Quick question about the 15%

[phorsenuf]

I know it can be used towards the downpayment. Has it been determined if you can use that 15% on a required 20% downpayment.
I thought someone thought you had to put a certain amount of their own money down.

Am I making sense in what I am trying to ask?

 

[tjkraz]

A 10% cash (or credit card) downpayment is required. The basis for the 10% is the base price of $98 per point. So, you must give DVC at least $9.80 per point up-front, with the minimum being $1470 on a 150-pt contract.

The 15% credit is then deducted from the amount to be financed.

Note that if you have a Disney Visa you can get 6 months interest free on your down payment.

 

[phorsenuf]

A 10% cash (or credit card) downpayment is required. The basis for the 10% is the base price of $98 per point. So, you must give DVC at least $9.80 per point up-front, with the minimum being $1470 on a 150-pt contract.

The 15% credit is then deducted from the amount to be financed.

Note that if you have a Disney Visa you can get 6 months interest free on your down payment.

If we are required to put 20% down and used the 15% towards that than that would really be just 5% out of pocket which I am assuming we couldn't do. So if we are required to put a minimum of 10% out of pocket than we would really be outting 25% down. Right?

 

[tjkraz]

So if we are required to put a minimum of 10% out of pocket than we would really be outting 25% down. Right?

I guess you could look at it that way...

 

[m4travel]

If we are required to put 20% down and used the 15% towards that than that would really be just 5% out of pocket which I am assuming we couldn't do. So if we are required to put a minimum of 10% out of pocket than we would really be outting 25% down. Right?

That's the way it worked when we did our add-on last Saturday: 10% of the original amount as our downpayment, with a credit of 25% (our 10% plus Disney's 15%) when they calculated the amount due and the payment schedule.

If for some reason they still required a 20% down payment from you, I believe that you would be credited with 35% (your 20% + Disney's 15%) for balance due and payment calculations. I don't know if they would require 20% down.

We were told by our guide that the minimum requirement was only a 10% down payment and the 15% was a credit against the price after the DP was made.

Good luck!

 

[cobbler]

Here is how our math worked. We bought 180 points. Our out of pocket had to be $1764. Disney's portion of it (14.70x180) was 2646. So the entire down payment would have to be 4410. We put down an even 2000 so our down payment was 4646.

So 180x98 = 17640
Disney's down payment 2646
Ours 2000
Our finance total was 12994.

If we would have stuck with just the 10% minimum it would have been a finance of 13230.