What is the Policy on Rescinding from joining DVC?

[Just People]

Hey, everyone. We called DVC about 4 days ago and agreed to join DVC and gave the down payment and closing cost over the phone. Today we received all the legal documents through the mail to fill out and return. So far all we've done is do a verbal agreement to join (by means of accepting a credit check and deposit and closing cost). We already have a reservation for August 3rd, 5 nights using our points. Is it too late at this point to cancel our agreement and get our money back ( both the deposit and closing cost )?

We might be having second thoughts... All the paperwork just makes you realize what a long term commitment joining really is. We did the 10 year financing through DVC, but would pay it of in less than 3 years anyways.

Once everything is laid on paper we are realizing that, even though we would pbbly be going to WDW every year anyways, we just don't want to feel forced to do so. Also, I know its the norm on timeshares, but paying Annual Dues, even if we don't go on a certain year, is not such a great deal.

OK, we're not totally sure if we want to rescind on DVC right this minute, but just want to know if it's to late. Like we said, the only thing we technically agreed to right now was the telephone credit check and deposit and closing cost payments.

Thanks!

 

[browniemtb]

If it still holds there is a 15 day period once you receive the documents. But don't let the paperwork give you cold feet. If you truly feel that you will visit WDW every year or every other for that matter, than it truly is a no brainer. Costs through CRO for regular reservations will continue to rise and by owning DVC your stays will not. The only yearly effect will be dues which will fluctuate. On no travel years you can bank or rent the points. We just had a baby boy so we are not traveling this UY, so we rented some points and banked some for a longer trip this spring. Plus there are other destinations that points can be used for.

I will agree it is a commitment but you have to understand you are buying a real estate interest and that comes with paperwork. Call your guide and verify the 15 day period and I am sure there are many that felt as you do now.

Good Luck in your decision.....................

 

[MatterhornMiss]

I just joined myself and because I had to be sure I could make a ressie at a particular resort this Sept, I had my guide assure me many times that I could cancel my membership before I signed any papers if the ressie didn't work out. I'm sort of afraid to get the paperwork. I generally suffer from major buyer's remorse after making a big purchase, but then I get over it. I just have to remember how disappointed I was a couple of weeks ago thinking I wouldn't be able to join for a few years.

 

[rthutchens]

I understand how you feel. We paid the deposit back in May and when we got home realized what a huge commitment it was. All we had to do was fax a letter to MS stating that we wanted to cancel our membership and refund our deposit. We stared at the contracts for several days, but didn't feel that it was right for us. Of course now we are doubting our decision to cancel and are already discussing purchasing again. DVC is such a roller coaster topic in this house. We go to WDW several times a year, so, you would think it would be a no brainer, but when you see it in black and white it makes you think a little more about that long term commitment.

We actually have another trip planned and we are leaving next Saturday, so, who knows we may decide to jump in with both feet and do it again. I love AKV, but am just a little curious to see what is going to happen with BLT. I don't want to own there, but I wonder if the AKV incentives will get better since I expect everyone will be jumping on BLT and forgetting AKV. Only time will tell.

Again, if you are doubting your situation it was painless to cancel. Our guide got mad, but oh well he will live.

 

[Just People]

I understand how you feel. We paid the deposit back in May and when we got home realized what a huge commitment it was. All we had to do was fax a letter to MS stating that we wanted to cancel our membership and refund our deposit. We stared at the contracts for several days, but didn't feel that it was right for us. Of course now we are doubting our decision to cancel and are already discussing purchasing again. DVC is such a roller coaster topic in this house. We go to WDW several times a year, so, you would think it would be a no brainer, but when you see it in black and white it makes you think a little more about that long term commitment.

My feelings exactly. I actually spoke with my guide. He said all I have to do is fax a letter to DVC and they will cancel and issue a refund. I just think its too much of a commitment. Sure, we can afford it, but I like know we are going on vacation because we want to, not because we have to.

BTW, how long did it take DVC to issue you a refund for your deposit/closing cost? We were planning on going to WDW in August before hand anyways, so we'd need to apply that money back to were it was originally going, to our regular WDW vacation.

 

[rthutchens]

My feelings exactly. I actually spoke with my guide. He said all I have to do is fax a letter to DVC and they will cancel and issue a refund. I just think its too much of a commitment. Sure, we can afford it, but I like know we are going on vacation because we want to, not because we have to.

BTW, how long did it take DVC to issue you a refund for your deposit/closing cost? We were planning on going to WDW in August before hand anyways, so we'd need to apply that money back to were it was originally going, to our regular WDW vacation.

We charged the downpayment on 5/8/08 and received the refund on our cc on 5/23/08. Good luck on your decision.

 

[dianeschlicht]

I just have to say if you go to Disney as frequently as you say, it really is a no brainer to join. So you don't want to travel to WDW once in awhile? Just bank your points and take a cruise or trade out to somewhere else once in awhile. Believe me, we had similar concerns about 15 years ago, so we waited 4 years before we purchased. In the meantime, we spent nearly $5000 a trip every other year, and after 4 years, we decided it didn't really take someone with a sledge hammer to figure out we were pretty dumb not to have used the $10,000 we spent on two trips toward 50 years of trips. We finally purchased 11 years ago, and it has been the single best decision we have ever made! We DO take trips elsewhere, but WDW is our "go to" place, and we feel like the maintenance is a much smaller price to pay for larger accommodations in a vacation home type setting versus the ever inflating prices at the deluxe on-site resorts.

 

[JimMIA]

If it still holds there is a 15 day period once you receive the documents.

Florida law governs this, and under Florida law, there is no obligation in a real estate transaction until you sign an agreement to purchase. From the date you sign, Florida Law gives you ten days to rescind with no penalty.

I believe Disney goes beyond Florida law and gives you 15 days, but the recision period starts when you sign the documents.

You can stare at the documents as long as you like. And you should -- it's a big decision.

 

[Dean]

Florida law governs this, and under Florida law, there is no obligation in a real estate transaction until you sign an agreement to purchase. From the date you sign, Florida Law gives you ten days to rescind with no penalty.

I believe Disney goes beyond Florida law and gives you 15 days, but the recision period starts when you sign the documents.

You can stare at the documents as long as you like. And you should -- it's a big decision.

A few years ago DVC changed it from 15 to 10. It's from the date you sign or get all the legal papers including the POS, whichever is later.

 

[Just People]

Florida law governs this, and under Florida law, there is no obligation in a real estate transaction until you sign an agreement to purchase. From the date you sign, Florida Law gives you ten days to rescind with no penalty.

I believe Disney goes beyond Florida law and gives you 15 days, but the recision period starts when you sign the documents.

You can stare at the documents as long as you like. And you should -- it's a big decision.

I figured that was the case. I really cant be obligated to something I didnt sign for. I'll think about what I should really do. Thanks.

 

[AlexTina]

Good luck in your decision. I know it's a tough one putting all that money out there but if you feel that your going to continue traveling to WDW then it would likely be cost effective for you if you generally stay deluxe. I know DH and I really debated buying for a good 6 months prior to taking the plunge on Monday and surprising enough I have not yet had a bout of buyers remorse, LOL.. When I think about how much we've spent on our last 4 trips alone we could have easily paid a 160 point contract buy now. So we decided for us it would be wise to buy. I figure if in the future we decide we won't utilize the membership then we can sell. Also if we don't want to bank our points for use in another year we can always rent them out. If your still not sure cancel now think about it a bit longer you can always buy later.

 

[Merilyn]

It was certainly a good decision for us. We bought in 1994 and have more than paid for the DVC membership. We have added points 4 times so we have a lot now, 750 to be exact. The dues are high but we go for 8-10 days, stay in a GV, and the dues pay for about 2 1/2 days of that. With a GV costing about 1000 a night, you can see how that would add up. We love what we did and will continue to have many years of vacations for a fraction of the cost.

 

[TammyAlphabet]

If I were in your shoes, I would rescind and think about it a bit longer. If later you decide you really want to join, you can. It is better to rescind now and then take your time and think about it.

 

[Mickeylovesdvc]

Just cxl... I never understood why people buy and cxl. If you didn't want it you should not have bought it and wasted peoples time....

I hate when I read..." oh is it for me" or "should I join" if there is a doubt dont but it.... geeez...

 

[rthutchens]

Just cxl... I never understood why people buy and cxl. If you didn't want it you should not have bought it and wasted peoples time....

I hate when I read..." oh is it for me" or "should I join" if there is a doubt dont but it.... geeez...

I guess you are one of the lucky ones that has never experienced buyers remorse. How does it feel?

 

[Laxmom]

I absolutely understand how you feel op. We purchased our first ts 7 years ago but not after researching all the major ones, including DVC. We only bought an every other year with another company - we did so because we were a little nervous and didn't want to make a big mistake. We have since bought another week (same company) and, recently, DVC. We love our vacation options with our ownership. We have taken trips that we would otherwise never taken.

We are those people who research our major purchases in depth before jumping - it does help with the buyers remorse....sometimes. On that note- the one ts purchase that we did make that was not one that we sat on and thought about. It was at Atlantis. We rescinded once we got home. If you do cancel - make sure you follow the instructions for this to the letter. That cannot be emphasized enough.

I believe the PP poster is correct - it is once the contract is signed. Good luck with your decision. You might estimate what you spend on your vacations each year and do some math. That might make the picture clearer.

 

[drag n' fly]

I just have to say if you go to Disney as frequently as you say, it really is a no brainer to join. So you don't want to travel to WDW once in awhile? Just bank your points and take a cruise or trade out to somewhere else once in awhile. Believe me, we had similar concerns about 15 years ago, so we waited 4 years before we purchased. In the meantime, we spent nearly $5000 a trip every other year, and after 4 years, we decided it didn't really take someone with a sledge hammer to figure out we were pretty dumb not to have used the $10,000 we spent on two trips toward 50 years of trips. We finally purchased 11 years ago, and it has been the single best decision we have ever made! We DO take trips elsewhere, but WDW is our "go to" place, and we feel like the maintenance is a much smaller price to pay for larger accommodations in a vacation home type setting versus the ever inflating prices at the deluxe on-site resorts.

Very good advice!

 

[drag n' fly]

I just joined myself and because I had to be sure I could make a ressie at a particular resort this Sept, I had my guide assure me many times that I could cancel my membership before I signed any papers if the ressie didn't work out. I'm sort of afraid to get the paperwork. I generally suffer from major buyer's remorse after making a big purchase, but then I get over it. I just have to remember how disappointed I was a couple of weeks ago thinking I wouldn't be able to join for a few years.

 

[Just People]

Whew! I thought about long and hard (my own little cooling off period) and decide we'll join. Its really worth it now that I think about it.

Thanks everyone for your help!

 

[CarolA]

I disagree that it's a no brainer.

It might be for the posters on this board, but what is right for us is not always right for everyone.

Personally I backed away several times before I finally bought and I have no regrets about waiting.

Plus just because you go NOW every year or twice a year do you think that will continue. I am selling some of my points simply because "enough is enough" LOL!