Finance question

[Johnguelff]

Say I want to finance the poly at for examples sake 100 points @ 171/point or so.

My question.. How will payments be made to Disney towards the actual dvc agreement. Do they do monthly like a car/mortgage or is it yearly? Do they split it over the life of the agreement or 5,10,15 years? Our lump sum will be in the 5k range leaving 15k-ish id assume.

Thank you.

 

[lostpro9het]

S
My question.. How will payments be made to Disney towards the actual dvc agreement. Do they do monthly like a car/mortgage or is it yearly?

Monthly just like a regular house or car payment.

 

[LuvtheGoof]

Mortgage. And just like a mortgage, if you can itemize your taxes, you can claim the property taxes and interest that you pay. Their standard contract is 10 years, but I'm sure you could ask for a 5 year contract. I've never heard of them going longer than 10.

 

[sxeensweet]

Mortgage. And just like a mortgage, if you can itemize your taxes, you can claim the property taxes and interest that you pay. Their standard contract is 10 years, but I'm sure you could ask for a 5 year contract. I've never heard of them going longer than 10.

You can do 5 years it's either 5 or 10 and 5 years gets a little better interest rate I think .5% less when we bought in. We did 10 and do claim it on our taxes along with our home. You can claim a total of 2 properties on your taxes each year. Every little bit helps with those taxes. Lol

 

[Johnguelff]

Thank you for the quick replies. With our need to stay at Poly every year for at least 7-8 days , this makes sense and some. Poly is currently 600$+ per night. blah. Do you still get free parking at the parks?

 

[sxeensweet]

Thank you for the quick replies. With our need to stay at Poly every year for at least 7-8 days , this makes sense and some. Poly is currently 600$+ per night. blah. Do you still get free parking at the parks?

Yep all the same perks as a regular guest minus daily mousekeeping. They come every 4th day if you're staying on points.

 

[Lynne M]

Make sure you include the finance charges when doing the math to see if it's worth it for you. Disney's interest rate is extremely high.

 

[Johnguelff]

Thank you. I did. In the long run saving us something ridiculous. Tens of thousands. We will be making double or triple payments anyways. Just want to get it started this year instead of throwing 4-5k at Disney for the same room for the same days for one trip.

 

[Phonedave]

They will track your payments on the member website, so you can log in and see how much is left, payoff amounts, etc.

You can also arrange to have payments (both dues and loan payments) taken directly out of a bank account every month if you so wish.

I have a seperate account that I use only for DVC dues and insurance payments (I get a discount for direct payments on my home/car/liability insurance, so I do that thought that account as well). My paycheck is set up so that it automatically deposits enough into that account to cover those payments. I don't even think about DVC dues. It comes out of my paycheck into that account automatically, and then DVC takes it out of that account automatically. I just check the statement ever so often to make sure nothing happend that should not have happened, and thats it.



-dave

 

[Johnguelff]

Thank you very much. Nothing better than logging in and seeing that total drop.I have the wife convinced which wasn't too difficult. Now to convince Disney with my less than stellar credit.

 

[sxeensweet]

Thank you very much. Nothing better than logging in and seeing that total drop.I have the wife convinced which wasn't too difficult. Now to convince Disney with my less than stellar credit.

They are not too picky you just won't get the best of the three different interest rates. We had good credit so I didn't have to pay the highest one. Also the loan WILL NOT show on your credit report unless you ever default. Only the initial credit check will show up on your credit report. Which is a nice perk with Disney doing their own financing so as to not add to your debt ratio on your credit report.

 

[Johnguelff]

Excellent. Not too worried about the rate as its still a huge steal for us. Thank you for all the help.

 

[sxeensweet]

Excellent. Not too worried about the rate as its still a huge steal for us. Thank you for all the help.

Not a problem!! You are very welcome! Hope to tell you Welcome Home soon. Let us know when you take the plunge!

 

[Johnguelff]

You know I will! We actually got married just off site last year and celebrated at the poly on our wedding day. It'll truly be home.