up to $1,200 or more

[THESCHULTZFIVE]

I just got a new DVC package today and it says

" Apply a credit of up to $1,200 or more toward the cost of your Ownership Interest when you purchase a real estate interest in Disney's Saratoga Springs Resort."

I don't understand what they mean. If it says up to $1,200 then how can it be more? Dosen't "up to" mean that's the limit? If someone could explain this to me I would appreciate it. Also, is this a good deal?

 

[Blue&Gold]

Think it is just poorly written... Current cost is $98/point, they offer an $8 incentive and require a 150 point buy for initial contracts, therefore 150 x 8 = 1200.

 

[dianeschlicht]

The "or more" refers to people purchasing more than the minimum 150 points.

 

[JimMIA]

Both posters are correct. Put it all together and it means exactly what they said -- in a poorly-worded kind of way! Just think $8 off each point and you're fine.

 

[THESCHULTZFIVE]

k, thanks

 

[Doctor P]

Their wording is correct, actually. We ran into a similar situation when we bought. You must buy a minimum of 150 points, but you need not take the $8 discount on all the points--there are reasons for not doing so. So, if you buy the minimum, your credit is "up to $1200" and if you buy greater than 150 points, it is "or more".

 

[rocketriter]

Perhaps written by Yoda it was.

 

[vascubaguy]

Actually, the up to $1200 would apply to those who are already members who are doing add-ons. If you purchase 100-149 points, your savings would be from $800-1192. If you are a new member buying thru DVC then you have to get at least 150 pts, which would be the $1200. Then the or more part, of course, applies to anyone who purchase over 150.

I actually mentioned passing up the discount in exchange for additional points, but I was told that it was not something that is being done right now.

 

[THESCHULTZFIVE]

So if we were buying 150 pts, doing a 10% deposit of $1470, we would only have to actually put out $270 b/c of the $1200 credit? Is that right? Am I at least on the right track?

 

[vascubaguy]

So if we were buying 150 pts, doing a 10% deposit of $1470, we would only have to actually put out $270 b/c of the $1200 credit? Is that right? Am I at least on the right track?

They require a 20% deposit. So for 150 points it would be as follows:

Total: $14,700 (98.00*150)
20%: $2,940.00
$8 incentive: $1,200.00
Required Upfront: $1,740.00

They require $500 to get the paperwork started, then a few weeks later they would require the additional $1,240.00.

 

[THESCHULTZFIVE]

They require a 20% deposit. So for 150 points it would be as follows:

Total: $14,700 (98.00*150)
20%: $2,940.00
$8 incentive: $1,200.00
Required Upfront: $1,740.00

They require $500 to get the paperwork started, then a few weeks later they would require the additional $1,240.00.

Well now I'm really confused b/c the prices quoted to me by the agent were based on 10% down. We aren't interested in 150 pts, we would be doing 300. But it was $29,400. The down payment would be $2,940, we would use the $1,200 and give him $1,740. If it was the same way for 150 pts and we only had to shell out $270. then I was thinking of doing that and adding on later. We just booked a land/sea vacation so DH wouldn't really be thrilled to see DISNEY on more bank statements right now. But if it was $270 I don't think he could even argue with that. Even the $1,740 seems like a good deal to me, but he's different. So are you now telling me that we have to do 20% down?

 

[RobDoc]

DVC financing does allow a 10% deposit for some plans. In the past, they have required a minimum of $500- even with the credit plans.

With a purchase of 300 points, the total amount required would be $27,000 ($90 X 300).

The current program offers a credit of $8 per point - effectively lowering the cost to $90 per point. On the full $29,400 amount- the credit would actually be $2400 and with the $500 minimum down, the remainder of the 10% needed ($2,940) would be $2,440- so you'd actually need to come up with $540 for your downpayment.

The $1200 credit mentioned in the incentive is based on a purchse of $150 points- if you wish to buy more than that, the same credit of $8 per point is applied to the entire purchase.

I hope this helps!

 

[vascubaguy]

Would I guarantee that you have to pay 20% down, absolutely not. One thing I've learned is that you can be told many different things depending on who you talk to. My guide told me that I had to pay 20% down. My interpretation of what he was telling me was that if I did the 10% down that the deposit would be calculated on the discounted price of $90 per point (rather than having the incentive apply towards the downpayment). He could have been wrong, or I could have interpreted what he was telling me incorrectly.

Best advice, get the figures from your guide as that's what you'll have to go by (regardless of what we say).

 

[THESCHULTZFIVE]

Oh Geez, I started this whole process awhile back and got confused and said forget it. The guide sent me another package last week and I started to think about it again. Now I'm almost ready to say forget it again. How does the process go again? He would draw up the contract and then we would look over it and if we sign and send the $(which would be $500 right?), then the credit stuff and then how long before we "have it"? If he does the paperwork sends it and then we change our minds we're not obligated right? It's hard having nothing to actually look at. I would rather see my contract and then decide.

 

[vascubaguy]

Oh Geez, I started this whole process awhile back and got confused and said forget it. The guide sent me another package last week and I started to think about it again. Now I'm almost ready to say forget it again. How does the process go again? He would draw up the contract and then we would look over it and if we sign and send the $(which would be $500 right?), then the credit stuff and then how long before we "have it"? If he does the paperwork sends it and then we change our minds we're not obligated right? It's hard having nothing to actually look at. I would rather see my contract and then decide.

I'm not absolutely positive on the actual process when using their financing, but I'm fairly certain that they take the majority of the info over the phone, and you may have to send in some proof of income. I do believe they still require that $500 upfront though before any paperwork starts. That money goes into escrow and is fully refundable if you change your mind. I believe once your financing is approved it is just a very short time to get your membership setup and you'd be able to start booking reservations.

Don't let us confuse you. I would recommend you call your guide and just talk to them and get all the details and questions answered. That's what they are there for! There's no obligation to buy when you talk to them and they can tell you exactly step-by-step what you'll have to do.

Good luck!

 

[rinkwide]

Oh Geez, I started this whole process awhile back and got confused and said forget it. The guide sent me another package last week and I started to think about it again. Now I'm almost ready to say forget it again. How does the process go again? He would draw up the contract and then we would look over it and if we sign and send the $(which would be $500 right?), then the credit stuff and then how long before we "have it"? If he does the paperwork sends it and then we change our minds we're not obligated right? It's hard having nothing to actually look at. I would rather see my contract and then decide.

Maybe you'd be better off renting.

 

[owtrbnks]

I can't believe you people actually get into arguements over this stuff when a simple call to the DVC would provide you with the CORRECT INFORMATION!!!
Why do you insist on relying on info from "Well, I think . . . . "

 

[vascubaguy]

No arguing, just relaying the info that I was given... I don't doubt that Doc is right. But people hear different things from different people at DVC... so I agree the easiest way to get the most correct info is to call up the guide.

 

[dianeschlicht]

A call to your guide is the best way to get answers if you are confused. Talking one on one with your guide should clear up your confusion, and give you the "real" answers to your questions. It's a free call.

 

[THESCHULTZFIVE]

Thanks for the help everyone. There's definitely no arguing going on here. I think what we'll do is give the $500 to get the ball rolling and then finalize...or not... everything when we're at Disney in October. Thanks again for all the info....especially vascubaguy.