DVC Question - Deposit and Balance

[gmgohara]

Hi

I am on the verge of making a decision to buy-in to DVC (SSR)

Could someone answer a few questions for me ??

1. If I agree to purchase, what amount of deposit is required and can I pay this via Credit Card.

2. At what point would the final balance for purchase be due. Is that immediately or several weeks after deposit etc / on closure etc.

3. Is there a discount on maintenance dues for 2004 on SSR due to purchasing at this time of year / SSR not opening until May

4. Would I be able to have a choice of "use year" or is this determined by DVC

Thanks and regards

 

[disnutt]

I can give you a partial answer based on my situation when I bought SSR.

1. I had to pay a minimum of 20% down to get the best level of financing. However, that included a $5/pt 'rebate' DVC was offering right before the price increase. I did not opt to use the Magical Beginnings because I wanted all my pts for this year but I understand that the amount they return to you is counted into the amount of your downpayment thereby reducing the amount you would need to pay yourself.

2. I paid a $500 initial downpayment by credit card the day I decided to by. Then, I've made 2 more deposits by credit card to spread them out over a total of 3 cycles so I don't accrue interest. (My last downpayment charge will be May 3). My paperwork says I don't make a 'real' payment until June 15.

3. I believe your maintenance fees are prorated according to your closing date. Not sure because I'm using all mine up soon!

4. I think there was some flexibility of use year month. I didn't mind my April year so I didn't pursue this. Just ask your guide.

 

[tjkraz]

Assuming you are going to pay the entire balance yourself, a CC deposit of $500 will get the ball rolling. From there, DVC will work with you to get the rest paid off (as disnutt described.)

Someone correct me if I'm wrong, but I believe DVC has an interest-free option where you can put 50% down and agree pay off the remaining 50% within one year.

Dues will be prorated over the remainder of the calendar year. Bear in mind that you will likely be buying into Building #3 of the SSR development. Building 3 is not scheduled to open until July 2004. This means that you could not begin to use your points until July (after the date the building opens), and the opening date would also be the basis for the prorating of your Dues.

You could also select a Use Year later on the calendar, which would defer your dues payments further.

Your DVC Guide will probably try to sell you whatever Use Year they are currently marketing. I don't think they do this to be deceptive, rather most people really don't care and just take whatever is offered. Realistically you can request whatever UY you think best suits your travel plans, and, particularly with SSR, they should be able to accommodate.

 

[wtpclc]

Additional clarifications:

The 50% down rate was ~6% and you could take another point off for auto withdrawl. This must be paid in 1 year though.

I was told that maintenance fees did not start until my use year. I was able to choose, no problem.

For 150 points at SSR, $500 was teh deposit.

The final downpayment was due at time of closing (that was about a month out for me). This can also be credit card. My "guide" put the $500 down payment from my card right away, but was going to set the remainder to come off of teh card at the time of closing.

Closing time will be in your documents or you can ask the guide whe the final payment is due.

Hope that helps!

 

[dianeschlicht]

The 50% down rate was ~6% and you could take another point off for auto withdrawl. This must be paid in 1 year though.

Yes, and that is what we did so we could make our purchase with no payments every month. We just paid it off after we got home.

 

[tjkraz]

Originally posted by wtpclc
Additional clarifications:

The 50% down rate was ~6% and you could take another point off for auto withdrawl. This must be paid in 1 year though.

Thanks. Guess I was being a bit more generous than DVC.

Perhaps this was part of the initial terms advertised for SSR. We purchased back in September '03, and ALL interest is waived through June 1 '04. Could be that they waived interest for the entire year under the initial terms of this 50/50 offer.

I was told that maintenance fees did not start until my use year.

Use Year OR the opening of the resort building, whichever is later. For someone buying into Building 3 (opening July '04), a February Use Year would begin dues 7/1/04. A December Use Year would begin dues 12/1/04.