Need to add on!

[kmccl]

This may be a crazy request, sorry if it is, but I have no earthly idea what the answer could be. I just got through reading a thread about adding on. I have never even thought of financing the purchase. Seems like many people do. Well I need 100 points (yeah right, I need another 500, but am looking into 100). Can someone give me an idea of what it might cost per month if I were to finance 100 points at BLT through Disney??? I hope I am not breaking any rules by asking this, if I am, go ahead and delete this thread. Any info whatsoever on this would be extremely helpful to me.

 

[arthur06]

Just a ballpark guess here

100 BLT points at $130 per point = $13,000

Less 10% down = $1300 down

Less $12 per point credit = $1200

Total financed = $10,500

If you get preferred (I think) its 10.75%

So monthly payment would be $143.16 and that does NOT include MF's on those points

 

[BirdsOfPreyDave]

The current price for BLT points is $130 per point, soon to go up to $140. With the incentives offered during the Alunai webcast this week, you can get 100 points for $116 per point, or $11,600 total. On top of that, you'll also have to pay the closing costs. Ours were about $250 for 150 points last month. Don't forget that you'll also need to start paying maintenance fees on these new points. BLT is currently $3.89 per point. If they give you prior year points with your contract, you won't need to pay MF on those. But you will need to pay the pro-rated portion of the MF for the current year.

We've paid cash for our contracts, so I don't have any experience with DVC financing. I'm not sure what percentage they'll want as a down payment, or what kind of APRs they're offering. Those will probably vary based on your credit rating.

Other options you may want to explore include financing the mortgage through your own bank/credit union or using a home equity account.

 

[kmccl]

Thank you so much for the information. We are a family of 6 and bought 230 points when BLT was $95. Not sure how much we would like it or use it so figured every other year and sometimes every year and we would be happy. Two years later, 5 trips, we need more points, don't have the $12000 to buy as we exhausted our savings with the first purchase. Trying to figure out a way to buy before the price going to $140. This info has been very helpful, may have to finance the purchase. Thank you!

 

[Kidanifan08]

We financed our first purchase through DVC. The rate was 10.75% for 10 years. There is no penalty for early repayment, so you can always chunk extra $$ away at the loan and reduce your overall interest payment over the life of the loan. You can even see your loan details on the DVC member website and make credit card payments online.

If you have the Disney Visa, I think you get 6 months interest free if you put part of the purchase on the card. Maybe you can put what you are comfortable with paying off quickly on the card. Then you get Disney Dream Dollars for that amount. When we made extra payments towards the loan, we always used our Disney Visa so we would get Disney dollars. I know that the Disney dollars were never as much as what we were paying in interest every month, but it lessened the pain!!

I think that you may get 2010 points thrown in if you get a UY which has not occurred yet (June - Dec). You would probably want to get the same UY as your current contract so you don't have to keep track of two banking deadlines. Plus, with the same UY, all of your points are lumped together so you don't have to deal with transferring points or trying to book something using two different contracts. With that said, it may be worth it to you to get "free" 2010 points if your UY has already passed. There are a number of threads about having two different UY, and if you tend to use all of your points once yearly, it does not need to be a complicated issue.

Good luck with your purchase!!

 

[kmccl]

Thanks! I have a Feb use year. So would it be worth it to get a new use year to get 2010 100 points?? Not real sure how different use years would effect anything other than banking deadlines.

 

[BirdsOfPreyDave]

Thanks! I have a Feb use year. So would it be worth it to get a new use year to get 2010 100 points?? Not real sure how different use years would effect anything other than banking deadlines.

If you buy directly from Disney, your add-on will go on the same membership and keep your same use year.

People who buy resale contracts can shop around for use year, because they can pick which contract to buy.

 

[kmccl]

Wow, didn't know that about the use year. Thought I could buy whatever I wanted. Good to know as my wife was saying - why wouldn't we by a Dec. use year if we add on?

 

[Kidanifan08]

If you buy directly from Disney, your add-on will go on the same membership and keep your same use year.

So if I don't own any BLT yet, but want to buy 100 points, I would have to get BLT points with a December UY, since my AKV is December UY?

 

[BirdsOfPreyDave]

So if I don't own any BLT yet, but want to buy 100 points, I would have to get BLT points with a December UY, since my AKV is December UY?

Yes.

You could force a change by gaming the system. For example, you could put this contract just in your name or just in your husband's name, which would force a new member number. But without going to some extraordinary effort, your BLT add-on will have the same contract number (with a different number after the decimal point), share the same member number, and have the same use year as your AKV contract.

 

[corpcomp]

Two years later, 5 trips, we need more points, don't have the $12000 to buy as we exhausted our savings with the first purchase.

If you have exhausted your savings, you may just want to wait a bit more time until you can apply more cash to the deal. The finance charges are outrageous at this point. I'd hate to see you get into a bind with the financing and the additional maintenance fees you will pay annually. Best of luck with your decision.

 

[BirdsOfPreyDave]

Yes.

You could force a change by gaming the system. For example, you could put this contract just in your name or just in your husband's name, which would force a new member number. But without going to some extraordinary effort, your BLT add-on will have the same contract number (with a different number after the decimal point), share the same member number, and have the same use year as your AKV contract.

I forgot to mention that if you do this, force your add-on contract to a different member number, you can't combine the points between the two contracts for a reservation unless you use your 1 annual transfer. Gets really messy, and IMHO, isn't worth whatever minimal benefit you'd get from the different use year.

 

[Kidanifan08]

I forgot to mention that if you do this, force your add-on contract to a different member number, you can't combine the points between the two contracts for a reservation unless you use your 1 annual transfer. Gets really messy, and IMHO, isn't worth whatever minimal benefit you'd get from the different use year.

Thanks for the feedback. We have a December UY for one contract and an August UY for the other. With that set up, I am comfortable with doing transfers, although I would hate to add another UY to the mix. The Dec UY would probably work well for us, since we will generally use the BLT points in May, June or July. Plus, this would get us 2010 points which we could bank and use next year.

 

[kmccl]

If you have exhausted your savings, you may just want to wait a bit more time until you can apply more cash to the deal. The finance charges are outrageous at this point. I'd hate to see you get into a bind with the financing and the additional maintenance fees you will pay annually. Best of luck with your decision.

I agree, but with BLT "selling out" I can pay $116 per point now, or I can wait and pay $140 per point with no incentives in a year or so. What's more important in life having some money in savings, or taking another trip to Disney???

 

[Kidanifan08]

I agree, but with BLT "selling out" I can pay $116 per point now, or I can wait and pay $140 per point with no incentives in a year or so. What's more important in life having some money in savings, or taking another trip to Disney???

If BLT is selling out, you won't be able to pay $140 in a year or so . . . it will be gone and resale will be your only option. Financing at 10.75% will cost you more than $7000 over the life of the loan. That is over an additional $70/point above the current incentive. Even if you pay it off in 3 years, you will pay a fair amount in interest (about $2000=$20/pt). You may want to see if you can get some other alternative financing (HELOC) if you are ready to take the plunge.

 

[kmccl]

Thanks to all of you for the information and help. Not sure what we are going to do yet. Any information/opinions will be appreciated!