Do we think VWL owners will get an extension on their 2042 end date?

[edk35]

I know they offered that up to OKW owners. What exactly did they have to pay to get that extended? Anyone remember? Thanks

 

[magicaldisney]

I believe it was $15 per point and I'm not sure that a lot of members took DVC up on that offer.

 

[edk35]

I believe it was $15 per point and I'm not sure that a lot of members took DVC up on that offer.

Oh okay Thanks

 

[Deb & Bill]

Probably not. It was very unsuccessful. It started at $15 a point, went up to $20 a point and is now $25 a point. Why pay for something now that you will never use? A waste of money.

 

[disneynutz]

I think that the problem with the OKW offer was the way that it was marketed. There was some sort of required document that had confusing instructions and the notification was spotty and inconsistent.

If Disney determines that a $15 per point price tag would make them more money than letting the contracts come to term and reselling the resort, than that is what they will do. It's all in the numbers.

Bill

 

[edk35]

Probably not. It was very unsuccessful. It started at $15 a point, went up to $20 a point and is now $25 a point. Why pay for something now that you will never use? A waste of money.

Well if you will it to someone then it would be used that is why I asked.

 

[Deb & Bill]

Well if you will it to someone then it would be used that is why I asked.

I don't plan to saddle my son with the MFs that will be extorbitant by then. And who knows what will even be there by then? Something or someplace no one wants to go?

 

[JJSWDW]

I'd think for $15/pt I'd do it. For $25, not so much. As has been pointed it, it solves the problem of the resort having no members in 2043.

 

[DizDays]

Heck, if anyone takes advantage of it, people are renting one time use points from DVC at $15 a point to supplement a trip. That's not a bad deal. 100 points is only $1500. How many more years was that for?

 

[WebmasterDoc]

The vote by the DVD/DVC Board to extend the OKW contracts was in August, 2007. It extended the land lease until January 31, 2057 and gave OKW owners the option to purchase the additional 15 years at $15 per point. That has now risen to $25 per point - for points that cannot be used until February 1, 2042.

Most agree that the OKW extension was poorly handled, with the threat of a lien placed on the contracts of those who did not respond to the "offer". All contracts were extended, but owners had to accept or decline the "offer" and have that decision notarized for either option. Those who declined the extension and had the paperwork notarized were fine, but those who made no response have been threatened with the lien on their account.

VB opened less than 4 years after OKW and we are now more than 4 years after the vote to extend the OKW contracts.

Stay tuned!


We are now beyond 4 years from that vote. We should know soon if other resorts might be offered a similar extension. OKW opened in late 1991, VB opened in 1995, HH and BWV opened in 1996.

 

[jennypenny]

I was talking to someone in DVC last month (who's been there since the beginning), I mentioned that we were considering selling our BCV contract because of the 2042 date (too soon for us). He said (confindently) that we'd be offered an extension at some point when they figured out the best way to do it.

So I guess they are trying to learn from their mistakes and figure out another way. I also got the impression that it would happen toward the end of the contract, not anytime soon.

 

[edk35]

Heck, if anyone takes advantage of it, people are renting one time use points from DVC at $15 a point to supplement a trip. That's not a bad deal. 100 points is only $1500. How many more years was that for?

See that was my thinking too. I think it took the contract to 2057 so an additional 15 years.

 

[edk35]

The vote by the DVD/DVC Board to extend the OKW contracts was in August, 2007. It extended the land lease until January 31, 2057 and gave OKW owners the option to purchase the additional 15 years at $15 per point. That has now risen to $25 per point - for points that cannot be used until February 1, 2042.

Most agree that the OKW extension was poorly handled, with the threat of a lien placed on the contracts of those who did not respond to the "offer". All contracts were extended, but owners had to accept or decline the "offer" and have that decision notarized for either option. Those who declined the extension and had the paperwork notarized were fine, but those who made no response have been threatened with the lien on their account.

VB opened less than 4 years after OKW and we are now more than 4 years after the vote to extend the OKW contracts.

Stay tuned!


We are now beyond 4 years from that vote. We should know soon if other resorts might be offered a similar extension. OKW opened in late 1991, VB opened in 1995, HH and BWV opened in 1996.

Hey Doc...when did VWL open?

 

[disneynutz]

Heck, if anyone takes advantage of it, people are renting one time use points from DVC at $15 a point to supplement a trip. That's not a bad deal. 100 points is only $1500. How many more years was that for?

One time use points are limited to 24 max, can only be used at 7 months, and only once per UY.

Bill

 

[Dean]

I think that the problem with the OKW offer was the way that it was marketed. There was some sort of required document that had confusing instructions and the notification was spotty and inconsistent.

If Disney determines that a $15 per point price tag would make them more money than letting the contracts come to term and reselling the resort, than that is what they will do. It's all in the numbers.

Bill

IMO the largest hurdle was not how it was marketed but how much given the timing. The $15 a point for a consideration over 30 years away was quite a stretch. To get the % of participation they really need, the price needed to be down around $5 a point at the most. The reality is they could have done it for free and still come out looking at the big picture, IMO, they got greedy. I suspect they will offer extensions at some point, they really have to given the other resorts expiring later. The questions are how, when and how much. They could wait until near the expiration when there's a more tangible value present, they could make it conditional on a number of things such as making unqualified points qualified or a free extension with a min add on. One of the problems they have now is they have made their bed with the pricing for OKW. If they offer extensions at a lower level they'll likely have to go back and offer OKW the same deal including rebates for those that did extend.

 

[disneynutz]

If Disney had marketed the extension differently with just a little of effort that they put into selling BLT the results would have been different. They could have sent out printed material telling owners what a great deal they are getting, protecting their interests, guaranteeing magical Disney vacations for years to come, produce a web cast explaining the process and benefits, maybe offering a free refillable drink mug, gift card, or magic fast pass.

In reality, I don't think that they really cared if the extension offer was successful or not, same with selling resales.

It's like they don't make any money with anything but new sales or maybe only new sales are credited towards their yearly accomplishments, work evaluations, and pay and bonus treatment.

Bill

 

[Dean]

If Disney had marketed the extension differently with just a little of effort that they put into selling BLT the results would have been different. They could have sent out printed material telling owners what a great deal they are getting, protecting their interests, guaranteeing magical Disney vacations for years to come, produce a web cast explaining the process and benefits, maybe offering a free refillable drink mug, gift card, or magic fast pass.

In reality, I don't think that they really cared if the extension offer was successful or not, same with selling resales.

It's like they don't make any money with anything but new sales or maybe only new sales are credited towards their yearly accomplishments, work evaluations, and pay and bonus treatment.

Bill

Marketing was an issue no doubt but I believe that price was a larger issue. I do think they cared because a response by too small a group put them in the worst situation possible. Better to have nothing than a relatively small %. My take is they simply assumed members would go along like sheep, just like they did with sales for HH and VB. It was, in word, arrogance.

 

[Deb & Bill]

Marketing was an issue no doubt but I believe that price was a larger issue. I do think they cared because a response by too small a group put them in the worst situation possible. Better to have nothing than a relatively small %. My take is they simply assumed members would go along like sheep, just like they did with sales for HH and VB. It was, in word, arrogance.

Typical Jim Lewis stuff.

 

[Dean]

Typical Jim Lewis stuff.

I'm not a JL fan but to be honest, I think he's like the football quarterback, too much blame when things go bad and too much acclaim when they go well. Ken May didn't get the same heat and I believe he had 2 sales failures on his tenure. Then again it's possible his leaving to run RCI was related to those issues.

 

[Carl'n'Ellie'sDad]

Typical Jim Lewis stuff.