Tempted by DVC on DCL Cruise!

[EWL]

Hi,
We're just back from our first trip on the Magic Western 7-day cruise-- great time but bad luck with the weather (missed Grand Cayman and Castaway Cay :-( ). While on board, we went to a DVC "show" featuring Saratoga Springs and then met with a DVC guy afterwards. We were very tempted (and almost went to the internet cafe solely to check out this board! but didn't) but ultimately decided we weren't sure enough to do it on board.

Been reading this board today and have already learned a lot they didn't tell us but also wondered if the "deals" they were offering onboard "only" were really as fabulous as they claimed. Basically, they were offering a 150-point minimum for $95/point with a $10/point "Saratoga Savings" making it $85/point, all closing costs paid, 10% down, and no-interest financing until June (after that, I think it was 50% down/1 year term for 4.9% or 10% down/10 year term for 9.5% or something). They really played up all the ways you could use points (for the "concierge collection", "International collection", etc.) in addition to Disney, but when we got the book and went thru it , it really seemed like using DVC points for anything other than a DVC resort wasn't a very good use of points (agree?)-- especially for a cruise!

We do like WDW a lot but aren't likely to go every year, maybe not even every other year, and we do like going other places, so we just weren't sure enough to do it onboard. They also didn't mention anything about resales at other DVC resorts which we now see are a possibility from the board's sponsor and those seem more affordable too...

Just wondering if we did the right thing... Thanks!

 

[DeeCee735]

[but aren't likely to go every year, maybe not even every other year, and we do like going other places]

One thing you may want to consider is that (regarding above statement) you can bank one years points into the following year and borrow one years points into that current year, thereby accumulating 3 years worth of points for use in that year. I.E. banking 2005's points into 2006, borrowing 2007's points into 2006 - totalling 450 points for use in 2006!
That's a nice amount of points for a WDW stay, or for one WDW stay and one trade out, etc. There's alot of flexibility. Even if you just bank 05 into 06 and leave 07 alone, you'd still have 300 points for use. This might make more sense to your vacationing needs - just another thing to consider. Good luck with your decision.

 

[MrsG]

The one thing that sold us was the fact that you can trade out of Disney, still using your points. We only used to go to Disneyworld every three years, but since we joined we have used our points for a stay in NY, and a cruise as well as a visit to our home resort. You can bank and borrow which is great for cruises.

 

[agotta]

We loved all the options that came with DVC, that and we got a cast member discount We are doing a 8 day vacation this April using 2 years worth of points, including a 3 day cruise. Yes some of the nonDVC resorts and cruise are pricey, but you can always borrow and bank points. For us, we figure for the first couple years before we have kids, we will be borrowing next years. It will all catch up with eventually!! Good luck making your decision!!

Amanda

 

[mochabean]

Since anything other than a DVC resort isn't really the best use of points financially, you should consider how many points you will need. If you are going to go to WDW every other year, then figure out from the DVC point charts how many points your most "expensive" (points-wise) vacation would be, and buy half that amount. Use all the money you save on this initial outlay and the annual dues to pay for cruises with cash, or to buy a different timeshare for trading.

Also, look into resales, they are cheaper anyway, and also you can't buy less than 150 points from Disney, but you can via resale.

I think that "deal" is the standard offering, it wasn't an on-board-only thing.

 

[tjkraz]

Been reading this board today and have already learned a lot they didn't tell us but also wondered if the "deals" they were offering onboard "only" were really as fabulous as they claimed.

The interest rate you quoted seems a bit lower than I've seen recently. Just today someone posted the lowest rate at 9.99% for 10 years, which is the highest I've seen yet. So, if you were offered something less than that, it may have been tied to the cruise promotion.

But the other parts of the deal (net $85 per point, no payments or interest til June) are pretty standard. Reportedly that deal will end Feb 28. However, if the DVC reps you spoke to attached any timeline to your decision (i.e. you need to commit within 72 hours in order to get the special offers), then you really do need to take them seriously. DVC has been pretty consistent in recent months about holding people to those timelines and refusing the promotional discounts after the deadline expires.

You could probably save a few bucks going the resale route. But the contract will be for 12 fewer years and you'll have to finance the purchase independently or be prepared to pay cash.

 

[rsschneck]

We were very close to purchasing our DVC while on our first DCL cruise over 2 year's ago. We had not even been to WDW! We knew that was probably our next travel destination. At the time DVC was selling BCV. We talked to DVC folks that were cruising. Talked it over and ran numbers, etc. etc. We did use the internet on board to check out The Timeshare Store. We wanted OKW and found out about the resale market. We came home and had put in an offer on an OKW contract a couple of weeks later. In less than a year we did a pre-buy @ SSR through our DVC salesperson.

We have been members for just over 2 years and have taken a 3 day cruise, 2 trips to HHI, 2 trips to OKW and 1 trip to SSR (all on points). We have another trip planned for May. We love our purchase! We did not use DVC financing. We used 2 different home equity loans. First one was paid off in less than a year and second one will be paid off by March. Love DVC but HATE monthly payments!

Tough decision! If it makes sense for your family than do it! Otherwise, plan your vacations for wherever you want to travel.

 

[Granny]

They also didn't mention anything about resales at other DVC resorts which we now see are a possibility from the board's sponsor and those seem more affordable too...

Disney makes $0 when people purchase resale contracts, so I'm not surprised that they didn't mention it. I wouldn't hold it against them. What sales person would tell you not to purchase from them but to go down the street to another deal?


I also have a nagging suspicion that purchasing a 50 year contract might not be your best bet. It sounds like you enjoy visiting WDW, but not every year or even every other year. And after five or so visits, you might not enjoy visiting it at all? Personally, I think DVC works best for WDW lovers (or VB or HH lovers) who know they will want to vacation there repeatedly. Purchasing DVC as a vehicle for trade-out probably isn't a good financial strategy. Just my opinion.