? about disney financing

[LoriKutchey]

I almost have my husband talked into dvc. I have a question about disney financing though. Do you get a monthly statement or a coupon book? I would like to pay extra every month. I would prefer a statement with a running principal balance.

thanks, laurie

 

[spiceycat]

I got a discount for using a draft to my checking account - so I don't know about coupons or monthly statment - I do know that you can call MS accounting dept and they will give you your balance.

 

[Disney1fan2002]

I don't get a statement or coupon book, I have the loan amount drafted, but I DO send a double payment every month. ( cuts our 10 year loan to a 4.5 year loan)

I send the payment from the Billpay out of my banks online banking service, but you can call MS and talk to the finance dept. and ask them to take X amount out and apply it towards the principle balance.

 

[GAIL HAYDEN]

nope, no statments for direct debit, but, then again, you get a break on the interest this way. Not huge, but, what the hey?
You can always call member accounting for one.

 

[LoriKutchey]

Thanks everyone that answers my question!

 

[Loubon]

You may want to check out home equity loans or equity lines of credit from your bank. My guess is the rate will be lower and it is tax deductable.

 

[GAIL HAYDEN]

Originally posted by Loubon
You may want to check out home equity loans or equity lines of credit from your bank. My guess is the rate will be lower and it is tax deductable.

The rate is probably lower, but, the interest on a loan via DVC is also deductable as are the taxes.

 

[FriendsOfEeyore]

Gail,

quote......
"The rate is probably lower, but, the interest on a loan via DVC is also deductable as are the taxes."

You are sure of this? I thought that I heard that, but I was not sure. I am an accountant, but NOT A TAX ACCOUNTANT. I was going to research the irs website regarding this. Do you know why it is deductible?

Edward

 

[GAIL HAYDEN]

Because in most instances it is considered a vacation home/2nd home. Our tax advisor gave us the green light for this a long time ago. It is, of course, best to check with your tax advisor.

http://www.irs.gov/pub/irs-pdf/p936.pdf
Pg. 4 paragraphs lower left hand corner of page.

 

[IndyScott]

quote:
--------------------------------------------------------------------------------
Originally posted by Loubon
You may want to check out home equity loans or equity lines of credit from your bank. My guess is the rate will be lower and it is tax deductable.
--------------------------------------------------------------------------------



The rate is probably lower, but, the interest on a loan via DVC is also deductable as are the taxes.

Wouldn't a home equity loan also be tax deductible?

I would have to say the interest rates from Disney are pretty high (especially in today's market).

We did use Disney's loan service for convenience, but just recently paid it off after having it for about six months. One advantage is they do allow payment with credit card, which we took advantage of to get some Marriott Rewards points when we paid it off...

 

[GAIL HAYDEN]

My guess is the rate will be lower and it is tax deductable.

Did you miss this part? It answers your question.

 

[FriendsOfEeyore]

Thanks Gail, I was actually going to check out Pub 936, and there you already had a link for me. The only thing that I can see as a possible catch as far as the irs is concerned with vacation / 2nd home mortgage interest is whether or you actually stay there at 14 days. This is wdw we are talking about, I stay there as often as possible.

Thanks again.

 

[GAIL HAYDEN]

Originally posted by FriendsOfEeyore
Thanks Gail, I was actually going to check out Pub 936, and there you already had a link for me. The only thing that I can see as a possible catch as far as the irs is concerned with vacation / 2nd home mortgage interest is whether or you actually stay there at 14 days. This is wdw we are talking about, I stay there as often as possible.

Thanks again.

If you notice, that 14 day rules is ONLY if you rent the property.
You don't have to stay there at all if you do not rent it out.