How to finance DVC while in Florida?

Discussion in 'UK DVC Discussion' started by JennyG95, Mar 28, 2017.

  1. JennyG95

    JennyG95 Earning My Ears

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    Hi all, me and my fiancé are looking at becoming members and have been since we did a tour of OKW in June last year.

    My question is, how do you go about financing your membership? I remember the DVC cast member saying that it can only be done in the US but I just wondered how you go about doing it and if there was anything in specific you needed to bring with you? (birth certificate, proof of address, etc...)

    We go back to WDW in September and that is when I think we would plan on becoming members :)

    Thank you!
     
  2. Wakey

    Wakey Mouseketeer

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    I'd seriously advise buying direct and financing. Your life of contract outlay would be immense, it's 185 a point now for Copper Creek. Your break even point would be decades. It's a luxury purchase, I'd say if you cannot buy it outright, stay away. And look into resale, if you haven't the money to pay for it, consider going for a much cheaper resale contract at 75 a point. If you go after first week in Jan to end Sept you'd likely be able to book other resorts at 7 months anyway. Being a UK visitor the perks won't be worth much to you. If you must finance you'd probably be better looking for a personal loan or taking it on your mortgage (albeit risk there) rather than paying Disney 10% finance rate.
     
    finchy3 and JennyG95 like this.
  3. JennyG95

    JennyG95 Earning My Ears

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    Thank you for your advise, our breakeven point was something I was ever so slightly concerned about but it's so easy to get caught up in the Magic of it and not see the downsides to the DVC.

    I'll definitely look into resale as I've been told by a few people to do that, but as you said it's a luxury purchase and not something to be taken lightly!

    Thanks again!
     
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  5. Lee Matthews

    Lee Matthews DIS Veteran

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    Me and my partner did the DVC purchase tour a couple of months ago and fell in love with it. Even when financing, we aren't put off by extra costs too much as it will get us the dream we want, especially as we plan to go once a year if not every other year.

    Currently we are not planning to go back to WDW until September 2018, so I'll probably save what I can until then and re-look at it once we go back. Especially with the DVC being added to Colorado Springs etc.
     
  6. Wakey

    Wakey Mouseketeer

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    Yes I'm UK and want to only go every other year, as I don't want boredom to set in and on my annual main USA vacation I like to travel to different States (I'll be up to 25 this year). If you are going times I say, particularly in a 1 bed you can book everywhere at 7 months. I bought cash, but if you have to borrow the money instead seriously think about buying Saratoga. I just picked up a fully loaded 160 point contract for 75 dollars a point with 2016 points banked into 2017. I couldn't use them, so rented them out via Daves (all gone in less than a day) bringing the purchase price to under 64 a point. I booked those guests into AKL in August and Poly September no probs, they could have had Grand Floridian, Boardwalk, anywhere at 7 months. I'm going 2018 and I should have no probs getting 4 nights Vero and 7 nights AKL which are the 2 I plan staying in. 2020 I suspect I'll go for Grand Floridian 1 bed or Bay Lake with perhaps some nights at Hilton Head (latter is a bit more Challenging in summer). Within 3 trips mine is in the black. Think about it before splashing 185 a point at Copper Creek on 10% finance. Coming from UK perks just will never make up vast difference in costs.
     
  7. Cyberc1978

    Cyberc1978 Mouseketeer

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    if you are from UK and rent through daves (assumes davids?) did he hold back 30% for taxes or how did you go about that?
     
  8. Willowfae

    Willowfae Earning My Ears

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    Look at buying resale as that can be done from the UK. You loose some benefits (10% discount on merchandise etc) but as the savings can be in the thousands of pounds that is a lot of t-shirts you'd need to buy! You also get a full choice of resorts rather than what Disney is currently selling.

    We did it in Dec 2015 and are kicking ourselves for not doing it sooner. By 2019 (we are just doing Disney cruise in 2018) we will have broken even and from then on it's all a win win situation for us :)
     
  9. Willowfae

    Willowfae Earning My Ears

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    I don't think we can use Disney finance. Mortgage may well not be an option. We tried and a timeshare was one thing they said they won't allow you to borrow for.
     
  10. zavandor

    zavandor DIS Veteran

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    I'll join the crowd suggesting to have a serious look at resale. One should go direct only in a few cases:
    - you want to stay at the resort they are currently selling at least 80-90% of the time and would be seriously disappointed if you cannot book it at 7 months
    - you want to buy a resort that's difficult to find resale and Disney accepts to put you in a waitlist (VGF or VGC)
    - you want a small add-on (not much more than the minumin 25 points)

    In every other case, resale saves so much money that it's really hard to pass.
    Financing a DVC purchase is always a big NO. It would simply eat any saving.

    If the perks you get buying resale are important to you, then buy resale first, then add-on 25 points for the same resort and UY. At the moment, if you buy a small add-on you get all the perks, there is no minimum to qualify as direct purchaser.
     

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