How did you save up for DVC?

[Minderbinder5]

I'm planning to buy DVC when they finish the AKV in '09. How did you save up the money to buy in? Did you save a lot and make a big down payment, or just finance the whole thing? Did you have a fun savings plan that helped to keep you and your family motivated?

[Mahusky]

I didn't went into debt! :rotfl2:

[Tinkerbell58]

We got a home equity loan and bought directly from Disney.

[DMKEDM]

I had the money in savings already, but instead of taking it out of savings, I charged the purchase price (3 different times!) on a 0% credit card...in 2 cases I had 6 months to pay it off; in the third case I had 12 months...I figured if I couldn't make the 1/6th payment (or 1/12th payment), I could yank the money from savings at the end of the 0% term...as it turns out, I've always (so far) been able to make the payments w/out going beyond the 0% term...of course now I have 3 credit cards I don't particularly want...but it's not a big problem to simply put them away and not use them...it worked well for us...

[extremesoccermom]

We saved it up a dollar (well actually a little more than that) at a time. We bought a small 50 point contract after a year of serious saving here and there. We have been wanting and dreaming of owning DVC since 1998 but only lately have we been able to get serious now that the kids are older. DS is a senior in high school at a private school we have made the last payment on that last month, He does have one more year of select soccer but the coach tries to keep expenses down by getting the kids to actually work the fundraisers themselves. DD will be in public school and she does not play select sports. :banana:
DS is on his own for college since he does not want to go to the one where I work and could go for free.
We are already saving up for an ALV add on and a kitchen remodel. We don't do debt!:cloud9:

[humantouch]

DVC helped with the down payment and we just financed, the one and ONLY good thing about financing is that they will allow you have your maintenance fee also be broken down over 12 months instead of having to pay it all at once.


I'm planning to buy DVC when they finish the AKV in '09. How did you save up the money to buy in? Did you save a lot and make a big down payment, or just finance the whole thing? Did you have a fun savings plan that helped to keep you and your family motivated?

[Disney Doll]

I think we financed the whole thing. We took out the 10 year loan offered by DVC, paid it off ina bout 3-4 years. The 10 year loan had the lowest monthly payment, so we figured that in those "lean" months (like around Christmas) all we had to pay was the low monthly payment but in other months we could pay more otward it and pay it off faster.

It worked well for us.

[cobbler]

We put a big chunk down and financed the rest. We took the loan out for 10 years but will have it paid off in 3 with extra payments.

Even if you don't finance, you can still have the maintanence fees paid monthly.

[Crissup]

I financed through Disney and then paid for it by reducing visits to the gambling boats. LOL!

Of course, this explains why every argument I've ever seen that discusses loss of investment income in calculating the price of DVC is always thrown out by me. I've never seen anyone yet calculate my loss of investment income into my buy in when I tell them it was blow if at the casino or buy DVC with it. ;)

[christianweecare]

:lmao: :lmao: :lmao:

[IndianaMouseLover]

We put the min. down payment and financed the rest through Disney for 10 years. We could have probably used our saving and paid in cash but we would like to use that for a hefty down payment for when we build our new home in a few years. We have decided that we are not going to take the 10 years to pay it off though. We hope to have it paid off in 4 or 5 years. The good thing about it is that the loan for DVC does not show up on credit reports as long as you stay true to the terms. I checked my Credit Report to make sure. That is a BIG PLUS!!!:thumbsup2

[4 Little Bears]

I was offered a 0% advance until May 2008 on my bank of america card--I took it knowing that I will be able to pay the balance off in the next 6 months and will be able to stay at VWL during my vacation next summer...

[javamom]

We just put down a chunk for the DP and got a home equity loan for the rest, which we plan to pay off earlier than the agreement to save unnecessary interest.

Can't wait to come Home all official-like soon.

[dvc at last !]

We wanted DVC for a long time - we have 2 children ( now young adults)
we were able to -

finish the Orthodontist bill
4 year college education
one now has a Masters

and save, save, save to get DVC ---

So glad we did

too bad it was not sooner - Education first !

:cool1:

[J and R's mom]

Steph ...that is a STUNNING picture of "Belle!"

OP...we financed through Disney for 10 years and used a portion of my husbands annual bonus checks to pay the balance off in under two years.

If the Mickey Visa would have been out at the time, I would have put the balance on that (assuming I could have done so with a 0% interest rate for several months--maybe do a balance transfer somehow) and earn the disney rewards dollars.

We chose to go through Disney so we didn't have to pay closing costs (not sure that's an option anymore, though), we got a $15/point discount (a special offer at the time) and we would have a small payment if something happened to our plan (like DH lost his job or his bonuses didn't come through). Luckily for us, things worked out as planned.

At least your looking at all of your options and getting some extra ideas. Good luck and enjoy those points once you get them!

[LuckyMamaInDE]

We've wanted to buy DVC for years and years and years (the very start of OKW was under construction during our honeymoon). Finally we'll be able to this year. Dh is receiving a bonus this fall (part of package when he was recruited by current firm two years ago) and we'll be using all of it to buy our very first contract :)

We have good retirement savings and comfortable college savings for our 3 kids (14, 12, 7). We live frugally. It's been a long, long road!

[starbox]

I gave up my planning period to teach an extra class because nobody else would teach them and got an additional 25% of my salary. I knew the extra $$ was temporary - so I wanted to do something special with it instead of just adding it to my monthly income.

I teach in an inner-city school and the year-of-my-extra-class was total chaos - we did not have a principal, had a shooting at school, had a gang attack, etc. My extra class was the last period of the day, all kids (well, technically all adult males) that had failed 9th grade English 2, 3 - even four times. Almost every kid in there was out for weeks at a time because they'd get put in jail - then they'd come back. I have about a million stories I could tell about that class - it was the most intense, challenging thing I have ever done in my life - but they honestly made me laugh every single day.

Now, whenever we are at Disney, I always say out loud "thank you fourth period - and God bless you - whatever jail you might be in."

[javamom]

Steph ...that is a STUNNING picture of "Belle!"



Thanks, made the gown myself.

[pyrxtc]

we're financing through Disney and paying it off with a raise my DH got. Plus we'll put our monthly payments and Dues on the CC and earn Dream Dollars for it. of course we'll pay it off so there is no finance fees.

[WDW LifeLong Fan]

We paid for it on a CC for the airline miles, then paid it off the next billing cycle.

We do this with everything possible and then pay it off monthly. Thus, maximum airline miles with no finance charges.

[Madi100]

We paid cash using our tax refund.

[Inkmahm]

We paid for it on a CC for the airline miles, then paid it off the next billing cycle.

We do this with everything possible and then pay it off monthly. Thus, maximum airline miles with no finance charges.
Same thing only subsitute using the Disney rewards card for one with airline miles. We put it on the card to get the 1% reward and then paid it with savings the next month.

I wouldn't buy DVC if I had to go into debt to do so.

[DISNEYFOS]

I had a old pension I got from a previous employer that I dumped into an IRA. Cashed that out (having them withhold taxes of course) and used that!

Sure its not the smartest use of an IRA :rolleyes1 but I get to go to disney every year until I retire and then some..

[vwlvette]

As i recall it, I was in a fog during closing, Just had our daughter 2 month premature (she is doing great!), We went to the bank and wired the money.
We used some of my fun money, figured the purchase would bring many years of fun!!

[utahkennedys]

We paid cash on a small resale contract. We don't finance anything besides our home and our (used) cars (sometimes), and I didn't want to finance vacations. If we do add on, it will be cash too. We knew we couldn't pay $15k in cash through Disney without draining our savings, etc. so buying resale has worked out very well for us.

[pcparamedics01]

Went into debt too and doing it again!

[pcparamedics01]

I didn't went into debt! :rotfl2:

Me too. Dave Ramsey would be mad! Ha but we had to have it to save our sanity!! HA

[drakethib]

Got lucky and came into a little money

[global_mom]

Paid cash for a small HH resale an then financed an add-on direct with Disney. We should have the SSR contract paid off in 12-18 months. I travel for a living and use all of my income to go directly to pay for more travel, including DVC.

[ILuvDVC2]

We financed through Disney, and really weren't in the place to pay for the whole thing at once, and the downpayment was easy to come up with. We were on the 10-year payment plan for our original loan when I decided to add on more points, which we bought four years into our payment plan. The second loan was for seven years.

This year I discovered that I could take out a loan through work at a lower interest rate and pay it off through payroll deductions. Technically our original Disney-financed loans are paid off, but we'll be completely done paying off the new loan by the end of 2008, two years ahead of schedule. Now it's just maintenance fees and annual dues, which I hope don't astronomically increase over time!

[El&Asmom]

We paid for our small HH contract with cash. We're adding on at SSR, and will put the down payment on the Disney Visa upto 2500 I think for no interest for 6 months but pay it up before the 6 months are over. For the remainder, we'll use a low/no interest CC to pay it off over the next year.

I wish we were trust fund kids so we could have a zillion points, but I think we'll appreciate it more this way.

[mello]

We paid half down with tax return $ (used our airmiles card & paid it off immediately), financed the rest through Disney on a 10 year loan so the payments were small. Paid on it for a few months and then paid it off with the next tax return.

1st add-on we sold some stocks and used that $. We did have to pay capital gains on it though.

Working on another add on now. Half of it will come from renting points to my folks and their friends, we'll finance the other half until tax return time again. Or maybe put it on the Disney visa with no interest for 6 months until we get our tax $ back.

All no-no's from a financial point of view. But it has worked out for us and we're so happy we did it.

Oh, and for the dues, I have a certain amount automatically added to my ING acct every 2 weeks, then use that to pay the dues once a year. It's like making monthly payments but I'm earning interest instead of paying it. That at least, we did right!

[MissSha]

We hadn't planned on buying DVC. It was our first Disney family trip 2 years ago that hooked us.

We had the money in our savings, but I charged our purchase on my credit card that pays "cash back rewards". I paid off the DVC cost when the bill came in the next month, and I believe we got 2% of the cost back as a rebate at the end of the year.

Also, Disney paid our down payment as the incentive at the time.

WE'VE NEVER, EVEN BEEN SORRY, AND LOVE OUR DISNEY HOME :love:

[KandiB47]

We originally financed a 10 year loan in early 2006. Because that was our highest interest loan, we made it priority and paid it off this spring. We paid with our savings, tax returns, and any bonuses, etc.

I'm ready to go back into debt for CRV though:lmao:

[bradpga]

I put away 2 weeks worth of paychecks! But I only own 200 points.