1. The special DVC PAP promotion from last year requires that the voucher (or exchange certificate or will-call reservation) be converted to an actual AP by 12/31/13.
2. It is my personal opinion that if this is not done that the voucher will still have the value of $399 plus tax, and may be used toward the purchase of any pass with a higher value beginning 1/1/14. This may have to be done at a Guest Relations location with a manager approval as an "exception to policy". However, I think that it would be done.
3. As far as a renewal, if you go to the locked sticky Everything About WDW Tickets in this Forum, especially Post #15-G, you can get a lot more information. An easy way to get to the sticky is by clicking on the link in my signature. The ticket sticky is your friend!