Questions from a possible new member

[DVC Chris]

Hello,

Over the past few years, I have been comptemplating a purchase of DVC..(I know, I should have done it back then!).. Anyway, at my last visit in September, I took the tour all over again and was given the current information.

I am SERIOUSLY considering purchasing now. I assume I will probably purchase at Wilderness Lodge which is fine for me becuase I like it!.

Here are my questions:

1) Am I eligible for Magical Beginnings? If so, in your experience if it worth it?

2) Are there any special financing options available to me? What is the current financing rate for 5yr with 10% down?

3) What is the current minimum points and price per point?

4) How important is the USE Year question?

5) Are financing options available for resales? Can anyone recommend good websites to find resales of DVC?

I am rather excited about finally being able to purchase the DVC and hope that I am making the right decision. I visit, on the average, about once every 1 1/2 years.

Thanks in advance for all of your help..

WL, 9/00
Treehouse Villa, 9/98
BWV, 12/95
Treehouse Villa, 7/94
Polynesian 93
Yacht Club 92
Royal Plaza 92
GF/ CBR 91
Hilton/ CBR 90
GF 89
Off Site: 88

[This message was edited by fman on 03-19-01 at 09:15 AM.]

 

[maryisme]

Yes, I believe you are eligible for magical beginnings. Disney will buy back half of the number of points you purchase at $10 a point. Is it worth it? Well, only you can determine that. If it would help you with the downpayment, I would say yes. I recently purchased an add on at VB and took advantage of the magical beginnings program. I'm not planning on visiting this year or next so I won't be missing those points--for me it was worth it.

As far as the rates go, to get the best interest rate you have to put down at least 20%. Putting a little more than 20% down, I got a rate of 10.95%. This rate was lower than the rates I was initally quoted. I believe its a one time offer they will make to you (thats what I've heard). I have the option of prepaying (as will you) and the interest in most cases are tax deductible.

Current minimum point purchase is 150 points at $72 per point.

It would be advantageous to get a use year a month or two before you normally vacation. It becomes important should you need to cancel. Within 6 months of your use year you can still bank all of your points.The number of points you can bank decreases from then onward.

Financing is available for resales. I don't believe you can deduct the interest on your taxes however.

hope this helps.

 

[Richyams]

If you can get a home equity loan to pay for EITHER a resale or a purchase from Disney, the interest would be deductable AND you would have a lower rate.

Use year is not that important. It only comes into play when cancelling a vacation. A month or two before your usual vacation time would be perfect, but anytime in the six months before your usual vacation time would be fine.

Remember, use year has ABSOLUTELY nothing to do with making reservations. NOTHING at all.

"From each according to his ability, to each according to his needs", Karl Marx,This has failed every time it has been tried, why do we still have liberals?