BCV - When is the money due?

[Grotto]

I asked this question in the *Official BCV incentives* thread, but I'm still not sure I understand:

If you are going to pay in full for your contract (ie with savings, home equity loan, etc), how much do you have to pay and when? Is there a down payment? If so, what percent? Or is all of the money due upfront? If the balance is due later, then when does it come due?

Thanks for any info you have. We're probably going to buy tomorrow.

[ralphd]

Your Guide can answer the question, but I will guess the downpayment will be due when you return the contract. The balance will probably not be due until the contract closes in June.
Someone said previously that they heard that will be the closing date for all contracts signed prior to the June date.

ralphd

[donmil723]

I talked to Edwin today as my guide, Joan Lane, wasn't going to be back in until Wed. I asked the same question and he told me that you put $500 down now, then they FedEx the papers to you, and you return the papers and the remaining amount up to 20% within 30 days. Its like you were going to finance with Disney. Then you can pay Disney off in full on June 1st, which is when interest starts accrueing at their rate of 10.95%. Or you can pay 50% down within 30 days and the other 50% on June 1st. Either way you will not pay Disney any interest.

[Grotto]

Thanks Donmil! That makes everything crystal clear!
:D

[kem330]

My guide Susie has told me that with a 1 year loan, I would put down 50% in two weeks and then the rest will be financed from July 15, 2002 - June 15 2003.

[john23tc]

This is correct, but the interest starts to accrue on June 1st.

[kem330]

Thanks John, I left that part out!

[Grotto]

We just went ahead and purchased our first contract tonight! Our plan is to pay in full by June 1st, thereby avoiding finance charges. At my guide's suggestion (Randy Kruger, who I felt did a very nice job), we are setting up "financing" of 20% down and a period of 10 years. As there are no penalties for pre-payment, we will pay an additional 20% each month or so on our Visa card, which we will give us frequent flier miles (also Randy's suggestion). By the way, we took the $5 off incentive.

[donmil723]

Congratulations, Grotto. I hope to be joining you shortly as a new owner. Our guide, Joan Lane, is supposed to be back at work tomorrow and I left a message for her to call. That was a good idea about using your credit card each month as we too intend to pay it in full on or before June 1st. I think we'll use our GM card which earns cash back on new GM cars. I've kinda got my eye on a Trailblazer in a year or two.

All of our family's discussions since Sunday have been "How many points should we buy?" and "Which incentive should we take?" Right now we are leaning toward the $5 off as we have trips planned to WDW in April for a business conference (me and dd) and a family trip in May for 6 nights. Our kids our 17 and 20 so we like to have two rooms. If we could get 2 5 night stays instead of a 7 night + 3 night so we could use them both in May, we would probably do that and then pay cash for the one extra night. But I don't think they will do that and we can't take another vacation until mid-March 2003 so we would have a lot of points and the free vacation to use. I'm afraid something would happen and I would lose the free vacation.

Sorry to ramble on but as you know buying into the DVC for the first time is a BIG MOMENTOUS DECISION! LOL!!

[dianeschlicht]

Grotto, glad to hear Randy Kruger is back. He was our original guide.

[Grotto]

By the way, we talked to Randy again today about instructions for paying off our contract balance over the next few months. Our down payment of 20% will actually be charged to our Visa card now (I gave him the number last night). We must call each month to pay whatever amount of the balance that we choose. We'll pay about 1/3 of the balance in March, April, and May to beat the June 1st deadline.