Banking points?

[Mrs Bus Driver]

Hi I am one of those people that don't own DVC yet but I like to lurk around the boards and pick up information for a future purchase. After looking at the resales I was wondering how long after the use year starts do you have to bank points? You know before you have to use them that year or lose them. Thanks in advance :mickey:

[DizneyRox]

I think it's 8 months. I have February, and I have until end of September.

I get my points the 1st of February, so that's Feb, Mar, Apr, May, June, July, Aug, and then end of Sep.

You used to be able to bank like all at 6, 1/2 at 8, and even some at 10 I think, now it's all at 8, nothing after that.

[Maleficent's Dad]

You have the first 8 months to bank your points.

Example: If your use year is January, here's what would happen if you owned 300 points.

On January 1, you get your full allotment of 300 points. You have until August 31 to bank whatever points you may want to. Once September 1 rolls around, you may not bank any points at all! (This is different from the old policy - where there was a diminishing percentage of points you were allowed to bank as your use year went on.)

Keep in mind: All banking transactions are final - once banked, you cannot borrow the points or transfer them. Points can be banked ONLY once! And if not used, banked points will and do expire.

[Mrs Bus Driver]

Thank you, that will be very helpful when I am finally able to purchase points as I am sure I will be buying resale.:mickey:

[DizneyRox]

Banking, borrowing, home resorts, use year, etc doesn't matter if it's resale or direct from Disney. It's all just part of the contract.

The only difference between resale and Disney is the choices and the prices really... I also beleive that if you finance through Disney, the interest is tax deductible. That's not always the case with a resale.

[Mrs Bus Driver]

Banking, borrowing, home resorts, use year, etc doesn't matter if it's resale or direct from Disney. It's all just part of the contract.

The only difference between resale and Disney is the choices and the prices really... I also beleive that if you finance through Disney, the interest is tax deductible. That's not always the case with a resale.

The reason I was asking about banking on a resale is that many of them have points ready for use at the time of purchase, but I may not want to use them until the next year depending on when I purchase. Also I won't buy until I can pay the full price in cash. While I can justify the point cost every year I just cant justify paying interest charges. I've paid to many credit cards over the years and would like to be free of all interest payments when I buy. Just my :twocents:

[DizneyRox]

Wise move on not financing, HOWEVER it may be possible to deduct the interest from your taxes, just like a mortgage. I'm not sure if you can do that on the resale, but you absolutely can on Disney financing.

If you do purchase resale, make sure the banking, etc is all in the contract. When we sold, the buyer wanted us to bank points, we did AFTER the money was transfered. If we banked and the deal fell through, it may not have looked as attractive. It's just one of those things.