Pulled the parachute

[sethschroeder]

Update 7/15

After reflecting further, talking with my wife/parents, and seeing the current state of the resale market we actually pulled the contract from the market. We still have cancelled the direct contract though.

What got me all twisted around was more so the direct contract and after removing that I realized the $2k-$3k in MFs over this three year period is not that big of a deal in the grand scheme of things. Also while I am taking COVID19 very seriously I think some of the news out there started getting in to my head and making me think irrationally about the long term.

I plan on just pushing trips back as far as possible next year and hope for the best. If we lose points we lose them in the short term is my philosophy.

===================================================================================

I have been super excited to be a DVC member even deciding to purchase direct as the plan was going to alternate 11/13 month trips for the AP and even possibly sprinkling in couple only trips without the kids.

Over the course of the last 3 weeks we cancelled a Jan '21 trip as my parents were really up in the air, moved a trip to May '21 but realized things might not change that much, planned a couples vacation simply "to use up expiring points", and came to a conclusion that we likely wouldn't be going with our kids (do not trust them to keep a mask) or our parents until sometime in 2022. I personally would have been fine going since I can wear a mask, wash hands, ect. This is also not to say my position is bad (it is not compared to many on here left with points completely lost and trips cancelled weeks/days prior to leaving)

This led to me the thought that I would be going on likely 2 couples trips for 9 nights, paying $1000s in maintenance fees, buying in cash a $30k direct CCV contract, and in the end would not even have done a single trip in 2 1/2 to 3 years of ownership for the reason I had bought for in the first place (Our family + my parents in a 2 bedroom on Gold DVC APs).

What I ultimately decided on Saturday was to just completely pull the plug. I cancelled the direct contract (luckily our mortgage refinance had delayed signing on the DVC contract), I cancelled all reservations, and I am listing our resale contract for sale.

All in all I expect to have lost a total of $2k based on the current market. What I learned a long time ago is the sunk cost fallacy and I am applying it to that $2k in order to fully pull out.

I thought I should write this up simply because I have talked to others about buying. This might be the wrong decision but I am okay if in another 24 months I am ready to buy back in and prices have increased on the buy-in. If you have followed the thread about what might happen to resale prices you might have saw my comments about how I think prices will go down at the end of the year, if I didn't think that I would hold on to the contract to see where things are.

Hope I am terribly wrong for the rest of you and we can all freely experience Disney in the future and our only issue is getting a FP+ times for Tron.

Mod removed contract details.

 

[Madame]

I have been super excited to be a DVC member even deciding to purchase direct as the plan was going to alternate 11/13 month trips for the AP and even possibly sprinkling in couple only trips without the kids.

Over the course of the last 3 weeks we cancelled a Jan '21 trip as my parents were really up in the air, moved a trip to May '21 but realized things might not change that much, planned a couples vacation simply "to use up expiring points", and came to a conclusion that we likely wouldn't be going with our kids (do not trust them to keep a mask) or our parents until sometime in 2022. I personally would have been fine going since I can wear a mask, wash hands, ect. This is also not to say my position is bad (it is not compared to many on here left with points completely lost and trips cancelled weeks/days prior to leaving)

This led to me the thought that I would be going on likely 2 couples trips for 9 nights, paying $1000s in maintenance fees, buying in cash a $30k direct CCV contract, and in the end would not even have done a single trip in 2 1/2 to 3 years of ownership for the reason I had bought for in the first place (Our family + my parents in a 2 bedroom on Gold DVC APs).

What I ultimately decided on Saturday was to just completely pull the plug. I cancelled the direct contract (luckily our mortgage refinance had delayed signing on the DVC contract), I cancelled all reservations, and I am listing our resale contract for sale.

All in all I expect to have lost a total of $2k based on the current market. What I learned a long time ago is the sunk cost fallacy and I am applying it to that $2k in order to fully pull out.

I thought I should write this up simply because I have talked to others about buying. This might be the wrong decision but I am okay if in another 24 months I am ready to buy back in and prices have increased on the buy-in. If you have followed the thread about what might happen to resale prices you might have saw my comments about how I think prices will go down at the end of the year, if I didn't think that I would hold on to the contract to see where things are.

Hope I am terribly wrong for the rest of you and we can all freely experience Disney in the future and our only issue is getting a FP+ times for Tron.

Contemplating selling our contracts as well. We can’t even cross the border (not that we’d want to right now). Thank goodness we’ve always been in borrowing mode. We don’t *have* to use or lose points until the end of July 2022.

 

[Where'sPiglet?]

I'm sorry. I know you have been really excited about your new Copper Creek contract.

I'm not yet to the point of selling my resale contracts.

 

[Sandisw]

I think this entire situation has definitely made owners reflect and make decisions they may not have made a year ago.

While I am sure your are disappointed, it sounds like it is the best move for you and your family.

 

[RoseGold]

I have about $1000 in banked points that I gave to a family member who survived Covid. I'm happy with this solution, but I guess I do see this clearing up by spring. So I am more optimistic about that.

I have a year to figure it out I guess.

 

[Judique]

Bought in 2000.

In it for the long haul.

 

[cvjw]

Sold half our points last year and rented out most of our remaining points thru 2020 to fund Disney cruises. We are fine - no banked points to lose. We aren’t to the point where we want to totally get out of dvc, but I can totally understand that others are. We are in Georgia, so it is an easy drive - no airplanes involved and no quarantines! But, we are definitely happy to have halved our points last year!

 

[kboo]

Sorry to hear, but it sounds like you made a good decision for you, and have thought it out. We only have 27 points across 2 contracts at risk; even if those points (banked from 2019) are lost, if we take a decent-sized trip sometime in 2021 we’ll do ok.

 

[Donna M]

People need to do what feels right for them. As you say, you can always buy again in the future. We were fortunate that our last vacation ended a week before everything closed and I don't have any points at risk. I feel sorry for all those that were affected by this mess.

 

[jarestel]

Under the current circumstances with so much uncertainty clouding the near future, I don't think anyone could fault you for your choices. Good luck!