Just about to purchase, some clarity needed...

[dlogan9]

First off I want to thank everyone as I have been scouring over this forum for the last week soaking up all the great information. I just got off the phone with a DVC rep and want to ensure I am thinking the right way......

1) I am looking at purchasing 200 points at SSR. The rep told me that I would have a use year from August and that Disney would give me the 2005 points. Would I have to use those points before the end of 2006?
2) The interest rate I was quoted to finance the points was 10.75%. I read on one of the posts that the going rate was 9.75%. Should I be looking to negotiate the lower rate? Does Disney negotiate with items like that?
3) Does anyone know if I would have to pay maintenance fee's for this first year? I forgot to ask so i thought I would throw it out in here to see if anyone knew.

As an aside, I asked him if there were more DVC resorts planned for the future. He told me that they just had a sales meeting and they were looking at the map and he told me that there were possibilities for 7 or 8 more in the future, but that Disney never says when or where until it is fully confirmed. This just may be standard sales talk, but I thought it a bit interesting.

Thanks in advance for any help!

 

[luvindisneyworld]

First off I want to thank everyone as I have been scouring over this forum for the last week soaking up all the great information. I just got off the phone with a DVC rep and want to ensure I am thinking the right way......

1) I am looking at purchasing 200 points at SSR. The rep told me that I would have a use year from August and that Disney would give me the 2005 points. Would I have to use those points before the end of 2006?
2) The interest rate I was quoted to finance the points was 10.75%. I read on one of the posts that the going rate was 9.75%. Should I be looking to negotiate the lower rate? Does Disney negotiate with items like that?
3) Does anyone know if I would have to pay maintenance fee's for this first year? I forgot to ask so i thought I would throw it out in here to see if anyone knew.

As an aside, I asked him if there were more DVC resorts planned for the future. He told me that they just had a sales meeting and they were looking at the map and he told me that there were possibilities for 7 or 8 more in the future, but that Disney never says when or where until it is fully confirmed. This just may be standard sales talk, but I thought it a bit interesting.

Thanks in advance for any help!

Hi,I think they give you the option to bank,but it has to be by Jan 31st.
The 9.75% is probably if you have it automatically debited from your account every month.
I think they prorate maintanence fees,.
Hope this answers some of your questions
I sent you a PM.

 

[dianeschlicht]

First off I want to thank everyone as I have been scouring over this forum for the last week soaking up all the great information. I just got off the phone with a DVC rep and want to ensure I am thinking the right way......

1) I am looking at purchasing 200 points at SSR. The rep told me that I would have a use year from August and that Disney would give me the 2005 points. Would I have to use those points before the end of 2006?You would have to use them before July 31 2006 unless you bank them by the end of February, in which case they will be good until July 31, 2007.
2) The interest rate I was quoted to finance the points was 10.75%. I read on one of the posts that the going rate was 9.75%. Should I be looking to negotiate the lower rate? Does Disney negotiate with items like that?We bought too long ago and didn't finance, so I can't answer that one.
3) Does anyone know if I would have to pay maintenance fee's for this first year? I forgot to ask so i thought I would throw it out in here to see if anyone knew.I beleive so.

As an aside, I asked him if there were more DVC resorts planned for the future. He told me that they just had a sales meeting and they were looking at the map and he told me that there were possibilities for 7 or 8 more in the future, but that Disney never says when or where until it is fully confirmed. This just may be standard sales talk, but I thought it a bit interesting.Sales people like to whet the appitites of buyers for rumors. Take that one with a grain of salt, but I have no doubt it is at least partly true.

Thanks in advance for any help!

Hope this helps.

 

[PinkTink63]

First off I want to thank everyone as I have been scouring over this forum for the last week soaking up all the great information. I just got off the phone with a DVC rep and want to ensure I am thinking the right way......

1) I am looking at purchasing 200 points at SSR. The rep told me that I would have a use year from August and that Disney would give me the 2005 points. Would I have to use those points before the end of 2006?
2) The interest rate I was quoted to finance the points was 10.75%. I read on one of the posts that the going rate was 9.75%. Should I be looking to negotiate the lower rate? Does Disney negotiate with items like that?
3) Does anyone know if I would have to pay maintenance fee's for this first year? I forgot to ask so i thought I would throw it out in here to see if anyone knew.

As an aside, I asked him if there were more DVC resorts planned for the future. He told me that they just had a sales meeting and they were looking at the map and he told me that there were possibilities for 7 or 8 more in the future, but that Disney never says when or where until it is fully confirmed. This just may be standard sales talk, but I thought it a bit interesting.

Thanks in advance for any help![/QUOTE

We bought in Oct. and have an Aug. use year. They pro-rated our dues.
You can bank your 2005 pts. I rented them out, because we are not going there this year.
I think the better rate is if it is automatically deducted from your bank account.
We put ours on our mileage card and then transferred it over to our low interest card at 4.99%. Disney does not have the best financing, if you have any other options, I would do that.
Hope this helps!
Stephanie

 

[JimC]

First off I want to thank everyone as I have been scouring over this forum for the last week soaking up all the great information. I just got off the phone with a DVC rep and want to ensure I am thinking the right way......

1) I am looking at purchasing 200 points at SSR. The rep told me that I would have a use year from August and that Disney would give me the 2005 points. Would I have to use those points before the end of 2006?
2) The interest rate I was quoted to finance the points was 10.75%. I read on one of the posts that the going rate was 9.75%. Should I be looking to negotiate the lower rate? Does Disney negotiate with items like that?
3) Does anyone know if I would have to pay maintenance fee's for this first year? I forgot to ask so i thought I would throw it out in here to see if anyone knew.

As an aside, I asked him if there were more DVC resorts planned for the future. He told me that they just had a sales meeting and they were looking at the map and he told me that there were possibilities for 7 or 8 more in the future, but that Disney never says when or where until it is fully confirmed. This just may be standard sales talk, but I thought it a bit interesting.

Thanks in advance for any help!

1. Ask your guide if you will get the option to bank all points at closing without penalty. When we bought in 2002 that was an option in our closing package. We had to do it then since we would have been past the banking deadline when we closed.

2. I believe they only vary the rate based on the term and downpayment. I do not know if they have a discount for automatic debit from a checking account, but it would not hurt to ask.

3. Dues are prorated from the day you made the deposit to the end of the current calendar year.

 

[luvsoccer&disney]

We just purchased two weeks ago and the difference in the interest rate percentage depended upon the downpayment. I don't believe that there was any difference for an automatic debit.

 

[Hibernians]

we recently purchased at SSR. You are allowed to bank all your 2005 points up until your closing date and these pont would be good to use in your 2006 use year. This is what we did and had no problems doing it.
You do get a 1% reduction in interest rate if you choose to have the monthly payment taken out of your checking/savings account. You aslo have the option of paying your membership dues on a monthly basis forever - even after you have paid off the mortgae and there is no extra fee to set it up this way.
I recall there was an even lower interest rate if you put 50% down and paid it off in 1 year.

 

[vascubaguy]

Other have already mention this, but yes, there is a discount if you debit the payment directly from your bank account. They do not negotiation terms though. I have a financing chart from back in October, but I have no idea if any of those rates have since gone up. The DVC financing is pretty simple and not as restrictive. You might also be able to deduct the interest you pay from your taxes.

I opted to put the purchase on a 0% interest credit card that had that promo rate for 14 months. I hope to have that paid off before the 0% runs out, but if not, I have a HELOC (home equity line of credit) that I can use to pay it off and get a decent interest rate and the interest I pay would be tax deductible.

Oh, and I would imagine that they are looking at 7-8 different locations, and those might come to life, but it could take 20+ years....at this point, we are probably looking at 2+ years to even get the next DVC (wherever it may be) to be constructed and ready for use...

 

[MrShiny]

1) I am looking at purchasing 200 points at SSR. The rep told me that I would have a use year from August and that Disney would give me the 2005 points. Would I have to use those points before the end of 2006?

If not banked, you'd have to use them by 7/31/2006. You can bank them all by 1/31/06, in which case you could use them until 7/31/2007. Always verify with Member Services just to make sure, though!

2) The interest rate I was quoted to finance the points was 10.75%. I read on one of the posts that the going rate was 9.75%. Should I be looking to negotiate the lower rate? Does Disney negotiate with items like that?

Like the other poster said, that could be for direct withdrawl from your bank account. If you have any equity in your home, though, it might be financially better to get a home equity loan. If you can't get that in time, you can finance with Disney and then just pay it off with the loan (that's what I did).

3) Does anyone know if I would have to pay maintenance fee's for this first year? I forgot to ask so i thought I would throw it out in here to see if anyone knew.

It depends on when your unit (the lease is for a specific building, although that has nothing to do with where you actually stay) is declared. For example, I added on points in 2005. My unit hasn't been declared yet, so even though I've already stayed on those points, I don't start paying maintenance dues until April (I do monthly automatic withdrawals). So basically I got points for a whole year+ without dues.

 

[browniemtb]

I'm in the same boat as you. I just bought into BWV and recieved an August use year. I was also alloted last 05 points.

1. Technically you would have to use the points by July 31st 2006 or bank them. Deadlines would be January 31st for 100%, April 28th for 50%, May 31st for 25%, and June 1 thru July 31st a big zero. But being that you would be new, as I am, we would get an initial grace period to bank your points. Apparently MS can not bank or transfer points until they receive signed contracts, which will put me past the January 31 deadline.

2. Interest Rate - 10.75 is correct with 20% down and you would receive a statement each month, payable either on the 1st or 15th, your choice. You can get a 9.75% rate with 20% down and Disney would deduct from a bank account electronically. I chose the 10.75% for the statement so I can control the extra monies I will be putting towards the debt. I plan on a 2 to 3 year full payment. Probably wrong but I really don't care for EFT's.

3. Dues - SSR is at $3.98 per point a year. So 200 point would cost you $796 per year. Payable in 1 lump or in 12 equal payments. The first year since we bought in late you would only pay the remaining months to your UY end. Meaning that if everything went through in January you would have to cover 6 months - $398.

Hopefully this helps. I still haven't recieved my contracts but once you give the $500 deposit you can start booking reservations. The people on this forum are fantastic and I've learned more here than the multiple calls to Judy.

Brownie