Question for recent DVC purchasers

[RAMWDWFAN]

I'm considering buying 150 points at SSR. Could someone provide me with the required downpayment if I use the Family/Friends discount? Also, what is the monthly payment?

Thanks

 

[browniemtb]

If you used the friends and family discount it would be 15% off the $98 per point....net $83.30. I believe this promo ends Feb 1.
Down payments are up to you. 10% would be the minimum but you will pay a higher interest rate if you finance through Disney, 10.75%. A 20% down payment will get you to a 9.75% payment...the loan is 10 years. Also you must consider annual dues billed either monthly or just if one chunk. SSR dues are $3.98 per point per year.
So a 150 point contract would cost $12,495 and the annual dues would be $597.
You can find a loan calculator on the web and play with numbers to get your payment schedule. I did a 20% down and finance with Disney but I plan on paying off the loan well before the 10 year period.
Brownie

 

[luvindisneyworld]

Hi, the promo does end Feb 1.
We have 350 BCV,VWL points and our payments including maintanence fees are about 450.00 per month.
The down payment has to be at least 10% and can be more depending on credit.DVC is very easy to finance through though.
If you need a reference feel free to let me know.We have been mambers since 2002 and wished we had bought sooner.
Any other questions you have feel free to ask.
Misty

 

[Jen D]

Guide broke several models down for me. Here's the details on yours:

150 points @ $98/point is $14,700.

The 15% discount is applied to your downpayment (and equals $2205). You are required to come up with at least 10% out of pocket, which would be $1,470.00. So this leaves the amount financed to be $11,025.00.

If you finance for 10 years at 9.75 (direct deposit) your monthly payment would be $144.17. Dues currently are $597/year or $49.75 per month.

Finance rate is same for 3 years up to 10 so most people choose 10 even if they plan to pay off much earlier... keeps the commitment lower.

There is a deal for 1 year financing at a much lower interest rate with 50% down as well.

 

[ktmmt]

Buy Resale with banked points. Do you own financing, home equity,

 

[cobbler]

The interest rate through Disney is 10.75% unless you have your payments deducted from your checking account. If you do that it will lower it to 9.75%. The interest rate is the same if you put down 10% or more. But you must have at least 10% out of pocket as the previous poster said.

However if you are thinking of doing this, the offer ends on Feb 1st.

 

[carolina_yankee]

Buy Resale with banked points. Do you own financing, home equity,

I'm curious - if you can get the Friends & Family referral, why buy resale? It seems that $83.30 per point is cheaper than many of the resale offers I've seen posted (usually around $85 - $90). Plus, you pay closing costs. I can understand doing your own financing if you can get a better deal on your own, but that shouldn't preclude buying through Disney. You also don't have the issue of ROFR.

As I said, just curious. At the end of the day, it's a $$$ decision the buyer has to be happy with. We were looking at resale possibilities, but don't own a home, so financing options are more limited. Also, the Friends & Family rate was better for us than I could find offered.

Dirk

 

[Jen D]

I'm curious - if you can get the Friends & Family referral, why buy resale? It seems that $83.30 per point is cheaper than many of the resale offers I've seen posted (usually around $85 - $90). Plus, you pay closing costs. I can understand doing your own financing if you can get a better deal on your own, but that shouldn't preclude buying through Disney. You also don't have the issue of ROFR.

Right now the primary reason would be if you wanted a home resort different than SSR. SSR is the only resort being sold through Disney now (officially).

 

[RAMWDWFAN]

Thanks for all of your replies!

 

[vascubaguy]

I'm curious - if you can get the Friends & Family referral, why buy resale? It seems that $83.30 per point is cheaper than many of the resale offers I've seen posted (usually around $85 - $90). Plus, you pay closing costs. I can understand doing your own financing if you can get a better deal on your own, but that shouldn't preclude buying through Disney. You also don't have the issue of ROFR.

As I said, just curious. At the end of the day, it's a $$$ decision the buyer has to be happy with. We were looking at resale possibilities, but don't own a home, so financing options are more limited. Also, the Friends & Family rate was better for us than I could find offered.

Dirk

If I were in the market to buy right now, here are the reasons I would look at the resale market:

1. If I wasn't a member and wanted to buy less than 150 points.
2. If I absolutely had to have points at one of the sold-out resorts. However, for BWV it could be just as cheap to get those direct from DVC if they have them available. (BCV you'd pretty much have to get via resale)

Now if I'm looking for the most for my money, SSR is current the way to go. With the 12 extra years and the current promo.... it's still the "best deal" for points. Even if you find a great deal via resale on say, and OKW contract, when you factor in the extra years, SSR still wins.

Anyway, just my thoughts. But definately if you wanted to buy at a sold-out resort, your best bet would be the resale market. You can usually still find a good contract that, even with closing costs added in, would be less than the $92 per point that DVC charges.

If you want SSR, you should definately buy with the friends and family discount direct. You'll pay more via resale.

 

[mickeywho?]

What is the "friend & family" discount?
My husband and I are not DVC owners but are thinking very seriously about it. We love WL but DVC is currently offering SSR points. What are the options and best ways to go about becoming owners?

 

[PinkTink63]

What is the "friend & family" discount?
My husband and I are not DVC owners but are thinking very seriously about it. We love WL but DVC is currently offering SSR points. What are the options and best ways to go about becoming owners?

With a referral, you get %15 off, which makes your cost 83.30/pt.
It ends Feb. 1st. If you need a referral, feel free to email me butlerwebb3@msn.com
Stephanie

 

[cobbler]

Yes and it is a referall for SSR only. It wouldn't apply to VWL. If that is where you want to go - VWL - then your best bet is probably through resale.

 

[carolina_yankee]

If I were in the market to buy right now, here are the reasons I would look at the resale market:

1. If I wasn't a member and wanted to buy less than 150 points.
2. If I absolutely had to have points at one of the sold-out resorts. However, for BWV it could be just as cheap to get those direct from DVC if they have them available. (BCV you'd pretty much have to get via resale)
....

If you want SSR, you should definately buy with the friends and family discount direct. You'll pay more via resale.

That makes a lot of sense - I forgot about the ability to buy fewer than 150 points. When I started thinking about this a year ago, I had absolutely no interest in SSR or OKW because of how far out they are. However, we've had really good experience with Disney transporation since then, and also like SSR's proximity to DD. We may never stay there, but we decided it would be fine if there were no other choices.

We're also clergy, so we're never going to be at Disney over Christmas or Easter, the hardest times to book. We had really good look renting points at the BWV during the Flower & Garden festival (though BCV were occupied) at 5 months out, so I'm not too worried about staying where we want with 7 mos. notice.

Each person really does have to tailor it to their needs. Fortunatley, DVC seems very flexible to allow for that.

 

[EpcotKilterFan]

There is a deal for 1 year financing at a much lower interest rate with 50% down as well.

Do you happen to know what the rate is for this?

Debbie

 

[PinkTink63]

Do you happen to know what the rate is for this?

Debbie

According to the chart I have for 2005, the interest rate is 4.95%. This was sent to me in Oct., so I would imagine that is still correct.

 

[PinkTink63]

Buy Resale with banked points. Do you own financing, home equity,

I think the only two reasons for not buying through Disney right now would be 1. If you absolutely don't want SSR.
2. If you absolutely don't want at least 150 pts.
Other then that, I don't see an advantage of buying resale.
Stephanie