Questions before purchasing

[cottoncandyluva]

How much is the down payment on the new 100 point incentive? Is the incentive only for AKV? Thinking about purchasing this week...when do you find out if you're approved is it instantly or is it days?

Thanks for your help

 

[AlexTina]

I believe the down payment is 10%, 30%, or 50% this number is based on your credit. If you have good credit it will be 10%. Yes you should find out instantly whether or not you are approved and at what interest rate. Then of course they send it to underwriting where if you have skeletons in your closet you could potentially be denied but from what I understand Disney doesn't deny very often. They have nothing to loose, if you don't pay they just take it back and sell it to someone else. Also if you haven't named a referral you may want to do that. The person you name will receive a $200 gift card which they most often will split with you.

Tina

 

[XGrumpy1]

I believe they recently changed their policy about down payments. Here is a post from another forum.

Wednesday, July 02, 2008 01:00PM

For the past several years, the Disney Vacation Club has required a minimum downpayment of 10% on all point purchases. Recent changes to the application of promotional incentives has reduced the initial cash outlay.

Previously the downpayment was a fixed 10% of the base price of the points being purchased. Promotional incentives were deducted from the balance due. A purchase of 160 vacation points at the base rate of $104 per point would require a minimum downpayment of $1,664 (160 x $104 x 10%) plus closing costs. Promotional discounts (currently $8 per point) would then be deducted from the remaining balance.

In the above example, the buyer would be required to pay $1,664 plus fees out of pocket with an additional $1.280 reduction coming as part of the incentive. The remaining balance of $13,696 could then be financed over as long as 10 years.

DVC has now changed the math for buyers at Disney's Animal Kingdom Villas. As part of the new calculation, the promotional incentives contribute to the downpayment. Using the above example, the $1,664 required downpayment is now being reduced by the $1,280 incentive. Including closing costs, a new member can finance a DVC purchase for as little as $500 out of pocket. The amount may be larger for purchases greater than 160 points.

Note that this revised calculation will result in a higher principle amount financed, high monthly payments and high total interest paid over the life of the loan.

 

[prettypixie]

I believe they recently changed their policy about down payments. Here is a post from another forum.

I wonder if developer points are available with this offer too?

 

[Disney Spaz]

As long as you buy in a minimum of 160 points yes you get develpoer points.

 

[cottoncandyluva]

The $500 deposit info was also explained to me by my guide...I was just wondering if you put down the deposit and then suddenly after the credit check DVC would change the deposit amount.

Also, we plan to vacation in Disney every other year or two years and trade out on the off years. I'm not really concerned about whether it's a good use of the points or not, (they are my points to "waste" ) just wanted to know how easy it is to trade and how far in advance do you put in your request?

Thanks for helping. We are have been considering this purchase for the past 2 years.

 

[cottoncandyluva]

Spoke to my guide he answered all of my questions so we are ready to process the paperwork. My question is can you make the initial $500 down payment by check. Hubby does not want to put it on credit card other option is debit card...which is better?

Thanks.