Adding on w/Disney financing ?'s

[sarahk0204]

We own 160 points at BLT, and we are interested in adding on a couple of years from now. We financed the original purchase through DVC. Does anyone know if we finance additional points (50 pt minimum, I know), does that change the payment, the length of the loan, or both? Or perhaps your get a choice of similar payment & longer term vs. higher payment & same term?

I know I could ask my guide, but since this is a few years away from reality, I don't want to open things up just yet.

We usually go to WDW once a year in the summer. We were able to do an additional trip Dec 2010, and now I've fallen in love with Disney during the holidays. As a result, I've developed a severe case of addonitis, and I am hoping that collecting enough planning info will keep me happy until we could actually add on!

 

[Sandisw]

Its a whole new loan so everything would be based on the new purchase. They do not combine it with your other one.

 

[sarahk0204]

Ah. Thank you!

I think I was confused because we have friends who own DVC, and they have added on several times, financing with Disney each time. I didn't think their payments went up; just that their term lengthened. So, they must have essentially refinanced their loan each time. This was several years ago, so things may even be different now.

Thanks again!

 

[djo]

My husband and I have added on twice since our original purchase. We have three contracts, three separate loans now. The first loan wasn't extended or refinanced.

 

[quentina]

Ah. Thank you!

I think I was confused because we have friends who own DVC, and they have added on several times, financing with Disney each time. I didn't think their payments went up; just that their term lengthened. So, they must have essentially refinanced their loan each time. This was several years ago, so things may even be different now.

Thanks again!

The payment for the original loan did not change however; they have a higher monthly payment as they took on another loan. Each time you buy, new loan, new payment and new amount of payments (5 years etc).

 

[kristenrice]

On a similar note...

If we were to do an add-on and finance, are the annual dues automatically added to the loan payment? Or, can I still do the lump sum payment in January?

 

[bumbershoot]

Kristen, we finance and do our dues monthly, but they are entirely separate. Two separate payments pulled from our account, not connected at all.

So even though that's not an add-on, I bet it would be the same, that you still have the choice of lump sum vs monthly, and that would have nothing at all to do with the loan for the actual purchase.

 

[kristenrice]

Kristen, we finance and do our dues monthly, but they are entirely separate. Two separate payments pulled from our account, not connected at all.

So even though that's not an add-on, I bet it would be the same, that you still have the choice of lump sum vs monthly, and that would have nothing at all to do with the loan for the actual purchase.

Great! That will help me immensely!

 

[sarahk0204]

Kristen, we finance and do our dues monthly, but they are entirely separate. Two separate payments pulled from our account, not connected at all.

So even though that's not an add-on, I bet it would be the same, that you still have the choice of lump sum vs monthly, and that would have nothing at all to do with the loan for the actual purchase.

Yes, that is exactly what we have.

Thank you everyone. This gives me some food for thought as I consider some long range planning. Paying cash for points or at least waiting until something else is paid off before taking on more Disney financing would be prudent. I'll just have to use DVC as an incentive to get some other bills paid off.