Our dvc loan is paid off!!

[bumbershoot]

The "tl;dr" post is in the title.


The "blah blah blah" post is....

Bought dvc with their ten year loan back in '09*. Didn't pay it off as quickly as intended/expected, but as of today it's done- just about 3 years early.

Now I need to work out how much interest we paid as a lesson to us. (and maybe to others to see the cold hard truth of a loan)

And we're going to start applying that payment to our relatively brand new house mortgage.


*was the only way we could get it then. Back then our car loan rate was over two times the rate dvc gives. A layoff shortly after showed us the razor's edge we were on and helped us to pull out way out of financial infancy and into what probably isn't quite adulthood but is maybe late teen years lol.

 

[Simba's Mom]

Congrats! Isn't that such a wonderful feeling? I think that the day we paid off our loan, we went out and celebrated-it's been about 5 years since we paid it off, so I'm not sure, but I remember the happiness. Of course, it probably would have "made more sense" to have the money, then join. But we're not sorry-it's brought us so many years of joy and I hope it does for you too.

 

[buzzrelly]

Congratulations! That must be an awesome feeling! I am working on paying mine off also. I pay a lot extra every month and at the rate I am going, it should be paid in full in 2 more years instead of 7. I have zero regrets about financing it and I am just super happy to have it! I am already thinking of adding more points when I am done with this loan, but I'll wait and see what life brings.

Congratulations, again

 

[kniquy]

Good for you!! Such a great feeling and I think it will make your future DVC vacations feel even more exciting. I have toyed with a small add on and putting it on the disney visa for the cash back and the interest free for 6 months, but then i have been worried that i wouldn't have it paid off as intended. Things in life don't always go as planned.

 

[Tattylou]

Congrats!!! I'm jealous... jealous that you have a dvc and that it's paid off.

 

[CarolMN]

Congratulations, you "almost adults"!

 

[jeepnjudy]

Congratulations...despite what people may say, for some it is better to just finance and make the purchase so you can enjoy DVC rather than "waiting to afford it". Many happy vacations to you!!!

 

[keishashadow]

Has to be a good feeling to pay off that note, congrats

My better half was resistant to the idea of 'buying a timeshare'. He insisted I (gasp) save up the $ to buy into DVC. Took me a while, but I managed to do it for the first two purchases. He got on-board and bought #3 himself lol.

 

[klbrow11]

Congratulations!!!

We just bought dvc so have a long way to go (like have only made one payment so far lol). I am the disney freak but also the one who likes to hold on to the money. Husband talked me into it. He said we could wait till we can buy it outright or buy it now while we are young and can get a ton of use. We have a 2 year old so lots of disney trips in our future. Here's hoping to paying it off early!

 

[NJMermaid]

The "tl;dr" post is in the title.


The "blah blah blah" post is....

Bought dvc with their ten year loan back in '09*. Didn't pay it off as quickly as intended/expected, but as of today it's done- just about 3 years early.

Now I need to work out how much interest we paid as a lesson to us. (and maybe to others to see the cold hard truth of a loan)

And we're going to start applying that payment to our relatively brand new house mortgage.


*was the only way we could get it then. Back then our car loan rate was over two times the rate dvc gives. A layoff shortly after showed us the razor's edge we were on and helped us to pull out way out of financial infancy and into what probably isn't quite adulthood but is maybe late teen years lol.

We purchased our shares through Disney in 06 and one payment remaining in Jan 07. We have taken five cruises on points and several vacations in these ten years, it has already paid for itself, so to speak. Yes,we paid interest, but for us, it was worth it. We had many little brush fires going on in our lives and easy was good for us, and the mouse made it easy.

 

[ktmo]

Congrats!!!

I just sent in my final payment for our DVC loan. Now, I am going to start saving for an add on.

 

[LionKingCPA]

Congrats!! Always a great feeling to pay off any loan, but especially DVC knowing you have many more years to enjoy it.

 

[rentayenta]

Congratulations!!!!

 

[bumbershoot]

Congratulations!!!

We just bought dvc so have a long way to go (like have only made one payment so far lol). I am the disney freak but also the one who likes to hold on to the money. Husband talked me into it. He said we could wait till we can buy it outright or buy it now while we are young and can get a ton of use. We have a 2 year old so lots of disney trips in our future. Here's hoping to paying it off early!

Our son was 5 when we bought and now he's 12. Time flies!

Dvc makes it easy to do extra payments, and it gets addictive to see the months at the end disappear when you do that. We weren't as good about it as we should have been intended to be, but the extras we did along the way (the last chunk was thanks to company stock RSUs and wanting to put the amount of the monthly payment towards mortgage where the interest amount of the monthly payment is so big) were fun.

I used whatsthecost dot com to see things like "if I put an extra dollar down each week how much time does it take off the end?" Fun.


Currently at OKW in a 2 bedroom with extended family, reminiscing about our first wdw trip (we bought wdw dvc without ever going to wdw) with the same group (though there's a new cousin now). Arranged it because the 9 year old cousin had vague memories of being here when she was 3 and wanted to do it again. We've had some decent times.

I think coffee is being made. Must get in on that now.

 

[Matty B13]

Awesome!!! Just don't go out and buy anymore.

 

[bobbiwoz]

I am very happy for you!

 

[Paula Sedley-Burke]

Yeah what a lovely avhievement. It's nice just budgeting for dues only! We just love our DVC and all ad ons... Whoops.. I did it again Britney style..

 

[bumbershoot]

Awesome!!! Just don't go out and buy anymore.

The other day someone here (Dean?) mentioned just buying a small bit of points in my name (I'm currently just the associate and we need to add me to the deed so I can get a member card since I come here alone and DH doesn't), rather than renaming (for us it would be rather than paying the big last chunk and renaming right now). Funny how DH just didn't agree with that. Oh well.

 

[AnnaKat]

Congrats!!! I'm jealous... jealous that you have a dvc and that it's paid off.

Congrats!

We bought in 2008,
AND did the 10-Year loan with DVC, also.

We had the cash in the Bank,
AND anticipated the Stock Market crashing in Nov. 2008, along with the Housing Bubble bursting.

As we signed our Closing Papers, the famous Crash of Sept. 2008 had already happened!
Our Guide didn!t bat an eye when
i mentioned, "If the Econmy
crashes, we will
Still have our $$$$$ in the Bank,
& DVC should still hold Value!!"


We have 2 years left,
but our Payment is
only $127 per month,
so we are pleased!

AND we have gotten our initial investment back @ least 5 times over!

Congrats!
Isn!t it great Owning DVC?!?!