DVC downpayment and SSR question...

[Mellie2162]

Was reading an earlier post regarding being turned down for financing and thanks to all who responded to my other post regarding finding financing for DVC.

Anywho, I have another question. When speaking to Byron about SSR he told me that they are buying back the first years points and putting it towards downpayment to offset the price, however, you are still required to put down 10%. He said that they would let you spread it out in like 2 payments and that they would work with you.

Well, getting the downpayment is our problem. We can swing the monthly, just cant seem to gather up the downpayment. We have no credit cards and school tuition comes up. So, my question is, (yes finally) should we just wait until we can save up the downpayment or will they work with you and spread it out more than a couple of months? Anyone have any advice on this?

Ok, now for another question. We really don't ever have any intention of staying at SSR. I really don't care for the way it is spread out so much. That being said, should we bother buying SSR? I like the idea of having extra years although I will probably be too old and feeble to enjoy them. I know the difficulty in getting the resort you want at a 7 month window but the ONLY time we will go is in the fall when the crowds are low. What do you all think?

:thewave:

 

[WDWguruDH]

I think they want the downpayment up front - I doubt they can work much more with you. You will probably have to save a couple months to get it.
Since you don't plan staying at SSR, I would look resale, a couple reasons:
1) The number one piece of advice on this board is "buy where you want to stay". The 7 month window can become a problem if you aren't really flexible on where you stay and when.
2) If you go resale, it will cost less, thus less down payment. You can finance through TAMMAC - beware, their longest term is 5 years, if you were thinking 10 years with Disney, your monthly payment will higher - not double, less total interest and less financed, but it will be higher.

 

[arminnie]

You can put your downpayment on a credit card even if you finance the balance.

You could charge the down payment to one card (preferably with some type of reward) and then transfer the balance to another low interest card. There are a lot of good interest rates on balance transfers right now. the interest rates on balance transfers are generally less than for purchases.

 

[canwegosoon]

I think you have to look at your issue of why you can't get the down deposit together, it could be many things and reasons.
I know some have uses refinancing as a means, or you could put a little extra toward your taxes each week, and then file early, and buy a resale or put aside the amount of your monthly payment (for your DVC) into a seperate account until you have enough for a deposit. At least that way you will really know if you can afford it. Good Luck

 

[Mellie2162]

Originally posted by canwegosoon
put aside the amount of your monthly payment (for your DVC) into a seperate account until you have enough for a deposit. At least that way you will really know if you can afford it. Good Luck

I think this will actually be the best idea for us. We have plenty of time before we want to go back, and like you said this will really show us if its what we can afford or not. I believe we can so holding back some payments to make a downpayment shouldn't be a problem for us.

 

[canwegosoon]

Just FYI I did the tax return as the down deposit...I was looking for another tax deduction . Since you have no CC debt, you obviously like to pay things off right away. I hope you have fun picking out a property that you think you would like to stay at. I think you can almost always get a ressie at OKW, and SSR (when it is completed), just based on their sizes. Talk to Byron, and let him know you want another property(it just might take a while)or go resale. Good Luck.

 

[tjkraz]

Personally, I think that if you buy SSR from DVC with no intention of staying there, you would be making a foolish mistake. When fully developed, SSR will have 800 guest rooms. Add this to the 600 at Old Key West, and you have 1400 DVC rooms in "spread out" resorts which you apparently do not like.

The remaining three DVC resorts comprise about 600 rooms.

Of roughly 2000 rooms, you only like 30%.

Also, with regard to your comment about "only travelling in the fall when crowds are low", don't confuse DVC seasons with WDW seasons. October and November are very popular (particularly BWV and BCV) due to the Food and Wine Festival, as well as Thanksgiving holiday. And the entire month of December is popular--first because early-December is the cheapest DVC point season, and then later in the month you have people coming for the Holidays.

On that basis, I would say that DVC is probably not right for you--particularly if you cannot afford to pay cash (or independently finance) a resale which would at least give you home resort priority at the 30% of rooms that you actually like.

 

[Mellie2162]

Originally posted by tjkraz
On that basis, I would say that DVC is probably not right for you--particularly if you cannot afford to pay cash (or independently finance) a resale which would at least give you home resort priority at the 30% of rooms that you actually like.

I wouldn't go so far as to say that. We have thought about this a lot and like anyone interested in buying we are just trying to gather as much info as possible before taking the plunge. It may not be the "right time" for us to buy now, but it is right for us. It may just take us a few months to save up the downpayment.

As far as the WDW and DVC seasons go, I appreciate your pointing out the difference in them. Typically, we only go in September. This is just the time of year we prefer.

I may also be rethinking buying into SSR although I like the fact that it has extra years and may have to consider staying there.

In the meantime, I will keep gathering up info from all the nice folks who are kind enough to throw it my way and continue to save for the downpayment!

By the way, I would say there are probably more than a few who are not able to pay cash for a downpayment or independently finance a resale.

 

[tjkraz]

With all due respect, I think you missed the point of my post.

I wasn't focusing so much on the financing aspects as your interest level in the DVC resorts. In your initial post you said that you don't like SSR because of its spread-out nature. Based upon that sole criticism, I'm assuming you would not like OKW either.

What are you going to do if you cannot book a room at BWV, BCV or VWL?

Having one of them as your Home resort would certainly help, but that still only gives you a 4 month advantage over everyone else. Even if you buy a resale at BWV, BCV or VWL, what happens if you need to change your travel dates 3 months ahead of time and again there is no availability at those three properties?

Simply put, I would certainly not consider spending tens of thousands of dollars on a timeshare if I didn't like 70% of the rooms within the program.

 

[Mellie2162]

No, I got the point of your post. I realize that it may be hard to get reservations at certain times at certain resorts but I don't think it will be as difficult as you make it out to be. I can be flexible with my scheduling. You just won't catch me there during peak times of the year. I would think DVC would still be worth buying into just for the resorts where we want to stay. I guess im just not getting it.

 

[tjkraz]

Originally posted by Mellie2162
I don't think it will be as difficult as you make it out to be.

You're welcome to believe that if you wish. You asked for an opinion, and you got one. I'm not going to tell you how to spend your money.

 

[disneycrazed139]

Maybe you could instead buy a small DVC resale contract at a resort that you prefer--say 50 points to start out instead of buying directly through Disney--I am really not sure what is available at the onsite resorts you are interested in, but it might be worth looking into.

There is a company that I think is named Tannac--someone correct me if you know for sure of the name. I don't know what they require up front (it might even be more than Disney, I just don't know) but I do know that they finance timeshare resales. Even if you didn't finance, and you decided to save up little by little, you could get a little something a little sooner with a small DVC resale contract and maybe at a resort of your choice. The small contracts don't come up too often but I think they are out there. I am not sure if they are available at WLV, BCV and BWV. I know I have definitely seen mini contracts for VB and HH. I have also seen smaller contracts for OKW--like 90 or 100 points. Anyone know if the mini-contracts are ever available for the WLV, BCV, and BCV?

 

[Mellie2162]

Originally posted by tjkraz
You're welcome to believe that if you wish. You asked for an opinion, and you got one. I'm not going to tell you how to spend your money.

You are absolutely right I did ask for opinions.

I do appreciate all of the opinions/advice that I get here and will keep it all in mind when we are ready to make our purchase.