Purchase Question/Financing

[jdb0822]

Can anyone ball-park this for me?....

If I buy into 150 pts say at $14,400 total, and choose to pay over either 5 or 10 years thru disney financing, does anyone know what my monthly payments would be?

What does Disney require for a down payment? we are going down in Nov and staying at POP, thought we might buy if its affordable, we get down at least once a year.

 

[who's ur daddy?]

Can you put this on your home-mortgaged line of credit or something? The interest rate is 10.75% or something crazy like that...

 

[chalee94]

minimum points required if you buy direct is now 160.

the last ballpark rate i saw from disney was around 11%.

you can easily run ballpark numbers for different loans at bankrate.com.

also, don't forget to add in your dues/maintenance fees...

If I buy into 150 pts say at $14,400 total, and choose to pay over either 5 or 10 years thru disney financing, does anyone know what my monthly payments would be?

 

[tiggerrr]

Here are some numbers

Deal: 160pts @ SSR @ $104/pt + about $300 in closing costs
Purchase: $16,940
Less 10% Down: $1664
Less Incentive: $1600 ($10/pt - not sure if that is still the incentive)
Loan Amount: $13,676
Interest Rate: 11.75% (Compounded monthly - monthly payment)
10 yr monthly payment: $194.24
5 yr monthly payment: $302.49

These were the approximate terms we received in May when we bought. We financed through Disney, came home and arranged a home equity loan at nearly half the interest rate to pay it all off without penalty right away. We did pay an extra (small) fee as part of our closing costs for the loan setup, but we had no choice because where we live, the law prevents us from doing the deal from home.

 

[experiment818]

My wife and I just bought into DVC at the AKV in June. In the package we received from DVC before we bought there was a sheet of "financing information". Here are the numbers that DVC provided.

Minimun purchase is 160 pts.
They were offering a $8 / pt. credit at the time we purchased (about 3 weeks ago). Not sure if they are still offering it. I believe they are but I cannot confirm this. You could probably call to find out. SSR was offering a $10 / pt. credit

They require 10% down.

The best rate you can get is 10.75%. If you don't have a good credit score, your rate could be higher. The numbers below are based on 10.75%.

160 pts at AKV = $16,640.00
minus your 10% down payment = -1664.00
minus the $8 per point credit = -1280.00 (if this offer is still available)
Total amount financed would be $13,696.00

Monthly payment for 5 years would be $296.08
Monthly payment for 10 years would be $186.73

2007 Annual dues are $4.6186 / pt.
Which would equal $738.98 per year for 160 pts ($61.58 per month)

Hope this helps.

 

[flyerron]

I have the DVC financing chart in front of me & there are some minor differences but the above info is close enough. These financing packages are for Direct Debit. SSR monthly dues would be $54.97 for 160 points.

 

[flyerron]

Can anyone ball-park this for me?....


What does Disney require for a down payment? we are going down in Nov and staying at POP, thought we might buy if its affordable, we get down at least once a year.

Sounds like this is for you. Take the tour when you are there, there is no obligation. Take the tour early in your stay.

 

[jdb0822]

I talked to DVC today. They offered 2 incentives (only can pick one).

#1. $8 off AKL or $10 off Saratoga per point.
OR
#2. Double point incentive. Meaning if I buy now, I get 320 points now to use in the next 7 months. Then on Sep 1, 2007 I get my normal 160 points for that year.

We are looking at a November trip, so we are REALLY considering taking the $1500 2 rooms at POP would cost us (rack rate), and using that as a down payment on DVC, and getting a 2-bed for a week in Nov using those 320 points offered to us. Pretty good deal to me.

 

[chalee94]

We are looking at a November trip, so we are REALLY considering taking the $1500 2 rooms at POP would cost us (rack rate), and using that as a down payment on DVC, and getting a 2-bed for a week in Nov using those 320 points offered to us. Pretty good deal to me.

booking november at this point is not a slam dunk, but best of luck to you. it's worth asking...

 

[jdb0822]

looking at the 2nd week in Nov, at any DVC resort, so hopefully I'll be able to pull it off. It sounded like a pretty good deal. There is 7 of us, so we ALWAYS have to have 2 hotel rooms otherwise.

 

[wildernessDad]

Our Disney loan was at 10.75 % because it was a 10-year loan. I paid it off in less then 2 years.

 

[flyerron]

looking at the 2nd week in Nov, at any DVC resort, so hopefully I'll be able to pull it off. It sounded like a pretty good deal. There is 7 of us, so we ALWAYS have to have 2 hotel rooms otherwise.

You may want to try & see if you an get the use out of the double points before deciding to take that deal vs the cash discount.

 

[mikeandkarla]

Ask your guide to check availability for you on your dates. He can do that with you on hold with no problems. At least my guide did that for me. I was in the same boat, Dec. vacation planned at CR. Used that money to buy into DVC. Needless to say my dates were available. GOOD LUCK.

 

[experiment818]

#2. Double point incentive. Meaning if I buy now, I get 320 points now to use in the next 7 months. Then on Sep 1, 2007 I get my normal 160 points for that year.

Are you sure that you would get 320 pts plus your 160 on Sep 1? When we purchased, they said that we would get our 160 on Sep 1 and if we took the developer points we would get an additional 160 to use within the first 7 months. Which would have given us 320 right off the bat (but that included our Sep 2007 UY points.

I could be wrong but I would check and ask them to clarify this. I would hate to see you purchase expecting an additional 320 pts but only getting 160.

 

[jdb0822]

yea, thats the current deal, if I take the point discount, I can have the 06 points, but they would need to be used by Sep, which I can't use. The double point incentive is a good one.

I am supposed to hear from them today about availability, and if its good news, I'll let them run the credit, which is my other concern.....

 

[flyerron]

You could bank those sept points if they are not developer points.

 

[mltshannon]

I hear you talking about the financing which is pretty straight forward but I am a little confused as to the matter of maintenance fees. Are they automatically added by Disney or the financing party to your monthly payment as a bank does when you have a mortgage payment which includes taxes and insurance? Or do we have to pay these fees separately?

 

[mltshannon]

Also, once the initial loan amount is paid, I assume we have to continue paying the maintenance fees. How is that handled?

 

[jdb0822]

I believe you can pay the MF monthly or in a lump sum, (due in January).

 

[flyerron]

If Disney is doing the financing they will add the monthly MF to the payment that is deducted from your checking acct. The other questions are best answered by a CM or your guide.