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Old 02-28-2013, 09:07 AM   #1
Route66
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Automatic payment monthly dues

Is it possible to have my monthly dues/maint fees directly debited automatically from my checking account but NOT my loan payment? I'd like to keep the flexibility to pay that within a few days of the due date if money is tight that month...Anybody know?

Thanks!
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Old 02-28-2013, 09:18 AM   #2
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Yes, dues can be setup for monthly payment from a checking account. You will have an option for the 1st or 15th of the month. Contact Member Accounting to set it up. They can be reached at the same phone number as MS, but a different option off the phone menu.
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Old 02-28-2013, 09:20 AM   #3
Route66
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Excellent! Thanks..Ill just make sure I specify dues only and not loan payment...

Thanks!
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Old 02-28-2013, 09:29 AM   #4
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Quote:
Originally Posted by Route66 View Post
Excellent! Thanks..Ill just make sure I specify dues only and not loan payment...

Thanks!
They will not automatically setup both as they are two separate payments.
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Old 02-28-2013, 10:29 AM   #5
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If you're referring to loan payments on a direct purchase, be aware that historically the interest rate is 1% higher if you choose to NOT opt for the direct debit. The choice must be made when the purchase is executed and you probably would not be able to alter the arrangement as long as the mortgage exists.

Policies are subject to change but it would seem to be in Disney's best interest to secure the payment on a consistent schedule.
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Old 02-28-2013, 10:32 AM   #6
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Quote:
Originally Posted by tjkraz View Post
If you're referring to loan payments on a direct purchase, be aware that historically the interest rate is 1% higher if you choose to NOT opt for the direct debit. The choice must be made when the purchase is executed and you probably would not be able to alter the arrangement as long as the mortgage exists.

Policies are subject to change but it would seem to be in Disney's best interest to secure the payment on a consistent schedule.
I did the auto payment feature on my loan. I was able to alter it after 1 year if I remember correctly.
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Old 02-28-2013, 10:39 AM   #7
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I did the auto payment feature on my loan. I was able to alter it after 1 year if I remember correctly.
Did your rate change?

As of approx 3 years ago, the truth-in-lending disclosure stated that termination of the automatic payment program would result in loss of the 1% direct debit discount.
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Old 02-28-2013, 10:47 AM   #8
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Did your rate change?

As of approx 3 years ago, the truth-in-lending disclosure stated that termination of the automatic payment program would result in loss of the 1% direct debit discount.
My monthly payment never changed, nor did my date of maturity...so I would assume no.

I did purchase in 2006, and they may have changed the policy somewhere in between.
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Old 02-28-2013, 10:58 AM   #9
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We did our contract last December and we were told that during the term of the "mortgage," if we terminated the auto payment our interest would increase by 1%.
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Old 02-28-2013, 11:01 AM   #10
tjkraz

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Quote:
Originally Posted by intertile View Post
My monthly payment never changed, nor did my date of maturity...so I would assume no.

I did purchase in 2006, and they may have changed the policy somewhere in between.
May have been an oversight. Like I said, as of 2009 the paperwork does give DVC the right to increase the interest rates if a buyer opts out of the direct debit program. If you bought in '06, that term was in your contract, too.

Whether or not they aggressively pursue the additional interest is another matter.

I would suggest OP ask the question before requesting that the direct debit be removed. Also might want to ask when late fees go into effect--Disney will apply a penalty if payments are received after the due date.
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Old 02-28-2013, 11:15 AM   #11
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well, Tim is correct. Turns out that in 2009 they started enforcing it. I was lucky up until now that I called and brought it to there attention that my rate stayed the same. lol.
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