Bad news, good news, financing question....

[Jon99]

My grandfather died several months ago, which has been tough on our family..In his will he passed on 50 shares of a local bank share, currently with a value of about $200/share.. We had planned on keeping the stock until we actually read the document and in there he actually wrote "use these shares as you see fit to enjoy yourselves and your family".. Since he loved Florida and we had been thinking about DVC anyway, we have decided to sell the shares and buy into DVC (thats the good news)...

Anyway, the $10K isn't quite enough to get us 150 points in the DVC at SSR or VWL thru a resale... So my question is, what kind of financing will Disney offer us for about $4K??? And how about Tammac(????) for about $2K???

 

[pumpkinboy]

First of all, sorry about your grandfather. It was nice of him to think of you in his will, and if you do go DVC, it will be a nice way to remember him on an ongoing basis.

I can't opine on Tammac, but DVD will offer you 4.95% one year financing since you are putting >50% down, which is pretty decent (we did it on recent add-on). If you want to go out more than a year they will offer you 10.75% (or 9.75% with direct debit from your checking) for terms of up to 10 yrs. Remember that since this is technically mortgage interest, you can deduct it off your taxes (if you itemize,of course). If you are not gonna do the 1 yr deal, I would recommend the 10 yr and just paying it down on a regular basis when you can (but then you are not locked into a higher payment by contract either), since there is no interest rate differential between the 3 yr, 5 yr and 10 yr financing. But by far the best deal is the one-year.

Oh yeah, and good luck in your search, and we look forward to wishing you a big "welcome home" soon.

 

[rsschneck]

I agree with the above poster. I would do DVC's 1 year financing if you can afford the payments on the $4,000.

Otherwise, if you qualify for a home equity loan that is another great option. Our 100 point add-on is being financed @ 3.9% for 4 years (we will have it paid off much quicker because we double up the payments). If you qualify for a home equity loan you could either go resale or DVC direct.

Make sure if you purchase, especially SSR through DVC get enough points now because the price is going UP!

Sorry for your loss!

Congratulations on your decision to purchase into DVC!

Enjoy your future vacations that you can Thank Grandpa for. What a great gift!

 

[rocketriter]

Some members of our family tied up their bequests with all sorts of strings attached. So I can speak from the heart when I say that your grandfather sounds like a wonderful man, and your own decision to buy DVC points that will "pay forward" to your family for many years sounds terrific.

 

[wildcatwmn]

Right now, you can get a $1500 incentive, so you now have $11500 to pay towards your 150 points. A home equity or short term financing on the rest ($1850) will be easy through Home Equity or Disney (at a much higher rate) and the points are going up in April, so I would sign in the next couple of weeks. You have 60 days to close. You could even pay the $1850 on your card, and transfer to another that is offering a 0% on balance transfers for a year.

 

[mickeyc]

Sorry to hear about the loss of your granfather. It seems he provided you with an opportunity to go to Florida, which he seemed to enjoy.

In addition the above you may want to consider purchasing a DVC contract via resale. I think the going price for a resale is between $70 to $74 per point depending upon the amount of points that have been banked in the contract. Beware of some contracts that have a low price because they have very little points available to use as a result of barrowing.

The timeshare store sponsors this board and I have purchased thru them. They are very reliable and will provide good service. Good luck I am sure something will work out for you, and I think it would make your granfather happy.

 

[Cruelladeville]

Make sure you have a credit card that has benefits if you charge on it, like American Express Rewards, for example. Charge your entire purchase on the card--they will bill you in chunks if you would like--so you can get the points on the credit card, then pay it off with the inheritance when the bill comes. That way you are getting 11,000 points. If you go with Disney financing, charge everything except the part you are financing. I just found out you could do this, so I paid off $10,000 contract by putting it on the Am Ex, and paying for it with an inheritance that my Dad had given us. What a neat thing to do! I hope I am that smart when I am 85!