On loan as add. purchaser, but not as member?

[pjpoohbear]

I am so confused, I along with my mother bought DVC, but we only put her name on the loan and the deed, as I was still in school and did not want it to affect my chances for student grants (I live in Canada.)

So, when DVC went live with our records on the DVCmember site, I noticed that I am listed as an additional purchaser on the loan, but I do not have member status, just associate. I did not give any information for the loan when we signed up, how can I be on the loan? Most important, can the deed be modified to show me as an owner as well as, and the cost, I know the process can be done by DVC, right?


Note: Mom made the down payment and I am making the payments, and have less than two years to go (bought in 2004 at SSR took 10 yr pp and will be done in 2008 .) There was no way, I was needed to get my DM approved for the loan, more likely to cause a problem, lol. That is why we did not mean to put me on the loan.

Penny

 

[spiceycat]

an associate is not a fully member.

to become a full member it will cost you and you need your mother permission to do this.

 

[Chuck S]

DVC accounting charges a fee (I think a couple hundred $$) whenever a contract has a name change. You will also have to get a ROFR waiver from DVC , draft a new deed (or a quit claim deed) and file that with the Orange County, another fee, of course.

But most likely, to make any changes to the actual deed, Disney will require the loan to be paid in full first, as they will also have to file a satisfaction release with the country.

 

[pjpoohbear]

I already understand that as an associate, I am not a member, but that i can make reservations. We already have plans to make me a member when the loan is finished, I think she wants me to prove myself, lol. My mother chose to make me an associate at time of purchase, as she has never planned or booked any of our trips to WDW or DCL and I have always done so.

My question is why would they have put my name on the loan, but not on the deed? We finalized the papers with just her name, and did ask at the time because, we had no idea that they had placed me on the loan. Also does anyone know the actually cost of going through DVC to modify the deed to include myself, along side my mother? Or the approx. cost to go thought an outside broker?

Penny

Penny

 

[pjpoohbear]

thanks CHUCK S!

Pj

 

[Chuck S]

Disney will not draft the new deed for you. You'll need to draft it yourself, or hire someone to do it for you.

 

[spiceycat]

Note: Mom made the down payment and I am making the payments, and have less than two years to go (bought in 2004 at SSR took 10 yr pp and will be done in 2008 .) Penny

Disney got your name and information because you were making the payments.

Disney can't make you a member - you didn't sign the deed so you aren't on it.

however they can make you an associate member - besides are you sure you didn't ask for this - otherwise you won't be allowed to make any reservations.

only members and associates can make reservations.

 

[pjpoohbear]

spicey, if you were to read my entire post(s) you would have the answers to the questions you have posted to me.

I actually make payments on the CC that is used to make monthly payments to Disney and it is in my mothers name, so no they do not have my name through my payments. In Canada we have the option of making the loan payments via CC. We did ask for me to be made an associate at time of signing up, but made the point of not placing me on the loan papers. I had already stated that I am not a member, we know I am not on the deed, but had discussed adding me at at a later time, at the time of purchase. This is why we are confused as to how they got my name for the loan. The only place I should be noted is as an assoicate.

Penny

All questions have been answered by Chuck S, mod this thread is ready to be closed.

 

[Chuck S]

I'd like to remind everyone about the DIS posting guidelines regarding personal attacks.

3. NO FIGHTING: Several Internet news groups are marred by the actions of a few selfish people who turn an otherwise positive forum into a soap box for their anger issues. Internet newsgroups are not moderated, and therefore, anything goes. These boards are moderated in an effort to keep the discussions appropriate to the topic at hand. Those who feel they can not abide by these rules are welcome to read the posts on the board, and respond via email to the person who posted the message. Messages that are argumentative or sarcastic in nature will be deleted without discussion.

 

[CarolMN]

FYI - I deleted the offending posts while Chuck was posting the reminder.

Carol

 

[spiceycat]

good luck I tried this a couple of years ago for my brother - got quoted a price of several hunderd dollars (I have several add on) I think it was like $895.

I decided to buy more points and kept him as an associate.

 

[Cruelladeville]

Penny,
Your question should be addressed to DVC accounting, I think, because there doesn't seem to be any reason for your name to show up at all on any documents. When my DD had some money problems a few years back, I took over paying for her DVC and for the dues, yet I was never listed on any documents at all. The money was even automatically withdrawn from my checking account. I was an associate member, too, yet when I finally did take over the contract, it had to be paid in full, and dues paid for the year. It cost me $350 to have the contract put into my name. I am wondering if DVC made a mistake somewhere on your contract??

 

[Dean]

One can change the deed for about $50 if you're willing to do it yourself. You can easily do so once it's paid off. If you signed anything during the membership process, they would have put you on the loan. Actually better for your college $$$ purposes, a liability without an asset attached.