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About DVC Points...
- Thread starter M&M fan
- Start date
EOD K9
Well-Known Member
@M&M fan The fact that you are asking so many questions leads me to believe DVC was not explained to you well enough. The person who sold you this is your DVC Guide. It seems they didn't do a great job. You only get the same number of points every year unless you buy more. You'll have a "use year". Every year at a certain month, mine is August, I get 150 points to use unless I have borrowed some from the year ahead. That all should have been explained. If you need help, ask us, or I can put you in touch with my guide. Good luck and we hope this works for you.
EOD K9
Well-Known Member
@M&M fan If you purchase more points through Disney DVC or through the retail market, those are yours. You tell us that you just purchased 100 points, if, in 8 years, you buy another 100, you'll have 200 points every use year (the month in which they are available, more on that in a minute) until the contract (not the loan) expires.
My use year is August. If I get 150 points and spend them all on a 1 bedroom for two weeks in October of that same year and have nothing left, I cannot vacation until August of the next year when another 150 roll my way. You can borrow points from the next immediate year, but that is another topic.
There is none of this, "will they take points away eventually"? No, if you paid for 100, or 300, or whatever, so long as you paid for them, they are yours until 2064. At that point in time, everyone who has bought DVC, will no longer have it as it is in the contract. Disney may decide to extend it, but DVC owners have their points for a good while. No need to worry.
My use year is August. If I get 150 points and spend them all on a 1 bedroom for two weeks in October of that same year and have nothing left, I cannot vacation until August of the next year when another 150 roll my way. You can borrow points from the next immediate year, but that is another topic.
There is none of this, "will they take points away eventually"? No, if you paid for 100, or 300, or whatever, so long as you paid for them, they are yours until 2064. At that point in time, everyone who has bought DVC, will no longer have it as it is in the contract. Disney may decide to extend it, but DVC owners have their points for a good while. No need to worry.
216bruce
Well-Known Member
I second the idea that your DVC person should have done a LOT better job of explaining some of this. As far as resale goes...yeah, a lot cheaper but there are some restrictions. Minor ones, but they are still there. The folks at The Timeshare Store can help. I bought our membership there a few years ago and they were great.
dreamfinder
Well-Known Member
@M&M fan Any purchase of points will have it's own contract. So your initial 100 point purchase means that you have 100 points to use every year until your contract expires (I believe 2064 for GF), or you stop paying and they foreclose it. If you want more points, that will require an additional contract. Either a contract direct from Disney, or a contract via resale. In either case, you will then have a new second contract, which may have a different end date if you buy a different property, with a new set number of points.
And your DVC guide did mislead you somewhat. Grand Floridian is indeed the only property they are active selling, but if you tell them it's Beach Club or nothing and started to walk out, they do have ways to obtain points for you. It takes longer as they essentially exercise ROFR on someone elses resale purchase, and then sell them to you at full price.
And your DVC guide did mislead you somewhat. Grand Floridian is indeed the only property they are active selling, but if you tell them it's Beach Club or nothing and started to walk out, they do have ways to obtain points for you. It takes longer as they essentially exercise ROFR on someone elses resale purchase, and then sell them to you at full price.
Tom
Beta Return
You need to forget about the "10 years" thing completely. Whether you write Disney a check for the full amount when you close, or if you take 10 years to pay off a loan, Disney was paid in full at the moment you closed. It's just like buying a house - the home builder got their entire check when you closed, but you'll continue to pay the bank for however many years you want. The "10 year" thing will never come into play again, unless, of course, you stop paying on the loan, then they'll seize your contract.
So, if you bought a 100 point contract, and the points expire in 40 years, you will get 100 points every year for 40 years, period.
And if you want to add points to your contract at a later time, you'll need to contact your guide. They CAN increase a contract, or they can issue you a second contract. It depends on the availability of points that expire the same time your current points expire.
And if you want out, you'll have to tell your guide you're looking to sell. Disney gets first right to buy the points, and if they choose not to, you'd have to sell them on the private market.
PhilharMagician
Well-Known Member
Not sure when you bought into DVC, but once you paperwork in completed and deed is filed then DVC sends you a packet with info completely explaining the point system.
I am very shocked about how little was explained to you about how DVC points work. You should have definitely had a better understanding of the system so you can select your use year and understand the amount of points you needed. For example, you may want to vacation for a week in a studio during the adventure or choice seasons (which require the least amount of points) then you need 125 points for that stay in the GF. Knowing this may have persuaded your decision to purchase more points.
You can stay in other DVC locations like SSR, OKW and even AKLV during the adventure and choice seasons for an entire week and stay under the 100 points you have.
Please read your DVC information packet completely. There is a lot to understand like borrowing points, banking points. holding accounts, reservation windows for home and non-home resorts. Also use the DVC website to better understand your benefits and discounts available to you along with tracking your points transactions for your DVC stays.
I am very shocked about how little was explained to you about how DVC points work. You should have definitely had a better understanding of the system so you can select your use year and understand the amount of points you needed. For example, you may want to vacation for a week in a studio during the adventure or choice seasons (which require the least amount of points) then you need 125 points for that stay in the GF. Knowing this may have persuaded your decision to purchase more points.
You can stay in other DVC locations like SSR, OKW and even AKLV during the adventure and choice seasons for an entire week and stay under the 100 points you have.
Please read your DVC information packet completely. There is a lot to understand like borrowing points, banking points. holding accounts, reservation windows for home and non-home resorts. Also use the DVC website to better understand your benefits and discounts available to you along with tracking your points transactions for your DVC stays.
Disneykidder
Well-Known Member
We bought 125 points in 2012 at BLT. Last month we purchased 125 more at VGF. Both are direct though Disney. We have the same use year. It's a snap to add on directly. Many add on through resale and it is a big savings.
Whether you pay the contract off now or in 50 years, they are still yours. Keep in mind there are monthly dues to pay for even if you pay off the loan.
Whether you pay the contract off now or in 50 years, they are still yours. Keep in mind there are monthly dues to pay for even if you pay off the loan.
Wow, this post makes me wonder what the heck the guides are telling people.
OP, there's no "10-year-plan". What you have is a very-high-interest-rate 10-year timeshare loan. You can pay that off at any time, all at once or by making larger payments against the principal. And I would very strongly suggest that you do just that, as the finance charges you'll pay will be staggering if you let the loan run the entire 10 years. We're talking thousands of dollars, depending on how many points you bought. Of course, Disney would dearly love for you to pay the loan off over 10 years, because they'd much rather you give them those thousands of dollars instead of keeping them for yourself.
For instance, I just ran a quick loan calculation with some guesstimate numbers which are probably low. Borrowing $15,000, at 10%, and paying it off over 10 years, means you're paying an extra $9000 in finance charges.
No matter how you buy, what you pay, or what you owe, you can always add points (purchase another contract). As many as you want. As often as you want. But do look into resale, and think about the finance charges before you decide to finance the purchase.
OP, there's no "10-year-plan". What you have is a very-high-interest-rate 10-year timeshare loan. You can pay that off at any time, all at once or by making larger payments against the principal. And I would very strongly suggest that you do just that, as the finance charges you'll pay will be staggering if you let the loan run the entire 10 years. We're talking thousands of dollars, depending on how many points you bought. Of course, Disney would dearly love for you to pay the loan off over 10 years, because they'd much rather you give them those thousands of dollars instead of keeping them for yourself.
For instance, I just ran a quick loan calculation with some guesstimate numbers which are probably low. Borrowing $15,000, at 10%, and paying it off over 10 years, means you're paying an extra $9000 in finance charges.
No matter how you buy, what you pay, or what you owe, you can always add points (purchase another contract). As many as you want. As often as you want. But do look into resale, and think about the finance charges before you decide to finance the purchase.
@ Lynne, me too. Granted, it is confusing, but I've found a phone call to member services will straighten out any confusion the sales person created. If you purchase additional points, even in a different property, DVC will make sure they all have the same use year. I have two contracts at Wilderness Lodge, but recently purchased additional points at Grand Floridian. While my contracts for Wilderness expire in 2042, my contract for the points at GF expires in 50 years. But my use year for all three contracts ends in January.
M&M, you can bank any unused points to the next use year; however those banked points must be used by the end of the year banked to. Example, you have 20 points from Year 2014 you banked to 2015. You must use those 20 points before Year 2015 expires or they go bye bye. Which is why you will use banked points before you use current year points. You can also borrow points from the next use year or purchase 24 points at $15 a point if you are short - this can only be done once each use year.
However, if your purchase an additional interest through the resale market and not through Disney, there are some restrictions on those points - you wouldn't be able to use them to make a reservation on the member only Disney cruise or Adventures by Disney vacations. Since Disney has ROFR on resale, primarily to keep the $/per point near the original contract amount, not sure how much you would save purchasing through the resale market. I received a $2 discount per point on the 2nd contract at Wilderness Lodge. When the Villas at the Polynesian go on sale, that might be a good time to look at getting points in other resorts, as there will be members selling their existing interest back to Disney and purchasing points in Poly.
M&M, you can bank any unused points to the next use year; however those banked points must be used by the end of the year banked to. Example, you have 20 points from Year 2014 you banked to 2015. You must use those 20 points before Year 2015 expires or they go bye bye. Which is why you will use banked points before you use current year points. You can also borrow points from the next use year or purchase 24 points at $15 a point if you are short - this can only be done once each use year.
However, if your purchase an additional interest through the resale market and not through Disney, there are some restrictions on those points - you wouldn't be able to use them to make a reservation on the member only Disney cruise or Adventures by Disney vacations. Since Disney has ROFR on resale, primarily to keep the $/per point near the original contract amount, not sure how much you would save purchasing through the resale market. I received a $2 discount per point on the 2nd contract at Wilderness Lodge. When the Villas at the Polynesian go on sale, that might be a good time to look at getting points in other resorts, as there will be members selling their existing interest back to Disney and purchasing points in Poly.
dreamfinder
Well-Known Member
Well, AKL resales are currently going for about $80 a point instead of $155 direct (when they can get your points via ROFR & waitlist), while VGF is going for $140 instead of $165 direct. So anywhere from 15%-50% savings is possible.