Confused...

[Maliki2]

I just received all my DVC packet, information.

I paid my closing cost and my down payment over the phone. Inside it lists on the Just A Reminder paper that there is a balance due on my down payment. Does this make sense? I thought that was what I already paid for.

The receipt lists it as Escrow of initial deposits.

Update: So I'm thumbing through the contract and it states that the "gift cards" were applied as a down payment, which is the total that it shows on the balance due paper.

 

[Jeremy&Susan]

I just received all my DVC packet, information.

I paid my closing cost and my down payment over the phone. Inside it lists on the Just A Reminder paper that there is a balance due on my down payment. Does this make sense? I thought that was what I already paid for.

The receipt lists it as Escrow of initial deposits.

Update: So I'm thumbing through the contract and it states that the "gift cards" were applied as a down payment, which is the total that it shows on the balance due paper.

Best bet is to call your salesman..... oh I mean castmember and work through the issue.

Probably jsut a simple mistake or they will have a reason why it shows up that way but will be able to let you know how it will resolve itself. BUT definitely call and get some closure.

 

[hellerjw]

The $8 per point incentive they recently offered for AKV was what they called a "flexible credit" and would come in the form of a Disney Gift Card (as opposed to the additional incentive of a $500 or $1000 pre-paid Visa Gift Card).

You could choose to apply the amount of the Disney Gift Card toward your down payment or pay the balance of your down payment some other way and actually receive a Disney Gift Card to be used elsewhere (dues payment, at the parks, etc). There was a separate document for each gift card type and it should have indicated on the Disney Gift Card document that in lieu of an actual gift card you would be applying that credit toward the remainder of your down payment balance.

 

[Maliki2]

The $8 per point incentive they recently offered for AKV was what they called a "flexible credit" and would come in the form of a Disney Gift Card (as opposed to the additional incentive of a $500 or $1000 pre-paid Visa Gift Card).

You could choose to apply the amount of the Disney Gift Card toward your down payment or pay the balance of your down payment some other way and actually receive a Disney Gift Card to be used elsewhere (dues payment, at the parks, etc). There was a separate document for each gift card type and it should have indicated on the Disney Gift Card document that in lieu of an actual gift card you would be applying that credit toward the remainder of your down payment balance.

Yes that is what it looks like to me. I was just confused why one side (the first side I looked at) said that I owed the amount. And when I go to the contract it says it will be applied.

Its probably a technicality that they have to do, since technically the contract isn't final until it is submitted. Thus the downpayment is due, when the contract is returned the Gift Cards are applied.

 

[hellerjw]

I believe they have to have it written up that way since technically you could opt to get the actual Disney Gift Card and use it for something else. As you mentioned they don't legally know what your choice is until they get the paperwork back.

I just did an add-on at AKV during this same promotion and it caught me off guard too when I initially started looking at all the paperwork.

 

[Jeremy&Susan]

Yes that is what it looks like to me. I was just confused why one side (the first side I looked at) said that I owed the amount. And when I go to the contract it says it will be applied.

Its probably a technicality that they have to do, since technically the contract isn't final until it is submitted. Thus the downpayment is due, when the contract is returned the Gift Cards are applied.

When we signed up and received a Gift Card, it was applied directly to our contract and reduced the amount due to Disney. They didn't say give us $500 less and we will then credit you, the amount was already subtracted from the total due.

Again I would recommend calling your guide and making sure it makes sense, at least to you, before you sign and sumit the contract. That really is what the guide should be there for anyway, to answer questions and walk you through the technical aspects of owning your DVC interest.

 

[drusba]

You have the same issue that some reported here before even when they had the separate gift card. As long as it is showing gift card (or $8 per point credit) will be applied you are fine. It is just that it is not officially applied until closing and so the computer (then and apparently is still doing it now) in generating the documents shows a shortage on the down payment.

 

[disneynutz]

It's a financial thing. Maybe someone with accounting knowledge could give us a reason for it.

By subtracting the credit at the tail end of the transaction Disney can report that the points sold for, say $107 or $104 each. Same as a car dealer who applies the factory incentives at the end of your contract. You are buying the points/car at full price but in reality you didn't pay full price. They wouldn't structure the contract this way if there wasn't a size-able accounting/tax benefit.