Poly direct contract just arrived! Backing out

[madchatter]

we did an open house on our last trip and came very close to pulling the trigger. If our guide hadn't gotten preoccupied with another person we probably would have. We paid a down payment to "lock in" the deal and he said he'd mail the contracts for our review. Sign and return or just walk away and get money back. (His words)

The contracts just arrived today and I've gotta admit it's pretty exciting to see it all and have a member number printed inside.

Well, since the open house I've been researching day and night. Reading everything I can find, doing math and scanning listings. Luckily for us we did not sign that day because we've now realized what a great value resale is. A month ago we didn't even have a concept of resale.

Now I'm prepared to reject the contract and ask for a refund. Then we'll eventually make an offer on a resale and probably do an add on direct after that.

Here are my questions:

Does anyone have experience with 'walking away'? Is there anything I need to do to make sure it happens?

When I get ready to add on later, should I contact them and start from scratch with a new guide? Since we're 'in the system' and have a member number, will we trigger something weird? Will we be able to add on to our resale and have one number? Or will it somehow be two?

Anything else I should be aware of with trying to stop progress on the direct and then pick it back up in a few months after the resale is already up and running?

Thanks so much. You guys have been a lifesaver with this.

 

[KAT4DISNEY]

There should be contact information in the paperwork for Quality Assurance. Since you didn't sign the paperwork you don't formally have to rescind but you'll have to ask them to refund your deposit. They may want you to still fax something in.

Since you didn't finalize the purchase you won't have a member number. Any resale purchase would be your first.

Regarding the guide in the future - you likely are assigned to that one but if you wanted a different one if you ever decided to add on direct then you could call and ask to be assigned to someone different.

 

[madchatter]

There should be contact information in the paperwork for Quality Assurance. Since you didn't sign the paperwork you don't formally have to rescind but you'll have to ask them to refund your deposit. They may want you to still fax something in.

Since you didn't finalize the purchase you won't have a member number. Any resale purchase would be your first.

Regarding the guide in the future - you likely are assigned to that one but if you wanted a different one if you ever decided to add on direct then you could call and ask to be assigned to someone different.

Included was a "club ID" and one-time activation code. I have not activated. But it clearly says "member name & club ID".

I will call Quality Assurance tomorrow and let them know.

And I guess I could email my guide and let him know the plan of a future add on. I'm sure he'll be disappointed if they make bonuses.

But honestly he wasn't terribly transparent in this process. Lots of things were exaggerated or slightly misstated.

 

[KAT4DISNEY]

Included was a "club ID" and one-time activation code. I have not activated. But it clearly says "member name & club ID".

I will call Quality Assurance tomorrow and let them know.

And I guess I could email my guide and let him know the plan of a future add on. I'm sure he'll be disappointed if they make bonuses.

But honestly he wasn't terribly transparent in this process. Lots of things were exaggerated or slightly misstated.

Oh sure, you're set up but that will go away if you don't sign the paperwork.

I honestly wouldn't bother calling the guide to let him know. Some are ok with that type of news but if he already wasn't that transparent it's just as likely he'll be a bit nasty or try and pressure - especially if you bring up your research on resale - which you'd have to if you started talking about adding on later.

 

[mustinjourney]

what was the pricing on the direct contract?

Sometimes buying direct for Poly is not that bad of a deal.

If you're getting poly direct for around $160 a point, the savings with resale is not that great and it might be worth it to just buy direct.

Best case scenario with PVB resale is $130 a point -- but you'll pay much higher closing costs with resale, you probably won't get current UY points, and you'll have to wait two to three months before you get access to your points.

Direct contracts are incredibly fast and have less closing costs associated with them.

Plus you won't have to mess with buying an add-on later.

Now if you're looking at any other resort, I would definitely suggest resale with the 25 point direct add-on strategy.

 

[madchatter]

After incentive it was $160. But coding cost was $714.00 so not really less.

Plus we didn't care about stating at PVB necessarily and didn't really need 50 years.

Resale was literally double points for same money. (Roughly)

But the Poly studios were nice with sleeping for 5 and two showers.

 

[icc2515]

I think you have made a good choice. If you have any hesitation, it is better to just walk. Some people let their excitement get in the way and end up making decisions that they regret. That is why most salespeople try to get you to sign while you are in the moment. I am not just talking about Disney here, but all types of sales cars to appliances.

I am glad that you have cleared one thing up. There is a myth on here that direct has little to no closing costs. I think that might have been true, but it obviously is not anymore. $714 is right on par with resale and is pure profit, as they used to include it.

 

[KAT4DISNEY]

Best case scenario with PVB resale is $130 a point -- but you'll pay much higher closing costs with resale, you probably won't get current UY points, and you'll have to wait two to three months before you get access to your points.
.

Just to comment that is too general of a statement IMO. The way I look at it is that resale is the only way to get a maximum number of points and otherwise it's relatively easy to match what Disney sells but for a lower cost per point. I'm checking out resales often and it's all across the board - contracts with full banked points, current and future, contracts with some banked, current and future, contracts with current and future (which is what DVC sells) and contracts that are partially or fully stripped. In the end resale is the only way to get banked points ie - more points than you can direct - but one just has to compare each to the other. And now for example if one is looking at CCV from what I understand you might be buying a contract that currently has no direct, dependent on your UY.

I am glad that you have cleared one thing up. There is a myth on here that direct has little to no closing costs. I think that might have been true, but it obviously is not anymore. $714 is right on par with resale and is pure profit, as they used to include it.

For many years they just chose to cover the closing costs but they have some costs associated. Back when they started adding closing they stated it was something they needed to do to be compliant - that they shouldn't have been paying for them. I don't know about that as they do always have some reason to give for changes and couldn't pawn that off as requested by the members so then the legal team became responsible. But I do agree that if they are now on equal footing with resale then they are making profit off of it.

 

[Wakey]

I got SSR for 75 a point, but with 2016 banked I cannot use. Rented them, makes it just under 64 a point with all 2017, 2018 etc. Glad to see you did your research whilst in cooling off period. Good luck with resale.

 

[Gizmo74]

I think you have made a good choice. If you have any hesitation, it is better to just walk. Some people let their excitement get in the way and end up making decisions that they regret. That is why most salespeople try to get you to sign while you are in the moment. I am not just talking about Disney here, but all types of sales cars to appliances.

I am glad that you have cleared one thing up. There is a myth on here that direct has little to no closing costs. I think that might have been true, but it obviously is not anymore. $714 is right on par with resale and is pure profit, as they used to include it.

I just looked at my closing cost. We purchased 200 direct Poly points and our closing cost was $567.

 

[ktc34]

After incentive it was $160. But coding cost was $714.00 so not really less.

Plus we didn't care about stating at PVB necessarily and didn't really need 50 years.

Resale was literally double points for same money. (Roughly)

But the Poly studios were nice with sleeping for 5 and two showers.

My family and I are considering the PVB as well and have just started our research. May I ask how you came by the incentive for 160 per point? Was it something you asked for or was this what Disney offered you? I am just curious as DVC is very new to me and it looks like per DVC the points are going for 176.

 

[freediverdude]

Also consider a lot of other things too. If you're looking at the cheapest resale points, like Old Key West, Saratoga, or even Vero Beach or Hilton Head, keep in mind the time of year you want to go, and which resorts you're likely to want to stay at. You'll be limited to 7 months in advance at the more desirable resorts, and that can make a difference during certain times of the year. Not saying you should buy the Polynesian, but you need to be aware of this limitation, and where you'll want to stay and what times of the year. I've heard stories from a lot of people, both here and in person chatting on vacation, that they weren't able to get what they wanted and weren't happy, and were looking to sell and buy another resort.

 

[mustinjourney]

Just to comment that is too general of a statement IMO.

I realize it was general -- but that statement was really about getting it for as low as $130 a point. I doubt there are any available at $130 a point that aren't stripped. And if there are any available, they will get gobbled up quickly. If you want a "loaded" PVB contract, the price is likely in the $135+ range. That was really my only point.

And I was only speaking with respect to PVB. Completely different analysis for every other resort.

 

[mustinjourney]

After incentive it was $160. But coding cost was $714.00 so not really less.

Plus we didn't care about stating at PVB necessarily and didn't really need 50 years.

Resale was literally double points for same money. (Roughly)

But the Poly studios were nice with sleeping for 5 and two showers.

In that case -- if you don't want to stay at Poly and you're going to buy a different resort resale, then you made the right decision to walk away from the direct contract and start your search for a resale contract.

 

[Gizmo74]

My family and I are considering the PVB as well and have just started our research. May I ask how you came by the incentive for 160 per point? Was it something you asked for or was this what Disney offered you? I am just curious as DVC is very new to me and it looks like per DVC the points are going for 176.

With buying 200 points we received a $3,150 incentive off the price. The more points you buy the higher incentive. You have to at least buy 150 points to receive the $1,000 incentive.