Newbie with questions about purchasing

[CP1]

Hi everyone:

I have a few questions about purchasing. After doing extensive research, I believe that I will need approximately 300 points for a 7 day vacation in a 2 BDR at SSR. I will probably buy directly from DVC. Can someone please help provide answers for the following questions.

1. Are there any incentives being offered at SSR?

2. What kinda of money do you have to put down to get started?

3. If you finance, what are the average interest rates, and what would my monthly payment look like?

4. What will be the final costs at closing?

5. Are the dues part of the monthly payment?

6. If I decide to rent my points, is it financially worth it? Do I lose money doing it?

That's it for now. I'm sure that I will have other questions, but I would really appreciate your help and advice. I plan on going on vacation to Virginia next month, and back to Disney next year. So I will probably call Disney in the next few days to try and get the ball rolling.

Thanks.

 

[cobbler]

Hi everyone:

I have a few questions about purchasing. After doing extensive research, I believe that I will need approximately 300 points for a 7 day vacation in a 2 BDR at SSR. I will probably buy directly from DVC. Can someone please help provide answers for the following questions.

1. Are there any incentives being offered at SSR?

Yes $8 off per point if you want 06 points. But if you forgo 06 points and start with 07 then you can take $13 off per point.

2. What kinda of money do you have to put down to get started?

10% before the incentives. So 300 points x 101 per point = 30300, 10% would be $3030

3. If you finance, what are the average interest rates, and what would my monthly payment look like?

Interest for financing through Disney is 9.95%

If you take the $8 per point off
30,300 -
your 10% of 3030
Disney's money of 2400
total financed 24,870
payments of 327.97 for 10 years + dues

If you did the $13 off per point
30,300 -
your 10% of 3030
Disney's money of 3900
total financed 23370
payments of 308.19 for 10 years + dues

4. What will be the final costs at closing?

No closing costs with Disney

5. Are the dues part of the monthly payment?

Those are in addition to your monthly payment. At SSR dues are 3.98 per point this year. So 300x3.98 = 1194/12 = 99.50 a month + your payment. And dues would be prorated this year.

6. If I decide to rent my points, is it financially worth it? Do I lose money doing it?

Sorry can't answer this one.

That's it for now. I'm sure that I will have other questions, but I would really appreciate your help and advice. I plan on going on vacation to Virginia next month, and back to Disney next year. So I will probably call Disney in the next few days to try and get the ball rolling.

Thanks.

 

[rinkwide]

DVC is an expensive luxury purchase that unnecessarily complicates your future vacationing habits. Make sure your finances are in order and that you know exactly what you're doing before considering high-interest financing on something so frivolous.

 

[CP1]

Thanks for the detailed reply. I will take everything under consideration. What I may end up doing is probably purchase enough points for a 5 day vacation at SSR (2 bedroom). I think its around 160-180 points. $400/month for ten years is a lot right now.