How did you save up for DVC?

[Madi100]

We paid cash using our tax refund.

 

[Inkmahm]

We paid for it on a CC for the airline miles, then paid it off the next billing cycle.

We do this with everything possible and then pay it off monthly. Thus, maximum airline miles with no finance charges.

Same thing only subsitute using the Disney rewards card for one with airline miles. We put it on the card to get the 1% reward and then paid it with savings the next month.

I wouldn't buy DVC if I had to go into debt to do so.

 

[DISNEYFOS]

I had a old pension I got from a previous employer that I dumped into an IRA. Cashed that out (having them withhold taxes of course) and used that!

Sure its not the smartest use of an IRA but I get to go to disney every year until I retire and then some..

 

[vwlvette]

As i recall it, I was in a fog during closing, Just had our daughter 2 month premature (she is doing great!), We went to the bank and wired the money.
We used some of my fun money, figured the purchase would bring many years of fun!!

 

[utahkennedys]

We paid cash on a small resale contract. We don't finance anything besides our home and our (used) cars (sometimes), and I didn't want to finance vacations. If we do add on, it will be cash too. We knew we couldn't pay $15k in cash through Disney without draining our savings, etc. so buying resale has worked out very well for us.

 

[pcparamedics01]

Went into debt too and doing it again!

 

[pcparamedics01]

I didn't went into debt!

Me too. Dave Ramsey would be mad! Ha but we had to have it to save our sanity!! HA

 

[drakethib]

Got lucky and came into a little money

 

[global_mom]

Paid cash for a small HH resale an then financed an add-on direct with Disney. We should have the SSR contract paid off in 12-18 months. I travel for a living and use all of my income to go directly to pay for more travel, including DVC.

 

[ILuvDVC2]

We financed through Disney, and really weren't in the place to pay for the whole thing at once, and the downpayment was easy to come up with. We were on the 10-year payment plan for our original loan when I decided to add on more points, which we bought four years into our payment plan. The second loan was for seven years.

This year I discovered that I could take out a loan through work at a lower interest rate and pay it off through payroll deductions. Technically our original Disney-financed loans are paid off, but we'll be completely done paying off the new loan by the end of 2008, two years ahead of schedule. Now it's just maintenance fees and annual dues, which I hope don't astronomically increase over time!

 

[El&Asmom]

We paid for our small HH contract with cash. We're adding on at SSR, and will put the down payment on the Disney Visa upto 2500 I think for no interest for 6 months but pay it up before the 6 months are over. For the remainder, we'll use a low/no interest CC to pay it off over the next year.

I wish we were trust fund kids so we could have a zillion points, but I think we'll appreciate it more this way.

 

[mello]

We paid half down with tax return $ (used our airmiles card & paid it off immediately), financed the rest through Disney on a 10 year loan so the payments were small. Paid on it for a few months and then paid it off with the next tax return.

1st add-on we sold some stocks and used that $. We did have to pay capital gains on it though.

Working on another add on now. Half of it will come from renting points to my folks and their friends, we'll finance the other half until tax return time again. Or maybe put it on the Disney visa with no interest for 6 months until we get our tax $ back.

All no-no's from a financial point of view. But it has worked out for us and we're so happy we did it.

Oh, and for the dues, I have a certain amount automatically added to my ING acct every 2 weeks, then use that to pay the dues once a year. It's like making monthly payments but I'm earning interest instead of paying it. That at least, we did right!

 

[MissSha]

We hadn't planned on buying DVC. It was our first Disney family trip 2 years ago that hooked us.

We had the money in our savings, but I charged our purchase on my credit card that pays "cash back rewards". I paid off the DVC cost when the bill came in the next month, and I believe we got 2% of the cost back as a rebate at the end of the year.

Also, Disney paid our down payment as the incentive at the time.

WE'VE NEVER, EVEN BEEN SORRY, AND LOVE OUR DISNEY HOME

 

[KandiB47]

We originally financed a 10 year loan in early 2006. Because that was our highest interest loan, we made it priority and paid it off this spring. We paid with our savings, tax returns, and any bonuses, etc.

I'm ready to go back into debt for CRV though

 

[bradpga]

I put away 2 weeks worth of paychecks! But I only own 200 points.