how did you pay w/o financing?

[supernurse99]

We were able to pay cash for our resale because I inherited a bit of money when my father passed away last December. We considered financing when we were in the process of buying DVC because we weren't certain when the estate would be settled. Fortunately, everything worked out. We would consider financing if we ever add on points, probably through a personal line of credit.

 

[dizplanner]

We did pay cash, cashier's check. Bought 150 points through resales so about ~$12,000. Would not have bought if we had to finance or if taking the trips themselvles would be a hardship.

 

[keishashadow]

As indicated in earlier posts, why not buy a small resale on a cash basis and add on later thru DVC if you find you need more points. You can always rent/transfer-in additional points if you need them.

 

[melanie18]

We used our home equity line of credit in 2001. It's paid off now!

 

[byoung]

Paid cash but used Disney Visa card from Disney For 200 pts BWV on June 11th. Paid Deposit with Disney Visa interest free 6 months. 15 days later 1/2 remaining balance on Disney Visa. 45 days later remaining balance Disney Visa. Paying off After each invoice No interest. But we do received rewards credit--Disney Dollars. This payoff was set up by Disney.
Bob

 

[rayelias]

Paid cash.

Wanted to buy a couple years ago, but I didn't want to finance. Saved up a little each month until we had enough.

 

[CarolA]

Keep in mind that some of us purchased when DVC was cheaper which made it easier to pay cash. I just pulled my first contract (OKW at resale) dated 1999. I paid $58 a point! WOW! I had forgotten how little I paid!!!

 

[reedycreek]

i paid the entire $14,700 this way:

$500 credit card deposit - paid off immediately
$1200 credit for incentive program thru disney
===
$13,000 balance

I put the entire balance on a new Delta Sky Miles credit card, cause the credit card gave me 15,000 milesfor joining, plus 13000 miles for the DVC purcahse = 1 free ticket to MCO! i then paid off half the balance in cash on my CC, and the other half transferred to another credit card that has a 3.9% interest rate for the life of the transfer, and will pay that off in 3-4 months.
i'd rather keep my savings and investments intact with that low of an interet rate, and just pay of the balance in chunks each month.

 

[Greg K.]

I had inherited some stock that was doing okay until 9/11, and the bottom fell out of everything. Two years later, the stock hadn't recovered. And DVC was looking more and more attractive. The value of the stock then was about 13k -- roughly the price at the time for a 150 pt "starter kit" at DVC.

So we sold the stock to pay for DVC -- and enjoyed a nice little tax write-off, too!

One of the best investments I've made, imho!

Two years later, we bought a 160 pt add on, through the Timeshare Store, from another small inheritence that we received. It's worked out well for us: we get a great vacation every year, and we haven't had to take a big bite out of our savings to pay for it. We're very lucky.

 

[crisi]

Okay, I have been able to budget really well, and I am interested in DVC. People have said not to finance. If you can't afford it "cash" you shouldn't do it. This confused me.

This question of for everyone who *didn't* finance- did you have 20,000 cash to put out in one lump sum? or is there something here I'm missing?

If I do DVC, I wouldn't want to accumulate extra costs by paying interest on 200-300/mo. payments, but I don't have 20,000 cash! Is there an installemt plan? Is there a way I could make my own plan, say $5000 down and the rest like $1000/mo. to pay if off sooner? Do I choose my monthly payments? Is that the same as financing?

I really appreciate the help. I want to decide if/how/when I can afford it before I make any other decisions regarding resale/direct, etc.

On the personal side, yes, we paid cash. We get a few large payments a year. They get earmarked for stuff. Several years ago one of them was enough to buy DVC. It meant putting off buying a new cars for a while, paying down the house, some other stuff. So it wasn't money "just lying around" - had we not used it to buy DVC it would have ended up somewhere. We actually financed a short term bridge through our home equity loan as the check we were expecting came three weeks late.

Yes you can pay $5000 down and pay $1000 a month to minimize financing costs. The financing costs on this plan are better than taking another cash trip.

 

[jonesm34650]

For myself, I would of never bought into DVC unless I could somehow pay cash. The extra money paid for financing would increase the cost so much that it just didn't make sense to buy. So I am in my a 401k program at my work, and you can borrow 1/2 of the money that you have in your funds.
You pay the loan and interest back to yourself. Its a 5 year loan and I pay
about 100 dollars a pay (every two weeks). But again at the end of 5 years
the loan is paid for and the interest paid back with it is around 3 thousand dollars added.

 

[TDC Nala]

Home equity line of credit, and cash for my add-on.

 

[zillow]

Well, we traded our first born to Disney - she is now one of the dwarfs but in time, given her blonde hair and blue eyes, may be princess Aurora

Actually, like Disney Doll, the best terms we could find were the 1/2 down, pay rest in monthly installments for 1 year through Disney deal. I don't know what the rate is now but at the time, it was even better than our equity loan. But don't write a check! Definitely put the 1/2 down on a rewards card and pay that off the next month. I only wish that the Disney Visa had been around when we bought...
good luck!

 

[aero99]

We financed through Disney but will have it paid off in December (1.5 years of pymts instead of 10!) I knew we could make the minimum monthly pymts no problem, but wanted to make lump sum pymts additionally. I am currently teaching at the local community college part-time (in addition to my full time job, we don't have kids yet.) So whenever I get a paycheck from them, it goes to DVC. Also we are going to transfer the rest of the balance in August to a 1.9% CC offer (which will be paid off by December). From then on, my extra job money will go into the bank saving up for a hilton head add-on.

 

[keishashadow]

Well, we traded our first born to Disney - she is now one of the dwarfs but in time, given her blonde hair and blue eyes, may be princess Aurora

Actually, like Disney Doll, the best terms we could find were the 1/2 down, pay rest in monthly installments for 1 year through Disney deal. I don't know what the rate is now but at the time, it was even better than our equity loan. But don't write a check! Definitely put the 1/2 down on a rewards card and pay that off the next month. I only wish that the Disney Visa had been around when we bought...
good luck!