View Full Version : My "stupid" questions not answered by the FAQ, above....
02-19-2002, 11:48 AM
Have never considered a timeshare before, but take a look at that signature below. Might have saved us a little bit of money, LOL.
I particularly don't understand the financing aspect of it:
If you buy directly from Disney (I know you can buy through resale), how is it financed? Is it like a mortgage?
How many years does it take to pay off?
Are the maintenance fees part of that monthly payment, or is that a second additional payment?
Can anybody give me a guesstimate on monthly payments for 150 points purchased through Disney?
02-19-2002, 11:55 AM
Yes it is a mortgage when you finance from Disney Vaction Development.
The years depend on which option you sign up for.
I choose 10 years.
The dues are a seperate payment, you can choose to pay once each Jan or pay each month.
It is around $150 pe rmonth for the points and another $45 or so for the dues (at VWL)
I am estimating these values as I am waiting for my payment book to come and have not started paying the dues yet, and my paperwork is home in the safe.
If you call DVC and get the book/video you get (at least I did) a sheet with sample rates and terms and payments for various point levels and length of payment plans.
Hope this all helps,
02-19-2002, 11:56 AM
1) If you buy from Disney it is basically like a mortgage. You get a 1098 statement at the end of the year.
2) You can finance it up to 10 years.
3) The maintenance fees are not part of the payment for points. There is a separate payment for the fees.
4) 20% down is required.
5) approximate payment for 150 points, depending on your credit and the term will vary. For example over 10 years it is about 125 per month.
Hope this helps
02-19-2002, 11:58 AM
If you do your financing thru DVD, then yes, it is like a mortgage - each year you will get a form 1098 from DVD stating how much interest you paid. Whether or not you can deduct this on your taxes depends on how you file.
How many years depends on how long you finance for - I beleive the longest finance period is 10 years.
Dues are a second monthly payment. if you use the electronic payment option, you will see a transaction for the mortgage loan part and a different transaction for the dues.
There's really not enough info to answer your last question exactly, but figuring 10 years, no downpayment and 11% (I;m not sure what the current rate is via DVD) you would be looking at PI payments of about $154/month.
02-19-2002, 12:07 PM
Twenty percent down is not necessarily required. Disney will finance (a) at 20% down at one rate (I believe about 10 or 11 now); (b) 10% down at a higher rate (usually a point higher); (c) for anywhere from 2 to 10 years. Disney will also do a one year loan where you put down half and the rate is usually half the 20% down rate. It is a mortgage. You can use incentives to help meet down payment. For example current per point price is $75 but you can go at $70 and Disney gives you $5 a point that it applies to down payment. Annual dues that cover operations and maintenance, reserves, and taxes are extra.
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