$ is in the annual fees.
4) determine your timeline...
-- DVC is quicker if you want SSR (best less discounts)
-- DVC at sold out resorts = quicker or longer depending on wait list for points
-- Resale... many contracts, just a matter of the "right" one for you (points, UY, loaded vs. stripped, price, etc.)
5) enjoy... remember that you are doing this for a family vacation for many years.

Cheers

 

[castleri]

Sounds like this is what I was hoping for - I wonder if I talked to my guide about this option whether our contract could stil be rewritten.

I would definitely call him/her and tell them that this is what you are really looking for and suggest that it may be a no go on the original deal if you can't do it. I know that contracts can be rewritten as my first one was when I decided not to give back points in exchange for part of the down payment (1997).

OT--where was the pix in your signature taken? - this is the exact thing our 4 yo DGS is waiting for on our trip in 2 weeks. He said we had to do MGM first to see the Power Rangers - although now he has found out Kim Possible is also there that may change

 

[tkd lisa]

To the OP, there was an option to get current points. The incentive was current matching points, or $10 off per point. Since you took the $10 off per point, you have to wait until December to get your points.

As to your original question, that's up to you and your family. If you'd prefer VWL, then cancel the sale. If you'd be happy with SSR (or VWL when it's available at 7 months), and like the extra 12 years, stay with what you've got.

 

[Dina]

On Sunday we just bought 150 points at SSR with a December use year-- we're hoping to add on points in the next year or two. We were told we would be given the points from December of '05, even though we would only have to pay annual Dues for one month of that use year-- so this December we would have double the points. My question is-- will they let me bank those points (since we're not going until January) from the 2005 use year since its obviously way past May (the month I need to bank my points)??? I'm on a countdown until MS opens (13 minutes) to ask this question, as well as seeing if there is any availability for our January trip. Anyway, I don't know why you wouldn't have the same deal-- are you sure you don't??? We also got the $10 incentive.

We did have closing costs (which surprised me), they said that all new members would have closing costs now-- but as stated previously, it was only $200.