Related … I’m wondering if the IRS will extend the April 15th deadline. I’ve heard speculation that a lot of government and regulatory deadlines will be extended.
I thought that was already announced?
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Why would they need to? Doesn’t everyone have all their 2019 paperwork by now?
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I’m guessing because some people have accountants do their taxes and may not have met with them yet to hand over all their paperwork, and many companies have closed their offices/have people working remotely.
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David’s called me yesterday, and the owner has reached out and offered to cancel our reservation to try and maintain the points. Once DVC and Disney determine when the points can be used again and when the parks reopen, I may have the opportunity to rebook or have the points resold.
David’s has been great in coordinating this situation, but their hand have been tied. Everything depends on the owner, and in my case, the owner is trying to do what’s right. In the OP case, the owner isn’t. David’s can only act as the intermediary in this situation; it’s up to Disney and the owners to make things right.
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This bodes well. They have been restoring points and not placing them in holding.
Glad to hear Davids has been working so diligently to assist both you and the owner in reaching a resolution.
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my understanding from what i read is that regardless of what use year the points came from (banked, current, or borrowed) that DVC was dumping them back into your current use year if you cancelled.
I agree.
Not yet. It is a common practice though, they often extend deadlines for natural disasters. There has been an automatic 2 month extension for people affected by the tornado in Tennessee. A question running through the tax community is if they will extend payment dates or waive late fees. That’s what will make a difference.
Updates will be posted here: https://www.irs.gov/coronavirus
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They are definitely returning borrowed points for some people. Banked points get returned to the current year. And points can be banked even if past the banking deadline.
I think it depends on what people want.Some want their borrowed points returned to current year so they can rebook.
What they cannot do is extend already banked points.
Which is why I am facing losing over 100 points, unless my renter wants to rebook. It’s stinging right now, I don’t have that money sitting somewhere. When we were paid we budgeted for it and it went towards last year’s trip to DC. David’s will try to re-rent them but I’m not hopeful.
Every day that goes by availability will be more and more of an issue.
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If we need a rough number to work from, I’d go with a three month shutdown of the parks. I doubt Disney has flexibility in their availability to support that number of reschedulings. So some people are going to be out of luck and take losses. So will Disney.
The only winners will be the owners (like the OP) who plug their ears and ignore the issue. They will have their money.
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What is so amazing about this community is how we have folks from every industry who can speak to a variety of issues related to Disney vacations and planning
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They should compensate that IMO. You aren’t losing for lack of attending to using them. You’re losing them because of a worldwide health crisis out of your hands.
I would love to see them give you accommodations credit equal to the value of those points if they can’t bank them forward. So you could use them for a cash trip when you can go and when there is a availability
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But a cash credit would involve Disney, as in WDW. DVC is a separate entity.
So when DVC holds a Moonlight Magic event, they pay WDW for the cost of renting the park; they may get a preferential rate compared to Gartner but they still have to pay.
So a cash credit just isn’t on the table. And I suspect their hands are tied by Timeshare laws for those expired points, otherwise they’d let us bank them.
That’s true. I forget that.
I will admit Moonlight Magic is the only thing that is stopping me from moving my nights to July while there is still availability.
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I don’t think so. They are your intermediary and that is what you pay them for. It’s up to them to make things right not the other way around. If you go through one of these outfits they should be taking the risks and refund monies if you don’t get what you signed up for. That isn’t happening as far as I can see. Won’t use em!
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The brokers are very clear about what risks they are taking and not taking. They protect you from a completely fraudulent seller, but once you have paid, you have assumed all risks of ownership for that week (or whatever the time period is). If the parks are closed, or if you can’t come for whatever reason, the renter is SOL unless you have purchased some kind of insurance that covers your loss.
It’s the same for owners - if they can’t use their weeks or rent their points, or if the parks are closed, they eat the loss. Somebody has to, and ownership is all about enjoying both the risks AND the rewards. It’s the foundation of our society.
If you don’t want to accept the risk of ownership, you can make a non-DVC reservation.
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Hang on. What do you mean it’s up to them to make it right? Right for whom? They have a contract with both parties.
As a renter you pay for the points to make the DVC reservation, and for the broker to do the verification that the owner is legit. And if the owner cancelled the reservation, the broker would refund or rebook, and go after the owner - according to the contract they have with the owner. If the owner goes bankrupt, then the broker would end up bearing the cost.
But in this case the reservation is still there. The renters are wanting to cancel. Despite the contract they have saying no cancellations. That is the risk the renter takes when renting points.
I’m not out of money. But when I signed the contract to rent my points out, I had every expectation that I was being paid for my points. So I booked a different trip using that money. I have my points back, but it is likely I cannot use them. It’s money down the drain and it stings badly right now.
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