When a Member makes an exchange, their Disney Vacation Club property is rented for cash to pay for that exchange. The price for their vacation accommodations is offset by that cash rental. The result is cash availability, which a Member can take advantage of by getting a reduced rate at another Disney Vacation Club Resort.
The booking window for Members to make cash reservations is open 11 months in advance of Check-In date, with the exception of The Villas at Disney's Grand Californian Hotel & Spa (only 60 days out).
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