Disney finance questions?

[wideeyes]

I am looking into DVC and I am trying to decided on buying 160 points through Disney or cash purchase of 100 points for resale. I was wondering how does Disney finance works and how much of a deposit will I need to pay?

 

[Claire L]

To be honest a personal loan from a UK bank/lender may be a better way to get the finance and then pay off the balance using a credit card such as Nationwide with no transaction fees.

Claire

 

[paulh]

To be honest a personal loan from a UK bank/lender may be a better way to get the finance and then pay off the balance using a credit card such as Nationwide with no transaction fees.

Claire

if you have the money get the limit on your CC raised to the amount neaded,beter still if you have a nationwide or a post office or the abbey one(dont know the name)
Paulh

 

[CustardTart]

I don't know anything about finance but did you know that at the moment (I'm not sure if it's for a limited time) you can buy 100 (as opposed to the usual 160 pt minimum) AKV points thro' Disney as your first purchase...

Buying from Disney is so easy - I put my points on a credit card over the phone... Good luck!

 

[nobodies36]

You must put 30% down (but if you get a discount of $8 or $10 you can apply the discount to your deposit). Technically, you can put down about £500 while in States to get finance, then you would have 45 days to pay the rest of the deposit as mentioned above. To get Disney finance, you must be in the States to buy your financed DVC. Or, and I wasn't really listening to this bit, you can finance with a UK lender through Disney (but this requires using your house as security) and I don't know if you can do that from here or not.

Resales are great value at the moment, but you can now purchase 100 point contracts for AKV from Disney as of a few weeks ago. This may be of some use to you.

HTH

 

[wideeyes]

I don't own a home. The AKV deal looks really good for us if they have it going still in September as I want be in a position to buy resale or direct until then anyway. I am definitely buying, I just don't know what yet.

 

[lagunn]

We financed with a uk company that Disney sorted for us. We did not have to use our house as security.

 

[wideeyes]

Can I just confirm if I have understood right, If we buy while we are there in September we can buy using Disney finance which requires a $500 deposit and then we can pay 30% when we arrive home? Is the 30% minus the $500?
I can then make regular payments using my credit card? Are the payments flexible as I would like to be full paid up in a year?

I am probably going to have a million and one questions before September as I try to get to gribs with it so bear with me.

 

[Claire L]

I am not sure if you can use a credit card when on finance, I am guessing the money would need to come from a bank account.

Claire

 

[nobodies36]

Can I just confirm if I have understood right, If we buy while we are there in September we can buy using Disney finance which requires a $500 deposit and then we can pay 30% when we arrive home? Is the 30% minus the $500?
I can then make regular payments using my credit card? Are the payments flexible as I would like to be full paid up in a year?

I am probably going to have a million and one questions before September as I try to get to gribs with it so bear with me.

Yes. I looked up the 2007 figures. You pay $500 part deposit and the $320 closing costs. Then 45 days later, you pay the remainder of the deposit which should be $3212 and that is it (apart from the finance). This will then be less if you buy 100 points as this is based on 160 points at SSR. But you get the idea.

I don't think you can pay by credit card. I klnow we have set up a US Dollar account here in the UK for paying the resale people and then to use for our MF. I believe that you can take the loan over 5 years and then pay off more each month and have it it payed off in one. I'm not sure if there is a interest penalty for this. I think that if you want to take a one year lean then the deposit must be 50%.

I only know what I was told by my guide and he said I couldn't get the GE Money finance because I do not own my own home. Things may have changed now that GE Money recently changed. It is possible that they are using a new company now. I didn't pay too much attention to that bit.

HTH.

 

[wideeyes]

Thank you very much, I think it is starting to make sense now. We will have to buy over there as we won't get the GE finance. Will see what they have on offer in September.

 

[Claire L]

The only thing I will add is if you do take finance in the US be aware if it is for quite a period of time then the £ to $ rate may drop and you find the repayments get bigger, if you go for a UK fixed rate loan it will stay the same the whole time of the repayments.

Claire

 

[wideeyes]

I don't know if I should wait till next year and do a cash resale now. It would mean missing out a holiday next year however I could bank the points to use in 2010. I have my heart set on buying this year though and the only way to do that is with the 30% deposit due to our holiday. It makes sense buying though with what we are spending on hotels.

 

[jen_uk]

I paid $500 deposit, they dropped the closing costs and then we had 2 and a half months to pay the rest of the deposit, they extended the deposit period as we said we couldn't afford it otherwise. There is no penalty for paying it off early, I have been making extra payments to try and get it all done quickly. We used the US finance as we don't have a house, plus if we took it out during our holiday they gave us a dsicount as we were staying onsite which worked out as about £2000.

 

[wideeyes]

I paid $500 deposit, they dropped the closing costs and then we had 2 and a half months to pay the rest of the deposit, they extended the deposit period as we said we couldn't afford it otherwise. There is no penalty for paying it off early, I have been making extra payments to try and get it all done quickly. We used the US finance as we don't have a house, plus if we took it out during our holiday they gave us a dsicount as we were staying onsite which worked out as about £2000.

Thanks for the great info. It seems like they were very felixble with the deposit.

Is the onsite discount normal or a one off as we will be staying at SSR which we booked through disney paying cash?

 

[jen_uk]

I think the onsite discount is standard, I have heard of other people getting it as well.

 

[wideeyes]

Thanks, I am so excited now that I have decided to buy.

 

[ChristieK0310]

Hi,

our experience seems to be a bit different -

we did the tour - came home and thought about it for a few wks then:

got a $10 discount/pt on 250 points = $2500 then they used this as the deposit

paid the closing costs on a cc and financed the rest through GE money to pay off later this year.

So only paid aprox $350 (whatever the closing figure was)

We also got a $500 giftcard and a Feb use year which suited us.

Hope this helps

Christie

 

[wideeyes]

Hi,

our experience seems to be a bit different -

we did the tour - came home and thought about it for a few wks then:

got a $10 discount/pt on 250 points = $2500 then they used this as the deposit

paid the closing costs on a cc and financed the rest through GE money to pay off later this year.

So only paid aprox $350 (whatever the closing figure was)

We also got a $500 giftcard and a Feb use year which suited us.

Hope this helps

Christie

from what I understand is that if you buy in the UK you use the GE money and you can only use the Disney USA finance if you at WDW at the time of buying. I don't own a home so plan on going through Disney finance so will be buying when we are staying at SSR in September which is why I was wondering about the deposit. I am not going to have the 30% until a week after I get home however will be able to pay the $500. If we can get any discounts on our points to use on the deposit then this will be great too.

It is a lot of information to digest, however I have two months to research.

 

[Sid74]

This is probably going to confuse you even further, sorry.

We bought when we were in WDW last october. We got the discount, and used the ge money financing. We don't own a house either. Disney even paid the closing costs.

We didn't get any sort of extra payment because we were staying onsite, I asked about them taking the cost of the holiday off of the dvc, but they said they don't do that anymore.

We didn't have to pay any deposit upfront, you just decide if you want 5 or 10 years of repayments, you can pay extra amounts at any time, with no early repayment fees. So if you choose 5 years, and can make extra payments to pay it off in one, there are no penalties.

Hope this helps,

Sid xx