resales-GMAC Real Estate DVC

[macky3207]

This question may have been posed before, and if so, I apologize, but has anyone on this board had any experience with GMAC Real Estate for DVC resales? Their site has some interesting and attractive offerings. In fact some of the point values seem almost too good to be true. This raises a concern about ROFR for such low listings. Has anyone bought through GMAC? Any information and war stories from this company would be appreciated.

 

[Jacksmom99]

We bought a 61 point OKW resale from GMAC in July 2006. It was a very easy process and the guy (I want to say Jeff??) was very helpful. He did tell us that it may be easier for us to pass ROFR on a small contract since we already owned DVC. I think it took 7 or 8 weeks start to finish.

 

[nunzia]

We had no problem. Passed ROFR for a small contract at a good price at OKW (no extension) Their closing costs/admin costs are high IMO, but the process was smooth. That said, there are some horror stories of others who had trouble with them.

 

[disneynutz]

GMAC is under contract to DVD. That's why they have such small contracts. There was a GMAC tread a few weeks ago. GMAC also has high escrow fees and a processing fee.

 

[Buckeye Fan]

I can only speak for my transaction, but DH and I purchased 2 contracts via GMAC and had a great experience. They were timely and turned things around very quickly. I wouldn't hesitate to purchase through them again.

 

[macky3207]

Thanks for all the responses. For those of you that have purchased from GMAC, how high were the closing and processing fees and how do they compare to other companies closing costs? If you get a good deal on the price of the contract but pay out the savings in closing costs you really have not saved anything. Also, does any know how the closing costs are calculated? Are they based on the contract price?

 

[Buckeye Fan]

Thanks for all the responses. For those of you that have purchased from GMAC, how high were the closing and processing fees and how do they compare to other companies closing costs? If you get a good deal on the price of the contract but pay out the savings in closing costs you really have not saved anything. Also, does any know how the closing costs are calculated? Are they based on the contract price?

We purchased a year ago this past January and here's what we negotiated, which ended up being cheaper for us:
* 120 point contract - Aug UY. Contract had 120 banked 05 points, all 06 points and 120 points coming Aug of 07. We paid $84 per point (nothing below $82 was passing at that time). We paid 07 maintenance fees and GMAC fee of $195. The buyer paid closing costs.
* 270 points contract - Aug UY. Contract had 217 06 points and all 270 coming in Aug 07. We paid maintenance fees. Seller paid closing costs and GMAC fee of $195.

So, for both contracts, both sellers picked up closing costs and one of the two picked up GMAC fee. The smaller the contract, the more difficult this will be to do, as they generally go for a higher price per point and sellers are a little less willing to negotiate because they don't have to...supply and demand. However, you can always make the offer. Sometimes people are in a situation that they just need to get rid of the contract and they are willing to negotiate, as it's helpful to them.

Good luck!!!

 

[bxmetfan]

Does anyone know what their commission is?

 

[rsinj]

.

 

[jekjones1558]

I purchased my last add-on from GMAC because they had the one I wanted. There have been posters on this board who have had problems with GMAC, but I did not. I had a wonderful experience with Rachel and Jackie, and others have posted good things about these two. I also bought a loaded contract (at BWV) and negotiated to have the seller pay maintenance fees for all of the banked and current year points. We split closing costs. If I were to buy more points, I would consider GMAC along with other brokers, but I would be sure to choose my GMAC agent carefully.

 

[JimMIA]

I have not had any personal experience with GMAC, but there have been numerous threads detailing all sorts of difficulties with them -- mostly lack of responsive customer service, not knowing what they were doing, and high fees.

I would let your thread percolate for a few days before making a decision. You got some initial positive responses -- I'd wait and see what the overall response is after more people have seen it.

 

[BWV Dreamin]

Ok, here's your first negative thread. http://www.disboards.com/showthread.php?t=1584599&referrerid=&highlight=Buyers+Beware

 

[BWV Dreamin]

Here's another negative thread......http://www.disboards.com/showthread.php?t=1621699

 

[BWV Dreamin]

And still another negative thread.......http://www.disboards.com/showthread.php?t=1695830

You should have plenty of information now to make your decision!

 

[nunzia]

Thanks for all the responses. For those of you that have purchased from GMAC, how high were the closing and processing fees and how do they compare to other companies closing costs? If you get a good deal on the price of the contract but pay out the savings in closing costs you really have not saved anything. Also, does any know how the closing costs are calculated? Are they based on the contract price?

To me, the original closing cost quoted, somewhere around 3-400 dollars, didn't seem that bad. Then they added an Admin cost for 195.00 and some sort of of title guarantee that was in the neighborhood of 60.00 more. You are right in that low point costs get eaten up by closing costs, but on a small contract this is probably the case everywhere. However, if you are trying to get into the system without Disney's minimum 160 points you just bite the bullet and do it. Any futher add ons can be done through Disney with a minimum of 25 points and no closing costs. For me the high closing costs were a one time deal. I doubt I'll ever buy resale again because of that.
TSS told me they rarely get small contracts, so that made my GMAC choice clearer.
What is DVD and why would that mean they get small contracts? I know they are affiliated with Disney in some way, but I don't know what that would have to do with it.

 

[CarolA]

What the heck is an "administrative fee" ???

I have purchased via two other resale companies and haven't been charged this!

 

[luvindisneyworld]

I think GMAC is known for that. So I think just that would make me buy somewhere else.

What the heck is an "administrative fee" ???

I have purchased via two other resale companies and haven't been charged this!

 

[JimMIA]

What is DVD and why would that mean they get small contracts? I know they are affiliated with Disney in some way, but I don't know what that would have to do with it.

DVD is Disney Vacation Development, the actual developer and original seller of DVC contracts. If you contact them and say you want to sell your contract, they will refer you to GMAC, because they have a contract with GMAC which provides them with a 50% share of the commissions.

There is nothing illegal about that, but nobody talks about it much. GMAC would prefer that people think they are Disney's "preferred" broker, and obviously Disney would rather folks not know they are referring business to a resale company for kickbacks.

I've always thought the $195 "administrative fee" and the higher closing costs of various descriptions were an effort to recoup some of the kickback money from the purchasers.

Regardless of what items are called, what per-point quotes are, who is supposedly paying for what, etc, the truth is the purchaser is paying for everything. The seller has a bottom line they will accept. They're going to get that bottom line regardless of how things are arranged...or they don't sell.

No matter how you slice it, only the purchaser puts in any money, and all of the costs and proceeds come from that money.

 

[CarolA]

Well they would have to give me a good explanation for "administrative fee" Something tells me I won't be buying via GMAC. The commission they charge should be more then enough to "administer" LOL!

 

[BWV Dreamin]

No matter how you slice it, only the purchaser puts in any money, and all of the costs and proceeds come from that money.