Putting off returning documents

[4mcbjCtr]

We recently purchased 200 points at SSR. We have bad credit issues, so were asked to put down a 30% deposit. We have the 20% they asked for, but we have 5 kids birthdays, Christmas, plus a trip to be with family for Christmas, so we didn't want to just dump all the money we have into the down payment immediately. We want to take a little here and a little there over the next few paychecks. Do you know how long you can drag this out? We received a letter in the mail today saying we have 60 days from purchase date to return the documents. What happens after that 60 days? I am trying to spread this out as long as I can. I also want to know if there any repercussions from doing this. Thanks in advance.

 

[byoung]

Call member service sure they will give you the answer.

 

[NYMomof4]

I don't have the answer but have you considered buying less points? I did a 150 point package because that's about all I can manage right now.

 

[JodyTG]

From what I understand, if you don't return the documents within the 60 day time-frame, your contract is cancelled and you have to start all over again. The price may go up by that time. I would definitely call member services first thing in the morning.

 

[Wendy1953]

I can understand your wanting to buy into DVC, but if your financial circumstances don't allow you to buy what you want right now, why not wait and purchase it when you are more financially able? Putting yourself into too much debt can certainly cause a problem in the future, and with 5 children to raise, that won't be a very easy problem to remedy. As others have stated, why not go for less points at this time (however many you can afford...realistically) and go for the rest when you are financially able to. DVC is supposed to be a place to have a great time, not somewhere where you have to worry about every penny you put into it.

Good Luck!

 

[4mcbjCtr]

It isn't a financial difficulty for us, it is just a matter of how much of what we have do we want to give them. We can fit the payments in just fine, I just didn't want to have to afford that extra part of the down payment. I don't want to scrape too thin because I have to pay in an extra $2000.

 

[JimC]

It may be better to postpone the purchase until you are ready and have the money saved. DVC will be here for a long time. Even if you pay a bit more per point later, doing it when your finances are in better order may be the best approach.

 

[vascubaguy]

As mentioned earlier, you could reduce down to 150 points and add-on 50 points later.

The downpayment breakdown would be something like this...

20% down for 200 points = 2320.00
30% down for 200 points, 5880 - 1600 (incentive) = 4280.00
30% down for 150 points, 4410 - 1200 (incentive) = 3210.00

Good luck and let us know what you decide.

 

[manning]

It isn't a financial difficulty for us, it is just a matter of how much of what we have do we want to give them. We can fit the payments in just fine, I just didn't want to have to afford that extra part of the down payment. I don't want to scrape too thin because I have to pay in an extra $2000.

Wait a minute, your original posts says "We have bad credit issues, so were asked to put down a 30% deposit". Now you state "It isn't a financial difficulty for us".

These are some of the questions I ask myself:

Do I have (enough) money saved for a rainy day.

Am I on track for saving for retirement?

Am I putting enough money aside for the kids college education?

What shape is the car in? Do you have to buy one for work?
There is an unknown cost increase coming up. Home heating prices. What are they going to be? Who knows, but the predictions are making me nervous.

Keep your emotions in check and you will come up with the right answer.

Whatever you don't want to do is get into the position of having to declare bankruptcy. I have no idea if you are in this situation or not. I just bring it up because congress has passed very strict laws on it. You get in and it is very difficult to get out of.

Good luck.

 

[vascubaguy]

Wait a minute, your original posts says "We have bad credit issues, so were asked to put down a 30% deposit". Now you state "It isn't a financial difficulty for us".

These are some of the questions I ask myself:

Do I have (enough) money saved for a rainy day.

Am I on track for saving for retirement?

Am I putting enough money aside for the kids college education?

What shape is the car in? Do you have to buy one for work?
There is an unknown cost increase coming up. Home heating prices. What are they going to be? Who knows, but the predictions are making me nervous.

Keep your emotions in check and you will come up with the right answer.

Whatever you don't want to do is get into the position of having to declare bankruptcy. I have no idea if you are in this situation or not. I just bring it up because congress has passed very strict laws on it. You get in and it is very difficult to get out of.

Good luck.

Having bad credit doesn't necessarily represent current ability to pay. It can take many many years to turn bad credit into good credit. The OP's credit must not be extremely bad because they probably would have asked for a 50% deposit.

 

[manning]

Having bad credit doesn't necessarily represent current ability to pay. It can take many many years to turn bad credit into good credit. The OP's credit must not be extremely bad because they probably would have asked for a 50% deposit.

My SIL Has gone thru her working life making payments and not saving. She is now 54. Last time I saw her she said she wished she didn't HAVE to work. "It would be nice to be able to work only part time when I wanted to." She'll end up working her entire life. Or struggle on social security.

Corporations are shifting the burden of retirement onto the workers!! 401-k plans are now becoming the retirement plan.

When I was downsized at 51, I was able to decide what I wanted to do.

If you are not saving enough, you can't afford DVC!!!

 

[4mcbjCtr]

We have plenty for retirement. My husband will have his first retirement at 45, second at 65. I just didn't want to use our savings for this. I think we will go ahead and drop down to the 150 point range and add on later. That way we don't have to use as much of our savings.

Bad credit does take years to repair. Just because you have bad credit now does not mean you don't have enough money to pay your bills plus plenty extra.

 

[Athazen1]

We are in the same situation. A year and a half ago we tried to get 150 point, but we had bad credit and was asked to put 30% down. So we decided to wait.
We bought 280 points this year. Our credit is still not the best, but all the debts are paid off and we make more than enought money know. What we did was refinance our house. It gave us the extra cash to purchase our DVC and lowered out monthly bills. We are fortunate that we had a lot of equity in our house.
Have you considered refinancing, if you own a home?

Good luck.

I hope everything works out.

 

[snowbunny]

What we did was refinance our house. It gave us the extra cash to purchase our DVC and lowered out monthly bills. We are fortunate that we had a lot of equity in our house.
Have you considered refinancing, if you own a home?

All I can say is, be careful going down that path. There is pain ahead when (not if) the vastly overheated housing market corrects and an unknown percentage of equity disappears. Your house is worth only as much as someone will actually pay you for it on the day you try to sell it.

 

[manning]

All I can say is, be careful going down that path. There is pain ahead when (not if) the vastly overheated housing market corrects and an unknown percentage of equity disappears. Your house is worth only as much as someone will actually pay you for it on the day you try to sell it.

We are in the process of selling my MIL house (deceased). We priced fairly (typical statement made by sellers ) based on selling prices in the area. I was able to get at a sold data base going back a few years. Based on that the prices and frequency of sales are now starting to drift down.

Equity in a house and stock profit/loss are the same. You don't lose or profit until the day you sell. It is called paper profit/loss. What you actually get for it is what counts. Stocks you can sell quickly. Houses usually take awhile.

4mcbjCtr-- If feel comfortable with your decision go with it. You know your full financial position.