Questions on purchasing DVC

[ctc917]

I have read that one difference between purchasing from Disney and purchasing resale is that when you purchase from Disney you do not have to pay closing costs. So my question is this: Is that true? Also if you purchased from Disney did you pay closing costs? If you purchased on DCL did you pay closing costs?

Thanks for the info

ctc917

 

[RobDoc]

Closing costs will depend on the resort you purchase from Disney. At this time there are closing costs for AKV, BLT and GCV but not for OKW, VB, HH, BWV, VWL or BCV for initial purchases. Add-ons will not have closing costs at any resort.

Resales will have closing costs, but that expense is negotiable between the parties involved.

Enjoy!

 

[JimMIA]

Closing costs are only a miniscule part of the overall picture. You're talking about a couple hundred bucks on a $15,000-20,000 purchase.

If you are saving $15-20 per point buying resale, whatever closing costs you pay will be insignificant.

Your "guide" may emphasize closing costs to bolster their arguments, but closing costs are really nothing in the grand scheme of the overall cost of DVC ownership. The BIGGEST factor is annual dues (maintenance fees), the second biggest is initial cost.

 

[disneynutz]

You will save more money buying resale even if you have to pay the closing costs.

Bill

 

[Crystal_27]

Yeah, just to give you an example, our closing costs for our BLT purchase were just at $300. Believe me, if BLT would have been available on the resale market for cheaper than what we were getting through Disney, we would have gone that route, particularly in that closing costs can be negotiated with the seller, so you may not even end up paying them. Good luck.

 

[DRT-eagle]

BUY THE RESALE. It is much cheaper and you can get banked points in some cases. The closing costs are no where near the price difference.

 

[colgose]

What happens if I stop making payments to them

 

[Redbudlover]

It is important to note that closing costs may be negligible on larger contracts, but become a factor in smaller contracts. If you are buying 50 points for example and are paying closing costs of $400, that adds $8 to your per point cost....

 

[Jason@dvcstore]

What happens if I stop making payments to them

The Timeshare Store, Inc.® doesn't offering financing directly through us. To close on a transaction a buyer needs to send in a deposit initially and then final funds are sent to the closing company. Some buyers do finance and the finance company sends that final payment directly to the closing company.

If you choose to finance through Timeshare Lending . net or your local bank I would check with them regarding if you stopped making payments.

Jason

 

[logan115]

What happens if I stop making payments to them

Just quoting this response as one of many that have been posted lately along these lines, so please don't take this personally colgose.

I have no problems with people financing DVC - heck I'm financing part of our purchase. However, when we see more and more people post around "what happens if I default" that kind of makes me think that they're PLANNING on defaulting.

Financing is a good thing, and is largely based on people repaying their debts (although banks/finance companies do need to keep a certain reserve for non-performing loans). To borrow is ok, to borrow with the intention of not repaying that debt is not.

Again, not a shot at anyone in general, and I shouldn't assume that this is the plan, but it sure sounds like some folks are spending more time thinking about defaulting than they are around how (or if) they pay off their obligation.

I'm not perfect, and not proclaiming to be better or smarter than anyone else, but I am against people that are trying to get something for nothing by financing and then defaulting.

Chris

 

[DenLo]

Yeah, just to give you an example, our closing costs for our BLT purchase were just at $300. Believe me, if BLT would have been available on the resale market for cheaper than what we were getting through Disney, we would have gone that route, particularly in that closing costs can be negotiated with the seller, so you may not even end up paying them. Good luck.

It is important to note that closing costs may be negligible on larger contracts, but become a factor in smaller contracts. If you are buying 50 points for example and are paying closing costs of $400, that adds $8 to your per point cost....

As Crystal pointed out, the only way she could buy at BLT was direct so she had to pay the closing costs. However, as Redbudlover pointed out you really need to compare the total cost over all between buying resale and direct. And by total cost I would add any MF cost you have to pay upon closing. Some people have negotiated that the seller will pay MFs on current year points, but sometimes you pay the MFs to get a lower cost per point.