Add on???

[xterratri]

What is the down payment process for an add on with Disney financing? $500 and then rest due within a month or something else? We had already decided that we needed to do an add on by fall at the latest but I was trying to wait til August to start it so I could do a 30% down payment. However, with the statement in the May newsletter it looks like it really should be done by the June 18th date to get the incentives and lower per point price. I can't put as much down in June though(yes, the trip in 20 days probably has something to do with that) and would like to August to finish making the down payment. TIA for any opinions.

 

[RobDoc]

There has usually been a minimum of $500. If you will use DVC financing (50 point minimum) there is no prepayment penalty.

The downpayment is required to begin the process and the balance must be paid(or financing arrangements made) before closing. If you want to beat the price increase, why not just do the minimum DVC will allow and then pay more on each payment.

Enjoy!

 

[utahkennedys]

If you get on the waitlist to add on points before the price increase, do you pay the lower price if/when your points come through?

 

[tjkraz]

If you get on the waitlist to add on points before the price increase, do you pay the lower price if/when your points come through?

The announced price increase only applies to points at Saratoga Springs, for which there is no waitlist. No announcements have been made regarding point costs at the other resorts, although when the last price increase occurred there was no grandfathering of the price points. Buyers paid the current market rate whenever points became available.

 

[xterratri]

Thanks Doc. Are you still at the World? So the next question is what paperwork has to be done for an add on? Is it another full contract with sign by the Mickey's and date the palm trees that will require the signatures of everyone who's name is on it? It was somewhat of a pain last time with me being in ME, mom in NY, and my sister in VA. My sister will be home for the summer starting next week but I go from ME to FL to TX to play citizen soldier until end of July. I'll have a mailing address but won't know what it is until I report June 11th. Or if I called soon, could our guide have the paperwork that we could all sign while down there? Thanks again.

 

[RobDoc]

The paperwork will be just like your original contract. Add-ons are a separate deeded contract, but will be treated as a component of the original for internal acccounting purposes (banking). The legal documents will have to be signed by everyone on the deed.

Sounds like you have a busy summer coming up!

...and yes, we're still at the World!

 

[Simba's Girl]

In the "fine print" for this add on offer in the newsletter it says that there's a 10% down payment needed to finance and that the $8 "rebate" is applied towards the cost of the points...I don't know if that makes a difference or not. DH is calling our guide today btw...

 

[lcsmom]

You can put your down payment on a Disney Visa and its interest free for six months. When you finance with Disney, they want you to send a check within 7 days of returning the closing documents or call member accounting and give them a credit card # (they won't take Discover for the down payment).
When my BCV add on came through about two months early than I expected, this is what I did. My guide is actually the one who told me this. I was thinking out loud to him about which credit card had the correct closing dates so I would have time to move money around before I got hit with finance charges. Apparently Member accounting and the Disney Visa have an "arrangement."
Do be aware that if you make any regular charges to the Disney Visa while you have that 0% amount on the card, they will put any payment toward the 0% balance and let the regular charges collect interest.

 

[tjkraz]

Do be aware that if you make any regular charges to the Disney Visa while you have that 0% amount on the card, they will put any payment toward the 0% balance and let the regular charges collect interest.

Surprisingly that's not true in this case. Here is part of the disclaimer that accompanies the offer:

"Payments and credits are allocated to balances with lower Annual Percentage Rates (APRs) (such as promotional APRs) before balances with higher APRs except promotional balances on qualified Disney Vacation Club or Disney vacation package purchases."

Note the portion of the text that I bolded. In the case of this particular offer, payments should be applied to regular purchases and other charges first, while the DVC balance is allowed to ride interest-free for the 6-month period.