Fidelity Strikes again! HELP

[Shelle88]

Shelle88---$118-$18528-150-SSR-Feb-0/21, 90/22, 300/23, 150/24-Seller pays MF 22- sent 9/20, passed 10/10

So we passed ROFR 10/10 we signed our docs10/12 and wired funds 10/18. Since then we've been waiting patiently for the seller to return docs.

Today I received an email saying they're ready to close and confirming that the 90 points banked from 2021 have now expired.

Yep this is an October Use Year not February, those 90 points no longer exist.

I now don't know what to do. I don't need those points but I had been planning on renting them. We have a trip we're planning for May so I want to proceed but I had not been planning on an Oct UY. We love travelling in September and think we may return to that once our kids finish school. That's 15 years away though and our travel preferences may change. We are currently travelling in Spring and we may have even decided to sell DCV by then!

What would you do? Do they ever honour the clause in the contract about paying for missing points?

Thanks for any advice

 

[thegash35]

This is a major purchase, and you should be getting what was advertised. Fidelity should be offering some kind of compensation for this. I would personally back out of the transaction if this isn't the use year you wanted.

 

[christophles]

Once I receive the contract to sign for the purchase, I now cross reference the info to the Orange County Controller website to make sure it's correct. While I can't verify the available points on the contract, I can at least verify the use year and things like that. I'm sorry that this happened to you. Per the contract, you should be getting $25 per point from the seller for those 90 points that have now expired unless you decide to terminate this contract due to incorrect use year.

 

[J-Dog]

So, just so we're clear - it was listed as a February UY, but then actually turned out to be October UY on the contract?

I'm fairly sure that would be an illegal bait-and-switch - doesn't matter if it's intentional or not. Contract should be terminated, and, if Fidelity had any ethics, would offer you something for compensation.

 

[Shelle88]

So, just so we're clear - it was listed as a February UY, but then actually turned out to be October UY on the contract?

I'm fairly sure that would be an illegal bait-and-switch - doesn't matter if it's intentional or not.

Yes, that's correct.

During the to-ing and fro-ing about points(said Oct was a mistake and was actually Feb UY but then came back and said no, it is Oct) I checked the comptroller. Looks like the seller's husband died 5 years ago and the contract transferred to her and her son. The gratuitous transfer didn't mention the use year so I had to look up the original from Disney to find that it was indeed Feb.

Oct isn't the end of the world as we do enjoy travelling then too (still good weather and food and wine) but obviously it's higher points per night than cheap September!

 

[PoptartsAndMickey]

Per the contract, you should be getting $25 per point from the seller for those 90 points that have now expired unless you decide to terminate this contract due to incorrect use year.

This seems like what should be happening here, whether it hurts the seller, or Fidelity coughs it up.

 

[sipnride]

After my last saga with Fidelity I'm not wasting any more time with them. Sorry this happened to you. If I were you I'd back out. It won't be the last annoyance.

 

[MICKIMINI]

Fidelity owes you for this mistake IMO but good luck trying to get compensation. They screwed up. Personally, I would back out but then you have nothing. This happens way too frequently.

It had issues on a non-Disney contract I bought in April as it took four months to close and another six weeks to get points (for 2022) however WBC made it right believe it or not.

 

[Sunnyore]

Hmm were these actually 2020 banked points? Because 2021 banked feb points would be good until Feb 2023. If it’s 2020 points I wouldn’t be TOO upset about it but uy is important to me. If Oct uy is not a deal breaker for you and they compensate you for the lost banked points then it’s not really a terrible deal. If you love traveling in Sept then October is like the worst uy for you unfortunately.

 

[CarolynFH]

The gratuitous transfer didn't mention the use year so I had to look up the original from Disney to find that it was indeed Feb.

I'm confused. If the original deed from Disney says it's a Feb. UY, how did it get to be October? DVD can change UYs when selling points it took in ROFR, but a private seller can't, and Fidelity can't either.

 

[Sandisw]

The bigger issue for me is how it didn’t get caught by DVD during the ROFR process. At the very least they should have noticed it wrong when reviewing it.

But, honestly, I would not continue with the sale since it’s void not only of the 90 points but also a different UY.

 

[DonMacGregor]

Today I received an email saying they're ready to close and confirming that the 90 points banked from 2021 have now expired.

Yep this is an October Use Year not February, those 90 points no longer exist.

So, just so we're clear - it was listed as a February UY, but then actually turned out to be October UY on the contract?

Yes, that's correct.

During the to-ing and fro-ing about points(said Oct was a mistake and was actually Feb UY but then came back and said no, it is Oct) I checked the comptroller. Looks like the seller's husband died 5 years ago and the contract transferred to her and her son. The gratuitous transfer didn't mention the use year so I had to look up the original from Disney to find that it was indeed Feb.

Ok, now I'm confused too.

It was listed as February, but then it was revealed to be October, but the original deed at the Comptroller's office lists it as February (what it was listed as originally, and what the OP wanted).

 

[Shelle88]

Hmm were these actually 2020 banked points? Because 2021 banked feb points would be good until Feb 2023. If it’s 2020 points I wouldn’t be TOO upset about it but uy is important to me. If Oct uy is not a deal breaker for you and they compensate you for the lost banked points then it’s not really a terrible deal. If you love traveling in Sept then October is like the worst uy for you unfortunately.

Yes, they’re 2020 points banked into 2021.

I suppose technically we’re getting more points over the life of the contract. It just “feels” like we’re losing out because we miss out on the rental income to put towards 2023 dues.

 

[Shelle88]

Ok, now I'm confused too.

It was listed as February, but then it was revealed to be October, but the original deed at the Comptroller's office lists it as February (what it was listed as originally, and what the OP wanted).

No sorry, that’s my mistake. It is October and was listed incorrectly. I was merely trying to point out that the transfer does not show use year and I had to look up the previous comptroller entry to find it. It’s October.

 

[EYL]

No sorry, that’s my mistake. It is October and was listed incorrectly. I was merely trying to point out that the transfer does not show use year and I had to look up the previous comptroller entry to find it. It’s October.

When I purchased from Fidelity in 2019, the purchasing contract was clear on the Use Year and when the banked points would expire. If this was signed by you and the seller, then it's clear that what you are getting (an Oct UY with expired banked points) is not what you signed for.

If I were you, I would try to back out of the contract. Buy contracts based on your plans, don't make plans around your contract.

 

[pianomanzano]

Sorry to hear you're dealing with this. Yet another reason why no deal is worth it from Fidelity. I'd cancel and make sure you get all your funds back. If you want to continue with it, I'd pursue all kinds of compensation, including a refund of their ridiculous admin fee and the cost of the missing points.

Also, it's better to transfer funds only after the seller signs/returns their docs (if/when you decide to purchase again). Lot of money to be tied up in escrow and many sellers aren't quick about returning documents.

 

[RoseGold]

I'd ask for the money for the points now, or I'd look into backing out of the contract. I'd be happy with $20/point, if you were going to rent them out anyway. Surprised the title company hasn't weighed in yet. They'd be my first call.

 

[CraigInPA]

If the different use year is ok, I'd demand $15 per point for the 90 lost points. Tell Fidelity that it's non-negotiable. I doubt the seller will want to start over again with a new buyer.

If the different use year is less than ideal, I'd tell Fidelity to issue you a full refund.

 

[DonMacGregor]

No sorry, that’s my mistake. It is October and was listed incorrectly. I was merely trying to point out that the transfer does not show use year and I had to look up the previous comptroller entry to find it. It’s October.

Ok. When you said " I had to look up the original from Disney to find that it was indeed Feb." I assumed you meant you went back through the deed history and found that the the use year was February.

 

[Shelle88]

Update.

As we will be travelling May or October for the next 15 years we’ve decided October is acceptable. The seller is paying us the $25 per point on the 90 so I’m happy with the outcome.