monthly payment on small 50 pt contract

[jmurphy625]

I just saw that you can buy in at 50 points (may be a promotion that's ending soon). About how much would the monthly payment be with financing through disney for a 50 point contract. I read no points/closing costs about a 11% interest rate. From what I read on here you could get 50 points at SS for about $4500. Does that sound right?

Thanks.

 

[LouisianaDisneyFan]

I just saw that you can buy in at 50 points (may be a promotion that's ending soon). About how much would the monthly payment be with financing through disney for a 50 point contract. I read no points/closing costs about a 11% interest rate. From what I read on here you could get 50 points at SS for about $4500. Does that sound right?

Thanks.

For a first time buy-in with Disney, you would have to pay points and closing costs. Add-ons do not pay points and closing with Disney. Also, if you are going to be paying points and closing, you will still find that a resale at your preferred resort would probably cost less than if you do a direct purchase for SSR. I can't help you with financing info though. Good luck!

 

[joandegennaro]

We didn't have to pay closing cost with our intial purchase of 100 points direct from Disney. Just the cost per point. The same for our add-on.

 

[LouisianaDisneyFan]

We didn't have to pay closing cost with our intial purchase of 100 points direct from Disney. Just the cost per point. The same for our add-on.

We just purchased our first contract in April and we had to pay closing costs. I've gone back and looked at our closing documents to verify this. When did you purchase? Has anyone else received free closing costs when purchasing their first contract direct from Disney?!?! If so, how did you get that deal???

EDIT: Just realized... you also only purchased 100 points for your first purchase. At the time we purchased, we were required to purchase 160 points as new owners, a point total that I know has gone up and down with the seasons practically. But, when we added on at Aulani, we had to remind them that it was an add-on and not a first-time purchase in order for the closing costs to be removed from our side of the estimate of settlement costs.

 

[joandegennaro]

We also did not finance which might make a difference. Paid everything in full and just dealt with paying off our personal line of credit over the span of a month. Yes we did only purchase 100 points which made it easier to pay off in a short time frame. Now for add ons we will again only purchase once we have the $$ in hand.

 

[DEdisprincess]

We just put our $500 deposit down on thursday. for 50 points at SSR, our monthly payment is $55 with preferred financing. hope i answered your question

 

[jmurphy625]

thanks for all the info. I have read that you have to mention or ask about specific deals to get all the details.

DEdisprincess.....that is exactly what I'm looking at. Can you tell me how many months you financed for?

 

[DEdisprincess]

for 10 years. but we will be paying it off at tax return time. forgot to mention, we do not have to pay closing costs

 

[aceys_h0ney]

I can't tell you the monthly payment but we bought 100 pts in June with no closing costs.

 

[delmar411]

For a first time buy-in with Disney, you would have to pay points and closing costs. Add-ons do not pay points and closing with Disney. Also, if you are going to be paying points and closing, you will still find that a resale at your preferred resort would probably cost less than if you do a direct purchase for SSR. I can't help you with financing info though. Good luck!

We didn't pay any closing costs for our first time buy-in either. But we bought OKW and I believe someone mentioned that only the newest resorts pay closing costs? I forget what the exact setup was but someone buying SSR now would most likely not pay any closing costs.

 

[LouisianaDisneyFan]

We didn't pay any closing costs for our first time buy-in either. But we bought OKW and I believe someone mentioned that only the newest resorts pay closing costs? I forget what the exact setup was but someone buying SSR now would most likely not pay any closing costs.

Wow, that absolutely stinks. It doesn't stink that all of you guys got free closing... but it means that we were lied to by our original guide yet again. We went into that office asking for 100 points at Boardwalk Villas and were told by the guide that:

(1) 160 points was the absolute lowest Disney would sell to first-time buyers and that amount would never go down (it went down a week later).
(2) First-time buyers always had to pay closing costs, which for our 160 point BLT contract was $250.00 settlement charges if financing, or $152.90 settlement charges if paying cash, plus an additional $100.00 document preparation fee... so we paid a total of $252.90 in closing costs with no financing.
(3) ROFR levels were going up and so trying to find a resale at one of the sold-out resorts would not work... because Disney was poised to start taking back a lot more properties (which also proved to be FAR from true!!).

I am so glad we immediately requested a new guide, as I think I would not be very gracious if I received phone calls or contact from the first one ever again!!!

Thanks for the heads up on how things SHOULD have worked for us. Live and learn.

 

[AnneR]

Wow, that absolutely stinks. It doesn't stink that all of you guys got free closing... but it means that we were lied to by our original guide yet again. We went into that office asking for 100 points at Boardwalk Villas and were told by the guide that:

(1) 160 points was the absolute lowest Disney would sell to first-time buyers and that amount would never go down (it went down a week later).
(2) First-time buyers always had to pay closing costs, which for our 160 point BLT contract was $250.00 settlement charges if financing, or $152.90 settlement charges if paying cash, plus an additional $100.00 document preparation fee... so we paid a total of $252.90 in closing costs with no financing.
(3) ROFR levels were going up and so trying to find a resale at one of the sold-out resorts would not work... because Disney was poised to start taking back a lot more properties (which also proved to be FAR from true!!).

I am so glad we immediately requested a new guide, as I think I would not be very gracious if I received phone calls or contact from the first one ever again!!!

Thanks for the heads up on how things SHOULD have worked for us. Live and learn.

It could have just been timing, not that the guide lied. I was able to buy in at 50 pts. and no closing when I was there in June but I also knew because of DIS friends that this was a new incentive. I don't think prior to June, you could be buy directly the lower point level. Don't remember the details about no closing.

 

[HtomSirveaux]

We also paid no closing costs on out 100-pt initial purchase at SSR. Not sure if it matters, but the supposed reason our guide gave us was that the points we bought came from a ROFR buyback and that those points already had fees paid the first time around.

 

[joandegennaro]

LouisinnaDisneyFan: maybe it was because you were purchasing an active resort where the buy-in was 160 points at that time. Yes it would have been nice if your Guide had of said if you wait a week the buy in might go down in required points. As for closing I think one of the PP said that each of us who had done an orgininal buy in without closing cost direct from Disney were all for "sold out" resorts...this might be where you were required to pay closing on your BLT points. I hope that this is the case and you weren't mislead.

OT: I loved reading about your 25th celebration, we are having our 20th in Sept. Planning something special at Disney for our 25th hopfully!

 

[aceys_h0ney]

Ok maybe I am slow because we were told no closing costs but I do have a document preparation fee on my contract and a few other small things totalling about $200 are these considered closing costs? I will have to dig the contract out to see what the other fees were I can't remember.

 

[LouisianaDisneyFan]

Ok maybe I am slow because we were told no closing costs but I do have a document preparation fee on my contract and a few other small things totalling about $200 are these considered closing costs? I will have to dig the contract out to see what the other fees were I can't remember.

Yep, those are closing costs. Your other fee is probably titled "Settlement Costs" or something similar.

P.S. - Thanks, Joanne. I'm glad you enjoyed it! Have fun planning your special day!

 

[HtomSirveaux]

Yep, those are closing costs. Your other fee is probably titled "Settlement Costs" or something similar.

Agreed. When we were told "No closing costs," we only paid (# of points) x (price per point).

 

[aceys_h0ney]

Crud I need to call QA or my guide then. I already signed the papers and sent it all back. I feel like such a dummy now.

 

[dianeschlicht]

We just purchased our first contract in April and we had to pay closing costs. I've gone back and looked at our closing documents to verify this. When did you purchase? Has anyone else received free closing costs when purchasing their first contract direct from Disney?!?! If so, how did you get that deal???

EDIT: Just realized... you also only purchased 100 points for your first purchase. At the time we purchased, we were required to purchase 160 points as new owners, a point total that I know has gone up and down with the seasons practically. But, when we added on at Aulani, we had to remind them that it was an add-on and not a first-time purchase in order for the closing costs to be removed from our side of the estimate of settlement costs.

Those of us who purchased more than a few years ago didn't pay any closing costs at all.