A few questions before we take the plunge into DVC

[brightspark]

Hi there,
My husband and I just got back from WDW and have spent most of the last couple of days discussing the pro's and con's of joining DVC. We love the idea and really want it to be 'for us'. We have just a couple of questions; hopefully someone out there will be able to help us out.

We have searched through the documents we were given but have not been able to find any 'small print' stuff; just comments that terms and conditions will be given after becoming a member. It doesn't seem right spend so much money without being able to study the small print first. Where do we get the small print from? Is there anything in it we should know?

I read somewhere about only being able to bank 100% of points in the first 6 months of the Use Year, is this true... and what happens after those 6 months.

Also does anyone know what happens if a hurricane destroys half of SSR? Who picks up the bill?

Also read in the points book that you can't use your points in the last 60 days of your Use Year. Is this true... if we sign up now we'd start in Dec. Does this mean that we can't use our points in Oct or Nov? Is it possible to choose your Use Year?

I'm sorry for all these questions but it's a lot of money to make a mistake with.

I have about 100 more questions but maybe I'll save those for another time.

Thanks in advance for your help.

Helen

 

[RobDoc]

You will eventually get all of the documents and have opportunity to review them. There will also be an opportunity to rescind your purchase if you have a change of heart after signing the documents.

Members may bank up to 100% of their points during the first 6 months. Up to 50% may be banked thru 9 months and up to 25% may be banked thru the tenth month of your Use Year. No points may be banked during the last 2 months.

If 50% of SSR were to be destroyed in a hurricane (a very unlikely event), most likely insurance would cover the replacement- depending on the level of destruction involved. Even Vero did not have any special assessment of the members with the extensive damage sustained at that resort in the past 2 years as insurance did cover the expenses. If a resort were damaged to the extent that it could not be replaced, it could be removed from the DVC system - again, a very unlikely scenario.

Otherwise, there is no true "fine print" - but the POS is an extensive document and, IMO, is well worth being familiar with at least. (We had it reviewed by our legal advisor before we made our initial purchase 13 years ago.)

Please feel free to ask any questions you may have!

Enjoy!

 

[solgent]

I read somewhere about only being able to bank 100% of points in the first 6 months of the Use Year, is this true... and what happens after those 6 months.

Yes. Then in the next 3 months you can bank 50% and in the month after than you can bank 25%, and after that you can't bank.

Let's say I have 200 points and I am thinking of doing 2 trips of 100 points each. I book the first trip. Then I decide not to take the second trip. 100 points is 50% of my total points, so I have until 9 months after my UY month to bank those 100 points.

Also does anyone know what happens if a hurricane destroys half of SSR? Who picks up the bill?

I assume they have insurance, which we help pay for via dues.

Also read in the points book that you can't use your points in the last 60 days of your Use Year. Is this true... if we sign up now we'd start in Dec. Does this mean that we can't use our points in Oct or Nov? Is it possible to choose your Use Year?

No, you can use your points at any time. But if you have a visit booked during the last 60 days and you have to cancel at the last minute, you will not be able to bank the points at all. If you cancel further ahead of time, of course, you would be able to bank according to how far ahead and what % of your points it was.

Also if you cancel within 30 days of your trip, no matter when in your UY it is, you can't bank. These points go into holding. They can still be used at any point until the end of the UY, but they will expire then if not used.

If your membership begins in Dec 2006, then you can't use the points in Oct or Nov 2006. Those points can be used Dec 2006 to Nov 2007, or banked into the next UY, and you can also borrow the points that you will get in Dec 2007 to be used in the Dec 2006-Nov 2007 timeframe.

Yes, you can choose your UY within a range. When we bought, they were selling March UYs, but our Guide recommended Oct based on our anticipated pattern of visits and that's what we bought. If you know you'll tend to visit at a certain time of year, it is nice to have your UY start shortly before then. That way your trips will take place early in the UY and you will be able to bank all the points if you have to cancel (as long as you cancel more than 30 days ahead). Then again, our first trips are not taking place at the time of year we had in mind, so maybe that wasn't such a brilliant move. But actually UY doesn't matter too much as long as you plan ahead and are careful.

I'm sorry for all these questions but it's a lot of money to make a mistake with.

Please don't apologize. Ask us & your Guide everything you want to know until you are comfortable with your decision.

 

[castleri]

If your membership begins in Dec 2006, then you can't use the points in Oct or Nov 2006. Those points can be used Dec 2006 to Nov 2007, or banked into the next UY, and you can also borrow the points that you will get in Dec 2007 to be used in the Dec 2006-Nov 2007 timeframe.


Please don't apologize. Ask us & your Guide everything you want to know until you are comfortable with your decision.

You may actually be able to borrow into Oct or Nov of 06 from your Dec 2006 UY but may find it difficult to get any rooms since this is a popular time and reservations are usually made way in advance.

The 60 day limit is on some of the other uses such as staying at another WDW resort say AKL. You may stay there during the last 60 days but must have made the reservation prior to the 60 day mark. This is to allow Disney to rent the room at your resort from the points you give up to pay for your room at AKL. You can use the points right up to the last day of the use year and if there is availablitiy you can book at the DVC resorts the day of the reservation. (Don't count on there being availability at that point though)

Keep asking the questions - it is much better to understand what you are getting before signing by the mouse ears than being upset afterwards that you didn't ask that question that might make a difference to you.

 

[brightspark]

Thanks so much for the quick replies... they are really helpful. I thought that DVC insurance would cover any incedents (hurricane style etc) but wanted to check.

I think I've got the points thing sorted, just need to decide how many to buy now.

Do you find that you save money when visiting any other resort than a Disney one? It seems that these would just about break even.. what is your experience?

How do you pay for your points? Is it a direct debit / standing order with your bank?

We're getting towards that all important decision...

Helen

 

[browniemtb]

Do you find that you save money when visiting any other resort than a Disney one? It seems that these would just about break even.. what is your experience?

How do you pay for your points? Is it a direct debit / standing order with your bank?

Are you asking if you can save money by staying at non Disney resorts? If so the answer would be yes. DVC is considered deluxe accomodations and also on site. So you would have to compare apples with apples. So if you were to ask would you save money if we stayed at the deluxe Disney resorts verses VC the answer is no, to a point. DVC allows you to prepay deluxe accomodations....and yes you save being a DVC member. Breakeven is roughly 7 visits compared to you staying at a Disney deluxe resort not the value resorts or the quality inn.

Paying for your DVC can be done in different ways....home equity.....the money in your mattress.....you can finance the purchase through Disney and/or the Timeshare store....or where ever you can come up with at least $15,000.

Good Luck
Brownie

 

[jerry557]

Well as far as the hurricane question is concerned, Disney has insurance on their properties. And that is what some of your yearly dues are helping to pay (and one reason why your fees seem to always go up. Insurance in Florida is becoming very expensive). So the resorts arn't going to be damaged and not repaired.

 

[tjkraz]

So the resorts arn't going to be damaged and not repaired.

In most cases that's true. However there is a provision in the POS that gives DVC the option to distribute the insurance proceeds among the owners rather than rebuilding the property. Chances of this happening at a WDW-based resort are pretty much non-existent. Chances of it happening at a non-WDW resort are just a little better than non-existent.

Still it's important to note that the decision does rest in Disney's hands.