if you buy resale,

[shortypots]

Can you put the whole purchase, closing costs and purchase price on a credit card?

I was just wondering if it is worth it to get the Disney Visa just to put the whole purchase price on the card.

I haven't got hubby sold yet... but I am getting closer. I have my eye on a 150 pt contract.

 

[tjkraz]

I've never heard of someone being able to use a credit card on a resale. Buying a resale is like buying a house. You're dealing with an independent seller, often with an agent serving as intermediary. If financing is necessary, the buyer needs to arrange that for him/herself.

There is a company called something like Tammac financial that will handle financing on resales. Again, no credit card. I understand the interest also isn't tax-deductible because the Tammac loan is not considered secured debt.

Best course would be a home equity loan, which gives you a low interest rate and allows for the deduction of interest. Other bank loans probably are not deductible.

Financing of a purchase direct from DVC is deductible.

 

[debbie in Seattle]

I've recently bought 2 resales (different companies) and each told me no, can't use my credit card (would of loved all those points).

 

[jekjones1558]

I thought that I read somewhere that someone used a cc for the down payment on a resale? I've never done it, however.

 

[RobDoc]

Some have reported using a credit card check, but no reports of any individuals or brokers accepting credit cards. I suppose that there could be some ebay sellers who might accept payment using paypal, but that would be on an individual basis.

Purchases from Disney may be paid by credit card.

 

[Disney Doll]

As long as the CC has a high enough balance to cover the purchase price, I don't see why not.

We know a couple who purchased the DVC with their Disney CC, then paid it off the next month. That way they got the Rewards dollars too.

I have also heard of people putting it on a CC, & paying it off the next month using a home equity loan. That way, they get the Rewards dollars and the tax benefits of the home equity thing.

 

[CarolMN]

As long as the CC has a high enough balance to cover the purchase price, I don't see why not.

We know a couple who purchased the DVC with their Disney CC, then paid it off the next month. That way they got the Rewards dollars too.

I have also heard of people putting it on a CC, & paying it off the next month using a home equity loan. That way, they get the Rewards dollars and the tax benefits of the home equity thing.

The reason most brokers/sellers do not accept credit cards is that it costs them money to do so. Every merchant who accepts credit card transactions pays a percentage of the sale to the credit card company.

Disney will accept credit cards for DVC purchases, but I do not think there are any other sellers who will.

Best wishes -

 

[cdpa4d]

I put my down payment on my Disney Visa successfully. In fact, I purchased through Disney and they were running a promotion. If you put your down payment on your Disney Visa you could get 6 months of Interest free financing on 10% of the down payment. Of course, you get the 1% Disney Dollar incentive as a bonus.

Some people think resale is the way to go. In some cases it may be. However, I have done some number crunching. With the current incentives Disney is offering It may be more beneficial to by directly through Disney

1. $8 per point savings (95 - 8 = $87 per point)
2. No Closing costs for 2005 points($3.82 per point, 150 points X 3.82 = $575)
3. No Closing Costs ($300 to $600 savings depending on points and company)
4 Free DVC Beach Bag ($50 Value)
5. Disney Visa deal (see above)

When you add all these incentives up, buying resale vs. direct through Disney is about a wash. In some cases resale may be better depending on the number of points purchased and the home resort.

 

[T.E. Yeary]

If the Disney Visa issues the credit card checks, the Resale could be purchased with that. One could be used for the down payment, then another for the balance an closing. However, the closing could be delayed, because the title company must wait until the check clears before disbursing funds and passing title. The delay could be avoided if the check was sent, perhaps a week before the actual closing date.

I'm not sure if you'd get the same benefits from using the checks as the credit card, but it might be worth looking into.

I hope this helps,
Tom

 

[ILPHIL]

We used a check from our Disney Visa when we bought our resale. You don't get the points, but the low interest rate more than made up for it.