Well, "Class Action" lawsuits are all the rage right now. You could spearhead one with me and a few others here and we could make out like bandits. Dues are not to be used as a profit bearing revenue stream and are governed by state real estate laws. So as some of the experts here are stating that dues are making a profit for the company, it stands to reason that we can use their "insider" information to make some cash. Here is an attorney that seems to be all about this
http://www.paulplatte.com/timeshare-attorney/orlando/ .
While the above paragraph is in jest, there is some desire to pursue some transparency. Disney's official dues use statement is
vague. Attorneys don't like
vague. Their official FAQ on the matter is
vague. I have posted it in italics below for your perusal.
What do my Annual Dues cover?
Your Annual Dues are applied to a variety of vital interests, including:
Operating Expenses
Housekeeping, transportation (if applicable), Front Desk services, maintenance, utilities and more
Administrative Expenses
Management and reservation services, insurance, some Member mailings and more
Refurbishment Expenses
Updating and maintaining interiors, exteriors, common areas and more
Real Estate Taxes
Property taxes due to governmental agencies where your Home Resort is located
In short, your Annual Dues keep Disney Vacation Club running smoothly and the Disney Vacation Club Resorts looking great.
You can see where your Annual Dues payment goes by viewing your Annual Dues Statement.
If my math is correct, Disney is receiving near $16M this year alone in dues for BLT. Is that money all going into the areas that are stated in the FAQ?
So getting back to my
joke about a "Class Action" lawsuit, I need to hire several "experts" in this thread as expert witnesses. They can clearly explain the various types of financial fraud perpetrated by the DVD "et alia" and land initial
complainants a load of cash. Anyone want to sign up for that? The burden of proof looks to be overwhelmingly in our favor.
Again, the above paragraph is in jest. I will, however, be at the annual members meeting this year and will pursue questions about the specifics of dues and fees. I will also be reviewing my previous purchase contracts and sharing my concerns with my real estate attorney here in AZ. I am curious what management fees are charged as a specific percentage. I would also like an extensive explanation of "capital reserves" as it looks like a holding account for upgrades.
*1023*