View Full Version : Can you payoff the membership early
02-21-2003, 08:51 PM
without penalty if you financed with Disney? I think I finally came up with a question that feels halfway intelligent!
02-21-2003, 08:55 PM
By membership do you mean the loan or your yearly dues? We had no problems paying off our loan (through Disney years ago) early without penalty.
02-21-2003, 09:13 PM
(Thought I had a well worded question!) Thanks Judith I meant the loan. I don't know how realistic it will be but I always try to pay a little extra on loans and then they don't last as long.
02-21-2003, 09:38 PM
This was my first question! I couldn't stand the thought of owing them for 10 years, and when I asked my guide she said "We LOVE to get money early so we won't penalize you!!!"
I've got about 91/2 years left on my loan, but hope to have it paid off in 3.
02-22-2003, 09:10 AM
I paid off both my loan from DVC a month ago and had no problem with it. Just sent DVC a check and information and that was it! Also, if you use the The Timeshare Store and their financing company, Tammac - there is no penalty for paying off early as I paid that one off last month also.
Now all I have are my monthly maintenance fees coming out of checking and that's working out very smoothly.
It's really a hassle free program!
02-22-2003, 10:00 AM
I just paid off our loan a week ago. It does feel great to just have monthly fees. There was not problem. I mailed an extra check each month over the past year with a letter giving my member number and loan number and asking that it be applied to my mortgage. Then last week, I called and got my balance and paid it off with a credit card (which I will pay off my credit card at the end of the month).
So it was very simple to pay it down early and there was no penalty. Good Luck! And enjoy your DVC!
02-22-2003, 10:10 AM
I have paid off two loans early, one was paid off last year, and the other I paid off in November. I just sent in extra money every month with my regular payment, and in November I estimated what I owed, and sent in a check. After a week or two, they sent me a congratulations letter, noting that I had overpaid by about $7.00, which they applied to an add-on that I am still paying for. They will send you a final letter with a sign-off on the loan, but that can take as long as eight weeks.
When I first joined, someone here on the DIS emailed me to pay a little extra every month if I could, and it will make a huge difference. On that loan I paid an extra $33 per month, and still managed to pay the loan off in 5 1/2 years instead of 10, so I'm convinced a little extra per month has huge rewards. And thank you Maria!:Pinkbounc
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