Financing & Saratoga Springs

[patiruss]

Hi Folks,
My husband and I are seriously considering buying into the DVC at Saratoga Springs. Can anyone tell me what is offered for financing, such as, terms of loan and the current interest rate? I would appreciate whatever information you can share. We plan on being there from 12/29 through 1/4 and would like to have as much info as possible now, so we make the best decision then. Thanks in advance for your help.

 

[cruise-o-matic]

I believe that if you put 1/2 down and plan to pay it off in a year, it's 4.95%. Otherwise you can put 20% down (and part of that can be the $10 discount they are currently offering) and the rate will be 9.75 with terms of up to 10 years.

There is no guaranty that they will still have the incentive in place in a couple of weeks. If they do still have the incentive AND you take the tour, you have 3 days from the end of your vacation to call DVC and get the incentive.

My advice is this:

If you have alternative ways to finance, look at resales. You can pick up an OKW contract, sometimes with banked points for about $75 plus closing costs, which would make your real costs about $77-78 pp. Plus OKW has the lowest mainenance fees. You could also pick up a Hilton Head contract for $5 pp cheaper, but you wouldn't be able to book at WDW until 7 months out. HH has the 3rd lowest dues after OKW & SSR.

The drawback to resales is that SSR has 12 more years than the others plus withg resale, you have to go through the Right of First Refusal process.

If you are dead set on SSR, go ahead and contact DVC and ask them to send you a contract NOW while you know the incentives are still in place. You have up to 60 days to sign before Disney cancels it plus 15 more days right of recision once you sign and send back. If after your trip, you decide that you want fewer or more points, DVC will adjust your contract and still give you the incentive on all the points you buy. Plus you still don't have any payments until May.

Or you could do the hybrid approach. Get a contract from DVC. While you have the time to sign, keep checking the resale market to see if you find a resale you like.

 

[poohj80]

We arranged for financing through Disney when we bought into SSR because the first payment was not due until our building opened up (7 months after we purchased). Just prior to our first payment being due, we paid off the balance with a home equity line of credit so we ultimately had 7 months no interest and still get to write off the interest on our taxes.

 

[TEK224]

Since WDW is selling SS Phase 2 now, when will they begin selling phase 3?
Any ideas?

Terri

 

[patiruss]

Thank you for your input....
We will probably be buying into Saratoga Springs when we get there on Dec.29th. There is a $10/point incentive being offered and we are lucky enough to be eligible for a Cast Member discount, thanks to our new daughter-in-law. Financing is offered up to ten years at 9.75% interest and a minimum of a 10% downpayment is needed. Our use year will not start until June of 2005, but neither will any payments.
We are excited and plan to use it for family get-togethers.

 

[whois figment]

I just seen the post above that cast mebers get a discount. My uncle works for Disney does anybody know if he can get me a discount? I know I could just call and ask hime but I don't want to bother him.

Thanks
Kevin

 

[sap1227]

I just seen the post above that cast mebers get a discount. My uncle works for Disney does anybody know if he can get me a discount? I know I could just call and ask hime but I don't want to bother him.

Thanks
Kevin

No, you are not related enough (my aunt called to see if she could get it for us and was told it had to be parents, children or siblings---neices and nephews were not close enough). I was so sad, but it did not stop me from buying!!