help just about to close contract with dvc

[ELMC]

Originally Posted by bocaj1431

Thank you to everyone for the info. I am purchasing directly through dvc. I am not sure why they only offered SSR, unless because it cost less per point than the other hotels. I did call to ask about purchasing points for one of the other hotels but they explained they were either more expensive or the term was not as long. I do not believe it is a resale purchase. I would think they would have to tell me that?

I do have an additional question, If I did a resale purchase, do they have the same financing. I would not have the full amount to pay up front to make such a purchase. I could only pay a deposit and then the monthly payments. Thanks again for everyones advice.

So I'm sorry to have to post something that is most likely not what you want to hear, but I agree with previous posters when they say that you should not follow through with this purchase. If you spend enough time here on the DIS you will begin to see patterns develop with regards to the comments prospective buyers make and the likely outcome of the purchase. Although these are NOT guarantees that the ownership will not go well, they are red flags that problems are likely to occur. There were a couple in your posts.

First off, I'm not sure you are fully aware of the difference between resale and direct purchases. In many cases, resale purchases (done through an outside broker and not DVC) can cost around half the price of a direct purchase. When you factor in the costs of financing direct purchases, a resale purchase can be had for as little as 30% of the cost of a direct purchase. I'm not sure you are familiar with these options. I would advise you to take the time to learn about them so that if you do decide to purchase direct at least it is an informed decision.

Another red flag is your lack of familiarity with the differences between the resorts, booking options and your purchasing options. In cases like this we frequently hear comments like "I bought X resort because that's what my guide sold me but I really wish I could've bought at Y resort".

Based on the comments you have made in this thread, I would have to say that it does not sound like you are ready to make an informed decision about your DVC purchase. I would suggest that you do yourself a favor and slow down. Take the time to learn everything there is to know so that when/if you do decide to purchase, you are more comfortable and confident with the decision.

Good luck!

[Andrew015]

Agree with most everyone here. Do yourself a favor and walk away from the direct purchase, allowing you time to do more research. DVC isn't going anywhere, so even if you decide that buying direct is for you, do it armed with the right information. However, as most here have pointed out, you will find that resale can save you thousands of dollars over buying direct. Most of the "perks" that are lost by going the resale route don't mean a hill of beans to me.

[cz4ever]

Three quick points.

1) I agree with most of the previous posters who have suggested that your best move would be to rescind your DVC purchase (if you actually signed the purchase offer) during your 10-day mandated cool-off period.

2) If and when you've spent enough time to truly understand the ins and outs of DVC, the tradeoffs and resale vs direct, the value of having a particular home resort (or not), etc., then and only then decide what to do. Do not let the glow of the wonderful DVC timeshare presentation lead you into a rash and uniformed purchase. And, finally...

3) You can finance resale purchases. The rate is a tad higher than Disney offers, but when you consider that your principal will be roughly half, an extra point or two of interest is completely irrelevant. I'm pretty sure any of the major DVC resellers (TSS, Fidelity, DVC by Resale, and the similarly named one that gets filtered by Disboards) can explain your (third party) financing options.

[michelleiada]

Resale is the way to go if you want to save a lot of money. I also say buy where you want to stay.

[AnnaS]

Originally Posted by bocaj1431

There is so much information on this forum, which is great. Unfortunately, I have a special needs child which does not leave much free time. I am in the middle of closing for 150 points at saratoga with DVC. Is there some reason I should not go through DVC. Some of the comments I have seen seem to suggest this. Also, Saratoga is not our 1st choice but price per point lowest. Is it really diffclt to book a stay at bay lake for Sept at 7 months out or other villas. Thnx

Hi OP -

Wondering what you decided. Whatever you decided is okay - come back and tell us - we won't bite - at least I won't. Plenty of us bought direct. I know a few people who bought direct and won't come to some of these forums since they get chewed up

[z28wiz]

If you dont pay off your loan early you will be paying about $29500 for your purchase which includes the finance charge. That comes to about 196 per point. Resale would be your best bet. You would actually be paying more then you could book through renting or other discounted means. And with the ever increasing dues they may eventually hit 20 per point towards the end of the contract.
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[k3chantal]

Originally Posted by bocaj1431

Thank you to everyone for the info. I am purchasing directly through dvc. I am not sure why they only offered SSR, unless because it cost less per point than the other hotels. I did call to ask about purchasing points for one of the other hotels but they explained they were either more expensive or the term was not as long. I do not believe it is a resale purchase. I would think they would have to tell me that?

I do have an additional question, If I did a resale purchase, do they have the same financing. I would not have the full amount to pay up front to make such a purchase. I could only pay a deposit and then the monthly payments. Thanks again for everyones advice.

Just my two cents; if you have to finance this (and have no intent or clear way to pay if off quickly) do not purchase either directly or indirectly. Financing this purchase, in my opinion is the fastest way to NOT save money. Rather, if I were you, I would put aside what would have been your payment each month and then pay cash when you have the total needed. And as the pp's said, if you buy resale this will be sooner rather than later. Don't forget that with this purchase is a substantial bill (depending on how many points you purchase) that you are sent each and every year. And, then when you use your points you can not forget about the costs of travel, food and tickets.

Sorry to be a downer here; but you need to go in with your eyes wide open. I have a feeling many of those resale contracts are available because people did not understand the longterm responsibility that comes with this purchase.

Good luck!

[ELMC]

Originally Posted by k3chantal

Just my two cents; if you have to finance this (and have no intent or clear way to pay if off quickly) do not purchase either directly or indirectly. Financing this purchase, in my opinion is the fastest way to NOT save money. Rather, if I were you, I would put aside what would have been your payment each month and then pay cash when you have the total needed. And as the pp's said, if you buy resale this will be sooner rather than later. Don't forget that with this purchase is a substantial bill (depending on how many points you purchase) that you are sent each and every year. And, then when you use your points you can not forget about the costs of travel, food and tickets.

Sorry to be a downer here; but you need to go in with your eyes wide open. I have a feeling many of those resale contracts are available because people did not understand the longterm responsibility that comes with this purchase.

Good luck!

Agreed. And I don't think you're being a downer, you are offering sound advice with the intent of helping people. You wouldn't be doing anybody any favors if you sugar coated it and said "I'm sure it will all work out" or some other words of encouragement that glance over the harsh realities of financing a DVC purchase. You were kind, respectful and honest, and I think that's what we should hope for on these boards.