SSR - Downpayment/Incentives Question

[grimgrinnin]

I had read on these boards previously that the current incentive of $10 per point could be used as the downpayment. IE:
150 points X $95 = $14,250
Required downpayment of 10% = $1,425
Incentive = 150 X 10 = $1,500

Put the $1,500 incentive as downpayment, and finance the remaining $12,750, effectivly with 0 down.


I talked to my guide this morning, and he said that is not the case. We would still have to put down $1,425 for a down payment, and the incentive would be deducted from the priciple, leaving $11,325 to be financed.

Has anyone bought or added on at SSR with 0 down?

grim

 

[canwegosoon]

No we did what your guide said....but we were able to put the deposit on DV and get Disney Dollars.

 

[ScottNBecky]

WE also had to put down 10 % ($1400 and some). We then bought 160 points and used $1,600 (160 pts. x $10 per point)on top of our $1400 downpayment to give us $3000 downpayment which lowered our monthly cost.

 

[tjkraz]

I don't think there's any way to do it with $0.00 down. We bought with a similar incentive last year. We had to put down 10% of the base cost (before incentives), and then the incentive was deducted from the remaining principle to be financed.

 

[grimgrinnin]

Thanks for the responses.

My wife doesn't need that new Pottery Barn bed anyway


grim

 

[jel0511]

DVC used to allow exactly what you're asking for, but stopped it about 2 years ago. They now require at least 10% cash put down on any DVC purchase. If you use any incentives like the $$$ off, that is used to increase your down payment.

 

[TinksDH]

I assume you're going with DVC financing? if so, I think there are 2 stipulations - you need at least 20% down total (between cash and incentives) AND at least 10% in cash.

We just bought 200 points at SSR Phase II with the $10/pt credit and had to put an additional $1900 cash (which is 10%) down.