# How to finance DVC while in Florida?



## JennyG95

Hi all, me and my fiancé are looking at becoming members and have been since we did a tour of OKW in June last year. 

My question is, how do you go about financing your membership? I remember the DVC cast member saying that it can only be done in the US but I just wondered how you go about doing it and if there was anything in specific you needed to bring with you? (birth certificate, proof of address, etc...) 

We go back to WDW in September and that is when I think we would plan on becoming members 

Thank you!


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## Wakey

I'd seriously advise buying direct and financing. Your life of contract outlay would be immense, it's 185 a point now for Copper Creek. Your break even point would be decades. It's a luxury purchase, I'd say if you cannot buy it outright,  stay away. And look into resale, if you haven't the money to pay for it, consider going for a much cheaper resale contract at 75 a point. If you go after first week in Jan to end Sept you'd likely be able to book other resorts at 7 months anyway. Being a UK visitor the perks won't be worth much to you. If you must finance you'd probably be better looking for a personal loan or taking it on your mortgage (albeit risk there) rather than paying Disney 10% finance rate.


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## JennyG95

Thank you for your advise, our breakeven point was something I was ever so slightly concerned about but it's so easy to get caught up in the Magic of it and not see the downsides to the DVC.

I'll definitely look into resale as I've been told by a few people to do that, but as you said it's a luxury purchase and not something to be taken lightly!

Thanks again!


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## Lee Matthews

Me and my partner did the DVC purchase tour a couple of months ago and fell in love with it. Even when financing, we aren't put off by extra costs too much as it will get us the dream we want, especially as we plan to go once a year if not every other year. 

Currently we are not planning to go back to WDW until September 2018, so I'll probably save what I can until then and re-look at it once we go back. Especially with the DVC being added to Colorado Springs etc.


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## Wakey

Yes I'm UK and want to only go every other year, as I don't want boredom to set in and on my annual main USA vacation I like to travel to different States (I'll be up to 25 this year). If you are going times I say, particularly in a 1 bed you can book everywhere at 7 months. I bought cash, but if you have to borrow the money instead seriously think about buying Saratoga. I just picked up a fully loaded 160 point contract for 75 dollars a point with 2016 points banked into 2017. I couldn't use them, so rented them out via Daves (all gone in less than a day) bringing the purchase price to under 64 a point. I booked those guests into AKL in August and Poly September no probs, they could have had Grand Floridian, Boardwalk, anywhere at 7 months. I'm going 2018 and I should have no probs getting 4 nights Vero and 7 nights AKL which are the 2 I plan staying in. 2020 I suspect I'll go for Grand Floridian 1 bed or Bay Lake with perhaps some nights at Hilton Head (latter is a bit more Challenging in summer). Within 3 trips mine is in the black. Think about it before splashing 185 a point at Copper Creek on 10% finance. Coming from UK perks just will never make up vast difference in costs.


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## Cyberc1978

Wakey said:


> Yes I'm UK and want to only go every other year... I couldn't use them, so rented them out via Daves (all gone in less than a day) .



if you are from UK and rent through daves (assumes davids?) did he hold back 30% for taxes or how did you go about that?


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## Willowfae

Look at buying resale as that can be done from the UK. You loose some benefits (10% discount on merchandise etc) but as the savings can be in the thousands of pounds that is a lot of t-shirts you'd need to buy! You also get a full choice of resorts rather than what Disney is currently selling. 

We did it in Dec 2015 and are kicking ourselves for not doing it sooner. By 2019 (we are just doing Disney cruise in 2018) we will have broken even and from then on it's all a win win situation for us


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## Willowfae

Wakey said:


> I'd seriously advise buying direct and financing. Your life of contract outlay would be immense, it's 185 a point now for Copper Creek. Your break even point would be decades. It's a luxury purchase, I'd say if you cannot buy it outright,  stay away. And look into resale, if you haven't the money to pay for it, consider going for a much cheaper resale contract at 75 a point. If you go after first week in Jan to end Sept you'd likely be able to book other resorts at 7 months anyway. Being a UK visitor the perks won't be worth much to you. If you must finance you'd probably be better looking for a personal loan or taking it on your mortgage (albeit risk there) rather than paying Disney 10% finance rate.



I don't think we can use Disney finance. Mortgage may well not be an option. We tried and a timeshare was one thing they said they won't allow you to borrow for.


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## zavandor

I'll join the crowd suggesting to have a serious look at resale. One should go direct only in a few cases:
- you want to stay at the resort they are currently selling at least 80-90% of the time and would be seriously disappointed if you cannot book it at 7 months
- you want to buy a resort that's difficult to find resale and Disney accepts to put you in a waitlist (VGF or VGC)
- you want a small add-on (not much more than the minumin 25 points)

In every other case, resale saves so much money that it's really hard to pass. 
Financing a DVC purchase is always a big NO. It would simply eat any saving.

If the perks you get buying resale are important to you, then buy resale first, then add-on 25 points for the same resort and UY. At the moment, if you buy a small add-on you get all the perks, there is no minimum to qualify as direct purchaser.


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## pinklotusflower

We bought BWV resale in 2015 and agree with everyone else you make a huge saving buying resale. We were able to get 300 points compared to 150 if we had bought direct. Have you considered resale via a loan at a reasonable interest instead of going direct at 10%.


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## Wakey

zavandor said:


> I'll join the crowd suggesting to have a serious look at resale. One should go direct only in a few cases:
> - you want to stay at the resort they are currently selling at least 80-90% of the time and would be seriously disappointed if you cannot book it at 7 months
> - you want to buy a resort that's difficult to find resale and Disney accepts to put you in a waitlist (VGF or VGC)
> - you want a small add-on (not much more than the minumin 25 points)
> 
> In every other case, resale saves so much money that it's really hard to pass.
> Financing a DVC purchase is always a big NO. It would simply eat any saving.
> 
> If the perks you get buying resale are important to you, then buy resale first, then add-on 25 points for the same resort and UY. At the moment, if you buy a small add-on you get all the perks, there is no minimum to qualify as direct purchaser.


This is excellent advice. I go one step further and say consider type of room and season you will travel. Makes a huge difference to 7 month non home resort availability. Many Brits travel August, many take a 1 bed. You can book anywhere at 7 months on that pattern, particularly last 2 weeks August.


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## Lee Matthews

Been reading up and I can't make any head nor tail of reselling DVC.

Still thinking of saving £4K or so as a deposit to reduce the overall cost and finance the rest. I'm guessing that's still


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## zavandor

I'll help you: buy resale.


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## Minniesgal

Buy resale direct prices are just not worth it.

Save up and don't finance, disney interest rates are downright ridiculous especially for none US citizens.  I've heard them charge 13%.

Definitely buy where you will be happy staying.  7 month window getting harder and harder and will continue to as they add rooms thus competition at 7 months.


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## UKDisneyJoe

Surely getting a loan would be more then 10% that Disney charge?
I have been speaking to a friend who is DVC and am going in December to investigate further. We are only looking at getting 50 points at present but will up it in the coming years.
The thing I never asked friend about though is the contract length. Is it always the same for every new contract?
This whole DVC thing is so confusing


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## zavandor

UKDisneyJoe said:


> Surely getting a loan would be more then 10% that Disney charge?
> I have been speaking to a friend who is DVC and am going in December to investigate further. We are only looking at getting 50 points at present but will up it in the coming years.
> The thing I never asked friend about though is the contract length. Is it always the same for every new contract?
> This whole DVC thing is so confusing




To get Disney financing you need to buy direct and direct points are outrageous.  Financing a big amount at 10% would eat most of the savings you get with DVC. It could easily move the breakeven point from 7-8 years with resale to 20+ years for direct and financing.
For a 50 points contracts, it might make sense to go direct, but still financing it not a good idea. I would skip a vacation to save the money to pay cash.


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## Wakey

UKDisneyJoe said:


> Surely getting a loan would be more then 10% that Disney charge?
> I have been speaking to a friend who is DVC and am going in December to investigate further. We are only looking at getting 50 points at present but will up it in the coming years.
> The thing I never asked friend about though is the contract length. Is it always the same for every new contract?
> This whole DVC thing is so confusing


If it's confusing you are NOT in a position to buy, as frankly you are a DVC salesman's wet dream- eager to indulge but pretty clueless. Don't take this the wrong way, I am not trying to be rude, just giving you warning. There's tons of info on the DVC boards on here. Read it all- some of the most knowledgeable DVC experts on here. Stay away from Facebook pages full of people who impulse bought on pixie dust. Don't take buying advice from any friend who just bought on impulse at Disney and hasn't carefully researched the market since. DVC Info has some excellent articles, read them all. Mouse owners and DVC News also. Digest it and spend 3 months researching before you buy it or go to any sales presentation.
Back to your question, each resort has an end date. The original ones were 2042 (Old Key West was the first and they set that date) and when they built WL, BCV, BWV, HHI and VB they stuck with that end date. Then they started offering a 50 year term on newer ones so SSR is 2054, BLT 2060 etc. Confusingly they offered OKW owners the opportunity to pay to extend to 2057. Only a small number took up the offer so now and again these 'extended' contracts come on the resale market or if you buy an OKW direct from Disney they will turn it into one of these as they need more people at OKW in them.
 You can buy any resort direct at a hefty premium. Disney acquire older ones on right of first refusal and foreclosure and flip them at a hefty mark up to direct buyers. So SSR can be had for 75 a point resale, it is 145 if you buy from Disney.
Extensions probably will not happen for anywhere else but no one knows.
Buying direct or resale has no effect on contract length.


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## UKDisneyJoe

Wakey said:


> If it's confusing you are NOT in a position to buy, as frankly you are a DVC salesman's wet dream- eager to indulge but pretty clueless. Don't take this the wrong way, I am not trying to be rude, just giving you warning. There's tons of info on the DVC boards on here. Read it all- some of the most knowledgeable DVC experts on here. Stay away from Facebook pages full of people who impulse bought on pixie dust. Don't take buying advice from any friend who just bought on impulse at Disney and hasn't carefully researched the market since. DVC Info has some excellent articles, read them all. Mouse owners and DVC News also. Digest it and spend 3 months researching before you buy it or go to any sales presentation.
> Back to your question, each resort has an end date. The original ones were 2042 (Old Key West was the first and they set that date) and when they built WL, BCV, BWV, HHI and VB they stuck with that end date. Then they started offering a 50 year term on newer ones so SSR is 2054, BLT 2060 etc. Confusingly they offered OKW owners the opportunity to pay to extend to 2057. Only a small number took up the offer so now and again these 'extended' contracts come on the resale market or if you buy an OKW direct from Disney they will turn it into one of these as they need more people at OKW in them.
> You can buy any resort direct at a hefty premium. Disney acquire older ones on right of first refusal and foreclosure and flip them at a hefty mark up to direct buyers. So SSR can be had for 75 a point resale, it is 145 if you buy from Disney.
> Extensions probably will not happen for anywhere else but no one knows.
> Buying direct or resale has no effect on contract length.


 
Believe me I am far from a salesman's wet dream thank you very much  I WILL NOT buy anything until I fully understand it which is why I am asking questions on here and will ask questions at Diseny but will go away buying nothing if I am not 100% sure I know what I am getting in to. Thank you for your comments and help though


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## UKDisneyJoe

Would anyone recommend buying 50 points direct (for any perks you get out of Disney) and more resale. This is what a friend is going to do as they have 50 already and suggested this due to resale not being eligible for the possible perks. Is this correct too.


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## Cyberc1978

UKDisneyJoe said:


> Would anyone recommend buying 50 points direct (for any perks you get out of Disney) and more resale. This is what a friend is going to do as they have 50 already and suggested this due to resale not being eligible for the possible perks. Is this correct too.



If you bought your first resale contract after April 2016 then you are not eligible for any perks. 

The general recommendation is to buy the resort you prefer resale, and then add on 25 points directly to get the perks. 

So in this case only 25 points directly is needed to get the perks.


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## UKDisneyJoe

Cyberc1978 said:


> If you bought your first resale contract after April 2016 then you are not eligible for any perks.
> 
> The general recommendation is to buy the resort you prefer resale, and then add on 25 points directly to get the perks.
> 
> So in this case only 25 points directly is needed to get the perks.


 
Thanks Cyberc1978. Sounds like a possible plan once we get ourselves sorted.


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## Lee Matthews

Me and my partner are probably going to buy direct when we go back the end of the month. Yes I know it's more expensive, yes I know people say it isn't cost effective for them but we want to buy in so badly.

Apart from going on holidays we don't smoke, drink or do that much else really, we work incredibly hard and save well so we are a bit like 'why not'  and treat ourselves. Disney is everything for us and is something we want to share with our kids one day and just build memories.

The yearly dues we won't notice as it can come out of my work bonus' 

£175 is a fair wallop extra to fork out a month but I know I can easily shave £75 off our monthly outgoings from bills and I'd only need to do an extra days work a month to pay the rest.

Already flights im finding half the price as I did previously by flying Norwegian instead of Virgin Atlantic. About £750 return for the both of us.


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## UKDisneyJoe

Lee Matthews said:


> Me and my partner are probably going to buy direct when we go back the end of the month. Yes I know it's more expensive, yes I know people say it isn't cost effective for them but we want to buy in so badly.
> 
> Apart from going on holidays we don't smoke, drink or do that much else really, we work incredibly hard and save well so we are a bit like 'why not'  and treat ourselves. Disney is everything for us and is something we want to share with our kids one day and just build memories.
> 
> The yearly dues we won't notice as it can come out of my work bonus'
> 
> £175 is a fair wallop extra to fork out a month but I know I can easily shave £75 off our monthly outgoings from bills and I'd only need to do an extra days work a month to pay the rest.
> 
> Already flights im finding half the price as I did previously by flying Norwegian instead of Virgin Atlantic. About £750 return for the both of us.


 
I must admit I do feel a bit like that too as its just easier getting finance with Disney.
Interesting flying with Norwegian, are they any good, comfortable, good meals, in-flight entertainment. Dont know anything about them at all really but if they are cheaper then Im all up for trying if it means we can get back to WDW more frequently


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## Lee Matthews

I haven't flown with them yet. We are for the first time at the end of this month when we go back to WDW for our honeymoon.

From what I understand, they charge extra for food on the flight and I hate airline food so will take a packed lunch on with me instead. 

They don't have TVs on the planes either which again doesn't bother me as I'm going to take my iPad mini preloaded with movies and shows to watch.

The flight time is slightly less than virgin I think too. Maybe 8 and a half hours if I'm right. Must be down to being a different route in the air. I will though give a review of them when I get back.

We love memory maker which is included for U.K guests getting park tickets. I don't think getting an annual pass or buying direct as a DVC member will save money here.

Main one is food. We aren't the biggest eaters but do like a table service meal. Dinning plan probably won't seem worth while so again this month, I'm going to take a really good look how much I should be budgeting per trip on food.


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## UKDisneyJoe

Packed lunch and ipad sounds good to me too especially if saving money 
Hope you have a great time and congrats on the marriage too


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## zavandor

Lee Matthews said:


> Me and my partner are probably going to buy direct when we go back the end of the month. Yes I know it's more expensive, yes I know people say it isn't cost effective for them but we want to buy in so badly.



It's your money so if it makes you more confortable to go direct, you've all the reasons to do so.
However just be aware that the product you're buying it's exactly the same direct or resale. Depending on the amount of points you're going to buy, you can save a lot of money buying resale. Prices have gone up a lot recently, so the difference is going to be less than in the past, but yet for some resorts you can easily save 30-50%


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## Lee Matthews

Is there much saving though for somewhere like poly bungalow at say 160 points?


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## zavandor

If you want to book Poly bungalows you can probably buy a cheaper resort and book them at 7 months. They've been consistently available at 7 months.


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## Wakey

It's not for me to tell people how to spend money, but buying a luxury product on the tick, paying top dollar is not a great idea. The fact you are talking about how you can shave  £75 off monthly outgoings tells me you are not really in a position to be getting into huge debt with a continuing commitment of dues. Also if you buy direct and have to bail out because you cannot afford it, you'll lose money, first on the selling price, then the fees, then the 15% held back by US Tax authorities unless you can get that back  (complicated). Please take this post in the manner it is intended and not as a criticism. If you have to have DVC a better strategy would be saving up, then buying a smallish point resale contract at circa $100 a point less than current Copper Creek and Poly prices. Good luck whatever you do.


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## Minniesgal

Lee Matthews said:


> Is there much saving though for somewhere like poly bungalow at say 160 points?



160 points won't even get you 2 nights at a Poly Bungalow.


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## Shelly F - Ohio

When buying resale you lose out on being about to book the Disney Collection resorts (Disney Cruise line, and the Disney Moderate resorts), the ability to attend special DVC events and the 10% off at restaurants and stores.  So if none of those will ever effect you then buy resale. Why pay top dollar for something that you can get at a reduced price. We have a resale contract and we are happy with it.


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## Cyberc1978

zavandor said:


> If you want to book Poly bungalows you can probably buy a cheaper resort and book them at 7 months. They've been consistently available at 7 months.



That really depends on the time of year you book. Late September to early Jan can and will be very hard at any MK or Epcot resort.


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## zavandor

Cyberc1978 said:


> That really depends on the time of year you book. Late September to early Jan can and will be very hard at any MK or Epcot resort.



Poly bungalow until now have been available also during Fall Frenzy. I cannot see this changing.


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## Cyberc1978

zavandor said:


> Poly bungalow until now have been available also during Fall Frenzy. I cannot see this changing.


True and the reason why is the bungalows are insanely expensive.


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## Matt Cromie

Members that have purchased resale which companies have you used and recommend? Any hidden costs?

I currently own 175 at Poly which we purchased through Disney.


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