Down payment Question

[Kuzco]

I'm not yet a member, but seriously considering it. When making a down payment, do you pay by check/cash or credit card, or can you do either?

I'm also having a hard time finding information on closing costs. Can anyone point me somewhere?

Thanks in advance!

 

[Disney Spaz]

You can do either. I put our deposit on my Disney Visa and received the Rewad Points. As for closing cost with your first contract you pay anywhere from 33% to 50%. We bought 200 points in July and paid a little over $300 in closing. Once you are a member you pay no closing costs.

 

[mgroshans]

we bought 100 point to AKK, paid $251 in closing costs and $500 downpayment, both on our disney visa, financed the rest thru disney. got $8 off per point.
there are prefered and standard financing thru disney. we got standard, even though we both had credit scores in the 740's. our guide said disney is pretty much giving people "standard" rates for some reason. we financed for 10 years, but plan to get it paid off in 5 years. the interest is tax deductible, which is good.

 

[thelionqueen]

We just did financing through Disney for BLT. It is 10% down (verified funds, credit card) but Disney is paying $5 per point financed for the down payment. For example, if buying 200 points, the total price being $22,400 your down payment would have been $2,240. Disney takes the incentive of $5 off per point and uses it towards your down payment (if you choose) for a total down of only $1,240. Leaving the balance of approx. $21,200 left to finance at 14.25% for 10 years.

We have a FICO score considered as "very good" credit, and that is the rate we got. Our guide said that the rate is what nearly everyone is getting because of the current credit crunch. Is much higher than I expected, but we are not planning on keeping the contract very long so it did not make that big of a difference for us.

Keep in mind, these are figures from Disney for our BLT contract. Different DVC's or incentives could change this info.

 

[oldcarrot]

You can do the down payment with any credit card I believe. With Disney VISA there is no interest on $2500 for 6 months if that is a consideration.

 

[shelby101301]

We bought last Feb. while we've been thinking of buying for years, we hadn't planned on buying this time around, but loved the incentives.

Since we hadn't planned on it, we just used a credit card for the down payment, then decided to "pay the balance" with our home equity line. It's still tax deductible and we plan on having it paid off in 2 years through work bonuses and tax refunds.

I didn't know that there are no closing costs on future purchases...that's good to know. We bought only the min 160 for our family of four, not realized we got pregnant on that trip making us a family of 5! LOL

 

[oldcarrot]

We bought last Feb. while we've been thinking of buying for years, we hadn't planned on buying this time around, but loved the incentives.

Since we hadn't planned on it, we just used a credit card for the down payment, then decided to "pay the balance" with our home equity line. It's still tax deductible and we plan on having it paid off in 2 years through work bonuses and tax refunds.

I didn't know that there are no closing costs on future purchases...that's good to know. We bought only the min 160 for our family of four, not realized we got pregnant on that trip making us a family of 5! LOL

Yeah..I sort of did the same. Except I paid $2500 on Disney VISA which is interest free for 6 months. And the balance I paid with my American Airlines MasterCard to get the airline miles...and I'll pay this off in full with my home equity line to get deductible interest to avoid any credit card interest.