? about DVC

[Ar1el]

I am not sure this is the place for this question do please forgive if it is not but I just got off the phone with a person for DVC and I was told that most people start out with a certain point plan that cost around $16,000. With that said you can finance thru them for 10 yrs. Has anyone else done this. If so, what was the around about figure you paid or pay every month if you do not mind telling me. Thanks in advance.

 

[LostNWonderLamb]

i have the sheet in front of me for bay lake towers,
160 points =$20,800 - $2,400 incentive- $2080 downpayment= amount financed $16,320 for 5 years $390.40 for 10 years $265.80 monthly. This is on an apr of 15.25% if you have a credit score less than 700

 

[chalee94]

here is (usually accurate) current pricing for contracts purchased directly.

disney usually charges about 10.75% for those with good credit and more like 15% for not-so-good credit. i think they require about a 10% downpayment.

you can find a calculator to see the 10 year amortization at bankrate.com or similar sites.

generally, be very careful about financing a timeshare. if you needed to resell, remember that the value will drop by 40% immediately and may go close to zero in a few years.

there is a link above for resale listings for comparison.

make sure to take your time in researching DVC before you commit to buying...

 

[Ar1el]

i have the sheet in front of me for bay lake towers,
160 points =$20,800 - $2,400 incentive- $2080 downpayment= amount financed $16,320 for 5 years $390.40 for 10 years $265.80 monthly. This is on an apr of 15.25% if you have a credit score less than 700

Thanks so much. Is the Bay Lake Towers the most expensive?

 

[wcjoey43]

u can finance cheaper thru your bank maybe

 

[vicki_c]

Thanks so much. Is the Bay Lake Towers the most expensive?

Here's a link to the current prices/offers. BLT is the most expensive at this time but not by a lot, $10/point (actually looks like it is $117 with a promotional discount and others are close or more than that).

http://www.dvcnews.com/index.php/dvc-program/financial/pricing-a-promotions

Make sure you pay attention to the historical maintenance fees, that will cost you a lot more than the initial purchase price over the life of the contract.

 

[Ar1el]

u can finance cheaper thru your bank maybe

Thanks that is a thought. I do feel at a complete loss when it comes to these points. We are a family of 5 so I would at least need a place that sleeps 5. How many points would I need to get a place that sleeps 5 once a year. I think I need a guide to DVC for dummies.

 

[Ar1el]

Here's a link to the current prices/offers. BLT is the most expensive at this time but not by a lot, $10/point (actually looks like it is $117 with a promotional discount and others are close or more than that).

http://www.dvcnews.com/index.php/dvc-program/financial/pricing-a-promotions

Make sure you pay attention to the historical maintenance fees, that will cost you a lot more than the initial purchase price over the life of the contract.

Thanks

 

[chalee94]

there are point charts in the top right-hand corner of the screen. currently, only BLT and AKV 1BRs allow occupancy for 5...other than that, you would need a 2BR (which would probably be more comfortable when the kids get older.)

 

[JimMIA]

i have the sheet in front of me for bay lake towers,
160 points =$20,800 - $2,400 incentive

...which equals $18,400.

There are several 160-point BLT resales on the Timeshare Store listing at the top of this page with asking prices ranging from about $15,200 to $16,000.

And there are similar resale contracts at other resorts for LESS THAN HALF what you will pay for BLT direct from DVC.

Take your time, do your research thoroughly, and be sure you truly understand how DVC works before you buy. DVC is a timeshare, and it's not the best option for everyone.

If you rely on the "weasel speak" of the DVC timeshare salesmen, you'll be getting a very distorted viewpoint designed to sell you at a very high price.

 

[Ar1el]

...which equals $18,400.

There are several 160-point BLT resales on the Timeshare Store listing at the top of this page with asking prices ranging from about $15,200 to $16,000.

And there are similar resale contracts at other resorts for LESS THAN HALF what you will pay for BLT direct from DVC.

Take your time, do your research thoroughly, and be sure you truly understand how DVC works before you buy. DVC is a timeshare, and it's not the best option for everyone.

If you rely on the "weasel speak" of the DVC timeshare salesmen, you'll be getting a very distorted viewpoint designed to sell you at a very high price.

Thank so much, I appreciate it.

 

[joandegennaro]

Here's our story of how we got started.

Knew we wanted OKW and an Oct UY. Had been in contact with a DVC rep over the last 3 years...I was ready but DH wasn't.

Once the decision was made to buy I looked into how many points. What i did was figure out how many points it would cost us to stay in a Studio(all that we need, not necessarily what I want) over the Christmas Holidays and made that my target for points. Wasn't ready to purchase that many points right away so dropped it by 50 or so points. Bought in direct for 100 points. Used my line of credit to pay in full, and just aggressively put any and all extra money towards paying down the line of credit. With extra over-time and an income tax return it took us about 4 months to pay it off. Then when we had a little extra money again we purchased and add-on of 25 points bringing us up to 125. Next time there's a little extra I will do another add-on of 25 which will get me to my target of 150 points.

Things are a little different here in Canada with credit ratings and such but if you can avoid furnacing your purchase or do it with personal lines that you are able to pay off quickly I think you will be better for it. Again, I am not familiar with how financing works in the States.

Remember while BLT is what is currently selling, you can ask for other resorts which might be selling for less but might not be available for finacning. While we bought in a less expensive resort our reasoning for the OKW purchase was that is where we want to stay. With all the possible changes coming in the future I have to agree with those who say buy where you want to stay!

Best of luck

 

[Ar1el]

Here's our story of how we got started.

Knew we wanted OKW and an Oct UY. Had been in contact with a DVC rep over the last 3 years...I was ready but DH wasn't.

Once the decision was made to buy I looked into how many points. What i did was figure out how many points it would cost us to stay in a Studio(all that we need, not necessarily what I want) over the Christmas Holidays and made that my target for points. Wasn't ready to purchase that many points right away so dropped it by 50 or so points. Bought in direct for 100 points. Used my line of credit to pay in full, and just aggressively put any and all extra money towards paying down the line of credit. With extra over-time and an income tax return it took us about 4 months to pay it off. Then when we had a little extra money again we purchased and add-on of 25 points bringing us up to 125. Next time there's a little extra I will do another add-on of 25 which will get me to my target of 150 points.

Things are a little different here in Canada with credit ratings and such but if you can avoid furnacing your purchase or do it with personal lines that you are able to pay off quickly I think you will be better for it. Again, I am not familiar with how financing works in the States.

Best of luck

Thanks for sharing, that was very kind of you and appreciated.

 

[joandegennaro]

Thanks for sharing, that was very kind of you and appreciated.

No problem, we've yet to make our first trip home as DVC members so it is all within the last year we did this. I went threw all the same questions you have, my only extra advantage was I had a co-worker who was a DVC member and helped me with all my questions and even gave us a chance to use her extra points...this is where DH changed his mind and finally said yes

 

[LostNWonderLamb]

I was also researching the timeshare store for bay lake towers. The contracts I wanted were either pending to be sold or the points have already been used up this year. I was looking at 100 points at $100 each point.
It is also true that other resorts are cheaper, but the annual dues are a bit more pricier. calculate what works best for you =)

 

[nukker7]

u can finance cheaper thru your bank maybe

Just a note to remember, if buying direct, financing through Disney means the interest is tax deductible. So, if the interest rate isn't much better than 10.75%, it may be better financing direct.

Good Luck!

 

[JimMIA]

I was also researching the timeshare store for bay lake towers. The contracts I wanted were either pending to be sold or the points have already been used up this year. I was looking at 100 points at $100 each point.

Which is a BIG savings over the $130 per point (I believe with NO incentives) that you'd pay buying direct on a 100-point purchase.

And again, remember that there is a difference between asking prices and selling prices. BLT contracts have sold and cleared ROFR as low as $92 per point lately.

It is also true that other resorts are cheaper, but the annual dues are a bit more pricier. calculate what works best for you =)

It is also true that timeshares in active sales have lower annual dues -- but once the active direct sales conclude, those annual dues tend to move in line with the other resorts.

Comparing sold out properties, you will find dues higher at DVC resorts attached to deluxe hotels than at stand-alone resorts like OKW and SSR. There is no reason to think BLT will be any different.

 

[JimMIA]

Just a note to remember, if buying direct, financing through Disney means the interest is tax deductible. So, if the interest rate isn't much better than 10.75%, it may be better financing direct.

Good Luck!

I'd check this with your tax professional. HOME mortgage interest is tax deductible (although some in Congress want to take that deduction away). Interest on a mortgage on a timeshare may or may not be deductible.

What is clearly deductible, and the least expensive option to finance either a direct or resale purchase, is a home equity loan. There is no doubt about the deductibility of that because that is actually being paid on your primary residence...plus the interest rate is FAR lower.

The property tax included in your annual dues is deductible.