Actually Read the Contract!

[erikthewise]

Pretty much what I expected. After all, we didn't pay the lawyers, they did.
Disney can do nearly anything they want, short of arson.
DVC "owners" have no rights whatsoever, except to receive points each year. Of course those points have no meaning other than "administrative convenience".

Most alarming item: If BCV is no longer a part of DVC, then BCV owners no longer have access to reservations at other DVC resorts. No hint of a process by which this might happen, undoubtedly by fiat. Obviously a low probability event, and BCV would seem to be safe from such an eventuality. But people who own at HHI, or to a less extent VB, might have more reason for concern.

Of course, I will sign it.
And no, I didn't read the public offering papers. I have to draw the line somewhere!

 

[Firefighter Mickey]

Actually, your POS should be very specific about what conditions a DVC resort might be removed from the system, so sometime you may want to take a look at them.

It's been awhile, but even VB and HH owners shouldn't be overly concerned. The only time you might get into a problem is if the resort is destroyed, and DVC is unable to rebuild the resort (for example, if the VB coastline also slid into the ocean) - in that event though, the insurance money ends up getting distributed to the owners, so it's not necessarily a complete loss.

One of the interesting conditions for removal is if there were an owners "revolt" - that is if 66% (I think it was 66%, it's been awhile so I may not have the correct number) of the membership voted to remove DVC as the management of the resort. A highly unlikely event.

 

[PamOKW]

Disney covers just about every possibility. Read it all...several times now....just close your eyes and sign. So far, so good for the first 10 years.

 

[Eric Julie and Hailey]

You're pretty safe... Imagine the press if DVC pulled a funny one on members.

 

[rtp-resident]

Legal roadblocks aside, Eric and Judy are correct. Any real estate developer with timeshares to sell will essentially tie everyone's hands in the ability to make any changes or wrest control from their management companies. 66% voting to make a change would be IMHO an impossibility...unless something was very, very wrong - like embezzzlement.

What sets Disney apart and gives members leverage (unlike almost any other developer or corporation I could think of) is Disney's fear of bad press. Too much of their revenue is dependent on fostering good will and attitude. This is not to say that Disney always does right or will not upset people with policy changes from time to time.

But Disney cannot afford nor do I believe that they will make decisions in the future which jepordize their core support group DVC. THere are too many smart people - including lawyers and PR people who would absolutely make Disney's life miserable and keep the pressure up if drastic changes were made in the DVC program. The legal documents give them the right, but then so do most legal documents in an unequal bargaining position. But unlike other contracts - the little guy here has some intangible power as well!!

 

[BIERMUGG]

Want some really good bedtime reading material, read the NY supplement to the DVC contract. Its is another binder about 3 inches thick.

George

 

[WDWalways]

Originally posted by BIERMUGG
Want some really good bedtime reading material, read the NY supplement to the DVC contract. Its is another binder about 3 inches thick.

I'm currently in the middle of purchasing into DVC (waiting on financing) and is there a special "problem" or "concern" being from NY?? What's up?