My wife, son and I are heading down to FL this upcoming weekend (and luckily, as NY residents, getting there just before the incentives end). We have a tour scheduled for Monday afternoon, and hope to join DVC at that time. I have a few questions about what will happen assuming we decide to sign up.
Once we sign, I understand a deposit is required. Is it true that this is $500? We intend on putting 20% down and financing through Disney (already have a home equity loan...can't refi without a penalty until next year). Lets say we buy 150 points ($11,250 before the incentive...we're going to be choosing the $5/point discount). What happens? We have to put $500 down immediately? Can this be a personal check, or does it have to be charged? Exactly how much will be due for the balance of our downpayment? I am confused as to how the $750 incentive is applied...I understand that it changed a few weeks ago. 20% of $11,250 is $2,250. Can I use the $750 incentive towards this (coming up with 1,500 out-of-pocket now and financing $9,000)? That's my first set of questions: How much will be due, and when, once we sign, assuming 20% down and the incentive.
Once we've signed and put the deposit down, what happens next? I assume we fill out info. for a credit check. When are we asked for the balance of our downpayment? When do we get the membership information (about how long does it take to "close")?
Once we've signed the papers, can we immediately make reservations...or do we have to wait to close? I ask because we hope to take a Feb. 2003 trip and would like to reserve a couple of rooms. Also, my Feb. 2003 trip could possibly take up two years worth of my points. If I am able to get a Feb. use year (I understand they are selling April use years now...but we will be taking most of our trips from Feb.-April. I don't want to get into borrowing points to take my Feb. trip or be so close to the end of my use year...in case we have to cancel), this isn't a problem (I will bank my 2002 points now). However, if they say there is no way I can get a Feb. use year, I'll have to decide what to do. December (I've been told there is no Jan. use years) is probably my next best use year....but I'll be stuck borrowing points every year to take my annual trip if I use my Dec. 2002 and Dec. 2003 points for a Feb. 2003 vacation...then have to borrow my Dec. 2004 points to go in Feb. 2004, etc. A pain.
One way around this use year problem is to go for a December use year and use only my 2002 points for the Feb. 2003 trip. I could make cash reservations for the rest of that trip, thus saving my Dec. 2003 points for use in Feb. 2004, etc. How far in advance can cash reservations be made? Can they be made for BCV yet? About how much would a studio room be in early Feb. 2003 do you think, assuming DVCers 25% discount? (It would be for a Sat.-Tues. stay probably). And, if I can't make cash ressies now, do you think I could definitely get a room when I am allowed to finally make one, if I'm vigilant in calling as soon as they are available?
I know this is a lot of questions...but any info. I can learn will ease my anxiety over what will happen over the next week.
Thanks!
Once we sign, I understand a deposit is required. Is it true that this is $500? We intend on putting 20% down and financing through Disney (already have a home equity loan...can't refi without a penalty until next year). Lets say we buy 150 points ($11,250 before the incentive...we're going to be choosing the $5/point discount). What happens? We have to put $500 down immediately? Can this be a personal check, or does it have to be charged? Exactly how much will be due for the balance of our downpayment? I am confused as to how the $750 incentive is applied...I understand that it changed a few weeks ago. 20% of $11,250 is $2,250. Can I use the $750 incentive towards this (coming up with 1,500 out-of-pocket now and financing $9,000)? That's my first set of questions: How much will be due, and when, once we sign, assuming 20% down and the incentive.
Once we've signed and put the deposit down, what happens next? I assume we fill out info. for a credit check. When are we asked for the balance of our downpayment? When do we get the membership information (about how long does it take to "close")?
Once we've signed the papers, can we immediately make reservations...or do we have to wait to close? I ask because we hope to take a Feb. 2003 trip and would like to reserve a couple of rooms. Also, my Feb. 2003 trip could possibly take up two years worth of my points. If I am able to get a Feb. use year (I understand they are selling April use years now...but we will be taking most of our trips from Feb.-April. I don't want to get into borrowing points to take my Feb. trip or be so close to the end of my use year...in case we have to cancel), this isn't a problem (I will bank my 2002 points now). However, if they say there is no way I can get a Feb. use year, I'll have to decide what to do. December (I've been told there is no Jan. use years) is probably my next best use year....but I'll be stuck borrowing points every year to take my annual trip if I use my Dec. 2002 and Dec. 2003 points for a Feb. 2003 vacation...then have to borrow my Dec. 2004 points to go in Feb. 2004, etc. A pain.
One way around this use year problem is to go for a December use year and use only my 2002 points for the Feb. 2003 trip. I could make cash reservations for the rest of that trip, thus saving my Dec. 2003 points for use in Feb. 2004, etc. How far in advance can cash reservations be made? Can they be made for BCV yet? About how much would a studio room be in early Feb. 2003 do you think, assuming DVCers 25% discount? (It would be for a Sat.-Tues. stay probably). And, if I can't make cash ressies now, do you think I could definitely get a room when I am allowed to finally make one, if I'm vigilant in calling as soon as they are available?
I know this is a lot of questions...but any info. I can learn will ease my anxiety over what will happen over the next week.
Thanks!
