Banking this year's point instead of MB-help!

[trampslady]

We are putting a deposit down today. I have a couple of questions and have left a message for my salesperson. Hopefully you can help now.

1. With a use year of April, can we bank 100% of this year's points instead of taking advantage of Magical Beginnings?

2. How quickly can we make reservations for next May after putting down our deposit?

3. Will this year's banked points automatically be used first when making reservations before next year's?

4. How long between deposit and closing typically?

 

[spiceycat]

Yes you can bank this year points immediately - your sales guide will send you a certificiate that you will need to return that should take care of it for you

Tell your sales guide that you want to make a reservations now - he should be able to do it for you. If not call ms and give them your social security number they will let you make reservations as soon as possible (they will even tell you your member number before you get the card)

It is always best to ask that the banks points be used first - sometimes you get a new CM (they need to be told). Make sure your sg (if he makes the reservations for you) understands this too.

I don't know - when I add-on to VWL I was told 6 weeks - but MS let me make a reservations and told me I was closed in 2 weeks - so it depends upon how many are in front of you.

 

[CarolMN]

Originally posted by trampslady
We are putting a deposit down today. I have a couple of questions and have left a message for my salesperson. Hopefully you can help now.

1. With a use year of April, can we bank 100% of this year's points instead of taking advantage of Magical Beginnings?

2. How quickly can we make reservations for next May after putting down our deposit?

3. Will this year's banked points automatically be used first when making reservations before next year's?

4. How long between deposit and closing typically?

Just to confirm/add to what spiceycat has already posted:

1. With an April use year, you have until September 30 to bank up to 100% of your current use year points. If you 100% sure you won't use them until after April 1, 2003, you can ask your guide to bank them for you as part of the purchase/closing process (if you are buying directly from Disney). If you buying a resale, you should ask the current owner to bank them for you. You have until December 31 to bank up to 50% of your annual allotment.

2. If you are buying directly from Disney, you should be able to make a reservation as soon as Disney has the signed papers and your deposit in hand. If you are buying a resale, you cannot make a ressie until you are in the computer system. That usually takes about a week after closing.

3. No. It is generally believed that MS will use banked points first, but it is always a good idea to tell the CM which points you want to use. I always ask for a summary/point status before I hang up after making the ressie. It helps make sure I and MS have the same information.

4. Can't remember how long that took for us. Maybe someone else knows.

HTH. Congratulations on your purchase and may I be the first to say "WELCOME HOME"!

 

[trampslady]

Thanks guys!

This board is a Godsend!

I just hope 170 points works out for us. I can already see me wanting to add more!

 

[DebbieB]

I ran into this problem when I bought in 1999. I also have an April use year and wanted to make reservations for May of the next year. You cannot use banked or borrowed points for a reservation until you close. What you can do is use next year's points for the reservation (if you have enough). Then when you close, have them reallocate the reservation to use the banked points. I have also heard recently that member's guides have been able to help them get around this rule, so maybe your guide can help. When I bought, I was told I could make a reservation the same day, as soon as my deposit was processed. I didn't need to do this since I was making a 7 month reservation and had to wait about a month (but before I closed).

Welcome Home!

 

[Maistre Gracey]

Originally posted by trampslady

4. How long between deposit and closing typically?

Once all papers are signed, DVC counts 15 days from the date on the paperwork (recision period), then the closing will be on the following Wednesday.

Let us know how it turns out...

 

[jmhillrph]

Since you mentioned Magical Beginnings, I assume you are buying from Disney. In a similar situation-- with Feb use year, wishing to plan a Feb 2003 trip using pts that I was banking from 2002-- my recent experience was that I was able to make a reservation prior to closing. However, because the closing had yet to take place, MS made the reservation with my 2003 pts and instructed me to call back after closing and that they would switch this so to use the 2002 pts that I was banking.

 

[AnnaS]

I believe it's 14/15 days from date that you signed papers and the Wed. immediateley after that is closing. I was told I had to close first before banking. I closed last Wed. on my BCV and hoping to close this Wed. on my OKW add-on (two add-ons already). Yes, you will be adding more.