Just took the DVC tour, a few questions

[Sandisw]

I am not sure that this change went into effect. I know they raised the minimum of add-on to 100 for BLT, but I read somewhere that Disney did not go through with the increase in the minimum at BLT.

This, of course, does not change the fact that the OP may have been given the wrong information regarding initial purchase and needs to find out exactly what she will be allowed to buy, if going direct through Disney.

 

[kikiq]

i am not sure what other option i would have, if i did not finance DVC, it would go on the back burner until my children grown up. - what would be the point of a DVC if we were empty nesters? like i said, i have alot of thinking to do and alot of information to gather.....but the price is the biggest factor and how i am going to finance it.
I was only wondering about bank financing because i could mabye get a better intrest rate.
i will keep reading and gathering.......it's not like i have to have this "Done" in any timeframe.
thank you very much Tina

We first toured DVC after we had just moved into a new house when our DDs were 6 and 10. It made sense for us but financially we could not do. Flash forward 13 years of medical and education costs, our DD now were 19 and 23, we finally were in a position to buy DVC and yes we financed but we are comfortable with the loan we have. I guess you could call us empty nesters, but my DDs still enjoy WDW/DLR. And my DH chose WDW as the place he wanted to go for our 33rd wedding anniversary. Is it worth it now that we are empty nesters, oh yes. As my DH says, "It's so easy now to get wrapped up with work. With my kids gone and my DW working, it's easy just to keep working. Having DVC "forces" me to take time to relax."

We too took the Disney Financing with a big down payment and then found a better interest rate loan. And we pay extra every chance we get.

Good Luck in your information gathering.

 

[Dean]

I am not sure that this change went into effect. I know they raised the minimum of add-on to 100 for BLT, but I read somewhere that Disney did not go through with the increase in the minimum at BLT.

This, of course, does not change the fact that the OP may have been given the wrong information regarding initial purchase and needs to find out exactly what she will be allowed to buy, if going direct through Disney.

That was circulated but apparently DVD has backed off and decided to keep the min at 160 for now but raise the min add on to 100 for BLT only. I don't think I've heard of a buy in for BLT at 100 and given the specifics, I would be surprised if they did offer that option, but we shall see.

 

[Shooby doo]

First of all if Disney are offering 100 pt contracts for first time buyers then that is a change from Sept last year as we were told the minimum was 160. For the Op I think that I would compare the price Disney have quoted you for SSR & AKV with resale. Last year the minimum purchase at AKV would cost +$16000 but since then the $/point has increased,we have just purchased a resale at SSR (which has the same contract length as Disney's offer -2054) at $68/point ,& have seen a recent contract go thru' at $65,so we got our contract for $12700 (this is the final figure including closing). We typically go for 3 weeks every 2-3 years so our 175 points is more than adequate for our needs but it is worth looking at when you would most likely go & work out roughly the points you would need for the most likely accomodation.
SD

 

[Shooby doo]

Misty further to my post above ,we received a DVC e-mail today offering incentives for getting family & friends to buy in,the e-mail did state that the minimum for a new buyer was 160 points & 100 points for an existing owner.I would check back with your guide to confirm that you can buy just 100 points.
SD

 

[DMKEDM]

To answer the question you asked (as opposed to questions you may ask later), is there a way to get a monthly payment on a loan that is less than the $150 or so you're thinking it would be thru Disney financing at 10.75%?

The answer is "it depends." It depends on your own financial circumstances. But the general answer is yes.

I get offers all the time from banks and credit card companies offering me personal loans at rates far lower than 10.75%. These loans are for "whatever I please". Some are home equity lines of credit; others are simple personal loans. There are also credit card loan offers that arrive by the truckload--lately, fewer and fewer are for the 0% interest for a year loans (which I used to buy my various DVC add-on's--always paying them off prior to the expiration of the 0% loan time frame)...but most are for rates waaaaay lower than 10.75%. The trick here is to be sure you can either pay off the loan in the time frame the low rate applies, or be prepared for rates way HIGHER than Disney's 10.75%

Try your local bank, your local credit union. If you own a house, inquire about a home equity loan. See if your credit card company has a loan offer that you qualify for...

Now, if you finance thru Disney it qualifies as a mortgage, setting up mortgage interest tax deduction possibilities...that won't be available if you don't set the loan up as a mortgage...I've never tried to finance any kind of time share as a mortgage, but am told it's next to impossible...

So...if you determine that for your family the value of "access" to Disney World while your kids are young outweighs the overall cost to your budget, then what you really want to do is find the best possible loan. The credit card offers will generally be short-term, and thus may not be worth exploring...but the personal loans available thru banks & credit unions (these days they're harder to get--but they still exist for people w/great credit) may be an avenue that will work for you.

While you're looking at your "comfort zone" for a monthly payment, don't forget to add in maintenance fees...they run about $5/point (they can be paid monthly thru auto deduct from a checking account, at no fee)...so on 100 points, that would be $500, or about $40/month...you may or may not have factored that in to your $100/month "comfortable payment"...if you did, hurray...if not, you're really looking for a loan that can be repaid at the rate of $60/month...

Good luck!

 

[Jennyvelaz]

If you are going to plan a vacation to Disney and drop 3-5000 for a week or two...then I say finance knowing that you'd have to save in a vacation account to put away for your dues and trips. If you can finance, and pay little extra at a time, then not buying and spending that 3-5000 (three times in your lifetime) would be a waste JMO. Then again, don't buy just to have.

 

[CruznLexi]

We just bought into DVC at AK with the 100 point. I had always assumed that it was very pricy upwards of $15000- $20000 and that was definetly out of my price range. But last month after 8 nights at Pop. We did end up buying a 100 point package at AKL. I was waiting for my husband and nephews at HS and I talked to the DVC by the TOT. I actually traded pins with him and he set up the visit. We liked the free fast pass. So the day we chose they picked us up at POP and toured. I felt in no way pressured to buy. We live in FL only 6 hours from WDW. Yes $150 is not a lot but for some it is. And I hope to pay some on it each month taking less than 10 years. I have already booked 2 stays. One in Oct after the Wonder cruise and then in Dec for my Birthday.
Lexi

 

[simba20]

I think the OP needs to clarify whether or not she can get in for a 100 pt. buy-in. If so, this is a new incentive to get more people to buy in that has not be advertised to the general public. I assumed that the initial buy-in had stayed at a minimum 160pts. for all resorts except BLT, which is now a 200 pt. minimum buy in. Anyone like to attempt to clarify?

When we bought in back in Spetember, we were offered to purchase a 100 pt contract with no incentives (Gift card, dev points, etc) at around a cost of $10,000 or to buy the 160 point contract ($16,000). We bought 160, as the 100 point contract pretty much looked at maybe only one short Disney trip per year (our likely time to go is during the highest point cost seasons). Since we decided ont he 160 point contract, we will always be one year ahead in points. Our trips this year are booked using devlp points, and I'll likely bank this UY's points. Next year will be another two trips (maybe) with the banked points, and so on.....unless I want to stay longer or plan a big trip with family, we always be a head a year in points.

And yes, we financed it through DVC. I have 2/3 of the purchase price in cash, but would rather keep that money around for emergencies than put it all towards something else. Our monthly payments don't hurt us at all.

 

[simba20]

First of all if Disney are offering 100 pt contracts for first time buyers then that is a change from Sept last year as we were told the minimum was 160.

Our purchase date was September 13, 2008 for AKV. We were presented with the example of a 160 point contract during the meeting with our gudie, until I aksed that our DVC van driver told us about a 100 point contract. Yes, we could have bought a 100 point contract, but for our use, it wasn't feasible for us. The 100 point contract did off a Disney incentive making it around $96/pp but you did not receive any other incentives (dev points, gift card, etc)

 

[WALTSAGOD]

- what would be the point of a DVC if we were empty nesters?

My wife and I always joke about taking a WDW vacation and leaving the two kids behind; 5 and 11 yr old. We would/could have a blast.

 

[Misty89]

OP here, thanks all for the tips & opinions.
I have the paper work from my guide sitting in front of me, and i my minimum point buy in at SSR & AKV are 100, and BLT is a minimum of 160.
I am still reseaching, but have to come to one decsion, i will be buying a resale - at BWV or BC.
now it will depend on when we become DVC members. ( BWV or BC are not available as far as i know directly form disney right now??)
plan and simple, as some posters have reffered to - we do not have $10k laying around. it would be financed, point blank.
what we are thinking, is to go along " saving" like we do for every WDW trip ( change jar, 50$ /month in savings) until my van loan is paid off ( 13 months) and then apply it as a down payment on DVC.
the " loan" amount i pay on my van, would be replaced with the DVC - so inesence, i would not have to "find the payment each month" i am used to paying that and it is set into the monthly budget.
I also wanted to reply to the " buy where you want to stay" - i would intend on staying at BWV, ( or BC if i bought there) but we also plan to visit family in WDL in Ca, so we would also like to stay at the Grand califorian, and i would love to take a cruise or 2.
I would use it many many more places that just at BWV, but that would be my "home" resort.
my family, as of right now only travel "big" every 3-5 years. that would mean banking my points. or using a resort that is clsoer to home that we could drive to, saving the $$ on airfare. i see there are a few in Door county WI -that would be a nice easy weekend trip for us to "use up" our points on a year that we are not flying somewhere.

thank you all for your concerns and coments, i will be back ever so often with more questions.

 

[Deb & Bill]

You can buy BWV and BCV directly from Disney, but there are no incentives and you pay the going cost, whatever that is now. You would be able to finance the purchase.

If you go resale, not all resellers can offer financing, so you may have to find your own. I think the Timeshare Store does offer financing, so that may be an incentive to buy through them.

Most members will caution you about using DVC for primarily DVC stays. What you see available through RCI, may not be available when you want to stay there OR may be eliminated from the program OR DVC could eliminate this venture for trading out.

 

[Misty89]

You can buy BWV and BCV directly from Disney, but there are no incentives and you pay the going cost, whatever that is now. You would be able to finance the purchase.

If you go resale, not all resellers can offer financing, so you may have to find your own. I think the Timeshare Store does offer financing, so that may be an incentive to buy through them.

Most members will caution you about using DVC for primarily DVC stays. What you see available through RCI, may not be available when you want to stay there OR may be eliminated from the program OR DVC could eliminate this venture for trading out.

not sure what you mean by trading/ RCI - the resorts i listed above are DVC properties listed in my dreams book from my guide. is that a trade? am i confused over that? if wanted to stay at the Grand califorian in 2 years when we visit family would i have to be trading? i am lost.
i really need to talk to someone face to face or on the phone about all of this it is starting to give me a headache.
here is a list of what i would like to do over the next 10 years:

1)Stay at BWV or BCV and visit the theme parks for a week. ( 6 nights)

2)stay at the Grand califorian Resort in CA, and visit the theme parks stay would be 3 or 4 nights.

3) a 3 or 7 night cruise on DCL

is this all DVC or do i have to "trading" etc? i am so lost


i will be buying through the timeshare store.

 

[Deb & Bill]

Current DVC resorts are BWV, OKW, BCV, SSR, HHI, VB, VWL, AKV. BLT will be opening soon as will GCVillas.

DCL would be trading out your points. Those are not fixed and can go up each year. GCR will probably not be offered once the villas open there similar to BWI, BC, AKL, CR. Any non-DVC resort at a Disney theme park would also be considered trading out of DVC and the points can go up each year.

Anything outside of these locations (unless they build the oft-mentioned Lake Tahoe, Las Vegas and others - I've heard they are dead in the water now) would be trading out through one of the collections.

What you mentioned in Door County, WI would be trading out.

 

[Misty89]

so, then does that answer my question? are we better off buying through RCI?
it almost seems that way.

 

[Deb & Bill]

From about 1996 until Dec 31, 2008, DVC traded with Interval International (II). They just started trading with RCI in January, but had done it earlier in the DVC history. So if you buy an RCI resort, you might be able to trade into Disney, but it that arrangement could end any time.

With RCI, you couldn't take a Disney Cruise or stay at a non-DVC resort with your RCI timeshare. You'd have to pay cash.

 

[Misty89]

thanks i am so confused, i am just going to forget about this for a while.
thank you for all the help. we won't be buying DVC, as it jsut does not seems to fit our travel plans for the near future.

 

[Dean]

so, then does that answer my question? are we better off buying through RCI?
it almost seems that way.

Thinking of DVC, you have 4 types of choices. Direct DVC reservations, cash equivalent exchanges (DCL, Disney Collection, Concierge collection), direct points exchanges like Buena Vista Trading Company and timeshare exchanges where you likely will have to wait list such as through RCI. IMO, DVC ONLY makes sense for the first one and is an extremely poor choice for the rest. As a rule, the rest give you poor value and/or there are no guarantees in terms of price or even that the program will cont.

As for buying a non DVC RCI resort, that is a different ball game. IF you can trade in to DVC, you will have an even better value but you may not be able to get in when/what you want. And if you have to change, cancel, you have more risk and costs. This is the cheapest way done appropriately but the best for many is to buy the number of DVC points you need AND something for exchange either through RCI OR Interval International.

What's truly best for you depends on a lot of variables, your commitment to learning the systems, ability to plan, where you want to go consistently, etc. For Wisconsin and some of these options you might look at Bluegreen. If you decide to look that route let me know and I will be happy to direct you to an honest reseller who will treat you right and save you a ton of money (at no benefit to myself other than knowing I've gotten you to a good place). For example, $10-12K will get you qualified points with BG enough to be Gold status and give you about 3-5 weeks a year to use with BG OR 5-8 (or more) RCI trades a year. An RCI weeks membership is included and fees on 35K points would be around $1500 a year. That same commitment with DVC resale will get you maybe 180-200 SSR points at roughly $1000 a year in fees, enough for a 1 BR for a week part of the time.

There are a ton of other choices, some of which would be even cheaper and might even be better for you.

IF you can be flexible on your travel times and DVC resort and can do with a 1 BR (or multiple separate units), it appears DVC is not difficult to trade into. 2 BR are possible but do require even more flexibility. You do need a good trader so that would be part of your upfront investigation. With BG you'd have to figure out what deposits are likely to help you get DVC, I'd be happy to help you with that process if you got that far.

 

[CruznLexi]

We live just 6 hours from Disney so we did get the 100 point package. The 160 was out of reach for us. If at some point that changes we might add to that but that is not in the near future. We want to see how much we use it. We already have 2 stays booked and are booking a 3rd soon. I just have to figure PTO time. We also have no kids.
Lexi