You should recieve your closing documents within 7-10 days from purchase, however I recieved mine within 4 days.
The following might help, this was my experience:
Below is how the process went when I made the call to purchase BWV through
DVC. I was a bit worried about financing as I had a blemish on my credit from a few years back.
This should help others that are thinking about purchasing a new (non add-on) contract on a closed resort.
I recieved my big dvc dream book over a year ago. I called this morning and they had my contact information already in the computer. I was transferred to the agent who sent out the book last year (Gibb McCain).
I told him I would like 170 points at Board Walk Villas and I would need financing. I told him i was married and would like to own and finance the contract myself with my wife allowed to make reservations. He asked for my s.s.# and entered it for approval. During the 3 minute wait he asked if I knew my score (686). He said there would definately not be a problem.
Approved for preferred financing, I chose 10 years at 10.75 %. $1700 down payment financing roughly $15,000 would come to $208 per month. I would not have to pay closing costs (normally $320) as this property was a sold out property.
There are currently no contracts available at BWV. I will be put on a waiting list (told around 2 weeks). He took a $500 deposit that will go towards the down payment amount and will call when I recieve the points. He anticipates a USE YEAR of february, march or april.
I used my disney visa card for the $500 deposit and will use it for the remainder as well. If you use your disney chase visa you are eligible to charge the 10% down payment and recieve 0% financing on that for 6 months.
I asked about the closing costs as an FYI, you can add the closing costs into the financing amount if you wish.
Gibb told me that when he calls me back with the points and use year he will give me a membership number immediately so that I may make reservations.
I hope this helps someone.
UPDATE: Gibb called 5 days later and told me I got the contract and that I was able to make reservations that day with my ID number.
He sent me a settlement package with all the property documents and financing documents. They arive within 4 days of his phone call. Enclosed you have paperwork to allow your payments to be debited from your bank account. The documents also told you when the expected closing date would be along with when your first payments for your loan and dues would be (my case July 15th).
I recieved my loan approval letter about a week after originally talking to Gibb.
I recieved my Member ID card about 8 weeks after originally talking to Gibb.
Update #2 06/04/07: I recieved a letter a couple of weeks ago informing me that disney would be withdrawing my dues payment from my bank account on June 1st and then every month on the 1st after that. The letter went on to inform me that my first DVC payment would be withdrawn from my bank account on July 15th.
On June 1st $88 dollars was withdrawn from my bank account as expected.
So, to recap: I called around april 1st to purcase, after a few weeks all the paperwork was finished and I closed around may 12th. My first dues payment was june 1st and my first dvc payment will be July 15th.
Everything has been very painless up to this point with absolutely no problems.
