About how much? More questions

[rkandmjsmommy]

I am not sure if anyone can help me out, I would like to know how approximately our monthly payment would be if we purchased SSR, 150 points thru disney? How many years can your finance thru disney? And what about maintenancy costs, are they put into the monthly payments, how much are they yearly?

Any and all financial help is appreciated.

We will be there in August and not sure if I can talk dh out of buying Also, I read something about maybe getting 2004 points depending on my Use year.

Can anyone help?

 

[stacy6552]

The fees are $3.83 per point each year. So your 150 points would run about $575.

I know Disney has financing over 10 years and you can make monthly payments, with your annual dues as well. What the payment would come to will depend on your rate.

The guide would be able to tell you about use years and point availability. But I think they are selling faster than they are building, so I doubt there are any points left with 2004 points. 2005 might even be a problem. But the guide will know all that.

Cant help you with talking your DH out of it. I think DVC is wonderful. You don't have to wait until your trip, though to get the sales info sent to you.

 

[Cruelladeville]

Disney is still selling contracts with 2004 pts at SSR. The way it works is that no building is actually YOURS, so they can--and do--sell more points than the space available. If you purchase a contract with a use year that's prior to July, you will be getting 2005 pts. If you bought a Feb use year, you would get 2005 pts, and when Feb comes in another 7 months, you will get your 2006 allotment. If you are buying an October contract, you will get 2004 pts, and in October, 3 months from now, you will get your 2005 pts. But you are NOT getting double points at one time, and you have to pay the prorated amount of dues on the points you get.

 

[gharrer]

We got a dec04 use year in june and paid no fees for 2005

 

[TammyAlphabet]

If you put down the minium on 150 points for 10 years, your monthly payment will be 150 or less per month. The maintanence fees can be paid monthly, around 50 per month, or all at once at the beginning of the year. Hope this helps.

P.S. Don't talk your DH out of it. You will be glad he did.

 

[judydvc]

I believe you can finance for 3,5 or 10 years through Disney and the rate is 9.75% with 20% down payment. They may also have a plan where you put 50% down and then pay off in 1 year.
While there are a lot of posts on these boards that discourage financing I think most of the people here would strongly encourage buying DVC. I financed 150 points and it was easy. I'm now in the process of buying (and financing) a small add-on and it works for me. The wonderful vacations we have had are priceless.

 

[rkandmjsmommy]

OK a few more questions, you have all been so helpful

Say we decided to buy SSR, the price is 98.00 per point, but I MIGHT get a discount of 8.00 per point, if I buy 150 can I use the $1200 as a down payment?

Also, I would love to buy a use year and get 2004 points, so I would have to pay maintenance fees on the 150 for 2004 AND the maintenance fees on 2005 points?

How did you decide what month to buy your points in? does it matter?

sorry for all the questions.

 

[vascubaguy]

If you are buying new with DVC I think right now you'd get a February UY. You would then get the 2005 points, but would only have to pay a prorated amount of the 05 MN fees, not the full amount.

As for the financing, the total loan is calculated based on $98 per point. Then they calculate the 20% downpayment. THEN they apply $8 per point towards the downpayment.

To put some real numbers to this.

150 points * 98.00 = 14,700.00

Incentive of $8 per point = $1,200

20% down = 2,940.00 - (1,200 incentive) = $1,740.00

So if you did the minimums, you'd be financing $11,760. I believe if you use direct debit to pay the loan, the rate is 9.75% but if you get a statement to pay each month it is 10.75%.

There's a 3, 5 ,7, and 10 year financing option. Your payments under these would be as follows:

At 9.75%
3 year = 378.08/mo
5 year = 248.42/mo
7 year = 193.71/mo
10 year= 153.79/mo

At 10.75%
3 year = 383.62/mo
5 year = 254.23/mo
7 year = 199.82/mo
10 year= 160.33/mo

Yearly dues would be 573.90 or 47.83 per month. (Based on the current rate of $3.8260 per point)

There is another option where you have to pay 50% down and then finance for 1 year. With that the interest rates are 4.95% for direct debit or 5.95% otherwise. Payments would either be 629.05/mo or 632.42/mo. (Plus maintenance fees)

HTH

 

[rkandmjsmommy]

Vascubaguy

THANK YOU SOOOOOOOOOOOOOOO MUCH for taking the time to do that for me, that was so sweet of you. It was the info I was looking for.

YOU ROCK!!!

 

[vascubaguy]

Vascubaguy

THANK YOU SOOOOOOOOOOOOOOO MUCH for taking the time to do that for me, that was so sweet of you. It was the info I was looking for.

YOU ROCK!!!

You are very welcome.

Oh, and just for info sake, there's no prepayment penalty on the DVC financing. So you could get the 10 year loan but double the payments and get it paid off in 4-5 years instead of 10. However, if there's a month you can't double, you could just do the minimum.