OKW extension Vote

[pauluk]

Hi , does anyone know how the vote want on Monday for the 15 year extension to OKW contract/membership.

Thanks

 

[DVC Mike]

Here are the highlights, taken from another post from someone who attended the meeting:

- All Old Key West DVC owners will receive a letter of offer to extend the ground lease of their vacation ownership from ending 1/31/2042 to ending 1/31/2057. Meaning that the property OKW sits on will be leased from the Walt Disney World Company for an additional 15 years.

- The price will be $25 per point to extend current contracts for 15 years. However if you accept the extension before 2/29/2008 Disney Vacation Developement will pay $10 of that $25. Making the final cost to the owner $15 per point of you act before 2/29/2008. If you act after that the price will be $25 per point.

- There is no cost to the owner at all if they choose not to do this. All that happens is they will assign their vacation ownership back to DVC for the period of 2042 - 2057.

- This can be done per contract with DVC - so if you are like me and own multiple contracts you can choose to do one or both of your contracts. But each contract must be done for the full value of the points.

- This only being offered at OKW for now.

- No effect on current annual dues.

- There will be no closing costs associated with the extension.

- Since DVC recognizes that there will be cost and time involved (paperwork will have to be notarized) even if you don't accept the offer they are going to credit every owner $30 on their December 2007 dues to cover the costs.

- It can be financed with DVC - current terms = 10.75% for 10 years. It can also be financed on your own, or paid in full or charged to a major credit card.

- Price of OKW points purchased through DVC prior to the resolutions being passed was $92 per point and ending in 2042. After the resolution passed OKW points are now $96 each and will end in 2057.

 

[pauluk]

Thanks for the Update. I live in the UK, so news travels a little slower to us from DVC.

Very interesting, I think we will be extending.

Thanks again.

 

[tinkerbell65]

We got the package in the mail last week for the OKW extension. The DVC is paying $10 of the $25 per point only if it is PAID IN FULL by the February deadline. My understanding is that if you finance through DVC you will have to pay the full price of $25.

 

[pauluk]

Hi Tinkerbell, I am reading like you can finance the $15 option.

I have left a message with my DVC guide to check the whole thing.

As luck would have it, we are at OKW for Christmas and New Year , so will look to signup for the extension then. :sohappy:

Paul

 

[pauluk]

We got the package in the mail last week for the OKW extension. The DVC is paying $10 of the $25 per point only if it is PAID IN FULL by the February deadline. My understanding is that if you finance through DVC you will have to pay the full price of $25.

Hi Tinkerbell65, just spoke to my guide and he says the $15 per point is if you complete by the 29th Feb. and has nothing to do with how you pay. :sohappy:

I will be visiting WDW late december :xmas: so have setup a meeting to go ahead, looks like a great deal to me. :animwink:

 

[tinkerbell65]

I'm glad to hear that! Thanks for doing the research. We are going to the World in January and plan on extending our ownership.

 

[pauluk]

OKW Extension

We just extended are points , we now have a 50 year contract at OKW. :sohappy:

Even better if you use Disney Finance you do not have to start paying until April 2009. :xmas:

Paul