Sad day--quitting is so easy

[dmoore22]

I have no idea how we would respond if we had been in your situation. Last May our county had been hit with an "inland hurricane" (Derecho) that was devastating to our community. We lost a third of our roof plus eight windows imploded out of our house, not to mention the challenges of water-damage, furnishing sucked out of the house, etc. Fortunately for us our DVC is paid for (other than the MFs). In spite of that we considered whether to sell or not just to generate some funds to assist in paying for repairs and reconstruction since FEMA was not very helpful and the insurance company was turning into a royal pain. We choose not to sell. Instead we managed to get our home secured and decided it was time to escape to WDW/DVC. We were so glad we did. It was great therapy to deal with the initial shock. We were refreshed when we returned and better able to stand up to the insurance company, contractors, etc. in getting our house repaired. Best of luck in dealing with the daily traumas of life.

 

[Deb & Bill]

I have no idea how we would respond if we had been in your situation. Last May our county had been hit with an "inland hurricane" (Derecho) that was devastating to our community. We lost a third of our roof plus eight windows imploded out of our house, not to mention the challenges of water-damage, furnishing sucked out of the house, etc. Fortunately for us our DVC is paid for (other than the MFs). In spite of that we considered whether to sell or not just to generate some funds to assist in paying for repairs and reconstruction since FEMA was not very helpful and the insurance company was turning into a royal pain. We choose not to sell. Instead we managed to get our home secured and decided it was time to escape to WDW/DVC. We were so glad we did. It was great therapy to deal with the initial shock. We were refreshed when we returned and better able to stand up to the insurance company, contractors, etc. in getting our house repaired. Best of luck in dealing with the daily traumas of life.

We did something similar in 2008 when our house got flooded. We left the mess behind - after the wet stuff was removed and the house dried out - and left a contractor to work up an estimate. Luckily we had flood insurance.

 

[L8blumr2]

I'm really puzzled here. Why would any one just give the contract back to Disney instead of reselling it?

The OP said they called to find out the "procedure" for letting go. I think many people call Disney to inquire because they have a standard form letter they send out that outlines the resale process and suggests a particular timeshare resale company.

I called about selling our CM discount contract because our contract says we have to go Disney first (and give them the option to buy back at the price we paid), but I can't get them to respond other than the form letter. There seems to be 1 person that deals with these contracts and I have faxed and called repeatedly with no response. I thought that might be their retention strategy! Since we bought with cash and don't have a payment we need to get rid of, it's been easy to just not pursue it.

 

[Crystal_27]

I'm sure this has been a tough decision for you, but I'm sending some your way.

 

[snowbunny]

I'm really puzzled here. Why would any one just give the contract back to Disney instead of reselling it?

If he's only had the contract 18 months and he paid full Disney price for the points, he is most likely not going to come out whole, or even close to it, on the resale market.

There was a thread recently by an owner who was flabbergasted that what she could sell her DVC points for, right now, was many thousands of dollars less than what she still owes on her loan.

 

[edk35]

There is a girl I work with that called MS accounting today to inquire about their situation. She was told that she could not DEED her (add on) contract back to DVC until she has had it for 2 years. They added on 200 pts. Oct. 2008 and her dh lost his job this past Sept. So they put it on the market and it has gone NO WHERE FAST. I saw this thread yesterday and told her to just call MS accounting and see if they could just GIVE IT BACK so to speak. They financed with Disney. Their other contract they have had for 5 years I think and it is almost paid for. SO they wanted to keep that one and see what could be done with the newer one. Not sure what the OP did since they never came back on to clarify.

 

[TBLaube]

When that happens is your credit affected in any way?

 

[edk35]

When that happens is your credit affected in any way?

She told me that since DVC financing is not on your credit report NO it does not affect it. She said that you will get a 1099 or something like that I think. IT will show up as income or something so it gets filed with the IRS. Don't quote me on this....if you need to do this...call accounting and get it straight from them. NOT ME LOL

 

[zmanandshan]

Good luck to you. Hopefully things will improve soon! You know you made the responsible choice.

 

[Mom B]

Hope it all works out for the best! Good luck.

 

[pinnocchiosdad]

I'm really puzzled here. Why would any one just give the contract back to Disney instead of reselling it?

Maybe they owe more than its worth. In addition to selling for a loss, a resale agent would take another 10% off the top. My friends bought AKV last summer for about $100. AKV resales are in the mid $80's. Commission on a 160point contract is about $1400.

 

[Coach81]

Yeah. why not sell?

 

[Astros]

Maybe they still owed a bunch on it (financing the purchase) and might not be able to sell it and pay the commission and come out at zero or better.

Thanks for the explanation.

I never thought about financing my DVC purchase so that didn't cross my mind.

 

[RedSonya]

The rath of the Mighty Red. I went to college in Fargo and spring is never easy. I've seen the preparations for this year already, I hope that you will be spared!

DVC is nice, but the stress of ownership sometimes isn't worth it. At some point you may want to rent points for a trip back to DVC, and it might only cost you the same as for a years worth of maintenance fees. I'm glad the relinquishing was easy.

Best of LUCK to you in the coming months!