Process For Being Dvc Member

[Adela]

Does anyone know the process and how long it takes after you get your pacakge and send the forms in the mail ? also when you your pacakge does that mean you are a member already ? and you have been Preapproved already ??

 

[tjkraz]

As soon as you speak to a salesperson on the phone and give them a credit card number for a downpayment, you are technically a member. You will be assigned a member ID and can begin making reservations subject to the normal reservation windows.

In a week or so, you will receive the paperwork that needs to be signed and notarized. Included with these documents will be your member handbook, Public Offering Statement for the resort (and a lot of other items they are required by law to provide), along with temporary member ID cards.

Once you return the signed documents, it takes another 2-3 weeks before they send out formal approval letters--including approval on the financing.

The formal closing on your ownership will not occur until some later date. If you are buying points at SSR, your probably will not happen until sometime in February 2005. The SSR points they are currently selling represent ownership in buildings that will not open until March '05.

 

[Adela]

I bought at okw sowhen does closeing happen ? I also hears if i buy time share I can use it as tax write off is this right ?

Originally posted by tjkraz
As soon as you speak to a salesperson on the phone and give them a credit card number for a downpayment, you are technically a member. You will be assigned a member ID and can begin making reservations subject to the normal reservation windows.

In a week or so, you will receive the paperwork that needs to be signed and notarized. Included with these documents will be your member handbook, Public Offering Statement for the resort (and a lot of other items they are required by law to provide), along with temporary member ID cards.

Once you return the signed documents, it takes another 2-3 weeks before they send out formal approval letters--including approval on the financing.

The formal closing on your ownership will not occur until some later date. If you are buying points at SSR, your probably will not happen until sometime in February 2005. The SSR points they are currently selling represent ownership in buildings that will not open until March '05.

 

[sleepydog25]

Let me echo what tjkraz said. I do so since my DW and I just bought into SSR in the past few weeks. We made the dp while at WDW back in August. Once we came home, we received the package with all the material needing to be signed (and copies for your own records) within a few days. Included in this package is a member handbook, planning guide, and temp ID cards with your member number on them.

There are numerous papers needing signatures, some of them duplicates. One of them also requires a notary. DVC includes a prepaid FedEx envelope for you in which you send the signed papers back to them. You can track the status of the FedEx package online so that you'll know when the DVC office receives it. Within a week of them receiving the package, we got a letter saying we had been approved. It's just that simple.

Keep in mind for SSR, that the units you buy into now won't be finished until March 2005, thus the closing won't happen until then. That makes your first payment not due until May, however, which is nice. Naturally, it follows that your points won't be available until then, though if you want to make reservations for a trip after March, you may do so using your full allotment of points. Hope this helps.

 

[Adela]

thanks alot but I am buying into OKW so clseing should happen this year i hope[







QUOTE]Originally posted by sleepydog25
Let me echo what tjkraz said. I do so since my DW and I just bought into SSR in the past few weeks. We made the dp while at WDW back in August. Once we came home, we received the package with all the material needing to be signed (and copies for your own records) within a few days. Included in this package is a member handbook, planning guide, and temp ID cards with your member number on them.

There are numerous papers needing signatures, some of them duplicates. One of them also requires a notary. DVC includes a prepaid FedEx envelope for you in which you send the signed papers back to them. You can track the status of the FedEx package online so that you'll know when the DVC office receives it. Within a week of them receiving the package, we got a letter saying we had been approved. It's just that simple.

Keep in mind for SSR, that the units you buy into now won't be finished until March 2005, thus the closing won't happen until then. That makes your first payment not due until May, however, which is nice. Naturally, it follows that your points won't be available until then, though if you want to make reservations for a trip after March, you may do so using your full allotment of points. Hope this helps. [/QUOTE]

 

[tjkraz]

Originally posted by Adela
I bought at okw sowhen does closeing happen ? I also hears if i buy time share I can use it as tax write off is this right ?

You would have to ask your Guide when the closing will occur. I have no idea how much lead-time they require to close on the other resorts.

Regarding your tax question, I wouldn't recommend deducting a timeshare purchase unless you want to be Martha Stewart's roommate.

If you finance the purchase through DVC, you can most likely deduct any interest paid the same way you deduct mortgage interest. You may also be able to deduct the property tax portion of your annual dues, which is less than $1 per point. Speak to your tax advisor to get answers more applicable to your filing status.

 

[Adela]

Thanks a bundle for all your help

Originally posted by tjkraz
You would have to ask your Guide when the closing will occur. I have no idea how much lead-time they require to close on the other resorts.

Regarding your tax question, I wouldn't recommend deducting a timeshare purchase unless you want to be Martha Stewart's roommate.

If you finance the purchase through DVC, you can most likely deduct any interest paid the same way you deduct mortgage interest. You may also be able to deduct the property tax portion of your annual dues, which is less than $1 per point. Speak to your tax advisor to get answers more applicable to your filing status.

 

[Adela]

If I buy a timeshare else where and I dedide i want to take a vaction to WDW will I be able to stay at 1 of there vacation resort or Hotels ?

Originally posted by tjkraz
As soon as you speak to a salesperson on the phone and give them a credit card number for a downpayment, you are technically a member. You will be assigned a member ID and can begin making reservations subject to the normal reservation windows.

In a week or so, you will receive the paperwork that needs to be signed and notarized. Included with these documents will be your member handbook, Public Offering Statement for the resort (and a lot of other items they are required by law to provide), along with temporary member ID cards.

Once you return the signed documents, it takes another 2-3 weeks before they send out formal approval letters--including approval on the financing.

The formal closing on your ownership will not occur until some later date. If you are buying points at SSR, your probably will not happen until sometime in February 2005. The SSR points they are currently selling represent ownership in buildings that will not open until March '05.

 

[tjkraz]

Originally posted by Adela
If I buy a timeshare else where and I dedide i want to take a vaction to WDW will I be able to stay at 1 of there vacation resort or Hotels ?

If you buy a non-Disney timeshare, you may be able to trade into a resort at DisneyWorld. In most cases, you'd have to go through a company that manages trades like Interval International. I don't have any personal experience with this process, but I understand it can be very difficult to complete a trade into WDW. There aren't a lot of people who want to trade out of WDW, meaning that supply is low and demand is high. You won't have a great choice of resorts or dates however you want to look at it.

If you just want a hotel--any hotel--in the Orlando area, that should be much easier to accomplish.

 

[Adela]

Thanks for thr info.

Originally posted by tjkraz
If you buy a non-Disney timeshare, you may be able to trade into a resort at DisneyWorld. In most cases, you'd have to go through a company that manages trades like Interval International. I don't have any personal experience with this process, but I understand it can be very difficult to complete a trade into WDW. There aren't a lot of people who want to trade out of WDW, meaning that supply is low and demand is high. You won't have a great choice of resorts or dates however you want to look at it.

If you just want a hotel--any hotel--in the Orlando area, that should be much easier to accomplish.