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View Full Version : New DVC Owner! And question about paying loan with Chase Visa


gert
03-28-2012, 12:23 PM
I'm now the proud owner of 115 points at BWV!

Hurray! But now I have this loan. Boo. I decided to buy direct from DVC because it worked better for me. My down payment was $3K, and now I have approximately $10K left on the loan.

If I make additional payments towards the principal using my Disney Visa card, will they qualify for the 0% interest? The literature says "all Disney Vacation Club purchases" but I'm not clear if that includes installment payments.

I called Chase to ask them, and the person I spoke to didn't know what "Disney Vacation Club" meant. Any one have experience with this?

erionm
03-28-2012, 12:35 PM
Loan payments would not qualify.

TheYellowDart
03-28-2012, 12:45 PM
Also your rate will raise 1% if you use any credit card to pay the loan, so unless you are paying it all off you dont get much benefit =)

gert
03-28-2012, 12:45 PM
Loan payments would not qualify.

Oh, that's a shame. Thanks for your response!

DizBub
03-28-2012, 01:12 PM
Did you use your Disney Visa for the down payment? We did and got the reward $ and the $5K was deferred for 6 months.

ELMC
03-28-2012, 01:46 PM
I'm now the proud owner of 115 points at BWV!

Hurray! But now I have this loan. Boo. I decided to buy direct from DVC because it worked better for me. My down payment was $3K, and now I have approximately $10K left on the loan.

If I make additional payments towards the principal using my Disney Visa card, will they qualify for the 0% interest? The literature says "all Disney Vacation Club purchases" but I'm not clear if that includes installment payments.

I called Chase to ask them, and the person I spoke to didn't know what "Disney Vacation Club" meant. Any one have experience with this?

Out of curiosity, how long ago did all this happen? You may want to contact your salesperson with this question.

DougEMG
03-28-2012, 06:15 PM
I hope that you can pay off your DVC loan before you start having to pay credit card interest rates.

As many people have said, borrowing money to fund a vacation expense is not the best idea and makes the number of years to break even that much higher.

I'm surprised that buying direct from Disney works out better for you. As an example looking at resale you could probably get a 115 point BWV contract for $55/point + closing ($450), so your total cost would be $6,775. Take away your deposit of $3K, that leaves you with a loan of only $3,775. A lot less than the $10K loan you have buying direct.

If you still have the option, take a look at comparing resales to direct purchases.

gert
03-28-2012, 07:45 PM
I hope that you can pay off your DVC loan before you start having to pay credit card interest rates.

As many people have said, borrowing money to fund a vacation expense is not the best idea and makes the number of years to break even that much higher.

I'm surprised that buying direct from Disney works out better for you. As an example looking at resale you could probably get a 115 point BWV contract for $55/point + closing ($450), so your total cost would be $6,775. Take away your deposit of $3K, that leaves you with a loan of only $3,775. A lot less than the $10K loan you have buying direct.

If you still have the option, take a look at comparing resales to direct purchases.

I won't be able to get the 0% 6 month APR on DVC installment payments, so I won't be using my credit card for payments. I was just looking for a way to lower the principal with a substantial cushion of time to pay the credit card charge in full.

amypetecar
03-28-2012, 09:59 PM
I hope that you can pay off your DVC loan before you start having to pay credit card interest rates.

As many people have said, borrowing money to fund a vacation expense is not the best idea and makes the number of years to break even that much higher.

I'm surprised that buying direct from Disney works out better for you. As an example looking at resale you could probably get a 115 point BWV contract for $55/point + closing ($450), so your total cost would be $6,775. Take away your deposit of $3K, that leaves you with a loan of only $3,775. A lot less than the $10K loan you have buying direct.

If you still have the option, take a look at comparing resales to direct purchases.

I couldn't agree more. If you have the ability to get out of the deal, I would seriously consider doing so and purchasing a resale contract. Even if you find the points/use year/ and contract you want and pay the asking price, you'll save THOUSANDS off of what you just spent.

I had a friend at work that was in the exact same situation. His future mother in law was going to buy him SSR direct as a wedding gift because she didn't want to deal with the hassle of resale. I convinced him to just pay the asking price of a SSR resale contract to avoid the hassle of negotiating, etc. He paid $62 ppt instead of full retail ($100+ppt)

Hope this helps.

ELMC
03-28-2012, 10:12 PM
I won't be able to get the 0% 6 month APR on DVC installment payments, so I won't be using my credit card for payments. I was just looking for a way to lower the principal with a substantial cushion of time to pay the credit card charge in full.

I understand what you are saying about wanting the cushion, but you should take a moment to consider what the other posters are saying. Are you within your 10 day cooling off period?

bumbershoot
03-29-2012, 03:33 AM
Also your rate will raise 1% if you use any credit card to pay the loan, so unless you are paying it all off you dont get much benefit =)

They can make extra payments on their loan without changing the interest. It would still be taking out in regular payments each month as a bank draft, then the extra would be manually done with the card payment.

gert
03-29-2012, 08:43 AM
I understand what you are saying about wanting the cushion, but you should take a moment to consider what the other posters are saying. Are you within your 10 day cooling off period?

I had a specific question and it's been answered, so I'm intentionally ignoring the rest. I appreciate the opinions and understand the sentiment. I'm comfortable with my decision. I don't need anyone else to be =)

stitchlover
03-29-2012, 09:00 AM
I can't help you with your original question. We paid our downpayment with our Disney Visa for the points and then wrote a check for the rest when we submitted our final documents.

I did want to say congratulations! I'm sure you are so excited! Do you have any idea when you are planning your visit trip as a DVC member?!?

I have a one night booked at AK after a cruise on the Fantasy in December. Our family will go next March for our yearly family trip.

Disneypubgal
03-29-2012, 10:01 AM
Welcome Home Neighbor!!! :thumbsup2

gray52
03-29-2012, 10:18 AM
I hope that you can pay off your DVC loan before you start having to pay credit card interest rates.

As many people have said, borrowing money to fund a vacation expense is not the best idea and makes the number of years to break even that much higher.

I'm surprised that buying direct from Disney works out better for you. As an example looking at resale you could probably get a 115 point BWV contract for $55/point + closing ($450), so your total cost would be $6,775. Take away your deposit of $3K, that leaves you with a loan of only $3,775. A lot less than the $10K loan you have buying direct.

If you still have the option, take a look at comparing resales to direct purchases.


Can't agree with you more, Doug. $113/pt? HOLY COW! I never even considered direct so i never bothered to find out how much it was selling for. I just closed on a BWV resale last week for 100pts for $7,000, including CC... That's $70/pt. So i saved $6,000. That's approx 10 years of maintenance fees! :thumbsup2