Newbie researching DVC ownership

[RatherBeGolfing]

Hello all,
I'm beginning the process of seriously researching the costs and benefits of becoming a member. My first trip (ever) to WDW was 2 months ago. I rented points from a wonderful DVC member for a 5 night stay at BCV.

I've read all the FAQs and a lot of the Q&A that appear in the DIS boards here. I just got the video from Disney on DVC in today's mail, so will watch that tonight.

From what I gather, the costs involved are the initial outlay of $84 for 150 points minimum. Also heard there is some kind of "rebate" so the actual cost (from Disney) is only $74 per point. Annual dues for BCV are around $4 per point (so $600 per year). I've seen some financing options from Disney and also from folks who put it on their Dis Visa card, then paid with home equity loan.

Are there any other costs involved with membership itself - I'm well aware that the true cost of ownership is all the extra trips we'll probably be taking to WDW

We loved BCV and SAB, so probably want that to be our "home". We like to vacation in the Spring and Fall, so we're thinking that an anniversary date in June or July would be good - or doesn't that matter much?

We aren't planning on heading back down to Orlando until next February, but would like to join this summer. Is this something we can do over the phone - or do I need to be in person?

Once you hook up with someone as your guide (?), is that the person you always deal with at DVC?

I have found so little criticisms of DVC on the websites, except from that nutguy who complains that people rent their points for less than he wants! For my circumstances; ages, family makeup, financial situation, etc membership seems like a win-win-win for us.

Any words of wisdom for my rambling questions above would be greatly appreciated.

Thanks in advance,
Larry

 

[Maistre Gracey]

Hi, RatherBeGolfing. It looks like you have a pretty good handle on things. The rebate you refer to is called Magical Beginnings (MB). In order to take advantage of MB you must 'sell back' your first years points to DVC. This is usually not a problem, as you will get a new load of points at the start of your next use year (highly likely in time for your next trip). There are no hidden costs (I suppose it is possible to have some sort of special assessment, but not likely), and everything can be done over the phone.

I think you will enjoy DVC, as most here do! Please feel free to ask questions.

PS- You must have caught Disney fever, as I see you just went on your first WDW vacation!

 

[JOC]

We loved BCV and SAB, so probably want that to be our "home". We like to vacation in the Spring and Fall, so we're thinking that an anniversary date in June or July would be good - or doesn't that matter much?

Most people say that use year doesn't matter much because your vacation habits may change later. A use year prior to your normal vacation dates would work best; a March or April use year should work for you.

We aren't planning on heading back down to Orlando until next February, but would like to join this summer. Is this something we can do over the phone - or do I need to be in person?

You can do everything by phone.

Once you hook up with someone as your guide (?), is that the person you always deal with at DVC?

Your guide just takes your deposit and gets the ball rolling on your purchase; they're not even the ones who actually send out the paperwork. Unless you intend on buying an add-on through Disney you really won't have much future contact with them (although some people have posted that their guides send them Christmas cards, etc.).

Good luck with your purchase!!!

 

[Coach Rick]

Originally posted by RatherBeGolfing
Hello all,
I'm beginning the process of seriously researching the costs and benefits of becoming a member. My first trip (ever) to WDW was 2 months ago. I rented points from a wonderful DVC member for a 5 night stay at BCV.


From what I gather, the costs involved are the initial outlay of $84 for 150 points minimum. Also heard there is some kind of "rebate" so the actual cost (from Disney) is only $74 per point. Annual dues for BCV are around $4 per point (so $600 per year). I've seen some financing options from Disney and also from folks who put it on their Dis Visa card, then paid with home equity loan.

Are there any other costs involved with membership itself - I'm well aware that the true cost of ownership is all the extra trips we'll probably be taking to WDW

We aren't planning on heading back down to Orlando until next February, but would like to join this summer. Is this something we can do over the phone - or do I need to be in person?

Once you hook up with someone as your guide (?), is that the person you always deal with at DVC?

Wow, you've certainly done some homework. Great questions. I am not exactly a veteran, but I can answer some questions, as I just bought our points last August.

First you are correct on the price per point. As far as the rebate, I believe you are talking about Magical Beginings. That is a program where they buy back the points for the current use year, and apply that as a down payment, which really helps the initial outlay of cash. Dues vary with the home resort you purchase at.

We used Disney financing, as that seemed quicker, and rate was about the same everywhere. Yes you could use an equity loan to pay it sooner. There are no prepayment penalties.

There are no other membership costs, unless you trade your points to stay off site in a concierge resort.

The guide is your best friend for a long time. Most of us get birthday cards, and emails from them, and they will help you through the purchase process. Rafael was ours, and was great, but I have met others, and they all seemed very nice.

I hope that answered some of your questions, now there is only one thing to do, come home!!!

 

[TeensMom]

The only time, in our experience, that use year has mattered is when we booked off-site (the Disney Cruise in our case). After we booked (and Disney removed the points from our account), we had to change the date of our cruise. No problem with that but we ended up in a slightly smaller cabin and had 75 points left over. Once points are pulled from your account they cannot go back in to be carried over to the next year. You have to use them before your year ends or lose them. We had a few months but got right down to the wire and husband and son ended up using them on a weekend trip to spring training the last weekend of our use year.

That is a pretty specific case but you could generalize to say that you might not want your use year to end right after you normally vacation, just in case you have to cancel a reservation at the last minute. You would not be able to carry those points over.

 

[Boardwalk4me]

Not positive but have heard that New York (or another state) may require that you actually have to sign the papers or physically purchase in Florida. Don't know why, but thought I heard this from our guide. Anyone else ever heard this???

 

[Maistre Gracey]

Originally posted by Boardwalk4me
Not positive but have heard that New York (or another state) may require that you actually have to sign the papers or physically purchase in Florida. Don't know why, but thought I heard this from our guide. Anyone else ever heard this???

Yes, I do remember this. I could be wrong, but I was under the impression that DVC now has approval to 'phone sell' in New York.

 

[disny4ever]

According to the latest news from DVC, the BCV'S are 85% sold out. If this is the home resort you want ( it's a good choice ) I would definitely call ahead of time and get the ball rolling. All you need is a credit card with a min. down payment to get you in.
If you are looking to finace, definitely look into home equity loan. You will do much better on the rate.

 

[Pa@okw95]

Sounds like you have everything covered, most are not as well prepared as you are!! You know about making reservations 11 months out to 7 months out is where you have your preference for BCV. If you like WDW, it would be time to join and get those reservations in for your spring trip>

 

[RatherBeGolfing]

bump

 

[Disney Doll]

My only other suggestion is that, if you are not dead set on the BCV, to ook at the resale market. I know Disney has been exercising the Right of First Refusal(ROFR) lately, but you still might do better than $74/point(using Magical Beginnings).

DH and I bought our first DVC contract at OKW in 1997, for 200 points. That worked for us until last year with some creative reservation-ing(is that a word ), but we finally decided that we wanted to be able to not necessarily have to stay in a hotel for the first 3 nights on the weekend to maximize out points, so we bought a 2nd contract at OKW. The way we thought about it was "If we could never stay anywhere again on WDW property except OKW, it would be OK".

 

[AreWeThereYet]

RatherBeGolfing -

When we purchased we were actually on the DVC Member cruise last spring break (4/02). We had seen lots of literature on the program but were not completely sold on it until we ran into the many satisfied members on the cruise. We bought on the boat and were included in the member festivities for the remainder of the cruise. We actually had DVC match our down payment as part of our purchase - no buyback of points was involved in this purchase.

We signed papers at home in GA, and the entire process was one of the smoothest real estate transactions we've ever completed.

We've traded points for Concierge options twice and have no complaints.

Hope you enjoy the club!

 

[burnsoc]

BCV's are definitely for sale via the phone. It took New York about five or six months after BCV initially started selling for them to pass the paperwork to allow sales.