In our circumstance, we chose the 1/2 down, 1/2 paid with a one year mortgage so we had to put the first 1/2 down at signing, we weren't there at closing as it happened two months later in Florida, and they just deducted our monthly mortgage payment from our checking account each month until it was paid off.
BCV is going to be a new animal if they do presales. They did not have them at VWL--they did not sell points there until two months after the resort opened. Typically, Disney wants twenty percent down but will accept 10% if you want to finance at a somewhat higher rate and then remainder is paid as part of closing. How they will do presales is unknown but likely you won't be able to close until the resort opens; thus it is possible that all that will be required until the resort opens in Aug is the initial down payment, although more likely they will have remaining amounts due before then and put into an escrow account until closing.
I agree you would just put down a deposit and then the balance would be due when you close sometime after it opens in September. No sense in paying in full until then- why let dvc use your money? Question I have is: how will the use year's work? For example, I have a BWV membership with a Dec use year. I don't want to wait until Dec 1 to get BCV points, but if they back date to Dec 1, 2001, it will be to late to bank those points. How did Disney handle this for VWL add ons?
We "bought" at HH in March, 1996- a full year before the resort opened. Other than a deposit no money was due until closing in March, 1996. Our purchase was an add-on- we owned at OKW with a June use year. We got no points until June, 1996- 3 months after the resort actually opened. Of course, we could have borrowed for a trip between March and June.
I'm not sure how the points were handled at VWL. Perhaps someone who added on there last Jan can comment on the "date" of the points received.
Thanks Doc for responding. Do you know when the dues would be payable? I would guess they could not collect dues until the resort is officially open to DVC, and you would not close on your contract until then as well. And I know dues are not tied to your use year but your calendar year so I assume Dec 2002 would pay dues from Sept - Dec. Not much incentive to prepurchase is there? Save $5/point, but pay dues for an extra 4 months. When you buy a new contract they always back date the use year a few months, so you get a few months dues free so to speak.
If they do not back date the points, you would not pay any dues until you actually receive the points. In our HH purchase, the resort opened in March, closing was in March and dues were prorated from June, when we received our first allotment of HH points.
I can't remember when the dues were actually paid in '96. I'd still be interested in hearing from someone who purchased at VWL when it first opened to see if their experience was the same regarding the first point allotment.
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