Thinking about DVC

[autumnblue]

I just have a few questions that didn't find answers to in the FAQ.

First off does DVC offer financing, if yes would anyone mind sharing terms rates with me.

Second, now is the point of a home resort so that you have priority (able to book earlier) at that resort. Meaning if I buy at Saratoga Springs I can book further out there than people who have a home resort of the the Wilderness Villas.

I'm just trying to understand this better.


Thanks

Autumnblue

 

[AreWeThereYet]

DVC does offer financing. When we bought into DVC they offered financing. It was 10 years at 11.9% if you did not do a direct pay from your bank, 10.9% if you did a direct pay. (April, 2002 was when we joined the club).

You can book 11 months out at your home resort and only 7 months out at the other resorts. (I have tried unsuccessfully to book at SSR, being a BCV owner and the dates not being available until February for us non-SSR members).


Rates may be different now, but that's what they were when we bought.

Hope this helps.

 

[shortypots]

I too am trying to determine whether or not to purchase so I called DVC and asked them myself. Got a great package in the mail on SSR and the other resorts.

As for loan terms, they offer 1, 3, 5, 7 and 10 yr terms. The interest rates are based on whether or not you put 10 or 20% down. If you put 10% down, interest rate is 10.75 % for 5,7 and 10 yr terms, if you put 20% or more down, intereste rate is 9.75% for 3, 5, 7, 10 yr terms.

As for home resort, you get 11 months at your home resort whereas someone towning elsewhere rying to book into your home resort would have only 7 months to book.

Good Luck!

 

[tinkgrl]

Hi,

Pixie Dust for you & your decision!!!!

Allison an associate

 

[jaclark]

If you own a home, the interest would be much less with a home equity line of credit if you have enough equity in your home to use it...

That's what we did - just another thought to throw out there.....

Good luck,
Annette

 

[Doug Wolfe]

jaclark is right, you can probably get a better deal using the home equity line of credit.

I financed through DVC and they deduct all of my payments, fee's and taxes right out of my bank checking account. That means while everyone else is sending in payments this month to cover taxes and fee's, I don't have to send any additional money.

But again, a lower interest rate will save you a lot of money. The rate DVC is charging is typical when you direct finance a timeshare, in fact I think they are fairly competitive.

 

[TheRustyScupper]

1) Current rate for direct bank draft is 10.75% interest. Home equity loans are cheaper, but I don't like that idea. If something were to happen (loss of job or other financial reverses), you could lose your house unless you keep up BOTH the mortgage and equity loan. *

2) As mentioned above, you do have a 4-month advantage on non-home DVC people in booking your stays. As long as you can plan 8-11 months in advance, it is good to schedule your home resort before others fill the vacant rooms.


* There are two schools of thought here - use equity so you can deduct it, and don't use equity so you are not placing your home at risk. I go with the latter, except for MAJOR purchases that are a true necessity such as kid's college, big home improvements or additions.

 

[autumnblue]

Another Question

I really can't anticipate ever needing 150 pts per year. I generally only go every two to three years for 5-7 days. Once you buy your 150 pts can you then attempt to reselll say 50 or so right away. I know I'd probably take a loss but is this possible?

 

[WDWguru]

You could not turn around and sell 50 points as the whole 150 is one contract. You can only sell individual contracts and they can not be broken up. If you were already a member with a 150 point contract and a 25 point add-on, you could sell either the 150 or the 25, but not any portion of either. Make sense?

You can bank and borrow to use the points every other or every third year. Think about friends and family you could bring, or plan on staying longer and taking advantage of the resort, just hanging out and not hitting parks every day. Maybe you could even use some of them at Vero for a beach vacation before or after your park visit. Believe me, there are lots of creative ways to use points. DH and I have 700 of them and it's just the two of us!

 

[Shoreshar]

Hi;
We are brand new members and just used our points for the first time in Vermont. The Inn was just top notch and so we are very pleased with our decision.
We dicided to buy in BCV for the simple reason that we thought that it was closer to where we want to be. SS gave a longer ownership time period but is not in the location that we thought appropriate for us (I don't want to hear fireworks going off at midnight every night at Downtown Disney which is acrossed the street from SS!)
The other important thing is to buy enough points. We bought 450 and feel that it will be enough for our needs. We will be using our points to travel as well as visiting Disney.
Good Luck!
Sharon & Ralph