What is the lowest Desposit DVC will take?

[angel659]

Hi

I am desperately trying to work out my finances. What is the lowest deposit DVC will accept. We are planning on buying AKL when we are out there, but I am not sure I can even get the 30% deposit beforehand. I would like to get my credit done via DVC with the exchange rate and how the interest rate works in America.

Has anyone laid down a low deposit and then paid more when they returned back to the Uk?

 

[skelfbsfb]

If you are taking the finance out through disney then you will not need to put a 30% deposit down you would only need to put $500 deposit down and the closing cost. Other people who are more experienced that myself on this forum will be able to clarify exactly what you need to do.

 

[angel659]

I could take $500 out with me for dvc and then pay the other 30% when we are come back. Any ideas on closing costs?

 

[skelfbsfb]

I could take $500 out with me for dvc and then pay the other 30% when we are come back. Any ideas on closing costs?

If you can arrange the finance here in britain as its much cheaper, Disney charge between 10% - 12%, the actual closing cost are about £150 for 160points, thats what I have just paid but I do not know if this goes up regarding how many points you are buying. If you phone disney before you are going then I am sure they will help you. The lady that I was dealing with was called judy. If you want any more info pm me and I will see what I can do.

 

[skelfbsfb]

Hi found this info for you

DVC will finance most DVC purchases if the buyer does not have the funds immediately available.

Standard terms are 10% down with the mortgage written for as many as 10 years. The interest rate is typically in the neighborhood of 10-11% There are no pre-payment penalties. Also of note is the fact that DVC writes the loan as a mortgage secured by the DVC deed. Many US taxpayers are eligible to deduct the interst paid on the DVC loan from their 1040 Federal Tax Return. (Contact your tax advisor for details.)

Note that financing over a 10-year period will add significant costs to the purchase.

Another alternative is to secure a home equity loan to help finance the purchase. The interest rate on a home equity loan will almost certainly be lower than DVC's rates, and the interest is often tax-deductible as well.

DVC will even accept credit cards as a form of payment. Special low interest access checks may help lock-in a particularly attractive interest rate for the life of the loan, however the interest is typically not tax-deductible.

 

[angel659]

Thanks I will pass all the info onto my dh. We soooo want to buy. Its the deposit that is the problem this side of xmas. I want everything set up on holiday.

 

[mark&sue]

We paid our 10% deposit on our credit card when we were in WDW and then sorted the payment out after we got back. We then pre-paid the credit card with the rest of the money after we got home as our limit was lower than what we owed. Which means you can get a loan out here when you get back and just pay off your credit card before the repayment date.

Other DVC disers may have even better ideas.

The exchange rate is so good it would seem such a bargain at the moment.

Good luck



Susan

 

[paulh]

think from you signing you have 40 days to pay
Paulh

 

[jen_uk]

We put $500 on cc and then had 2 months to pay the rest of the deposit which we have just done. We used the Disney finance but will pay it back asap to try and save a bit of money.

 

[Sid74]

We bought OKW three weeks ago and didn't actually pay a penny. Disney covered the closing costs as some sort of special incentive.

We financed for 5 years using GE money which is a special arrangement that disney has for uk buyers. They do charge £65 arrangement fee with your first payment that nobody mentions until the letter comes from GE telling you what your payments will be and when they will be taken, and that comes about 3 weeks or so from when you sign up with DVC at WDW. You can finance for either 5 or 10 years through them I believe. I think the interest rates are about the same as using disney (the GE money rate is 11.70%), but disney need a bigger deposit. They wanted 20% or 30% depending on how much it cost for the points we wanted to buy.

There are no early payment penalties for either type of financing, so we went with what was easiest half way through our holiday, and that was paying nothing It meant we could take advantage of the great exchange rate, and I couldn't believe DH was willing to buy it there and then, even though there was no price incentive to buy into OKW, like there was for SSR or AKV.

 

[crabbie1]

Hi
When we went in July we really wanted to buy but again didn't have the 1800 deposit they needed.They said we could pay $500 then the rest in 6 weeks but as we are both students the finace worked out to £85 a month plus dues for 160 points at AKLV.Now is even a better time to buy as there is even more dollars to the pound.Does anyone know how much roughly 160 points is now? Can I still buy into it from here or is it just in the US?

 

[Claire L]

Hi
When we went in July we really wanted to buy but again didn't have the 1800 deposit they needed.They said we could pay $500 then the rest in 6 weeks but as we are both students the finace worked out to £85 a month plus dues for 160 points at AKLV.Now is even a better time to buy as there is even more dollars to the pound.Does anyone know how much roughly 160 points is now? Can I still buy into it from here or is it just in the US?

No you can buy from the UK, infact all of our dealings were from the UK and we only saw the models for the first time in October when we went 'home' for the first time!!

Claire