we are looking into getting as of write now. i do have a few questions though. i know disney offers financing. does anyone one know what the rate is and for how long? also i have heard people saying you get free stuff by joining through disney. another question is, id it better to buy through disney or resale? another is we were in disney last week and i saw vans goign around with dvc onthe side. what r they used for? i am going to call disney but just wanted to know a few things befoer i call
DVC questions
- Thread starter bears163
- Start date
Beca
Apparently, we all have more money than brains!!!
- Joined
- Mar 5, 2004
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- 4,676
Hi,
Welcome to the DIS!!!!
DVC does offer 10 yr. financing. It is 9.95% if you put 20% down, and 10.95% if you put 10% down. It IS a "mortgage", so interest can be deducted from your taxes.
Free stuff thru DVC?...Well, they have special promotions going on regularly....I'm not sure what is available to new members. Usually it is something like "if you sell us your first year's points, we will deduct $5 from the cost of each point", or a free vacation if you do NOT take the $5. That $5 per point savings can go towards your down payment.
Other than that...free stuff is like a back[ack (which you can buy pretty cheaply off of ebay).
Better to buy DVC or resale...THAT is the million dollar question. The motto of this board is pretty much "buy where you want to stay." If you want SSR, you are probably better off buying through DVC...but, some are starting to come to the resale market. If you want a "sold out" resort...you are probably better off buying resale. DVC is offering them to new members when they have them...but, I was on the waitlist for over two months with NO luck...and, I was number two on the waitlist!!! But, you can always call a guide and see what is available...you may get lucky!!!! But, resales will save you money over DVC, but then you have to find financing. A lot of people take advantage of the 2.9% credit offers on credit cards, and others put it on an equity line of credit. Tammac financial will finance it for you at the same rate as DVC, but the term is only 5 yrs.
If you want to look at some websites, I would start with The Timeshare Store (which sponsors this board...so, the link is at the top of the page), and you can pm me, or RuthnPaul has a "complete" list as well...I'm sure you can pm her, too. But, the timeshare store has more DVC listings than any other broker, and is a good place to get started. But, if you decide to buy resale...get the complete list and start looking at ALL of them...some other brokers have great contracts "hiding" from wide view.
I think the DVC vans are used to take "prospective buyers" around to see the properties.
Good luck, and please feel free to post other questions!!
Beca
Welcome to the DIS!!!!
DVC does offer 10 yr. financing. It is 9.95% if you put 20% down, and 10.95% if you put 10% down. It IS a "mortgage", so interest can be deducted from your taxes.
Free stuff thru DVC?...Well, they have special promotions going on regularly....I'm not sure what is available to new members. Usually it is something like "if you sell us your first year's points, we will deduct $5 from the cost of each point", or a free vacation if you do NOT take the $5. That $5 per point savings can go towards your down payment.
Other than that...free stuff is like a back[ack (which you can buy pretty cheaply off of ebay).
Better to buy DVC or resale...THAT is the million dollar question. The motto of this board is pretty much "buy where you want to stay." If you want SSR, you are probably better off buying through DVC...but, some are starting to come to the resale market. If you want a "sold out" resort...you are probably better off buying resale. DVC is offering them to new members when they have them...but, I was on the waitlist for over two months with NO luck...and, I was number two on the waitlist!!! But, you can always call a guide and see what is available...you may get lucky!!!! But, resales will save you money over DVC, but then you have to find financing. A lot of people take advantage of the 2.9% credit offers on credit cards, and others put it on an equity line of credit. Tammac financial will finance it for you at the same rate as DVC, but the term is only 5 yrs.
If you want to look at some websites, I would start with The Timeshare Store (which sponsors this board...so, the link is at the top of the page), and you can pm me, or RuthnPaul has a "complete" list as well...I'm sure you can pm her, too. But, the timeshare store has more DVC listings than any other broker, and is a good place to get started. But, if you decide to buy resale...get the complete list and start looking at ALL of them...some other brokers have great contracts "hiding" from wide view.
I think the DVC vans are used to take "prospective buyers" around to see the properties.
Good luck, and please feel free to post other questions!!
Beca
The lowest finance rate you can get now is about 9.75%. That's with 20% down payment. Maximum finance period is 10 years.
If you purchase direct from DVC you will receive a DVC backpack and a lithograph of the resort. Those are the only freebies.
If you ask 10 people the DVC vs. resale question you will probably get 5 who say resale and 5 who prefer direct. The first question you need to ask yourself is if you have a strong preference for one resort over the others. If so, that's where you should buy--whether it's resale or direct.
If you don't have a strong preference, will you be able to consistently book your stays more than 7 months ahead of time? If not, it really doesn't matter which resort you own as they playing field is level for bookings of 7 months or less.
That said, if you buy points at SSR direct from DVC, the major benefits are:
- DVC will finance the purchase for you.
- The process is very simple. You can literally give them a verbal commitment, place a $500 deposit on your credit card, and make your first reservation in the same phone call.
- You get a contract 12 years longer than the other resorts.
Buying a resale will save you money, but none of the above apply:
- You'll have to secure your own financing.
- You will have to find a contract, negotiate a price with the seller, wait on ROFR, and so on. All told, buying a resale takes about 6-8 weeks to complete, assuming you pass ROFR on the first try and don't have to start the process all over again.
- The contract will end in 2042.
I don't mean to knock the resale process because it really can save you upward of $1000 on just a 150-pt contract. But there's no question it is a complicated and time-consuming process.
The DVC vans you have seen are used to transport folks from their resorts or the theme parks to the DVC sales center for a tour. If you are planning a trip to WDW in the near future, I highly recommend scheduling a tour.
If you're wondering if DVC provides some sort of transportation service after members have purchased--no, that is not the case.
If you purchase direct from DVC you will receive a DVC backpack and a lithograph of the resort. Those are the only freebies.
If you ask 10 people the DVC vs. resale question you will probably get 5 who say resale and 5 who prefer direct. The first question you need to ask yourself is if you have a strong preference for one resort over the others. If so, that's where you should buy--whether it's resale or direct.
If you don't have a strong preference, will you be able to consistently book your stays more than 7 months ahead of time? If not, it really doesn't matter which resort you own as they playing field is level for bookings of 7 months or less.
That said, if you buy points at SSR direct from DVC, the major benefits are:
- DVC will finance the purchase for you.
- The process is very simple. You can literally give them a verbal commitment, place a $500 deposit on your credit card, and make your first reservation in the same phone call.
- You get a contract 12 years longer than the other resorts.
Buying a resale will save you money, but none of the above apply:
- You'll have to secure your own financing.
- You will have to find a contract, negotiate a price with the seller, wait on ROFR, and so on. All told, buying a resale takes about 6-8 weeks to complete, assuming you pass ROFR on the first try and don't have to start the process all over again.
- The contract will end in 2042.
I don't mean to knock the resale process because it really can save you upward of $1000 on just a 150-pt contract. But there's no question it is a complicated and time-consuming process.
The DVC vans you have seen are used to transport folks from their resorts or the theme parks to the DVC sales center for a tour. If you are planning a trip to WDW in the near future, I highly recommend scheduling a tour.
If you're wondering if DVC provides some sort of transportation service after members have purchased--no, that is not the case.
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