Questions Re: Resale and Banking Pts

[RutgersAlum]

Hi, have been reading these DVC boards for about a year, and we've come upon a question perhaps one of you folks can help with....

We're hoping to buy a BC resale and a June Use Year would be best for our travel habits. We are planning to make an offer on what seems like a good listing. Haven't made the offer yet.

My question is, once the sale is made and the process goes through (providing Disney does not exercise ROFR), it will be well past Jan 31, the banking deadline for 2010 points. How does DVC handle this situation? Once we actually close and get in DVC's system, would they let us bank the points ASAP since we just bought it (and not have this be that "once in a lifetime" banking beyond the deadline courtesy that I've read about on these boards)? Or are they unbankable, and we'd be "stuck" using these 2010 points by May 31 2011?

Hope that was clear...thanks in advance for your expertise!
Michele/Rutgers

 

[treehugnmama]

I would think the person selling the resale would bank them before they sell. When we bought ours re-sale this year the seller bamked the points so we would be able to use them.

 

[KAT4DISNEY]

2010 points would not have to be banked until Jan 31st, 2011 in order to extend them for another year. They aren't even available for use on a reservation until June 1st, 2010 unless they were to be borrowed.

It is 2009 June points that would need to be banked by the end of Jan. If there are any 2009 points in the contract you can make the banking of them a condition of the sale. Then the seller can bank immediately and you don't have to worry about trying to do it after the fact.

 

[hopare]

Can you put it as a condition in the offer?

 

[Sandisw]

Can you put it as a condition in the offer?

Yes, you can. Negotiations are up to you and the seller and whatever you come to terms with, can be written into the offer.

If there are 2009 points, then yes, I would ask that the current owner bank them into the 2010 UY as a condition of the sale.

Good luck!

 

[RutgersAlum]

Thank you all! Kat4Disney, thanks especially for pointing out they are for from June 2010 to June 2011, bravo! Great news!

Thanks all of you, thanks! You guys are speedy too, lol!
Michele/RutgersAlum

 

[RobDoc]

While MS has been allowing points to be banked beyond the usual deadline for contracts purchased thru DVC, they have not been as generous with resale purchases. In addition, in some cases, the once-in-a-lifetime-double-secret-extension may have already been used by a previous owner of the contract - in which case it might not even be an option.

I would definitely make banking a condition of the sale when you make your offer or at least request that of the seller if you there is already an accepted offer in the works.

If all else fails, you can throw yourself on the mercy of MS and ask for the onetime extension.

Good luck!

 

[RutgersAlum]

Thanks again everyone. WebmasterDoc and everyone, I was not clear on this pint in my OP: there are no 2009 points avail on the contract we're looking at, just 2010 which as Kat4 pointed out aren't even avail till, June 1, 2010 (how did I not see that...).

So, provided we make the offer, owner accepts, and Disney lets it through, that will work A-OK for us, no need for them to be banked.

You all are a fountain of knowledge, thank you!

Back to lurking and learning now...and hopefully making an offer tomorrow!
Michele/Rutgers

 

[raykit98]

Is it best to buy a lot of small point with low prices or one large group

 

[cam_beckyj]

I'm trying to get as much info as possible prior to taking the "leap" into ownership. Can someone please explain to me the whole banking and borrowing of points? Once put in as banked or borrowed, can that be undone?

Thanks!

 

[CarolMN]

I'm trying to get as much info as possible prior to taking the "leap" into ownership. Can someone please explain to me the whole banking and borrowing of points? Once put in as banked or borrowed, can that be undone?

Thanks!

Banking and borrowing are final transactions. Once done, they cannot be reversed.

You cannot borrow points until you are actually making the reservation that uses them. If you cancel the reservation that used them, the points will be returned to your account but will expire at the end of your current use year. In other words, the points cannot be returned to their original use year.

Banking and Borrowing are tied to use year. If you are up for a tutorial, take a look at this thread:

Understanding Use Year

 

[Sandisw]

Is it best to buy a lot of small point with low prices or one large group

If you are buying on the resale market, smaller contracts typically are priced for a few dollars more than larger point contracts.

I think it is personal preference, but the advantage of having smaller contracts is that you have the flexibility down the road to sell off points, if needed, without totally giving up your membership.

For example, if you buy 300 points and realize you only need 200, you can't sell off just 100. But, if you buy 300 points in 3 100 point contracts, you can sell one of those and still have the 200 you need.

If I was going to do this, make sure you get the same UY and title them the same way so that they will all be under one membership. If not, you could end up with multiple membership #'s..

 

[cam_beckyj]

Thanks for your help, Carol!