Bad DVC news


#1

I’m sorry to say that Chast and I are having to sell our DVC. It just isn’t economically feasible for us anymore. Hopefully, we can rebuy later.


#2

I’m so sorry, I hope things improve and you can buy another contract soon.


#3

So sorry to hear. Hopefully things will turn around soon for the two of you!:heart:


#4

I am so sorry to hear this. I hope things improve for the two of you soon. I hope this does not stop you two from enjoying a Disney trip now and then.


#5

AWWW,that stinks,but I truly understand. I could not jump into DVC because I would probably be like you,have to sell eventually. I love all the things about DVC but for us it is not something we can afford now or the near future.


#6

So sorry to hear. I hope things get better for you.


#7

Aw I’m so sorry. I hope you guys are still able to get to Disney on a regular basis though. :heart:


#8

That’s too bad, I’m sorry. :sad: But you’re not alone: there are plenty of others in the same boat. Luxuries have to go first in tough times.


#9

Yes, ddoll speaks the truth. I am sorry to hear it, but, keeping my fingers crossed for better times for the two of you.


#10

I am very sorry to hear about this. I wish you nothing but better times ahead!


#11

yup even though times are bad, we do have to stay positive. or atleast somewhat positive.


#12

I feel for you both as I just “gave back” all 3 of my contracts. It just didn’t seem right for me to pay every month when I know I will only use it once a year. Good luck in the future but things always work out for the better!


#13

we had put ours up for sale as well but my friends and family all told me to make small amounts on the side to keep it up and that would be my beacon of hope for us through this tough time. But the day we first listed it was really hard for me because it was my birthday gift from Ed and I had just gotten it. It was also the last great thing we did before Ed was laid off- one week before he was laid off. But like you said, you can always buy again!


#14

Have you tried to give it back to disney? I called to get my pay off total and they advised me I didn’t have to sell because they would just take it back.[QUOTE=woohoo;935835]we had put ours up for sale as well but my friends and family all told me to make small amounts on the side to keep it up and that would be my beacon of hope for us through this tough time. But the day we first listed it was really hard for me because it was my birthday gift from Ed and I had just gotten it. It was also the last great thing we did before Ed was laid off- one week before he was laid off. But like you said, you can always buy again![/QUOTE]


#15

we decided to keep it- Once Ed starts selling on a regular basis it wont be such a burden of a payment. I also have tried REALLY hard to keep my credit rating high. I would assume that giving it back would be like giving back a car or giving back a house to the mortgage co-


#16

that I know of exactly what you said woohoo. I was wondering why is it that Disney would lit others sell their DVC property at resale; for example; I was looking on the TSS and they have a bunch of AKV properties with any amount of points that somone would want, like me I bought 160 at $104/point and I found on the TSS website the same amount of points at AKV too for about $88 - $94 per point (which I think is amazing but I preffered to buy directly fro disney due to my my g/f preffering it. but w/e)


#17

You may want to check and see what that will do to your credit if you default on your loan.


#18

Disney told me they are not a credit reporting loan BUT if you let it go to foreclosure it will go on your credit. I actually had my cousin look over my contracts since he is a atty and he spoke to member accounting…they do not report on the credit. In fact I pulled a credit report and it doesn’t even show I purchased the membership.


#19

I think I understand what you are asking. Disney retains “right of first refusal” which means that if a resaler sets up a sale with a price tha tis too good, Disney can nix that loan and buy the membership back itself.

I understand that a lot of the resales are shut down by Disney, and so the reputable resale companies make sure their resale prices are within the range of acceptable so that Disney will allow the deal to go through.


#20

[QUOTE=MissDisney;935880]I think I understand what you are asking. Disney retains “right of first refusal” which means that if a resaler sets up a sale with a price tha tis too good, Disney can nix that loan and buy the membership back itself.

I understand that a lot of the resales are shut down by Disney, and so the reputable resale companies make sure their resale prices are within the range of acceptable so that Disney will allow the deal to go through.[/QUOTE]

we actually looked into resale but after an acceptable price and the closing fees we were walking away paying the same amount and the developer points were so high when we did it that it made sense to go direct.

I wonder if them taking it back is the same as putting it up for sale at a lower price and then Disney buys it back themselves. You lose the deposit money but it is not like there is a depreciation for Disney at all. Its just a stake of claim not an actual tangible property. I suppose that would be a fast way to sell it.