Anyone extending their OKW contract?

[calypso*a*go-go]

I'm more concerned about what the resort is going to look like by 2042...OKW has already been labeled "the oldest resort" and is showing signs of wear 'n' tear. We won't extend, but I think anyone seriously considering doing so should demand some information about what will be done over the years to keep up the quality of the resort.

 

[salmoneous]

Not until 2042!

Diane...

You've suggested several times now that people won't be paying maintenance fees on the 2042-2057 years until 2042. Why don't you think fees will be collected before then to pay for the reserve fund?

 

[BobH]

One major problem with extending your contract for your grand kids is that you will be saddling them with unknown maintenance debt that they may not be able to pay. It is great to take kids and grankids on vacations that we pay for but it is a whole other ball game to make them responsible for future costs they may not want.

 

[dianeschlicht]

Diane...

You've suggested several times now that people won't be paying maintenance fees on the 2042-2057 years until 2042. Why don't you think fees will be collected before then to pay for the reserve fund?

Because you aren't buy more POINTS, you are buying more YEARS. Maintenance fees for those years can not be charged until each year comes. Maintenance fees are PER POINT.

 

[DVC92]

The problem isn't the maintenance fees, but the reserve funds which are based on life expectancy of particular items. These funds will be collected prior to 2042 for years extending up to 2057 (and any further future extensions). Any reserve funds that remained in 2042 would have to be divided up between the existing members per their ownership interest. No information has been presented relating to these issues. Also, for the infrastructure of OKW to last an additional 50 years, one should expect to see substantial special assessments which may not have been necessary if the Club terminated in 2042 per most OKW contracts.

 

[JimC]

... It was nothing more than a slick sales brochure that was made in China, obviously some time ago. It came from DVC, not DVD. Hopefully, the cost of such a frivolous package is not being funded by us.
.

Just curious, how did you determine it was made in China? I can't find anything in mine that indicates where they had it printed. The return address on the shipping box said GA. DVC is on all of their marketing and sales material as it should be since that is the product and brand they use. DVD pays for this however and it does not come out of member dues.

 

[salmoneous]

Maintenance fees for those years can not be charged until each year comes.

The issue is in which year of maintenance fees will the expenses be included.

Today when we pay maintenance fees, it goes to cover maintenance in the current year, as well as to build a reserve fund to cover some maintenance that will be needed in future years.

Will that change for the 2042+ years?

Unless Disney changes the rules (and they haven't said anything about changing the rules) maintenance fees for years prior to 2042 will include charges for maintenance that will take place after 2042.

Or, putting it another way, folks will begin paying for 2042+ maintenance before 2042, won't they?

 

[DVC92]

Just curious, how did you determine it was made in China? I can't find anything in mine that indicates where they had it printed. The return address on the shipping box said GA. DVC is on all of their marketing and sales material as it should be since that is the product and brand they use. DVD pays for this however and it does not come out of member dues.

On the back of the cover of the pamphlet, it says "Made in China".

 

[nisiemouse]

We are not going to extend. Are you guys going to send the postcard back soon with your response or wait a while?

 

[JimC]

On the back of the cover of the pamphlet, it says "Made in China".

Found it. My extension information mailer was glued over it.

 

[Vacationeer]

Anyone concerned about their points losing value without the extension? That is the only reason I would extend.

 

[DVC92]

Just curious, how did you determine it was made in China? I can't find anything in mine that indicates where they had it printed. The return address on the shipping box said GA. DVC is on all of their marketing and sales material as it should be since that is the product and brand they use. DVD pays for this however and it does not come out of member dues.

I hope you are correct concerning DVD bearing the costs; however, the extension is based upon a special assessment for OKW members. Therefore, any costs associated with the assessment should default to DVC and not DVD. In reality, this is nothing but a marketing device which DVD should pay for, not us

 

[JudyTL]

Most of the replies seem to imply that everyone is going to hold onto their OKW points. However, the item people are forgetting is that DISNEY is going to put a lien on all the contracts that do not have the extension attached to them. What happens if we get sick and cannot use the points at OKW and what to sell early? What will DISNEY do with the lien? Could we even sell the points? That piece of the puzzle is missing. I just bought OKW and have not even been to the resort yet. I have other contracts, but most of my points are at OKW.

I feel like this was a bad deal buying OKW. Had I known this was in the wind, I would have bought something else. Now, I feel like I need to buy the extension if only to keep my place marketable and without hitches for selling. Listen, people do not buy property if they feel they could not sell it.

I am going to wait until the last day to decide this one. At the end of February is when I will make up my mind. Right now the market is bad. Everyone is holding their breath. Houses are not selling... There are financial issues out there. To give DISNEY 15 dollars for no immediate value is really nasty of them. However, the ability to liquidate the TS is the concern for me. I like flexibility. One never knows when a crisis is around the corner. Nothing is sure.

Like my house... I keep it current and in shape. I want to be able to sell if I ever need to. I gather I am not trusting. For a while I was wondering when I might sell some of my smaller contracts. With this stuff going on.. I am not convinced I will hold onto DISNEY TS. I feel a bit raped and backed into a corner.

 

[JudyTL]

That is exactly how I feel. I am going to wait until Feb to decide. I am going to watch what is happening to the OKW prices. We need to learn more about the liens and what they mean. How can someone put a lien on property when you are not in default.

I wonder if you forgo the signing of the extension mandate document, can they still put a lien on your contract? Is this legal? What if we hire a lawyer to fight this? can we?

 

[disneymayz]

They way that I have read is that the lien will say that on 1/31/42 this deed will become property of DVD. It will not prevent anyone from selling because the new owner will have the lien on it still. The detail that I am not sure on is if a new owner of a non-extended deed will have the option to extend? So I totally believe that the lien is nothing at all to worry about.

 

[Shadeaux]

I wonder if you forgo the signing of the extension mandate document, can they still put a lien on your contract? Is this legal? What if we hire a lawyer to fight this? can we?

This is what I can't understand. How can they legally change the end date of a contract? Why bother having a contract if it can be changed by one party without the approval of the other party? Something is fishy about this whole deal.

 

[BobH]

Disney couldn't even have the document printed in the USA. I wonder if the brochures will be recalled due to lead paint........

 

[CarolMN]

Disney couldn't even have the document printed in the USA. I wonder if the brochures will be recalled due to lead paint........

Don't put it in your mouth - you'll be fine.

Sorry, couldn't resist.

 

[BobH]

I couldn't resist the "lead paint" joke. I deserved Carol's reply. Now back to a more serious note I have 2 questions I am hoping someone has considered.

I will probably deed over my rights to Disney for the years beyond 2042 but this whole issue has led me to examine what will happen in the future even with my current contract.

1)Basically I am wondering what will happen if you decide in your 80's that you can not afford the maintenance contract anymore and you can't sell your lower valued contract anymore? Is your estate going to have a lien placed on that as well?

2)I am not extending the 15 years because of my age and the fact that I don't want to commit my children (who are on the deed) to paying maintenance dues many years from now. I am concerned whether we will all have bad credit reports if Disney puts a lien on my vacation ownership now or in the future?

What do you think? I'd appreciate hearing from anyone who has considered these things.

BobH

 

[dianeschlicht]

I thought there was NOT going to be a lien???