Disneyfun1
10-26-2001, 04:40 PM
I posted a thread earlier in the month titled " Sent in My deposit...anyone with credit problems have to pay more than 20% down."
I appreciate all the replies and e-mails i received with it.
Well I finally sent in my papers on monday and DVC called today.
On the money......they said with the problem(those who e-mailed now what it was), they went to the credit review board and they have 2 solutions.
This was for 200 points.....
1-Pay a total of 40% down( I have 20% in with the MB), so i need an additonal
$3000. The payment would be the same, and be done in about 7 years.
2-Pay a total of 30% down, so i need an addtional $1500, and the term would be
for 5 years instead of the original 10. The payment goes from $164.96 to $228.03
+ maintanance fees, for a total of $288.49.
We werent sure about it jumping an addtional $63.00, so I re-thought the
points,and decided to go now with 170 intead of 200.
With the MB credit of $1700 and my $1000 I already paid down, I need an
additonal $1125 down. My payment will be $193.83 + maint fees(which are
lower with lower points!) for a total of $245.22 for only 5 years. I save a lot in
interest with the shorter term as well. The original 200 points for 10 years with
no additional down would have been $225.42 with Maint fees, so this way its
only $20/mo more, and paid off 5 years earlier. I suppose i can just add points
later if i need them.
I called back and they said no problem in changing down, and they will have my
rep re-write it and fed-x it to me.
We will be signing them as soon as they come and cant wait to become official members! They said i will get a different member # when they re-write it and my res i have will just transfer to the new #.
I appreciate all the replies and e-mails i received with it.
Well I finally sent in my papers on monday and DVC called today.
On the money......they said with the problem(those who e-mailed now what it was), they went to the credit review board and they have 2 solutions.
This was for 200 points.....
1-Pay a total of 40% down( I have 20% in with the MB), so i need an additonal
$3000. The payment would be the same, and be done in about 7 years.
2-Pay a total of 30% down, so i need an addtional $1500, and the term would be
for 5 years instead of the original 10. The payment goes from $164.96 to $228.03
+ maintanance fees, for a total of $288.49.
We werent sure about it jumping an addtional $63.00, so I re-thought the
points,and decided to go now with 170 intead of 200.
With the MB credit of $1700 and my $1000 I already paid down, I need an
additonal $1125 down. My payment will be $193.83 + maint fees(which are
lower with lower points!) for a total of $245.22 for only 5 years. I save a lot in
interest with the shorter term as well. The original 200 points for 10 years with
no additional down would have been $225.42 with Maint fees, so this way its
only $20/mo more, and paid off 5 years earlier. I suppose i can just add points
later if i need them.
I called back and they said no problem in changing down, and they will have my
rep re-write it and fed-x it to me.
We will be signing them as soon as they come and cant wait to become official members! They said i will get a different member # when they re-write it and my res i have will just transfer to the new #.