? on the process of buying SSR

[nem75]

Now, from a thread I just read, the OP stated she made reservations before even approved. was that correct? So do you call and tell your guide how many points you want, how much you are putting down, then what happens next? Do you wait to sign paperwork, then the approving process starts after the paperwork is sent in, then you are members after the approval goes through. I am looking for a OKW resale but would love SSR as well. I am just not sure how much we want to finance and when payments, etc would start with SSR.

Thanks for any forthcoming information.

Christy

 

[stacy6552]

The cool perk about buying into SSR, is that you can get approved for the financing now. But payments dont begin until april or May, so if you decide to finance with someone else, you can pay it off in full before then. So you can buy now and figure out your payments before then.

As for booking, I think as soon as you give a deposit, you can begin booking.

 

[Lori-n-NY]

Yes call your guide. Heres what I did.

1. Call guide gave some info over phone along with a deposit.On a Wed.
2. BIG packet of info arrived two days later with a membership number and MS phone number. On Friday
3. Call guide and asked if I could make reservations and he said YES. Called him MON morning
4. Called MS and made reservations and they did not say anything about it pending upon approval but my guide did say that and in the paperwork it says that too. (also on Monday morning)

Then I recieved a few requests for things they needed to approve the purchase. Then I got the nice WELCOME letter saying you were approved and all set to go.

Total time was 3 weeks.

I own at SSR and I'm part of building two so I can not stay on points anywhere until June 7 or later but I can reserve rooms using the 11/7 month windows.
If you have any other questions please ask. I received my offical "your in" letter one week ago yesterday.

Lori

 

[Lori-n-NY]

My first payment in not until June. I could do either June 15 or July 1. You will not have to pay until the building is open. And dues are prorated for the rest of year. So I will only pay dues from June til Dec.
I am paying them monthly and direct debit with my payment.
Lori

 

[arizonacolbys]

My husband & I usually make at least a yearly trip to WDW, sometimes more. I have always been curious about DVC, but never really looked into it until recently.

Lori-n-NY - since you are such a new member - I was wondering if you could answer a couple of questions for me too?

Did you have different financing options? Do you only finance thru Disney, or can it be any bank? Do they have longer financing periods - say maybe 10 years?

We are on somewhat of a budget these days, but live for our Disney vacations. It seems like DVC would be such a great benefit for the next 40-50 years, but not sure we could swing huge payments right now. Does anyone have any advice on this?

TIA!

 

[dianeschlicht]

Originally posted by arizonacolbys
My husband & I usually make at least a yearly trip to WDW, sometimes more. I have always been curious about DVC, but never really looked into it until recently.

Lori-n-NY - since you are such a new member - I was wondering if you could answer a couple of questions for me too?

Did you have different financing options? Do you only finance thru Disney, or can it be any bank? Do they have longer financing periods - say maybe 10 years?

We are on somewhat of a budget these days, but live for our Disney vacations. It seems like DVC would be such a great benefit for the next 40-50 years, but not sure we could swing huge payments right now. Does anyone have any advice on this?

TIA!

If you own a home, you could try getting a home equity loan for your DVC purchase. The interest will be deductible that way, and your payments will not be as high as if you go through Disney financing. Your interest rate will be much lower as well.

 

[brandip22]

arizonac- I am a newbie, too and just sent my paperwork in yesterday. As a banker/loan officer, I know most banks don't finance timeshares by themsleves. We will do the Home Equity loans, though. But, Disney does finance for 10 years. That's what I did. The rate is 9.75 since I'm having it auto-debited from my account. My UY is Feb and I don't start making payments until August 1. My annual dues payment will start in July, though since that's when my building will open. My total payment for points and dues will be approx. $200. Any questions, feel free to ask.

 

[arizonacolbys]

Thanks everyone! The home equity loan & monthly payment info really helps me understand this all better. I'm not sure we'll be able to invest in this this year, but maybe by next year we can save up the money for the down payment. Thanks again for all the info!! Enjoy your new memberships!

 

[DrTomorrow]

We financed through Disney due to the ease of doing it over the phone (last Sept), but we then took out a home equity loan (~ 4%) and just wrote a check to Disney to pay off their financing.

Good luck!

 

[Blackunicorn]

I just wanted to point out that you can make a reservation at DVC resorts before your close date for travel dates after you close, but you can not do an exchange until after closing. This is probably not a big deal, because everyone who bought SSR except us is planning on going to SSR this year. However, other Disney-owned properties such as Disneyland hotels are considered an exchange and you can't make reservations there until after you close. Just FYI.

Dawn

 

[nem75]

Thanks to all who replied. I am going to talk to my DH and see if we can't start our collection of DVC point asap. Maybe 150 would be a good starting point and then add-on from there. I just need some pixie dust for convincing my Dh to sign up now with the $5 discount so we don't loose points. I want to start my vacations son and would also like to bless our pastor and familywith a holiday trip.



Christy