Has DVC limited borrowing before?

[pkrieger2287]

In reading up on the new policies put in place due to the current closure, I began wondering if in the history of DVC, borrowing was ever limited like it is now? Just curious... Thanks!

 

[WilsonFlyer]

Not that I have ever read, but the contractual right to do so has been found in every POS as far as I know.

 

[SL6827]

Sounds to me as though they pretty much have the right to change most anything they want to in the contract.

 

[_auroraborealis_]

Sounds to me as though they pretty much have the right to change most anything they want to in the contract.

Nowhere close to "most anything." There are guidelines for change in the contract.

 

[SL6827]

Nowhere close to "most anything." There are guidelines for change in the contract.

I know there are, but it just seems as though there is a lot that could be on the table. With this, the ability to make point charts for non-home resort bookings and the the attempt with the lock off premium upcharge, it just makes me wonder.

 

[pkrieger2287]

I completely understand they can do this... just asking if we historically have ever seen it before.

 

[drusba]

The borrowing rule has remained the same (100%) since DVC was created until this new "temporary" 50% rule. The original DVC banking rule was that one could bank all points any time before the end of the 6th month of your use year, 50% of the points by the end of the 9th month of your use year, and 25% by the end of the 10th month of use year. Those were cumulative totals, e.g., if you banked 50% of your points by end of 6th month, you could not bank anymore thereafter. That rule was changed in 2008 to the current rule allowing banking of any and all points up until the end of the eighth month of your use year

 

[Sandisw]

No, I don’t think this has every been done before, I also believe it will last only as long as is needed to correct this, but feel it will be in place about a year

 

[bwvBound]

The present 'banking' window we have now (100% at 8 months) is radically different than how it was done when we first joined.

 

[Great3]

The present 'banking' window we have now (100% at 8 months) is radically different than how it was done when we first joined.

Good history to know, I didn't know DVC improved the banking rules, to allow 100% banking of points instead of 50% limit, just different times cut-off point. With all the negative changes I have read about, it's nice to hear about a big positive change, even though that was 10+ years ago. It gives me hope (however so slight) that things can go a different direction, and that future change can get better for members.

Great3

 

[CarolMN]

Good history to know, I didn't know DVC improved the banking rules, to allow 100% banking of points instead of 50% limit, just different times cut-off point. With all the negative changes I have read about, it's nice to hear about a big positive change, even though that was 10+ years ago. It gives me hope (however so slight) that things can go a different direction, and that future change can get better for members.

Great3

Not everyone viewed the change as a positive. There were many who were very unhappy with that change, and the boards were filled with their posts.

 

[RobDoc]

Good history to know, I didn't know DVC improved the banking rules, to allow 100% banking of points instead of 50% limit, just different times cut-off point. With all the negative changes I have read about, it's nice to hear about a big positive change, even though that was 10+ years ago. It gives me hope (however so slight) that things can go a different direction, and that future change can get better for members.

Great3

As noted by drusba above, the original policy was up to 100% by the end of the 6th month of your Use Year. If you had not banked points, you could bank up to 50% by the end of the 9th month (but could not bank any if you had already banked 50% or more), and up to 25% by the end of the 10th month (with the same limitation as with 9th month). No banking was allowed in the last 2 months of the Use Year.

The 2008 changed policy allows 100% banking up through the end of the 8th month.

 

[RobDoc]

One thing to remember regarding banking/borrowing, the DVC documents allow for Banking and/or Borrowing to be suspended at any time. If we fast forward to 2040/2041 that policy will need to be modified or suspended in anticipation of the end date for many DVC Resorts.

Stay tuned!

 

[Great3]

As noted by drusba above, the original policy was up to 100% by the end of the 6th month of your Use Year. If you had not banked points, you could bank up to 50% by the end of the 9th month (but could not bank any if you had already banked 50% or more), and up to 25% by the end of the 10th month (with the same limitation as with 9th month). No banking was allowed in the last 2 months of the Use Year.

The 2008 changed policy allows 100% banking up through the end of the 8th month.

Awe.. in my haste, I somehow read only 50% of points max could ever be banked. Or I read correctly, but my English comprehension failed me . Thanks for pointing it out.

Great3

 

[Great3]

Not everyone viewed the change as a positive. There were many who were very unhappy with that change, and the boards were filled with their posts.

Now that I understand you could have banks 100% of your points within the first 6 months of your UY, I can see why there are unhappy campers out there. Guess depending on where you are, and personal circumstances, this change can be taken as positive or negative change. I still would view it as a simpler positive change, but I wasn't in the DVC space back than, of my views are certainly going to be different.

Great3