Second Thoughts On Buying DVC Before Signing Papers?

[Alice-in-wonder]

Anyone ever feel like backing out? I bought 100 pts at BLT and am having second thoughts....nerves I guess. Any one back out before signing the papers and will they forfeit the deposit???

 

[Swayhoover90]

Per Florida law you have 10 days to rescind the contract and receive your deposit back.

We purchased 100 pts at BLT in July. I had misgivings during that 10 day period and almost canceled a couple of times. Purchasing DVC was not the issue...I knew we wanted to become members. I started looking at resale prices and calculating how many more points we could purchase at another resort for the same price via resale. In the end we elected to go ahead with the purchase.

We are now looking to add on another 200 pts or so at a lower priced resort via resale.

 

[adminjedi]

We didn't back out, but we did reduce how many points we purchased this last time around. Fortunately, we had asked for a split contract originally so it simplified the change! With Disney, you always get your deposit back.

If you know you like vacationing at DW regularly, I don't think you will regret it! In fact, you will probably have addonitis set in quicker than you think!

 

[jimmytammy]

We have owned since 01 and havent regretted it yet. Butterflies, most certainly. By the time we got to the 3rd and fourth contracts, we flew threw them, knowing we could have those pts handy quicker to get the most outta em.

Once those 1st two trips were under our belts, no more butterflies. Just all fun!!

 

[JimMIA]

With Disney, you always get your deposit back.

Getting your money back has nothing to do with Disney. It's Florida law, and Disney follows Florida law -- no more, no less.

DVC formerly had a policy which was more lenient than Florida law -- 14 days, rather than the statutory 10 days -- but it's just the minimum required by law now.

My advice to anyone who has any doubts is rescind and think things over very carefully.

In OP's case, it's not like they're getting some great "deal." They're paying $12,000 for the same number of points they could get for less than $10,000 on the resale market. Or +/- $6,000 if they bought OKW or SSR!

Personally, I'd think long and hard about getting the same points for HALF the price.

 

[JimMIA]

We have owned since 01 and havent regretted it yet.

Yeah...but I'm guessing you didn't pay $120 per point!

 

[ToddyLu]

I think it is a natural feeling to have nerves when making a large purchase. It isn't like a car you get to drive home that day, right? Like the PP said if you are already traveling to Disney yearly or frequently and really love being there, DVC will only add to that joy. I think I still get nervous about owning and having payments due...just becasue I worry occasionally about household bills....not from the aspect of not being able to afford things, but the news and others misfortunes in this economy can get to you. DH and I are both professionals with secure careers and are very pleased with our purchase. Our next trip will be this Dec with his Mom in 2 SV studios. As a nurse and firefighter we would have never paid the prices for those rooms with cash OOP. Now we go yearly and sty in those rooms delighted. I am sure you will have the same experience. Congrats and

Welcome Home!!!!!

 

[Chellymouse]

You should be around my DH!! He about drove me to the brink with all of his "scenerios" and "analyzing" but I will say, we have 2 fairly large contracts (our original and our recent add-on) and yes, it's a bit of money, but if you have it and don't mind spending on a vacation membership, it's well worth it. We've been members for nearly 3 years and we've been able to vacation very well since we've had it. It's not for everyone and if you're having very serious doubts, more than butterflies, it's probably best to rescind and take a look at other options. If it's just butterflies, sign off and enjoy. The only regret we had the first time around was that we didn't do it sooner. No regrets at all with the second contract.

 

[ToddyLu]

Yep and I am sure I paid more last year for my points than folks did for AKV as founding members. My life isn't centered around money and the cost is what it is when I can afford it. DH and I don't live in a one bedroom house because it is less expensive and we could have saved money. WHen we signed on the dotted line for our home, we had nerves but it was a good investment for us at the time. Everyone has different priorities with their vacation time and money. I am sure the OP will rescind if she needs to. How much she paid for her points and how they are affecting her budget isn't anyones business. All she asked was for support that others had similar feelings. I have had them and support her what ever choice she makes at this point...but then this is the Net and we are all strangers.
Flame suit on, holding my own fire hose....

 

[OldDisneyMom]

When we first viewed all of the materials and went on our tour, we had a lot of questions. We were very fortunate to have a great person that took care of us and explained everything in detail. He wasn't pushing the fact but told us of the perks and options that would be available. We came home and then made our decision. Best thing we did. We have been truly enjoying everything about the DVC and it has already paid for itself. We are thinking of adding on and intend to share this with the family. It's a little scary in the beginning signing the papers and getting it started but so worth it. Good luck!

 

[Sammie]

I am with Jim, if in doubt, get out.

 

[Deb & Bill]

I am with Jim, if in doubt, get out.

And I'm with Sammie and Jim. If you have any misgivings at this point, cancel and give yourself time to think about it. It will still be there a year from now.

 

[Alice-in-wonder]

Thank you everyone. I think I will either get less points or cancel outright. It just isn't a good time for us to add any more debt, and I would be financing those points at the standard rate, not the preferred rate. I think I will wait

 

[JimMIA]

Thank you everyone. I think I will either get less points or cancel outright. It just isn't a good time for us to add any more debt, and I would be financing those points at the standard rate, not the preferred rate. I think I will wait

It's a tough decision to rescind, but it's a sound one if you are not completely sure.

But especially if you HAVE to finance, especially if you HAVE to finance at almost 15%...it is a decision you will be proud of a year from now.

DVC will be there when you are ready, and when you are sure. If you decide not to do it now, it's not going away and it will be a much better purchase later when you are positive you are doing the right thing for your family's overall longterm welfare...not just your vacation options.

 

[ToddyLu]

And like Jim says, we will all be here to welcome you home.

 

[Brian Noble]

In light of this...

It just isn't a good time for us to add any more debt, and I would be financing those points at the standard rate, not the preferred rate.

I think this is wise!

I think I will wait

 

[daddey]

Anyone ever feel like backing out? I bought 100 pts at BLT and am having second thoughts....nerves I guess. Any one back out before signing the papers and will they forfeit the deposit???

What everyone is saying is correct per Florida law.

We were so undecided that we put money down on a contract and had the papers sent back home to have more time to make an informed decision. We backed out of that first contract and this year we signed a new one. I actually called back and added on points after we received the paperwork in the mail. We had a lot of second thoughts after looking at the resales. The only benefit with Disney is you get access to your points the next day rather than waiting with buying resale. The question you have to ask is are you patient to use your points. If you are you will save a lot of money. If we ever buy again it will be a resale contract.

 

[daddey]

Thank you everyone. I think I will either get less points or cancel outright. It just isn't a good time for us to add any more debt, and I would be financing those points at the standard rate, not the preferred rate. I think I will wait

Saw this after I posted my reply. Good decision, save up some cash so the finance rate won't matter to you. Debt is not good.