Dues and banking points questions

[mrsannb]

More questions from someone looking inot DVC...

Dues--do you have to pay them every year, or only the years you are vacationing? What is the penalty for not paying?

Can you bank points for more than one year?

 

[Lynne M]

You must pay your dues every year for as long as you own the contract. If you don't pay, Disney will repossess your contract. Don't look at them as payment for a vacation; you're actually buying a real estate interest in a resort, and your dues go towards the maintenance and upkeep of that resort. The resort must be maintained whether you're vacationing that year or not.

You can bank points for one year. For instance, you can bank your 2008 points in to your 2009 use year, but they will expire at the end of your 2009 use year.

 

[pinnocchiosdad]

You pay each year whether you stay or not. If you don't pay its the same as if you do not pay your mortgage. Disney will not allow you to make a reservation and you will forfiet your points. its all in the purchasing contract. You can bank your points for the future year, but once they are banked its use them or lose them by the end of the year.

 

[luvindisneyworld]

You have to pay dues whether or not you use the points that year or not if you dont they put a lien on your contract,if you dont stay current you cannot use your points.

 

[snoopdoug]

I also have a question about dues so I thought I would ask here instead of posting a new thread.

I am currently in the ROFR stage, but expect to pass. If so I will have a June UY and I will pay the full 2008 maintenace fees when I close. That means my maintenance fees will be paid through May 2009.

My question is, when do I have to pay my 2009 maintenane fees? Are they paid all at once or can you pay monthly?

Thanks!

 

[dianeschlicht]

I also have a question about dues so I thought I would ask here instead of posting a new thread.

I am currently in the ROFR stage, but expect to pass. If so I will have a June UY and I will pay the full 2008 maintenace fees when I close. That means my maintenance fees will be paid through May 2009.

My question is, when do I have to pay my 2009 maintenane fees? Are they paid all at once or can you pay monthly?

Thanks!

Maintenance fees are by calendar year, not use year. All maintenance fees are due in January. My guess is you will be paying a pro-rated dues with your resale for half of the year.

You can choose to have your maintenance fees auto paid from your bank account monthly, or you can pay them in one lump sum in January. If you don't pay on time, they will put a hold on your points until you do pay.

FYI, to the original poster...Maintenance also includes your property taxes, so they MUST be paid annually. It's just like a vacation home. You have to spend money on upkeep and taxes there too, even if you skip a vacation one year.

 

[RobDoc]

I also have a question about dues so I thought I would ask here instead of posting a new thread.

I am currently in the ROFR stage, but expect to pass. If so I will have a June UY and I will pay the full 2008 maintenace fees when I close. That means my maintenance fees will be paid through May 2009.

My question is, when do I have to pay my 2009 maintenane fees? Are they paid all at once or can you pay monthly?

Thanks!

As Diane stated, maintenance fees are based on the calendar year and do NOT have anything to do with Use Year.

With a purchase from Disney directly, dues will be prorated based on when you purchase (purchase on December 1 and you'll only owe 1/12 of the annual fees, purchase on July 1 and you'll owe 1/2 of the annual fees, purchase on April 1 and you'll owe 3/4 of the annual fees). With that direct purchase, you will also get points from the current Use Year and then another allotment when your Use Year begins again (purchase 160 points today with a September Use Year and you'll have 160 current points and also get another 160 points on September 1 again).

If your resale contract has all current (2007) points in the contract and all 2008 points coming on June 1 - IMO ,it's reasonable to pay all annual fees for 2008.

If there are no points until June, 2008 and/or if any of the 2008 points were already borrowed - then it might have been wise to negotiate paying a lesser amount of the annual dues (although it's probably too late to change your offer at this point).

Your 2009 dues will be due and payable in January, 2009 unless you have DVC set up a monthly autodebit from a checking account.