Quesiton about purchasing

[peedeejones]

I just got back from a week at WDW. We stayed at the Contemporary. Every time I get back from a WDW vacation I thinkg about getting into the DVC. I was wondering if the financing part is done through Disney and they take care of getting approvals or if we have to seek out our own financing? Can you put down as much money as you want up front to lower payments or is everything supposed to be paid up front. Sorry if this is elementary information. I am very new to the time sharing concept.

Thanks
jennifer

 

[ripleysmom]

Jennifer,

This is a link to DVC frequently asked questions....

http://www.disboards.com/forums/showthread.php?s=&threadid=1571

Read this and then post any other questions that you have. It should help to answer a lot of questions for you....

 

[DVCDAVE]

They do the financing for you, and yes, you can put down as much as you like. Even after financing, you may make additional payments to principal, just by calling Accounting at Member services. And, I may add, everytime I talked to Accounting, they are, friendly and knowledgeable.

 

[RobDoc]

You may also put your down payment on a credit card. DVC will help with all details.

Enjoy!

 

[peedeejones]

Thanks for all your help. This is helping to make up my mind. I thought when I first looked into DVC about 10 years ago, members had to obtain their own financing. I think that is why I did not go for it at the time. I could be wrong but anyway, thanks agsin.

Jennifer

 

[prncssjas]

Hi Jennifer. Feel free to post as often as you feel the need and even more so! LOL! Like you, when DH and I went to WDW last Sept. for our honeymoon, he fell in love with the place--he had never been there. We stayed at the GF and we kept hearing stories about all these people who visited several times a year and we were like "HOW DO THEY DO IT?!!". Well, we found out about DVC and at first, didn't think we could afford to do it! But then, we saw how easy it was to simply put the down payment in and then make the monthly installments and POOF!! We were members!!! So even though we hesitated initially, I'm glad we did because it makes a lot of sense for us now. Hope to welcome you home soon!!!

 

[dbkelly]

I found the interest rates very high when you finance with Disney. I went out and got an equity line which is currently at 4.25%. We had a lot of equity in our home so it made it very easy to secure a line. If you are not fortunate enough to have equity in your home, then I would go through Disney, because a personal loan is very difficult to get.

I would like to make another suggestion to save money. Have you considered buying a resale in OKW or BWV? I bought a resale that had a lot of banked points, I am going to rent the points which is going to bring my cost down to approximately $54 per point. However, if you cannot secure your own financing then a resale is out of the question.

Good Luck!

 

[The4OfUs]

When we bought in 1997 at OKW, we were staying for 7 days at one of the "Home away from home" places on the Wilderness Campground, and we took a tour of DVC and decided to buy while still there. Because we signed before we returned home, they applied the cost of our vacation at the Campground towards our purchase, which was something like $3000. I don't remember the exact details, being at work and all my paperwork at home, but I do know that helped us afford it and not worry about a down payment.

 

[DVCDAVE]

Jennifer, you didn't say in your first post that you had looked in to DVC prior. If you did, and they took your name, YOU MAY NOT qualify for the special financing of 10.9%. That offer is only good for 30 days after they offer it to you as an incentive to buy. DVC does keep a record in a database of EVERYONE that takes the tour. So be prepared for a disappointment, if they do not offer you the special rate. They are very addament about enforcing this too, and we on these boards have been told by many people that they do not make any exceptions to this. They will offer you financing though, but it will not be at the 10.9% rate.

 

[doubletrouble_vb]

If you have a large cash down payment you might consider using a credit card for the balance.

I only suggest this if your card has a lower rate than you can get elsewhere AND offers you some kind of kickback...for example Discover cash back or frequent flyer miles.

This is especially true if you took the tour already.

I'm not sure you could use a card for a resale without making it a cash advance...which may or may not defeat the purpose of using a credit card.

P.S. The fact that I planned to stay on site for around 8 nights in the next six months was my incentive for going ahead with the purchase.

 

[BobH]

What bank did you use to get 4.25%? That is a great rate.
I used a credit card to get most of the way to a free airline ticket. Then rolled it over into a home equity line.

 

[dbkelly]

I like the credit card idea, but I am not sure I could have used it for a resale. I should have asked. The 4.25% is an introductory rate for 1 year. After 1 year it will be prime minus .25%. I got the rate through Direct Federal Credit Union in Needham. I see that you are also from Mass.

 

[BobH]

Thanks for the info. You are probably right about credit cards and resales. A lot of companies don't want to pay the credit card the fee of 3 to 5% that the card companies charge the seller. Yes we are one of the many DVC members form Massachusetts. Glad to meet you.

 

[BobH]

Thanks for the info. You are probably right about credit cards and resales. A lot of companies don't want to pay the credit card the fee of 3 to 5% that the card companies charge the seller. We bought dirctly through Disney and they accepted it. Yes we are one of the many DVC members form Massachusetts. Glad to meet you.