Just Purchased!

[DVC Mike]

Congrats on your purchase!

 

[ImagineerTHAT]

Take some time tonight and read through the resale threads and the benefits of buying resale. Do some thinking and consider what many of the members here are suggesting. It's worth it to know what your options are now rather than later.

Although it may come off a little strong at times, they really have your best interest at heart. I have learned a great deal from these boards over the past month or so.

If you decide to keep your contract and stay direct with financing, enjoy your membership!

 

[Breyean]

I'm curious about one of the reasons you gave for needing to buy retail. You said you wanted the points right away.

Yet you just got back from a Disney vacation where you said you spent $6,000.

When are you planning your next Disney vacation? Because you might still have plenty of time to get a BLT resale at a much lower price than what you paid, depending, of course, when you plan on needing the points.

Of course, if you are planning another trip soon, renting points and trying BLT first (or any other DVC resort) might help in your decision as which DVC resort is best for you.

Then you could look at your options. BLT isn't going anywhere and after the big recent price increases the cost in the near future direct will probably only increase incrementally, if at all.

And, you could consider whether saving almost 1/2 of what you're paying now by exploring resale options.

 

[Chkysbak]

Called my agent and left a message to cancel/rescind my contract. I know I will get my deposit back, so no worries there. I will look into resale and other options at that point. Thanks for all the information and after looking more into the resale options, I agree. I don't see spending 12k more for the same points.

Thanks for all the information. I will be back online posting one day soon.

 

[luv2sleep]

Called my agent and left a message to cancel/rescind my contract. I know I will get my deposit back, so no worries there. I will look into resale and other options at that point. Thanks for all the information and after looking more into the resale options, I agree. I don't see spending 12k more for the same points.

Thanks for all the information. I will be back online posting one day soon.

Good luck!

 

[iluvthsgam]

I have a serious question so please don't bash me. And this is directed at nobody in particular, but - why do people congratulate people for buying a timeshare?

I mean I am a Disney shareholder so I like when people buy a DVC timeshare for the reason that Disney's profits will go up and therefore my small tiny little interest goes up as well. But other than that, I can't really come up with why it is something to be congratulated.

 

[ELMC]

Called my agent and left a message to cancel/rescind my contract. I know I will get my deposit back, so no worries there. I will look into resale and other options at that point. Thanks for all the information and after looking more into the resale options, I agree. I don't see spending 12k more for the same points.

Thanks for all the information. I will be back online posting one day soon.

Thank you for taking the time to inform us of your choice. I'm not pleased because you "followed my advice" but I am pleased because you are taking the time to make an informed decision about what method of entry into DVC will work the best for you in the long run. I'm sorry if you felt beat up, but please know that in general we care about the people who come here asking advice and would much rather steer them into doing something safe than something risky. Many of us have the perspective that we do because of mistakes we have made in the past.

 

[ELMC]

I have a serious question so please don't bash me. And this is directed at nobody in particular, but - why do people congratulate people for buying a timeshare?

I mean I am a Disney shareholder so I like when people buy a DVC timeshare for the reason that Disney's profits will go up and therefore my small tiny little interest goes up as well. But other than that, I can't really come up with why it is something to be congratulated.

I really think that it might be best for you to delete this post and instead start it as its own thread. Because you have just opened up a Cinderella's castle sized can of worms.

 

[luv2sleep]

I have a serious question so please don't bash me. And this is directed at nobody in particular, but - why do people congratulate people for buying a timeshare?

I mean I am a Disney shareholder so I like when people buy a DVC timeshare for the reason that Disney's profits will go up and therefore my small tiny little interest goes up as well. But other than that, I can't really come up with why it is something to be congratulated.

Don't you congratulate your friends when they buy a new house, car, new pair of shoes, etc? If they are sharing happy news then why wouldn't you be happy for them? We are not 'friends' per say here but it's the same idea don't you think?

 

[iluvthsgam]

Don't you congratulate your friends when they buy a new house, car, new pair of shoes, etc? If they are sharing happy news then why wouldn't you be happy for them? We are not 'friends' per say here but it's the same idea don't you think?

okay, I see where you are coming from. But no I don't congratulate my friends when they buy a new pair of shoes

I still don't get it, but I think i'll take ELMC's advice and leave it at that.

 

[sndral]

Called my agent and left a message to cancel/rescind my contract. I know I will get my deposit back, so no worries there. I will look into resale and other options at that point. Thanks for all the information and after looking more into the resale options, I agree. I don't see spending 12k more for the same points.

Thanks for all the information. I will be back online posting one day soon.

Being a goal oriented person, if I were you I'd take that 10% down you're getting back and put it into your new 'DVC fund' add what your monthly payments would have been each month ($400/500?) plus $900 for MF per yr. and before you know it you will have enough cash to buy those BLT points resale outright. That gives you lots of time to research and to take a DVC unit out for a test drive by renting points for your next vacation @ WDW (call it research to see if it really works for your family.)
Who knows, you may decide you'd rather save longer and wait to buy the future Poly DVC direct rather than being underwater on those direct BLT points.

 

[Msmithmd]

Called my agent and left a message to cancel/rescind my contract. I know I will get my deposit back, so no worries there. I will look into resale and other options at that point. Thanks for all the information and after looking more into the resale options, I agree. I don't see spending 12k more for the same points.

Thanks for all the information. I will be back online posting one day soon.

Congratulations on a wise decision. This isn't as much immediate "fun" but will be much better financially.

Background is perhaps relevant. I bought DVC resale paying cash a bit over a year ago. I would have loved to buy DVC six years ago, but I didn't have the money saved to do it without a loan. I grasped that the true value of DVC is the savings over paying cash for equivalent accommodations, and as a prior multiple Polynesian cash customer, I wanted to realize that savings. There is just no way to make the numbers work as well, when you pay DVC current retail rates. You only compound that by financing at usurious interest rates.

I grew up poor, living on a working farm in the rural Midwest. I worked very hard to get through college and then graduate school to attain a more secure financial life than my parents enjoyed. Does that make me "better?"- certainly not. But it does make me more acutely aware of the value of money than many people, and it makes it physically hurt to see people throw money away on overpaying, or on "stupid tax" (unnecessary interest payments).

Chkysbak could easily have completed the purchase without ever posting on Disboards. None of us would have ever known or cared. That he chose to discuss it in this group forum will in the end save him a ton of money. And that's to the benefit of not only him, but other readers considering purchase here.

Don't get me wrong, I am a huge fan of DVC. For those of us who want the experience a Disney deluxe property provides, this is a fantastic product. It is just very painful to see people spend double what they need to, to get the benefits of the time share. It is analogous to paying way more for the same accommodation as the people next door- who saved their money to pay cash for a resale purchase.

Now, I firmly support those of you who choose to pay the current DVC retail rates. Without you, there would be no resale market. And going into debt for fancy things that one cannot pay for is practically an American way of life. But make no mistake, if you need to finance a timeshare, you cannot afford it. Save your money as I did, and spend it for luxuries such as this, when you can.

 

[wordwitt]

I do not see the real down side to resale. I am a lawyer, and we do okay, but there is no way I could have convinced my husband to buy direct. I bought two resale contracts, one tiny BWV and another HHI, both loaded, and I rented points to defray the initial cost. We have trips planned to BWV in September and hopefully Aulani this spring. I am thrilled. But resale is the ONLY way it made sense.

Congratulations on having the guts to question the decision, and even more kudos for having the humility to accept advice. So many people cannot do that.

That said, if, and I mean, a big IF, we are in a financial position to do so, I will buy direct at the Poly. Small points. So I'm not completely anti-direct, but resale rocks. Except for the wait. That does not.

Best of luck. I hope you find a DVC deal you can stomach without feeling stressed.

 

[disneynutz]

Thank you for taking the time to inform us of your choice. I'm not pleased because you "followed my advice" but I am pleased because you are taking the time to make an informed decision about what method of entry into DVC will work the best for you in the long run. I'm sorry if you felt beat up, but please know that in general we care about the people who come here asking advice and would much rather steer them into doing something safe than something risky. Many of us have the perspective that we do because of mistakes we have made in the past.

So I guess you could say that it's a tough love kind of thing.

Bill

 

[nd43]

Called my agent and left a message to cancel/rescind my contract. I know I will get my deposit back, so no worries there. I will look into resale and other options at that point. Thanks for all the information and after looking more into the resale options, I agree. I don't see spending 12k more for the same points.

Thanks for all the information. I will be back online posting one day soon.

I imagine it has been a rather stressful few days!

By no virtue of my own (because we just quickly jumped into a resale contract), we had lots of time to study DVC waiting for a resale contract to get through the resale process that was taken by ROFR after 30 days by Disney. This gave us a lot more time to learn about DVC and consider all the options. We ended up buying VGF direct and remain very happy with that choice. So, the extra time you have, I think you will end up just being happier with your choice regardless of the decision you ultimately make around resort, UY, direct/resale, etc.

I felt a lot more informed when I purchased VGF then when I made my early bid on a BLT resale (so, time can really help both direct and resale buyers).

 

[ELMC]

I imagine it has been a rather stressful few days!

By no virtue of my own (because we just quickly jumped into a resale contract), we had lots of time to study DVC waiting for a resale contract to get through the resale process that was taken by ROFR after 30 days by Disney. This gave us a lot more time to learn about DVC and consider all the options. We ended up buying VGF direct and remain very happy with that choice. So, the extra time you have, I think you will end up just being happier with your choice regardless of the decision you ultimately make around resort, UY, direct/resale, etc.

I felt a lot more informed when I purchased VGF then when I made my early bid on a BLT resale (so, time can really help both direct and resale buyers).

To be fair, you haven't really had any time to experience this choice, so it's a little premature to determine whether or not it's working for you, but I get your point. Research is good, and I suggest that everyone do as much as they can, but until you live with the contracts you own it's hard to predict how it will work out.

Case in point, after doing all my research I determined that I wanted to buy at BWV and BLT because that's where I wanted to stay. Well, after living with the contracts for a year I realized that I was using the 11 month advantage, but I was also booking short notice trips anywhere between two days and seven months in advance. Well, I could use any points for those stays, I didn't need the more expensive points for them. So I ended up selling one BWV contract and buying SSR to serve as a points cow. Had you asked me in the beginning, I never would have bought at SSR because I don't like staying at the resort. But booking stays at BLT and VGC using those inexpensive points makes me . So I was definitely wrong about that.

My point is this. We can make what we think is the best decision going in, but until we live with our contracts it's hard to say what actually works. I suspect that one or two times using your very expensive VGF points to stay elsewhere might have you looking for a supplemental resale contract.

 

[NoleFan]

Case in point, after doing all my research I determined that I wanted to buy at BWV and BLT because that's where I wanted to stay. Well, after living with the contracts for a year I realized that I was using the 11 month advantage, but I was also booking short notice trips anywhere between two days and seven months in advance. Well, I could use any points for those stays, I didn't need the more expensive points for them. So I ended up selling one BWV contract and buying SSR to serve as a points cow. Had you asked me in the beginning, I never would have bought at SSR because I don't like staying at the resort. But booking stays at BLT and VGC using those inexpensive points makes me . So I was definitely wrong about that.

My point is this. We can make what we think is the best decision going in, but until we live with our contracts it's hard to say what actually works. I suspect that one or two times using your very expensive VGF points to stay elsewhere might have you looking for a supplemental resale contract.

Experience having access to online booking system & personal travel patterns are huge. I am still learning the ropes on this. As a general statement, I still support buy where you want to stay. Travel time of year, room size/type, flexibility in travel dates, length of stay, & desired resort are huge factors. If you only wanted to stay in a Standard BWV studio during F&W for several days, then owning @ BWV probably would be best.

 

[twinsouvenirs]

Maybe I need to explain a little...LOL

The reason why the down payment of 4k was "killing" me is due to the fact that I just spent 6k on my last vacation to Disney last week. So effectively, my savings account has gone down 10k in the past 10 days.

I have the money in savings, it was just a huge drop in the past 10 days.

My wife and I went direct to get the points now. I will in the future look at getting it paid off sooner. No, the monthly payments are not an issue. I don't have enough equity in the house to borrow 100% nor do I have that amount of cash in savings, but I can within a couple of years.

Financially, we will be fine its just the shock of 10k leaving that quickly.

Sorry maybe I should have been more upfront.

Resale is an option, but later down the road.

REVISING, I missed the updates:

Although I agree resale is wayyyyy cheaper, we chose to go direct for our first chunk of points and we're waiting for our perfect resale contracts to come along (right points, resorts, and use years). It totally makes sense to me to buy direct if you want the points available right away--especially if you are contemplating a vacation soon and would be spending that extra $6k or whatever on accomodations anyway. Might as well feel that it was invested in snagging a property you really like and not worrying about use years, ROFR, peace of mind as to seller withdrawal, etc... I'm not saying direct is always the way to go but I see some value in it especially under these circumstances.

Only the poster (no other Disboard commenter) knows whether this is just momentary discomfort or symptomatic--but to the posters who believe joiners should be writing the check with a song in his heart, I'd imagine you must be very, very well paid. I know, for example, that we're excited to join, and have more than enough spare cash to do so, but you'd better believe writing that first check is going to hit us in the gut a bit. If it didn't, I'd worry we weren't truly grasping the cost, both initially or long term, which is the real indicator of foolhardiness. We're going to drag out the pain by following it with additional contracts to reach our point quota, too, so it's going to really sting writing those numbers 3 times. That said, we are confident we're making the best decision we can at this time with the information we have. Circumstances could change, so we're getting smallish contracts that we could sell rather easily.

I love these boards, but I have to admit sometimes people don't ask many questions on here before they tell you to sit there and think about what you've done, and what they think (laden with assumptions ) But there is some value in nay-saying because if you can confidently address issues they raise (at least to yourself), that should give you some peace of mind that you've made a sound choice.

 

[twinsouvenirs]

This is an excellent point. I would add to this one suggestion. If the OP is intent on buying direct and financing, they should at least buy at VGF. Although the resale market has not yet been established, it is very safe to operate under the assumption that the immediate depreciation of the contract will be nowhere near as large as it is with BLT. It's still a risky proposition, but much less so than buying BLT and waving goodbye to $12,000 in value on day 11.

This is exactly why we went VGF. The resort is smaller and we expect it to hold a little more value because of that. We also went direct so they could split our purchases into small amounts. It was $100 more in closing costs to get the contracts in quantities of 30, 30 and 50 that we could probably quickly divest if we want to shave off points when/if the girls ever outgrow Disney and we downsize to a studio (because I will never outgrow it )

 

[sarah4770]

I think the one time it makes sense to buy direct is iff you are doing a small add-on. closing costs through disney are around $100 for 25 pts, plus you get the previous use years points, along with the convenience.. That is about the only time it might be a wash in direct vs resale, although with the current increase in price, I am not even sure about that.