Need advise

[bbrnca]

So we bought a home in this house in Sept.09 and it seems to have drained everything we have (hidden problems) and now we are looking at getting rid of our DVC contracts to cut the expenses for a few years.... Do i just call MS and tell them I want to give back ??? bought 200 at AKV in 08 and another 100 in 09. It is financed through Disney and all payments and dues are up to date.... what should i do ???

 

[DisDaydreamer]

So we bought a home in this house in Sept.09 and it seems to have drained everything we have (hidden problems) and now we are looking at getting rid of our DVC contracts to cut the expenses for a few years.... Do i just call MS and tell them I want to give back ??? bought 200 at AKV in 08 and another 100 in 09. It is financed through Disney and all payments and dues are up to date.... what should i do ???

I think you will need to put your DVC property on the market. You can't just give it back. I am sorry for your situation. We've been real close to doing the same. I hope either you get a good price or things change and you don't' need to sell.

Good luck my friend.

 

[robertdangelo]

Would selling one contract potentially help out? You could keep the 100 point one and then add on again down the road.
Good Luck!

 

[hopare]

Someone recently posted on here that they called MS and Disney took back their contract. It wouldn't hurt to try. Good luck.

 

[magicaldisney]

I have also heard that you can "give back" your contracts. If you financed the contracts you would probably be at a break even point if you were to sell it on the market, so I think that is why at this point you might be able to give it back. It might be less stress if you could just do it that way.

 

[disneynutz]

Disney could buy back your contracts at a very reduced price. The problem is you financed the purchase and you still owe on the loan. Even if Disney buys back the contracts, you will still owe the difference between the purchase amount and the loan amount.

Bill

 

[jco_direwolf]

I think you will need to put your DVC property on the market. You can't just give it back. I am sorry for your situation. We've been real close to doing the same. I hope either you get a good price or things change and you don't' need to sell.

Good luck my friend.

DVC will/does repurchase contracts. That is what Right of First Refusal (RoFR) is.

Alice wants to sell her contract to Bob. So they agree on a price, say $50/pt. But before Bob can give Alice the money, and complete the transaction Disney has to "pass" on the contract. If DVC wants they can "exercise" their RoFR, and buy the contract at the price Bob agreed to.

I'm guessing here, but "giving back" would be calling Disney and asking them to buy back the contract and accepting what they offer. You aren't going to get top dollar for the contract, but I suspect you'll have a lot less hassle.

To answer the OP, call Member Services, I would think the right group to contact from the phone tree would be the "accounting" option.
johno

 

[Maistre Gracey]

I would advice you to sell.

MG

 

[Crystal_27]

Definitely at least call MS to see what your options are. I'm so sorry that you have to sell but hopefully you've been able to at least get a couple good years out of your membership. Here's hoping that your house problems resolve themselves too. Good luck!