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Need some help

DHH

Member
Original Poster
Bought into DVC in June at Copper Creek. Since then I have had some medical problems and family emergencies that caused me to miss 6 weeks of work. Therefore no income for 6 weeks. Does anybody know if there is any way I ca get out of this contract until about 6 to 9 monthes from now. Not getting much help from DVC. Also youngest daughter is getting married in November. Budget is very tight right now. Any and all help is appreciated.
 
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Lensman

Premium Member
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Bought into DVC in June at Copper Creek. Since then I have had some medical problems and family emergencies that caused me to miss 6 weeks of work. Therefore no income for 6 weeks. Does anybody know if there is any way I ca get out of this contract until about 6 to 9 monthes from now. Not getting much help from DVC. Also youngest daughter is getting married in November. Budget is very tight right now. Any and all help is appreciated.
Do you have any current points? You could always rent them out through one of the DVC rental agencies that are recommended on these forums. That's what I do when we don't go down there ourselves. Note that you can also rent out points borrowed from your next use year. Depending on who you go through, you'll get an immediate Paypal of a percentage of the rental fee. The place we use gives owners 70% up-front and 30% just before check-in.

I assume that you bought this direct. Did you finance and need to cover those payments?

What do you mean by "get out of this contract until 6-9 months from now? Do you need to get your purchase price back or do you just need to cover dues or financing payments?
 

richg35

Member
If you bought in June you are the owner. You can't get out of the contract. You only have 10 days to rescind a DVC purchase.

It sounds like buying DVC might not have been the best idea. If your budget is tight and you need to recoup any down payments and can't afford the financing (I am assuming you are financing because I believe about 75% of contracts are finances), you can resell your contract on the resale market. You will still suffer a loss, but you'll get cash back in your pocket. Be aware that selling resale can take a while because of paperwork and Disney's ROFR process.

DVC dues will be due in the new year, so if you start the process now you might be able to sell before yearly dues come due. If you can't pay then it will eventually go into foreclosure, but I don't know how much leeway there is there.
 

DHH

Member
Original Poster
Do you have any current points? You could always rent them out through one of the DVC rental agencies that are recommended on these forums. That's what I do when we don't go down there ourselves. Note that you can also rent out points borrowed from your next use year. Depending on who you go through, you'll get an immediate Paypal of a percentage of the rental fee. The place we use gives owners 70% up-front and 30% just before check-in.

I assume that you bought this direct. Did you finance and need to cover those payments?

What do you mean by "get out of this contract until 6-9 months from now? Do you need to get your purchase price back or do you just need to cover dues or financing payments?
have 200 points February 2019 . made down payment and now payments or due
 

DHH

Member
Original Poster
If you bought in June you are the owner. You can't get out of the contract. You only have 10 days to rescind a DVC purchase.

It sounds like buying DVC might not have been the best idea. If your budget is tight and you need to recoup any down payments and can't afford the financing (I am assuming you are financing because I believe about 75% of contracts are finances), you can resell your contract on the resale market. You will still suffer a loss, but you'll get cash back in your pocket. Be aware that selling resale can take a while because of paperwork and Disney's ROFR process.

DVC dues will be due in the new year, so if you start the process now you might be able to sell before yearly dues come due. If you can't pay then it will eventually go into foreclosure, but I don't know how much leeway there is there.
thanks will do more research this weekend. M-F are 14 hour days.
 

helenabear

Well-Known Member
I hate to say it, but you're the owner and you cannot get out of the contract at this point. You can either rent points out to make some income from it or sell.

If you bought in June you should have gotten points for 2018. If you didn't use those, you could rent those as well as 2019 points. In your case I'd look to David's DVC rental to help you rent.
 

Club Cooloholic

Well-Known Member
have 200 points February 2019 . made down payment and now payments or due
I am feeling for you, medical issues and all are sometimes something you can't anticipate. As others have said, in this situation you might have to cut your losses, Copper creek on resale is pretty high, so put it up for sale. Advice for the future, having to make payments for the DVC club sort of defeats the purpose of the future savings of it to me. If there is one thing I read it was do not buy in unless you have the cash to purchase it without financing. I bought resale(still in process), but I could not swallow 200 points direct at what they are charging
 
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slappy magoo

Well-Known Member
Forgive me but based on your post it sounds like, even setting aside your medical emergency and subsequent financial problems, you didn't quite understand what you were buying when you signed the contract.
Even if you're making payments on your Disney Vacation Club points, you are still technically the "owner" of the points until the deed expires. Just dropping the payments will at the very least seriously screw with your credit rating and you probably don't need that headache if you're already dealing with financial problems due to missing six weeks of work.

I don't know big your contract is, how many points you are financing, but you get that many points to use every year whenever your "use year" begins, and as others have said if you bought in June, you have points to use from June this year until June next year (unless you bank them). You also have a year's worth of points you can "borrow" from that would otherwise be usable next June.

Probably your best short-term solution would be to rent out the points you have for this year and possibly next year. There is a website - David's DVC Rentals - that act as an intermediary between folks like you who own DVC points but need cash, and people who would like to stay at a Deluxe Disney resort on the cheap. They will take all of the guess work out of it for you, and it's just a question of how fast they can rent your points for you. Wilderness tends to have a decent demand so it probably wouldn't take long. They're going to give you $14 a point, and I think they rent them out for $17 and that difference is their profit. Assuming you have 175 points (that's the current minimum to buy in, yes?), that would give you $2450 if you just rent out one year's worth of points, $4900 if you borrow next year's points and rent them out, too. Look them up. Good luck.
 

nickys

Premium Member
Forgive me but based on your post it sounds like, even setting aside your medical emergency and subsequent financial problems, you didn't quite understand what you were buying when you signed the contract.
Even if you're making payments on your Disney Vacation Club points, you are still technically the "owner" of the points until the deed expires. Just dropping the payments will at the very least seriously screw with your credit rating and you probably don't need that headache if you're already dealing with financial problems due to missing six weeks of work.

I don't know big your contract is, how many points you are financing, but you get that many points to use every year whenever your "use year" begins, and as others have said if you bought in June, you have points to use from June this year until June next year (unless you bank them). You also have a year's worth of points you can "borrow" from that would otherwise be usable next June.

Probably your best short-term solution would be to rent out the points you have for this year and possibly next year. There is a website - David's DVC Rentals - that act as an intermediary between folks like you who own DVC points but need cash, and people who would like to stay at a Deluxe Disney resort on the cheap. They will take all of the guess work out of it for you, and it's just a question of how fast they can rent your points for you. Wilderness tends to have a decent demand so it probably wouldn't take long. They're going to give you $14 a point, and I think they rent them out for $17 and that difference is their profit. Assuming you have 175 points (that's the current minimum to buy in, yes?), that would give you $2450 if you just rent out one year's worth of points, $4900 if you borrow next year's points and rent them out, too. Look them up. Good luck.
Minimum direct buy in is 100 points I think.

But other than that, I think is the best bet. If renting won’t get OP enough then he should sell.
 

DHH

Member
Original Poster
Forgive me but based on your post it sounds like, even setting aside your medical emergency and subsequent financial problems, you didn't quite understand what you were buying when you signed the contract.
Even if you're making payments on your Disney Vacation Club points, you are still technically the "owner" of the points until the deed expires. Just dropping the payments will at the very least seriously screw with your credit rating and you probably don't need that headache if you're already dealing with financial problems due to missing six weeks of work.

I don't know big your contract is, how many points you are financing, but you get that many points to use every year whenever your "use year" begins, and as others have said if you bought in June, you have points to use from June this year until June next year (unless you bank them). You also have a year's worth of points you can "borrow" from that would otherwise be usable next June.

Probably your best short-term solution would be to rent out the points you have for this year and possibly next year. There is a website - David's DVC Rentals - that act as an intermediary between folks like you who own DVC points but need cash, and people who would like to stay at a Deluxe Disney resort on the cheap. They will take all of the guess work out of it for you, and it's just a question of how fast they can rent your points for you. Wilderness tends to have a decent demand so it probably wouldn't take long. They're going to give you $14 a point, and I think they rent them out for $17 and that difference is their profit. Assuming you have 175 points (that's the current minimum to buy in, yes?), that would give you $2450 if you just rent out one year's worth of points, $4900 if you borrow next year's points and rent them out, too. Look them up. Good luck.
Trust me we knew what we were doing. We have discussed this move for several years. Retirement is around the corner. Had already decided to resell after 10 to 15years or leave to 2 daughters in will. This was nota spur of the moment decision.
 

Club Cooloholic

Well-Known Member
Trust me we knew what we were doing. We have discussed this move for several years. Retirement is around the corner. Had already decided to resell after 10 to 15years or leave to 2 daughters in will. This was nota spur of the moment decision.
I ma feeling for you, but unless your youngest just surprised you with this wedding, I cant see how you really studied and prepped for this Why did you not buy resale or buy at all if payments were involved?
 

nickys

Premium Member
I ma feeling for you, but unless your youngest just surprised you with this wedding, I cant see how you really studied and prepped for this Why did you not buy resale or buy at all if payments were involved?
He did say there were family and medical emergencies. I suspect that is the reason they are in difficulties. And any contingency is tied up in daughter’s wedding perhaps.
 
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Club Cooloholic

Well-Known Member
He did say there were family and medical emergencies. I suspect that is the reason they are in difficulties. And any contingency is tied up in daughter’s wedding perhaps.
I hear that, but if you study this long enough, resale is such a better way to at least start...unless the financing was key, but financing vacations is never really a good idea.
 

Lensman

Premium Member
Recriminations and "why didn't you" aren't useful here. Let's try to stick to the helping with the original request. OP, let us know if you have any further questions.

One thing that hasn't been mentioned in the thread is that you can borrow the 200 2019 points into the current use year and rent those out now, or rent those 2019 points for a post-Feb 2019 reservation. As I said, do remember that you may only get half the rental income at booking and half just before check-in.
 
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slappy magoo

Well-Known Member
Trust me we knew what we were doing. We have discussed this move for several years. Retirement is around the corner. Had already decided to resell after 10 to 15years or leave to 2 daughters in will. This was nota spur of the moment decision.
I'm really not writing this to be mean or question your ability to research this but...if you researched DVC, you should know that it's a timeshare real estate purchase (just one where eventually your deed to your percentage of the property reverts back to Disney). When you signed the contract the deed became yours, if you financed your piece of DVC then when you signed THAT contract you became responsible for making those payments, and there's no way to just "opt out" of your contract(s) for a while, regardless of how valid your reasons might be, without at the very least affecting your credit score.
The reason you're not "getting much help from DVC" is they don't want to be blunt and ask "did you really have no idea what you were responsible for when you signed your contracts?"
Honestly, your question would make more sense were your DVC purchase a "spur of the moment decision." The fact that you researched it for years and didn't think about "what happens if we suddenly can't afford it" is perplexing.

I know this reads as harsh, and I'm sorry for that, but it really does read as if you didn't think your purchase through. Had you thought it through, your question would have been "what do you recommend for people like us who will have problems making the payments for a while?" And that has been answered by many - rent your points out for a few years or sell your interest even if you take a small loss. But to ask "how do I get out of a legally binding contract, but just for a little while" is simply a question that raises more questions. Sorry.

About the only other option would be if you had other ways to generate cash to just pay off the balance of your DVC outright, stocks to cash in, a loan on your pension if you have one, etc. Not necessarily routs I'd recommend especially if you're in a financial crunch for a while. If you have a financial planner, it might be best to ask him or her.
 

slappy magoo

Well-Known Member
One thing that hasn't been mentioned in the thread is that you can borrow the 200 2019 points into the current use year and rent those out now, or rent those 2019 points for a post-Feb 2019 reservation. As I said, do remember that you may only get half the rental income at booking and half just before check-in.
I tried to cover it above, I suggested contacting David's DVC Rentals and let them arrange the rental of at least 1 if not 2 years' worth of points.
 

Phonedave

Well-Known Member
Amen lol. I think it makes people feel superior. who knows? telling Op that they really didn't research it well enough is about as useful as handing her/him a flying pig.

I think a flying pig would be very helpful. Imagine how much you could sell that sucker for.

All jokes aside, I agree. When somebody asks "This is the situation I am in, how can i get out of it" a good answer is not "This is how you could have avoided that situation"
 

Club Cooloholic

Well-Known Member
I think a flying pig would be very helpful. Imagine how much you could sell that sucker for.

All jokes aside, I agree. When somebody asks "This is the situation I am in, how can i get out of it" a good answer is not "This is how you could have avoided that situation"
Honestly, I look at these forums as something that will be read by the OP and others seeking advice, they are a learning tool. Proper advice was given by us all as well as pointing this out as a cautionary tale to prospective buyers who may think they have it figured out. The OP also insists they knew what they were doing, rather than admit they might not have, as evidenced by this topic post itself.
 
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