Timing rescission period/new incentive round

[Takeitforgranite]

I’ve seen several posters talk about signing a contract so that the rescission period falls during a new incentive round announcement so you have some flexibility to change if the incentives improve.

Is it pretty easy to change your contract? How often are new incentives better than current?

 

[pzw90]

It’s easy to change it, just call your guide and ask to honor the new one. It’s that or cancel and start a new one, same outcome.
Rarely are they better, yet we still hold out hope.
You have nothing to lose (unless it’s crossing over a UY and you miss a year of points) doing this, only gain (potentially better pricing, less prorated dues)
This incentive cycle ends Dec 10, write up a contract about a week before and you should be good

 

[atthebeachclub]

It's very easy to change the contract as long as you are willing to redo all your signing. I changed mine at least three times before my stretched out close...and also caught an error that required signing again....my poor guide. lol.

 

[Takeitforgranite]

Did you stretch it out as a strategy, or were there other reasons?

 

[airjay75]

I have done this twice in the past year.

First time, just by chance, did my first DVC tour end of April, which happened to be just before the start of a new incentive period. Incentives weren't better, so just moved forward with the prior period incentives.

Second, time, did my "tour" just before the start of new incentives in July. Again, new incentives weren't better, so just locked in the prior period incentives. Then, in mid-August, well after my 10-day rescission period, "welcome home week" incentives were unexpectedly released which were better than what I had locked in (by about $1,100). While I was past my 10-day rescission period, I had not closed. I e-mailed my guide, and said I'd like the new incentives if possible, and it was done - just had to resign the paperwork. I don't think they're obligated to do this, but my understanding is that they generally do.

Incentives rarely get better form one period to the next, but it can happen, particularly at certain point levels. I think a more important factor is your UY and/or whether you're taking advantage of magical beginnings - for this current round of incentives, if your UY (or desired UY) was December, I think I'd much rather lock in current incentives and take advantage of magical beginnings than be worried about which period will have the better incentives. Now, if your UY was something else, might do my "tour" leading up to the December 10th, and then decide after you see each period's incentives.

 

[atthebeachclub]

Did you stretch it out as a strategy, or were there other reasons?

I stretched it out as a strategy to allow me to change my mind on location/pt amount/how the contracts were set up, and also to buy some time for sales of my two other contracts. I fully utilized the changing of contracts! Went from a fixed week, to smaller contracts, to adding on even a few more points...

I started the process when I was pretty sure the incentives were as good as I'd seen recently, within a week of new incentives. The new incentives were worse so I stuck with the original incentives. My plan for about the past 10 months had been to eventually buy some direct points, so I prepped (got D23, picked up a Disney credit card so I could get some float between selling contracts and paying the 20% down payment [I'm temporarily financing through DVC until maybe March, when I will be able to sell some PTO at a higher hourly rate; paying off contracts one by one as I go before then with proceeds from my sales and Magical Beginnings]) and waited for ok incentives prior to my use year.

 

[Sandisw]

DVC has been very good about allowing people to change even outside fhat 10 day period.

But, they are not legally required to…only within the 10 days…so just want to caution that they could tell you know if you are more than 10 days since you signed.

 

[atthebeachclub]

I was told you cannot cancel after ten days, but are free to modify number of points, location, etc. I believe this is DVC policy but not law. The ten day rescission period is law.

My guide was happy to let me expand my contracts though prior to close, which was probably good for both me and DVC!

 

[TinkAgainU]

Be aware it may NOT be a 10 day recission period, if I recall California, for example, is only 7 days!

 

[jcolvin5]

.

 

[jcolvin5]

Be aware it may NOT be a 10 day recission period, if I recall California, for example, is only 7 days!

Yes, CA is 7 days.

 

[atthebeachclub]

Be aware it may NOT be a 10 day recission period, if I recall California, for example, is only 7 days!

.

Note I recently signed a direct California contract at VDH and the documents state you have ten calendar days for rescission, though state law may mandate less.

 

[TinkAgainU]

Note I recently signed a direct California contract at VDH and the documents state you have ten calendar days for rescission, though state law may mandate less.

I noticed it on a Grand Floridian direct purchase, but I'm a California resident. That might be the difference. I'm also going from memory, but it seems the regular document said 10 days but there was an Amendment page or something that reduced it to 7 days. There are an insane number of documents to review for direct Some were very scary, to be honest.

 

[atthebeachclub]

There may be two documents and one is probably stating mandatory California disclosures for purchasers who live there. They can’t shorten the rescission period for California buyers only. So the longer of the two would be in effect.

My state requires just five days rescission for people who live here, but that doesn’t mean you can’t cancel on day 8 since that’s what the other documents mention.

 

[TinkAgainU]

There may be two documents and one is probably stating mandatory California disclosures for purchasers who live there. They can’t shorten the rescission period for California buyers only. So the longer of the two would be in effect.

My state requires just five days rescission for people who live here, but that doesn’t mean you can’t cancel on day 8 since that’s what the other documents mention.

I found the RIDER which in paragraph 1 states the Rider is to apply to California Residents. Then on the last/3rd page - in HUGE BOLD TYPE it very clearly states as a California Resident I had "within 7 calendar days" of my signature (or receipt of the public report) to cancel without penalty. I'd be tempted to take that deadline seriously since they already had the funds lol.

 

[atthebeachclub]

I would take it seriously of course but I think this is a case where two laws are competing so you go with the more stringent law in favor of the consumer (the ten days). But I am not a lawyer, just someone who deals with differences of state vs federal law regularly.

Any lawyers here want to weigh in?