Financing DVC?

[2boys'mom]

Can anyone give me an idea of what Disney requires for a down payment for DVC and what the mortgage payments are along with the maintenence fees for a given amount of points? say 150 or 300? What is the time period and interest rate? How much do you have to pay per year for this? Thanks.

[GB]

I'm going to have to check my paperwork to be certain about this. I purchased 175 points at I think $67 per point. With the buy back from the Magical beginings my monthly payment is around $187 per month. This includes the monthly maintenance fee. I know this is terrible but I can't even remember the interest rate.

When I took the DVC tour and I found out you only had to put down $500 to join, I signed up right there on the spot! I'm sorry at this moment I can't be more helpful, I'll have to look at my paperwork tomarrow.

Gina
DVC Member

[DVCKaren]

We financed 150 points at $72 a point. We put 20% down. Our monthly payments are about 160 a month (give or take a little bit and this included the yearly dues as well). Interest rate is 10.95% if you allow them to take it out electronically from your bank.

[gmboy95]

We purchased 300 points...we took the "magical beginnings offering, and sold back 150 of our first years points for $1,500...we then put $2,300 down in cash for a total of 20%....my monthly loan payment is $375 at 11%....and my dues add up to $125 per month....so for 5 years I will pay 500 per month....then after that I will pay approximately 125 a month....by the way, we purchased at VWL. ..We closed in April of this year, and will be spending our first night on points in August.....The way I look at it is, that it is not very cost effective for the first 5 years, but it is very cost effective for the next 35 yeras after the intial 5....I mean I would not call this a whopper investment, due to the fact that it has a time limit, but that is not why you would buy in. It definetly is a smart way for disneyholics to spend there money.....My wife and i are most definetly on a tight budget, and I constantly try and convince friends of mine who go to disney yearly that they are throwing needless money down the drain....imagine saving all year, and dropping close to $4000 dollars to pack 2 kids and 2 adults into a small room at the carribean beach (ouch)!!!.....I hope this has been helpful

[gmboy95]

The disparity in the amounts you see above may be explained by the length of loan taken by the individual....I think they have repayment terms over 5 yaers and ten years....maybe 7 as well.