DVC V. Resale & lots of ???

[ChgoLaniteVal]

I have been reading the DVC posts for some time & I have some questions.
I spoke to a guide yesterday & he told me about the incentives ($1200 or free vacation) he would not tell me more until I received the info packet in the mail. So does this make buying direct more attractive? (Leaning towards SSR.)

Also, do I choose the month I wish to vacation in? What are financing options, downpayments, closing costs? What about using your points for other than Disney vacation? Can you eventually transfer your timeshare somewhere else or are you always locked into your original purchase location?

Thanks for any help!

 

[Juliet25]

I have been reading the DVC posts for some time & I have some questions.
I spoke to a guide yesterday & he told me about the incentives ($1200 or free vacation) he would not tell me more until I received the info packet in the mail. So does this make buying direct more attractive? (Leaning towards SSR.)

IMO, buying SSR directly through Disney is probably the best way to go. You don't have to worry about closing costs, plus you can take advantage of the awesome deals they've got going ($8 off per point or a free vacation if you're a shareholder). Buying a resale through some place other than Disney might make more sense depending on other variables.

[/QUOTE]Also, do I choose the month I wish to vacation in? What are financing options, downpayments, closing costs? What about using your points for other than Disney vacation? Can you eventually transfer your timeshare somewhere else or are you always locked into your original purchase location?

Thanks for any help! [/QUOTE]

Financing through Disney is 10% down with different payment plans available. I just recently purchased BWV from Disney using 10 year financing. It comes to about $170/month, plus yearly dues. There's no pre-payment penalty, so any amount over the monthly payment goes towards the principle. No closing costs through Disney.

I'm not sure what you mean about transferring your timeshare. The hallmark of this program is flexibility (ie, you buy at SSR but can stay at VWL), so it's kind of moot, kwim?

Good luck with your decision!

 

[carolina_yankee]

It sounds like you're interested in financing - if so, I'd recommend the $1200 rebate over the vacation. They'll ask for 10% cash down, but apply the other $1200 to your downpayment, making your financed amount that much less. Interest was 9.75% (direct debit) or 10.75% (non-debit) and you can finance over 1-10 years, depending on amount down and what you plan you choose.

Disney plays closing costs. If your purchase soon, your use year is likely to be August or September, which means you'll get your 2005 right away - that's like a free vacation right there. You'll definitely want to read the information and invesitgate the various options to see what's right for you.

Dirk

 

[vascubaguy]

I have been reading the DVC posts for some time & I have some questions.
I spoke to a guide yesterday & he told me about the incentives ($1200 or free vacation) he would not tell me more until I received the info packet in the mail. So does this make buying direct more attractive? (Leaning towards SSR.)

The attractive aspect of buying direct is ease of the purchase and the amount of time it takes. They also have easier financing options. However, resale purchases can save you some money.

Also, do I choose the month I wish to vacation in? What are financing options, downpayments, closing costs? What about using your points for other than Disney vacation? Can you eventually transfer your timeshare somewhere else or are you always locked into your original purchase location?

Thanks for any help!

Yes, you choose the month in which you vacation, DVC does not use set weeks. You get points to use at any time during the year.

Financing has been listed above... downpayment is at least 10% down. Note, they will allow you to use the $1200 incentive towards the downpayment, but you still must pay at least 10%. They have several options for financing, I would recommend if you are going to financing thru DVC to use the 10 year plan, and expect to may more each month to get it paid off sooner. The interest rate is just under 10% if you use direct debit, otherwise I think it is over 10%. That info will be in the packet you receive.

You can use your points to trade into II; however, most say this isn't necessarily the best use of points.

If you buy at one DVC, you can use your points to stay at other DVC resorts. The only different in the use of the points with DVC is the amount of time in advance in which you can book your vacation. For instance, if you purchased a contract at SSR, you could book your vacations at SSR 11 months in advance. If you wanted to stay at BWV instead, you would not be able to book the BWV ressies until 7 months in advance. All accommodations are based on availability and first-come first-served.

You can't "transfer" your ownership to a different resort without selling your contract and purchasing a different contract at another resort.

I hope that helps.

 

[J and R's mom]

....Also, do I choose the month I wish to vacation in?

You will be assigned a Use Year (UY) which will have a month attached to it. For example, you may be given an August UY. What that means is that every August 1st you will receive your annual allotment of points for the upcoming year. The UY also helps determine banking deadlines incase you don't plan on using all of your points in a given UY and want to move them into the next UY.

However, just because you have an August UY doesn't mean that you have to vacation in August. As has been mentioned already, you can vacation anytime of the year that you wish as long as there is availability. For example, you may want to stay at VWL in July and BWV in Dec and SSR in Mar. As long as you have enough points and there is availability, you set the location and schedule.

If you buy through Disney you will have some flexibilty in picking the UY you feel is best for you. If you buy through resale, you will have to take the UY of that existing contract.

Good luck and hope that you decide to join the DVC family soon!

 

[bounceliketigger]

Re-sale could be much less expensive, however be aware of very low cost per point, because you would likely loose it on Disney's ROFR, unless the points aren't avail. for awhile. You could put in an offer, wait a month, only to learn that you have lost the deal to Disney. We decided that would be too disappointing & a big hassle. Furthermore, the Disney financing was really the best deal. The rate is 9.75 if you direct debit & they do not report to credit agencies so it does not show up against your debt to income ratio. Some have said that the rate isn't the best, which it isn't, but it is a mortgage rather than a home equity line, credit card or personal loan finance, which in my humble opinion are not great financing options for this.

 

[senecabeach]

ChgoLaniteVal...

If you wish...go to your CP section (up top) of the DIS and allow PM's (private messages) to be sent to you ....and I'll send you "bunches of stuff" for your consideration!!

 

[ChgoLaniteVal]

I think I enabled the PMs. I got the DVC Purple packet of information today. Welcome to offer any info...