Monthly Payments

[Mich Mouse]

Just wondering what other people are paying each month for their DVC. We put 11,000 down and purchased 314 points at BWV. I will have to pay about 350-370 a month for ten years.

I only wish I'd done this on our first family trip seven years ago! I'd only have three years left to pay!

Oh well...With the figures of how much we pay out to the mouse each year, this is definitely worthwhile. I think I'll actually like paying this bill.

 

[Buckalew11]

I paid for my points all at once so I'm thinking that sounds a lot "cheaper" to me!

 

[goldilocks_63]

I paid for mine as I bought, which is much better if at all possible (delay new car purchase, etc).

Second idea is to maybe get a home equity loan, or something that you could write off on your taxes???

I'd do some shopping on loans, and see if you could come up with better terms / and or tax consequences.

Goldi

 

[Mich Mouse]

I didn't think a home equity loan would be applicable for this? I did look at personal loans and the credit union had rates 1.5% higher than Disney! That was surprising, since credit unions usually have the lowest % for auto/home loans.

314 points was just too much to pay out for...Over 29,000! We are fortunate to have the 11,000 since we just bought our first home in February, and it is on Long Island which = extremely high housing costs.

So I am guessing that many people just paid for points in full as they bought and did not finance? That is really the best way, if you can. I just couldn't give the mouse another penny without making an investment in our future family vacations. We have spent much more the cost of our DVC over the last seven years just on family trips to Disney.

Wish I knew then, but at least I know now.

 

[jdg345]

I didn't think a home equity loan would be applicable for this? I did look at personal loans and the credit union had rates 1.5% higher than Disney! That was surprising, since credit unions usually have the lowest % for auto/home loans.

314 points was just too much to pay out for...Over 29,000! We are fortunate to have the 11,000 since we just bought our first home in February, and it is on Long Island which = extremely high housing costs.

So I am guessing that many people just paid for points in full as they bought and did not finance? That is really the best way, if you can. I just couldn't give the mouse another penny without making an investment in our future family vacations. We have spent much more the cost of our DVC over the last seven years just on family trips to Disney.

Wish I knew then, but at least I know now.

You could probably do a home equity, but it may or not be in your best interest. The interest should be tax-deductible regardless and with the recent rate hikes by the fed, most home equities are anywhere from 8 to 11% these days. The biggest difference is if you default on a home equity, you can lose your house -- if you default on a signature loan, you take a hit on your beacon.

I've gone over both sides and they both have their valid points. On the one hand, DVC can be viewed as a luxury (not an investment) and thereby should be paid in full and not financed. On the other hand, many people travel to WDW or equivilent multiple times per year and easily have their monthly payments and then some in their annual budgets already so it just seems like the best deal.

Personally, I financed ... I figured what I spend per month x 12 for DVC is actually less than what I would spend annually at WDW for non-DVC trips. I hope it doesn't take me the 10 years to pay off though ... I really want to pay it off before then.

 

[Barnum01]

I didn't think a home equity loan would be applicable for this? I did look at personal loans and the credit union had rates 1.5% higher than Disney! That was surprising, since credit unions usually have the lowest % for auto/home loans.

Well, two things...you should have been able to use a home equity loan or line of credit if you had the equity available. Since you just recently bought your home, you may have had enough equity built up yet.

Secondly, check with your tax planner or a financial consultant as you may be able to deduct the interest on the DVD loan.

Regards

 

[ACDSNY]

We financed 1/2 of our 220 points last year since we had 2 kids still in college. I'm glad we did since the DD that graduated is now getting married at the end of the month. Nothing like paying a wedding for over 200 mostly family members.

Our thoughts were Disney was getting our money every year anyway so we might as well take the plunge.

 

[MinnieGirl33]

We financed a portion of ours as well, with every intention of paying it off sooner than the loan terms.

My thinking is when you total my payments & fees I am still spending the same amount of money in a year as I was before DVC. So even IF we end up not paying off early for some reason we are still ahead in my mind.

 

[jblb1020]

I also financed through Disney and put some money down. I looked at what we spend going to Disney every year and what DVC would cost us per year and with the prices going up I knew it was the right thing to do. The money I would have spent to vacation at Disney and we also like to stay in the Deluxe Resorts would be more expensive in the long run. I too wish I would have joined DVC sooner and it would have paid for itself by now. I have no regrets!!!

 

[alexandone]

We bought 170 points, put 20% down and took a five year loan. The payment is $228/month.
We also just listed our Marriott for sale; hoping to do a 75 point add-on at BWV (unless VAKL goes on sell first).

 

[Mich Mouse]

My thinking is when you total my payments & fees I am still spending the same amount of money in a year as I was before DVC. So even IF we end up not paying off early for some reason we are still ahead in my mind.

This is exactly what I thought too.

 

[goofydiz]

I just sent my Cashier's Check today for closing on my 190 pts. at SSR. I was never so happy to write a check in my life!

I used my Home Equity Loan to pay for it. I figure that I can pay as much or as little as I want each month and when Bonus Time and Income Tax time rolls around - I'll put down a big chunk on my loan. I figure we should have it paid off in about 3 years.

 

[Mich Mouse]

I just sent my Cashier's Check today for closing on my 190 pts. at SSR. I was never so happy to write a check in my life!

.

This is my first time to say it.....

WELCOME HOME!

 

[jdg345]

I just sent my Cashier's Check today for closing on my 190 pts. at SSR. I was never so happy to write a check in my life!

I used my Home Equity Loan to pay for it. I figure that I can pay as much or as little as I want each month and when Bonus Time and Income Tax time rolls around - I'll put down a big chunk on my loan. I figure we should have it paid off in about 3 years.

Welcome Home! That was our thinking as well ... just chunk it up whenever we can to lower the term!

 

[melissalee1220]

Here's what I did and it ROCKS!!!!!

I'm a "since day 1" Dinsey Visa card holder and I took advantage of those convenience checks about 5 months back. I orginally purchased my DVC w/ 10% down and the rest financed for 10 years at "the lowest" 9.9%. A few months after I got home I got a 4.99% for the life of the loan pack of convience checks and started reading the fin print of the check (I've nvr used them before). I called Disney Visa and was told that I actually qualify for the 3.99% balance transfer offer.........which only had a service fee of $50. anywho, I grabbed that offer, transfered over my balance, and then opened another Disney Visa card that I could use as my new monthly use card (by the way I found out never to mix these kinds of convienence checks w/ basic monthly usage charges.......they'll put all of your money toward the low interest and start accruing a balance on the high interest. I pay off my monthly spending each month so i dont want to pay interest on it!!). I make sure that each month I pay about $290, $40 to cover interest and $250 toward my loan. Every 4 months I'm down another $1,000 and I should have those 150 SSR points paid off in less than for years as opposed to 10 years!! And thousand cheaper at that!!!

I can't wait to pay it off so I can add more on!

 

[MinnieGirl33]

My only problem now is that I want to take that chunk of money that is supposed to go to pay off the loan & buy more points !

Hi my name is MinnieGirl & I'm a Disney-holic.

 

[Love Tigger]

Mich Mouse - Welcome Home, neighbor! (I'm out on Long Island also.) DH & I financed our original BWV contract and SSR add on thru Disney. Mortage interest and property taxes are both tax-deductable.

 

[Mich Mouse]

DH & I financed our original BWV contract and SSR add on thru Disney. Mortage interest and property taxes are both tax-deductable.

Thanks That is good to know. I'll let DH know that since he loves those deductions.