Dvc postcard

[ticketwm35]

Hi there yesterday we got a postcard in the mail for the purchase of dvc.It said I could get a 1,500.00 dollar creit towards my purchase.Does anybody know if this can be used for part of the downpayment.How much do they require you to put down?I would buy 150 points.We are going back this August and have been thinking about buying into Dvc.We looked at them on our last vacation in 2001.Didn't buy then thanks to lay off after 9-11.Can someone answer this question for me.

Ticketwm35

 

[RobDoc]

Yes, the $1500 amount could be applied to the downpayment. You would still need a $500 minimum out-of-pocket payment besides, I believe.

This is called Magical Beginnings and will mean the loss of your first year's points in return for the $1500 (on a 150 point contract). The points will probably be from the fall of 2002 and you will then receive another 150 points in 2003.

If you have other questions about DVC or the process, please feel free to ask.

Welcome to the DIS!

 

[ticketwm35]

Hey,
WebmasterDoc Do you know what the monthly payment would be? What are the annual fees running also?

 

[doubletrouble_vb]

Your monthly payment would depend upon the mechanism you choose to finance your purchase and the period of time you elected to pay off the purchase.

Maintenance...also depends on what you bought. But somewhere between $3.75 and $4.00 a point probably covers it for what would be available to you through disney...I'm sure other people have precise numbers.

 

[bcvprincesses]

The dues per year at BCV for 150 points would be $595.92 or $49.66 a month. Hope this helps.

 

[Caskbill]

Here are some typical figures:

If you bought 150 points at $84/point = $12,600

Sell back Magical Beginnings = 12,600 minus 1,500 = $11,100

Pay an additional $500 down payment, and balance = $10,600


Finance $10,600. I don't know what rates you would get so I did 8% and 10% just for examples.

8% 5-years = 214.93 / month
8% 7-years = 165.21 / month
8% 10 years = 128.61 / month

10% 5 years = 225.22 / month
10% 7 years = 175.97 / month
10% 10 years = 140.08 / month

Additionally you would have the dues payments of 49.66 / month as quoted by bcvprincesses.

Keep in mind that monthly payments over a long time can be big in finance charges. For example $140.08 / month for 120 months = $16,809 total, or (16,809 minus 10,600 loan) = $6,209 in finance charges.

Hope this helps.

 

[sandieb]

Great breakdown, Caskbill. While I have a fair amount of points, I wish I had another 150 to play with. It is tempting - I am sick of putting money into losing stock market accounts. At least this way I could have some fun! Sandie