Dis-n-Pix
Mouseketeer
- Joined
- Oct 2, 2003
- Messages
- 78
Hi all!!!
This is our first post to this forum... my wife and I have just started looking into the DVC and are very seriously looking at buying into the SSR. Our Vacation Club Guide (Robin Daniels) does not work on Wed and Thu, and we have left her a message on our question wrt down payment. But we could not wait , so we decided to sign up to see if anyone on the forum could answer our questions.
Our questions are:
1) If financing through the DVC what is the minumum down payment for 10, 7, and 5 year loans? I have heard 10%, but one of the information sheets I received had 10%, 20%, 30%, or 50% is required depending on the finance option choice.
2) The SSR points are $89.00 with a $10.00 credit available till end October. How/when does the credit and down payment get applied? Does the credit come off the total purchase price, and if so does the minumun down payment get based on the "new" adjusted total? Or is credit applied later, and the minumum down payment based on the cost of the purchased points? The calculation method used will affect the amount of the down payment needed and amount financed.
For example, in the two cases shown below: assume 300pts of SSR are being bought, each point cost $89.00, a $10.00 credit is given for each point, and a 10% minumum down payment is required.
Case 1: Credit taken later, down payment taken on purchased points.
300 pts x $89 = $26700.00
The 10% down payment cost would be $2670.00 ($26700.00 * 0.10). Then the $3000.00 credit (300 pts * $10) would be applied to the $26700.00 purchase price, resulting in a financed amount of $21030.00 ($26700.00 - $2670.00 - $3000.00).
Case 2: Credit taken off total purchase price, down payment based on "new" adjusted purchase price.
300 pts x $89 = $26700.00
The $3000.00 credit (300 pts * $10) is applied to the purchase price, resulting in a "new" purchase price of $23700.00 ($26700.00 - $3000.00). Now the 10% minumum down payment will be $2370.00 ($23700.00 * 0.10), resulting in a financed amount of $21330.00 ($23700.00 - $2370.00).
We were told that a $500.00 payment is required to start processing the application, but this payment would be credited toward the down payment.
So for each case this is what is required:
Case-1:
Down payment: $2670.00 - $500.00 = $2170.00
Financed amount: $21030.00
Case-2:
Down payment: $2370.00 - $500.00 = $1870.00
Financed amount: $21330.00
Granted in both cases the "total" cost is the same ($23200.00), but the amount required for down payment is different. Does anyone know which method is used?
Thanks in advance...
This is our first post to this forum... my wife and I have just started looking into the DVC and are very seriously looking at buying into the SSR. Our Vacation Club Guide (Robin Daniels) does not work on Wed and Thu, and we have left her a message on our question wrt down payment. But we could not wait , so we decided to sign up to see if anyone on the forum could answer our questions.
Our questions are:
1) If financing through the DVC what is the minumum down payment for 10, 7, and 5 year loans? I have heard 10%, but one of the information sheets I received had 10%, 20%, 30%, or 50% is required depending on the finance option choice.
2) The SSR points are $89.00 with a $10.00 credit available till end October. How/when does the credit and down payment get applied? Does the credit come off the total purchase price, and if so does the minumun down payment get based on the "new" adjusted total? Or is credit applied later, and the minumum down payment based on the cost of the purchased points? The calculation method used will affect the amount of the down payment needed and amount financed.
For example, in the two cases shown below: assume 300pts of SSR are being bought, each point cost $89.00, a $10.00 credit is given for each point, and a 10% minumum down payment is required.
Case 1: Credit taken later, down payment taken on purchased points.
300 pts x $89 = $26700.00
The 10% down payment cost would be $2670.00 ($26700.00 * 0.10). Then the $3000.00 credit (300 pts * $10) would be applied to the $26700.00 purchase price, resulting in a financed amount of $21030.00 ($26700.00 - $2670.00 - $3000.00).
Case 2: Credit taken off total purchase price, down payment based on "new" adjusted purchase price.
300 pts x $89 = $26700.00
The $3000.00 credit (300 pts * $10) is applied to the purchase price, resulting in a "new" purchase price of $23700.00 ($26700.00 - $3000.00). Now the 10% minumum down payment will be $2370.00 ($23700.00 * 0.10), resulting in a financed amount of $21330.00 ($23700.00 - $2370.00).
We were told that a $500.00 payment is required to start processing the application, but this payment would be credited toward the down payment.
So for each case this is what is required:
Case-1:
Down payment: $2670.00 - $500.00 = $2170.00
Financed amount: $21030.00
Case-2:
Down payment: $2370.00 - $500.00 = $1870.00
Financed amount: $21330.00
Granted in both cases the "total" cost is the same ($23200.00), but the amount required for down payment is different. Does anyone know which method is used?
Thanks in advance...
