Monthly Payment Specifics Please

[Dumbo76]

I have been thinking about this for a while now and it seems that the DVC would probably work out for us in the long run, but we definately do not have that much money stockpiled to buy in even at 160 points (which would be more than enough for us), so we wanted to know the financing options available. All I can ever really find is general info though, nothing specific in terms of monthly payments. If you don't mind disclosing your actual monthly payments, would you mind posting or even pm-ing me? I really think this would be beneficial to us, but for some reason I can't get myself to call DVC for the info. I feel like I need to know what I am getting us into before I talk to a guide. Thanks very much.

 

[AlexTina]

Just PM'd you with all the info I have.

 

[Splat25]

we just got 200 points at AKV and sent back the paperwork yesterday. The terms right now are 10% down (disney to kick in extra after 500 down to make 10%) and financing 10yrs at 10.75% (if autopay from your checking acct). So for us, it was 500 down, 1,600 disney match and they gave us 200 developer points as well. I was reading in the fine print that if you didn't do the autopay from your account, the interest rate is really 11.75% since the autopay monthly reduced the rate 1%. Hope this helps. Nothing really secret here, pmt is about 250/mo. Oh yea, you can roll the closing costs of around 330 into the loan or pay it, we payed it seperate with the deposit.

 

[Disney Spaz]

Splat25- If i am reading this correctly all you had to put down up front was $830 including closing costs?

 

[Splat25]

Yeap, that's it, pretty sweet for now. Will pay off more as we go along I think, but it is certainly low enough to get our foot in the door.

1st pmt is sept, about 352 (more interest here)
2nd to end - like 254/mo.

the maint fees we are doing seperate. We won't have any of those until mid next year since we bought AKV Kidani.

 

[Sy-]

we just got 200 points at AKV and sent back the paperwork yesterday. The terms right now are 10% down (disney to kick in extra after 500 down to make 10%) and financing 10yrs at 10.75% (if autopay from your checking acct). So for us, it was 500 down, 1,600 disney match and they gave us 200 developer points as well. I was reading in the fine print that if you didn't do the autopay from your account, the interest rate is really 11.75% since the autopay monthly reduced the rate 1%. Hope this helps. Nothing really secret here, pmt is about 250/mo. Oh yea, you can roll the closing costs of around 330 into the loan or pay it, we payed it seperate with the deposit.

How did you get Disney to kick in $1600?

 

[z28wiz]

It all depends on your credit score, and it can go up to 14.75% plus more down. You can contact them and have them run your credit to see if your eligable for financing.

 

[castleri]

How did you get Disney to kick in $1600?

It is the $8 a point discount amount I think. When we bought in 1997 we were staying at POFQ and they figured out how many points our stay would have been at OKW and offered $10 a point discount for those points but you then did not have the points to use. In our case it was only 40 points and we elected to keep the points and pay the $400. The cost then was $62.75 a point. Don't know how the discount works now although it sounds as if people are getting all kinds of different incentives and the current year's points besides.

 

[Dumbo76]

Thanks for all the helpful info, I think I actually convinced my husband to do it. We are just waiting for our package to arrive. Random Aside: I also noticed that a lot of DVC DISers had little animal insignias corresponding to what I am guessing is their home resort. Is that an actual DVC thing or did someone just create them for each resort? They are so cute. They look like aboriginal cave drawings or something, very cool. Since we would be buying at AKL, I am partial to the giraffe.

 

[Splat25]

It does work out to be the $8/point discount. 1,600 gift/200pts = $8/pt. Either way, they apply it as part of the down so you only needed $500 more to make the required 10% down. I asked, we could have paid as much down as we wanted and their mathc would have reamined the same.

I think for the 160pt option it would be a 1,280 match.

I found a link to it somewhere...one of the DIS people made the little animals...pretty cool

We were so excited about making the purchase and are still stoked....

 

[glennbo123]

Dumbo76, the insignias are available on this thread:

http://www.disboards.com/showthread.php?t=1861494