Can you purchase through Disney, get incentives, but go through another bank?

[dcibrando]

Can you purchase through Disney, get incentives, but go through another bank?

 

[CarolMN]

Yes.

Disney does not require you to finance through them. If you do not finance through them, they will require full payment less your down payment at closing. They don't care how you come up with the money, LOL.

Best wishes -

 

[tjkraz]

If you're thinking of buying SSR, you might want to find out if any interest-free period is being offered through DVC. DVC has been pre-selling units in incomplete buildings for some time now. In these situations, the down payment was due immediately, but monthly payments did not begin nor did interest accrue until the closing actually happened several months down the road.

Since there are no pre-payment penalties, you could simply pay off the balance before any interest began to accrue.

If you really want to get creative, you could do something like this:

1. Finance through DVC and let the balance "float" until just before interest begins to accrue.
2. Pay off DVC with a credit card to earn reward points.
3. Pay off the credit card with a home equity line or other low-interest note.

Of course, you'll have to check and see if they are still in a pre-sales mode. That may not be the case since they started opening new buildings back in March.

And, if you're interested in buying a resort other than SSR, it's a moot point since they won't send you a contract until the points are available.

 

[dcibrando]

ok say I purchase through disney but want to go through my home bank for the loan... why would disney still require a down payment of 20% when I would be giving them a full check anyways (from the loan)

 

[tjkraz]

ok say I purchase through disney but want to go through my home bank for the loan... why would disney still require a down payment of 20% when I would be giving them a full check anyways (from the loan)

When you call and say "I want to buy", they'll ask you for a good-faith downpayment. $500 charged to a credit card is more than enough. (This money is fully refundable if you should later decide to not go forward with the purchase for any reason.)

DVC will draft all of the formal paperwork and send it to your home along with a few free promotional goodies (backpack, litho, etc.) If you opt not to finance through DVC, the docs must be returned with full payment. It's at this point that you can obtain a check for the balance and return it with your signed, notarized agreements. They ask you to return the docs within 30 days, but it won't be a problem if it takes you longer than that.

 

[dcibrando]

do you still get the 'goodies' if you purchase a resale?

tks.. you are VERY helpful!

 

[tjkraz]

do you still get the 'goodies' if you purchase a resale?

No. A resale transaction occurs completely independent of DVC. Once you're in their system they will send you the Vacation Planner with point charts and room layouts. They'll also send you your ID cards.

And you'll be treated the same by DVC regardless of whether you buy from them or resale. But no goodies. However, you can probably get the items off of eBay for less than $100 if you really want them.

One of the big advantages to buying direct is the ease of purchase. If you go resale, you're probably looking at 60 days from offer to closing, assuming you get through ROFR the first time. With DVC you can often agree to buy and actually make your first reservation in the same phone call.

Buying a resort like OKW, HHI or VB on the resale market will save you considerable money over DVC's prices. For other resorts, you'd have to do the math. Seems like the asking prices for most other resorts via resale is pretty close to DVC's prices once you factor in closing costs and dues.

 

[dcibrando]

I'm having a hard time of deciding if buying HH (with more points) on a resale is better than spending more $ and going through disney for SSR (for less points, but the membership lasts longer)

*sigh* help me! haha