Disney financing

[M&Mwish]

We visited the BW in May of 2000 and fell in love with it and the idea of DVC. Unfortunately it wasn't the right time for us to commit. I've been reading the DVC boards for a while and this is my first question. At our meeting with DVC we were offered Magical Beginnings and Disney financing. I know that the Disney financing offer was only good for 30 days. Is that really a one-time only offer? Do they offer other financing at a different rate? Is it possible (I hope) that the offer was presented for BW and we can start over if we commit to another property? Just wondering as we might take the leap soon! Thanks.

 

[Rock'n Robin]

Yes, you are in the system so you can't get the special low financing you could have gotten last year. However, financing is still available. The rates differ according to the term of your loan. We just did an add-on for a 7 year term; the rates would have been lower if we had done 3 or 5 years, higher for 10. These rates are all double-digit if I remember right, low teens. I did use a small amount of magical beginnings--you can still do that as long as you buy minimum of 100 points, but now I believe it's only $5 a point. Someone correct me if I'm wrong.
Robin M.

 

[ripleysmom]

You're not wrong on the one-time only thing Robin...as we found out later

 

[drusba]

I would not rule out getting the lower rate. The 30 day rate offer is about 1% point less than otherwise offered; both are actually less than financing for timeshares elsewhere (other than a home equity loan on existing home). You had the presentation for BWV not VWL (which was not for sale then). If you call and do a phone sale now, I believe there is a good chance you can get the lower rate at VWL; we had previously viewed OKW before buying at BWV after it opened, and we were offered the special rate on BWV.

If possible avoid Magical Beginnings if purchasing at VWL. They used to buy back first years points for $10 per and apply it to your down payment. Now it is only $5 per point which is not a good deal--you could purchase and turn around and rent your first year's points at $10 per on this site's rent/trade board.

 

[kda]

I agree with drusba. We had taken the tour several times (OK, 3 times) in the last 8 years. The first two times we just couldn't swing it, but last May we were all prepared to buy. Then I got ticked off at the guide because I didn't feel he explained our options well enough, and we didn't know we had to sign the contract at WDW to be eligible for MB. This May we took the plunge. I called and requested a different guide, and he told me that since our previous tour had been at BW and we were now going to buy at VWL, we qualified for the lowest financing (I think it's 10.9%, with 20% down and direct debit from our account). Last year's financing was 9.9% with those same conditions.

 

[ErinC]

We took the tour of BW in 98. We decided to purchase VWL a few weeks ago, and are currently going through the purchasing process. We got the 10.9% because we had never inquired about VWL before.

 

[DOOGIERUNNER]

I bought our first 200 points and financed through Disney... at 9%. We've since purchased two resales and have taken out a equity load at 7.1% for all three and paid off the original loan. If you own your own home and are fortunate enough to have some equity built up then I would suggest home equity. It's tax deductible + inflation. The way I view it we're only paying 3% real cost for the loan. Now my wife and I have somewhere to go when we retire for 8-9 weeks. Provided DVC manages their annual dues... it's worth every penny to us!