DVC Downpayment?

[mdmbdumont]

What is the typical downpayment if purchasing and financing through DVC? A percentage(how much?),or a fixed dollar amount?

I am glad we had this snow day today. I would probably have never stumbled on this site, if I did not have so much unplanned time on my hands...

Michael

 

[spiceycat]

there are at present two plans - one with 20%down, the other with 10% down. You get a better interest rate with the 20% than the 10 of course. You also get a better interest rate with automatic draft.

 

[mdmbdumont]

so... a 200 point purchase would be $72 x 200 = $14,400.

10% down would be 1440 or 20% would be 2880.

If I did 10% and sold 100 points back under Magical Beginnings I would need approximatley $440 out of pocket. Then...if I did automatic draft out of checking I would also get a slight benefit on financing.

Are they making this too easy

Michael

 

[drusba]

Your figures are correct as the amount you get under the buyback of points by Disney is applied to your down payment percentage. Yes, they do make it easy.

 

[slimplaw]

You also have your maintenance fee which is charged yearly. They will also deduct this from your checking monthly if you want. For VWL, it is around $3.70 per point.

 

[ripleysmom]

Also they have a special interest rate which is good for 30 days only from the time you take your first tour. If you purchase DVC sight unseen by telephone and your guide doesn't bring it up, ask for it.

Kimberly-Lucas and Ripley's Mom

 

[going2wdw]

There is a minimum down out of pocket of $500 so in your calculation you would actually need $500 down and the rest of MB makes your actual deposit a little over 10%. I asked my quide this question while I was trying to decide if the 20% down for a lower interest rate was worth it.

Janette
WDW

Offsite ? - 1976, Vistana - 1988
Vistana/Contemp - June 2000, OKW - Feb 2001
BWV - DIS Convention Nov 2001
Disneyland - 1998

 

[GCM13]

I just had our guide fax us a sheet with their financing options. It says it is special financing and is only good for purchases made within 30 days of sales presentation (which we didn't take). The options it gives are: 50% down, payments made over 1 year at 5.95% or 20% down with payments made of 3, 5, 7, or 10 years at 10.95%. He also told me that you can put down whatever percentage you want. So if you purchase 200 points and sold back half, your down payment would be 1880 if you put 20% down. You would finance 11,520 at 10.95% no matter how long you choose to finance it.

 

[mrhodes]

You got great advice from everyone above. Would just add that if you planned to do half of your points back under the MB program, it would be best to do this while they are still giving out 2000 year points. I'm told that this may stop in March, once they get to selling use years where points are six months or less out. Right now you can give back 1/2 of your points in year 2000, still have 1/2 of the points to use, and in just seven months have another set of points available. However, the 2000 year points does have a time limit.