Did you finance your DVC? Also, anyone else purchase from the Timeshare store?

[mickerbaby]

We are thinking of buying into the DVC through the timeshare store (want to purchase less than 150 points and we want to buy into a resort other than SSR). Have you done this? How did it go?
Also, the purchase would be about $10,000. We want to put down $3000 and finance the rest with a finance company at a rate of 12.5% (no fees and no penelty for prepayment) for 5 years. That way we could afford to do this with only a low monthly payment. Is this financially stupid? Has anyone else done this?
thanks!

 

[ACDSNY]

We purchased our first 100 point contract through Pat at the TSS, everything went very smoothly and it took about 6-8 weeks before everything was completed. Did not finance, paid cash.

 

[JC Butterfly]

Only you can decide if it's "financially stupid" to finance something that is a "luxury".

If this is something that stretches your budget a bit, it may not be wise to take on DVC at this time. Also don't forget membership dues and fees added on to purchase price each year.

Another thing you could do is purchase a much smaller contract now, say 50 points and continue to save money in an account to purchase another small contract in a year or two and then another small contract in a year or two. You might find that option will save you money in interest and still allow you to enjoy something now.

Enjoy your debate!

 

[MaryPA]

Purchased 170 Boardwalk points thru Jason at Timeshare Store. He was wonderful - and once he wasn't in and another person answered my questions and was just as nice and helpful! I would definitely recommend them.

Did home equity loan for timeshare purchase and took more and remodeled kitchen. Lower interest rate.

Good Luck in your decision.

 

[Maistre Gracey]

We financed some of our contracts, and payed cash for others (we have six).
We used Disney financing for some, then payed some of that off by bouncing money around the teaser rate credit cards. We're not done yet!

Anyway, we figured even with paying some interest we would still be ahead of the game from a cost perspective.

PS- I don't consider a Disney trip a luxury. It's clearly a necessity!

MG

 

[Buzzsgramma]

Our friends purchased 2 seperate contracts at the BCV's (300pts. & 100pts.) a few yrs ago....I advised them to do this for savings and Pat Spell was their agent, all went well...We own at BWV,which we purchased thur Disney...I do not know their financing arrangements....

 

[kimberh]

We are getting ready to close now with the Timeshare Store. We used Jamie and when she wasn't there someone else handled things for her. We paid cash, I don't know about the 12.5% interest. That's only something you can decide. For us all went smooth once we passed ROFR.

 

[MyGoofy26]

I've been debating financing vs small contracts in cash . . . one thing that I've been using, not sure if you've used something similar, is the calculator at BankRate.com

http://www.bankrate.com/brm/mortgage-calculator.asp

You put in how much you're financing, the length of loan, and the interest rate and it calculates the payment. Then you can play around and figure out how much you can save or how early you can pay off by paying so much extra per month, making extra payments, etc.

 

[dsneygirl]

We dealt with Jason TTS. We financed but used our HELOC which has a great interest rate.

 

[CarolA]

I did finance my first purchase via the Timeshare Store. However, rates were a little lower then, plus I was planning to pay it off when some stock I owned got to the point I wanted it too....

If you use a HELOC it is tax deductible. As I recall the finanicing offered via Timeshare store did not meet the IRS rules for deductions.

I have also financed via Disney which was deductible, but the rate is not that great!

 

[abner1776]

What's stupid for one is not stupid for another. Yes, the interest rate seems high, but only you can decide if it make sense for you financially. Mousesavers.com has a good writeup on DVC and their take on DVC is it makes sense if you do not have to finance the purchase. My conservative financial roots do not permit me to purchase DVC on credit, but I also realize that without people purchasing DVC on credit...there would not be a DVC or a WDW for that matter.

 

[greenban]

Hi:

Here's another 2 cents worth of advise. (A couple more replies, and we can finance your add-on for you, LOL)

I have worked about 6-7 times with the timeshare store. I can 100% recommend them. I have been very fortunate to have Jason as my agent. And if you do a little searching of the threads, you can see how well Tom (the TTS Owner) is thought of. You will have no problems with TTS!

I would not pay 12.5% to finance anything, but that is me. If you can get a second mortgage or a HELOC, I think you will get a better rate and possible tax deduction as well.

Best of luck!

-Tony

 

[Debi]

Silly question for those of you that financed through TSS: what interest rate did you pay? I'm planning on purchasing later this year and paying cash, but I might cave in prior to that and have to finance part of the purchase. What finance rate do they charge? Please PM me with details. Thanks!

 

[sajetto]

I would not pay 12.5% to finance anything, but that is me. If you can get a second mortgage or a HELOC, I think you will get a better rate and possible tax deduction as well.

I have to agree with Tony 12.5% is out of this world. I'd rather wait till I had the money that to pay someone that kind of interest. I hope you can find someone else to finance your purchase through