Trying to avoid point loss

[gatorgirl02]

Hi all,

Could I please get confirmation from some of the "pros" on the following question:

I have a contract that I just receieved the closing docs which has an Aug UY, and 130 2010 points that expire on July 31. Assuming that we can speed the process up and get it into the DVC system before July 31 (I know, big assumption...), could I push those points into RCI so I won't loose them, or are they DOA?

TIA for your help!

 

[taaren]

I think this thread might help you:

http://www.www.disboards.com/showthread.php?p=39647477

It sounds like that might be a possibility. When I read your question I thought the rule of four might apply, but it does not seem to apply to RCI, just to non-Disneyland Disney Collection.

Good luck! And congrats on the upcoming closing on your contract!

 

[Dean]

Hi all,

Could I please get confirmation from some of the "pros" on the following question:

I have a contract that I just receieved the closing docs which has an Aug UY, and 130 2010 points that expire on July 31. Assuming that we can speed the process up and get it into the DVC system before July 31 (I know, big assumption...), could I push those points into RCI so I won't loose them, or are they DOA?

TIA for your help!

No, even if you had it about completed now you'd have little RCI options. What you might do is work with the seller to see if you could use those points in some way prior to closing. I'm not sure if they deposit to RCI if it'll carry over the the new owner but that might be an option to check on.

 

[ELMC]

Hi all,

Could I please get confirmation from some of the "pros" on the following question:

I have a contract that I just receieved the closing docs which has an Aug UY, and 130 2010 points that expire on July 31. Assuming that we can speed the process up and get it into the DVC system before July 31 (I know, big assumption...), could I push those points into RCI so I won't loose them, or are they DOA?

TIA for your help!

There is availability for the end of July and there are people looking for rentals during this time. If you wanted to advertise your points on the rent/trade board you could very easily move them for $6-7 each.

 

[Dean]

There is availability for the end of July and there are people looking for rentals during this time. If you wanted to advertise your points on the rent/trade board you could very easily move them for $6-7 each.

they can't advertise or make a reservation until closing has occurred, the account has been changed over and the points added to the new account. That's likely to take another couple of weeks or so. That doesn't give much options but is possible.

 

[ELMC]

they can't advertise or make a reservation until closing has occurred, the account has been changed over and the points added to the new account. That's likely to take another couple of weeks or so. That doesn't give much options but is possible.

Perhaps I should have been clearer, thanks for pointing that out. To clarify, best case scenario is that you will have about 5-6 days to make reservations. While not a lot of time, it is doable. When I closed on my BLT contract I had 6 days to rent the points. I actually had a woman PM me from the road as she was driving down to Disney to add a night to her current stay. I ended up renting 50 of the 100 points that were about to expire and using the other 50. So anything is possible.

Given your situation, I would ask your broker to see if there is anything they could do to move things along a little. You never know. Best of luck!

 

[Dean]

Perhaps I should have been clearer, thanks for pointing that out. To clarify, best case scenario is that you will have about 5-6 days to make reservations. While not a lot of time, it is doable. When I closed on my BLT contract I had 6 days to rent the points. I actually had a woman PM me from the road as she was driving down to Disney to add a night to her current stay. I ended up renting 50 of the 100 points that were about to expire and using the other 50. So anything is possible.

Given your situation, I would ask your broker to see if there is anything they could do to move things along a little. You never know. Best of luck!

Any RCI deposit would be short notice so it would give precious few options and little value. A short notice distressed rental is possible but also likely to be of low value. Likewise, the cash type exchange options aren't possible at this point. If one (or someone else) can do a last minute trip, that is the best chance of using the points.

 

[gatorgirl02]

Dean and ELMC - Thanks for the suggestions. Not to worry Dean, I wouldn't put the points up for rent until I had them. I am a moral DVC'er I am hoping to have them in my account ASAP, but I'm sure Tammy in member admin will have something to say about that...

Tareen - Thanks for the link. It was helpful to read through, though I am not 100% clear on the 14 days rule. Oh well, I think I am going to have to wait till the points get into my account to find our what I can do anyway.

So I called my broker to pester the seller to get on it with the singatures, since my check got there today. Unfortunately, I know from waiting for the closing docs, that the seller doesn't have email (seriously?), but I am hoping they want their money so they will fedex of fax the contract back ASAP. Wish me luck.

 

[Dean]

Dean and ELMC - Thanks for the suggestions. Not to worry Dean, I wouldn't put the points up for rent until I had them. I am a moral DVC'er I am hoping to have them in my account ASAP, but I'm sure Tammy in member admin will have something to say about that...

Tareen - Thanks for the link. It was helpful to read through, though I am not 100% clear on the 14 days rule. Oh well, I think I am going to have to wait till the points get into my account to find our what I can do anyway.

So I called my broker to pester the seller to get on it with the singatures, since my check got there today. Unfortunately, I know from waiting for the closing docs, that the seller doesn't have email (seriously?), but I am hoping they want their money so they will fedex of fax the contract back ASAP. Wish me luck.

Good luck, let us know how it goes.

 

[DougEMG]

Dean and ELMC - Thanks for the suggestions. Not to worry Dean, I wouldn't put the points up for rent until I had them. I am a moral DVC'er I am hoping to have them in my account ASAP, but I'm sure Tammy in member admin will have something to say about that...

Tareen - Thanks for the link. It was helpful to read through, though I am not 100% clear on the 14 days rule. Oh well, I think I am going to have to wait till the points get into my account to find our what I can do anyway.

So I called my broker to pester the seller to get on it with the singatures, since my check got there today. Unfortunately, I know from waiting for the closing docs, that the seller doesn't have email (seriously?), but I am hoping they want their money so they will fedex of fax the contract back ASAP. Wish me luck.

I wish you lots ot luck cause you are going to need it.

I was in a similar boat with 270 points about to expire the end of this month. Here's what my timeline was like

June 26 - get final closing documents
June 26 - send in wire transfer and email signed closing documents
July 5 - Got email from broker saying Disney has now been notified
July 10 - Contract shows up in membership
July 12 evening - Points show up

I'm thinking it might have been slower than normal because of the July 4th holiday.

I had a couple of people already waiting for those points as I let them go at $5/point and manage to get rid of all of them except 13, which are too few to even book one night. So I was really happy cause when I bought the contract I didn't plan on even getting them in time.

From July 5th onwards though I was checking my account every day to see if the points were there yet

 

[JimMIA]

No, even if you had it about completed now you'd have little RCI options. What you might do is work with the seller to see if you could use those points in some way prior to closing. I'm not sure if they deposit to RCI if it'll carry over the the new owner but that might be an option to check on.

If they got access to the points prior to expiration, couldn't they deposit them into RCI and then have two years to use them there?

Sure, the DVC/RCI options are limited, but they'd still have two years...right?

 

[delmar411]

If they got access to the points prior to expiration, couldn't they deposit them into RCI and then have two years to use them there?

Sure, the DVC/RCI options are limited, but they'd still have two years...right?

This is correct. You can simply deposit the DVC points into RCI in specific point amounts. MS can tell you how much that is. And then you have 2 yrs to use them for something in RCI.

You don't have to book anything to deposit the points.

 

[Dean]

If they got access to the points prior to expiration, couldn't they deposit them into RCI and then have two years to use them there?

Sure, the DVC/RCI options are limited, but they'd still have two years...right?

As I understand it, this works much like any other timeshare where you must actually make a reservation then deposit it. Since the points are used day by day and it must be a Fri, Sat or Sunday start, the latest time that would be able to be deposited would be 22-20 July and the deposits under 45 days can only be used 44 days ahead or less. That means to get a short term deposit, it must be done and deposited by 8 July which means it's already too late.

 

[Dean]

This is correct. You can simply deposit the DVC points into RCI in specific point amounts. MS can tell you how much that is. And then you have 2 yrs to use them for something in RCI.

You don't have to book anything to deposit the points.

That's not the way it used to be but it still has to be at least 14 days out, which would be at best, 17 July.

 

[dbs1228]

Dean and ELMC - Thanks for the suggestions. Not to worry Dean, I wouldn't put the points up for rent until I had them. I am a moral DVC'er I am hoping to have them in my account ASAP, but I'm sure Tammy in member admin will have something to say about that...

Tareen - Thanks for the link. It was helpful to read through, though I am not 100% clear on the 14 days rule. Oh well, I think I am going to have to wait till the points get into my account to find our what I can do anyway.

So I called my broker to pester the seller to get on it with the singatures, since my check got there today. Unfortunately, I know from waiting for the closing docs, that the seller doesn't have email (seriously?), but I am hoping they want their money so they will fedex of fax the contract back ASAP. Wish me luck.

You will need to hope for Fedex since the documents they need to sign as sellers need to be notarized so faxed copies will not work. Best of luck to you! Congrats!

 

[Dean]

Here's the text related to deposit first.

1. When Vacation Time which has been submitted to DVC Member Services by a DVG Member
is deposited by DVCMG with RCl, all rights to the use of same for the week(s) deposited are
immediately assigned to RCl. RCI may use that Deposit to obtain a Gonfirmation, to make
the Deposit available to other Members, or to otherwise use or dispose of the Deposit, in its
sole discretion. Once Vacation Time is deposited by DVCMC with RGl, the Vacation Time
may not be withdrawn; therefore, once a DVC Member deposits Vacation Time, it is a final
transaction. Submission to or confirmation of an exchange request with DVC Member Services is
not required in order for RCI to use that Vacation Time which has been deposited by or on behalf of
a DVC Member. Reservation of Vacation Time by DVC Members is subject to availability.
2. Vacation Time must be deposited with DVC Member Services no more than 11 months (7 months if
the DVC Member is depositing Vacation Time from an Originating Resort other than his or her Home
Resort), before the commencement date of the deposited week. Deposits of Vacation Time received
by DVC Member Services from 45 days up until 14 days before the commencement date of the
Vacation Time being deposited also are accepted; such deposits can only be used to reserve
accommodations from 44 days up until 24 hours in advance of the travel dates desired.
3. An exchange may be requested for the same time period or for a time period that has a comparable
exchange value as the Vacation Time deposited. (See Paragraph 9 under Exchange Procedures and
Priorities.) The exchange request may be placed at the same time that the Vacation Time is
deposited or at any time thereafter, but no later than the end of second calendar year after the date of
the deposited Vacation Time.
4. DVC Members may place a request for an RCI Exchange into a resort that is affiliated with RCI Weeks
with travel dates of up to 24 months in advance of the check in date. DVC Members may place a
request for an RCI Exchange into RCI Points and Registry Collection Signature Selections Member
Resorts with travel dates of up to 10 months in advance of the check in date.