Payment Plans on Resales?

[wildcatwmn]

Are payment plans available for resales? I was just at the DVC tour last week at the Boardwalk and I am very interested. The SSR at $89/point is not bad, but there are some good resale values out there, and my son really liked the Baordwalk. It is just the two of us so I want tostart with 150-200 pts., but can't afford to shell out the total up front, which is one of the reasons why I may consider SSR.

Thanks for the help!

 

[HookdonWDW]

Disney does not finance resales, only purchases made directly from them. There are a few couples that finance timeshares, but most standard lenders stay away from them, due to the fact that most timeshares do not maintain their value over time.

I have read of people who have gotten personal loans, or a home equity loans to pay for their DVC purchase. I would recommend that you contact some of the resellers, and find out who/ what they recommend for financing.

Good luck!

 

[spiceycat]

some money get a second mortgate on their house - then the interest is tax deductible too.

 

[Dean]

There is one company that will finance resales, it's tammac.com I believe. A home equity loan or even better, saving and paying cash would be the way to go.

 

[twotoohappy]

I'm using tammac (through the timeshare store) and my financing is 9.9 percent.....I believe that's the same as Disney. Here's the info 800-640-6753 (I talked with Amber, she's very nice!)

 

[wildcatwmn]

THANKS for all the info. I guess my only fear now is paying exhorbitant monthly fees 20 years from now.

 

[pirateparrot]

Originally posted by twotoohappy
I'm using tammac (through the timeshare store) and my financing is 9.9 percent.....I believe that's the same as Disney. Here's the info 800-640-6753 (I talked with Amber, she's very nice!)

One concern about using third party financing is the question of tax deductibility. Disney treats their loans like mortgages (secured loan) but I think tammac treats it as unsecured. Though I am not a tax expert, I have been told that the interest cannot be deducted from taxes.

You should ask your tax advisor.

 

[tigger2esq]

we used a home equity line of credit to pay for ours and got a GREAT rate to boot (somewhere around 4% if I remember correctly). PLUS the interest we paid was deductible. I would highly recommend this route if you can handle the payments. I would never recommend a 2nd mortage or home equity loan if there is even a small chance of default as you can risk losing your home...