Dumb question....

[Desiree]

If you finance your DVC purchase through Disney for 5 or 10 years, do you also have to pay the annual dues in addition to your monthly payments?

I've been reading up on DVC as much as I can but I don't think I've found that answer!

Thanks in advance!

 

[Granny]

Yes, you pay annual maintenance fees regardless of whether you purchase with cash or finance.

 

[Desiree]

Thanks Granny!

 

[Laurabearz]

You can pay maintinence either in one lump sum in January or you can pay them monthly.... regardless if you paid in cash or are financing....

 

[rocketriter]

You can have your monthly or yearly dues automatically deducted from your bank account. You can also pay ahead on your loan. We got a small windfall last year and sent a couple of thusand dollars in to DVC, which shortens the loan. In addition, DVC will slightly lower your interest rate if you agree to automatic bank withdrawal. With this in mind, we set up an automatic withdrawal every month for about 50% more than is actually due. The amount is still small enough that it doesn't affect our budget much, but DVC applies the overage directly to principal and so the loan will pay off much quicker with much, much less interest. The bottom line is that we're paying off more quickly than we planned, paying a lot less interest than is scheduled, and in another year or so we'll be down to just those monthly dues, which aren't bad at all.

 

[Desiree]

Thanks so much Laurabearz and Rocketriter! That's good to know! I'll have to share this info with DH and maybe he'll be more inclined to go ahead and buy it much sooner than anticipated! We were thinking about buying in about a year or two.

 

[Simba's Mom]

Just to add, you can have your dues and your monthly loan payment taken from 2 separate locations. We have dues taken from one account, loan from another.