Monera financial

Discussion in 'Purchasing DVC' started by Belle091507, Oct 6, 2013.

  1. Belle091507

    Belle091507 Mouseketeer

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    The timeshare store lists Monera as a financing option. Does anyone have any info about them? Experiences? TIA
     
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  3. cml1010

    cml1010 Earning My Ears

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    I have the same question - I want to use them as well, but would like to see what other people's experiences have been.
     
  4. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    I have no info on them. They were recommending Timesharelending. Remember it has to be written as a mortgage to deduct any interest.
     
  5. ton80

    ton80 Darts Anyone!

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    Monera requires 20-30 % down and the rest financed. TL seems like a better option.
     
  6. JimMIA

    JimMIA A little Miami humor...

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    popcorn::
     
  7. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    Reading through Menera's FAQ, it would appear the fees associated with TL might be higher from what I can see. It appears Monera requires a new Title Insurance, I wonder if a quit claim deed in the chain would disqualify a given contract? It does appear they write as a mortgage so it would be possible to deduct the interest IF one qualifies. The reality is there are NO good financing options, not that one should be financing a timeshare or luxury purchase (DVC is both) anyway. Putting one's home at risk or using a low or zero interest CC create significant risk and I would also qualify those as NOT good options.
     
  8. Paging Tom Morrow

    Paging Tom Morrow DIS Veteran

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  9. Belle091507

    Belle091507 Mouseketeer

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    I saw the tittle insurance stipulation as well- according to the timeshare store emails I get there is a 99$ loan origination fee as well as 150$ extra to the closing costs so I assumed this tittle insurance is that 150$.

    The reason we are looking at financing is that we have spotted some really great contracts and would like to have the purchase done ASAP. The total of the financing will be paid in February ( awaiting liquid cash :)) this way we can buy now have finished acquiring the contract and then pay the total balance before our first trip! The way I see it we will probably only have to pay 1 or 2 months of interest and that cost is worth it to us to have the contract settled sooner.

    Thanks for all your replies!
     
  10. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    I would submit that there will always be great contracts available and that appearances suggest to me that we are at a relative high point right now for resales, one that will not be sustained in all likelihood. However, it may outlast your situation due to the Poly being announced and take 2-3 yrs to filter back down rather than 6 months. Your decision of course but I personally would either wait or delay closing to correspond to the cash, esp since these type of expected windfalls have a way of presenting a problem. Even for a tax return I don't think you're safe as it stands right now (never have been because there are things that can happen there). For me, the only way I'd let a "great contract" sway me would be if it were significantly less than historic market value and personally I wouldn't borrow even then, just cut lifestyle. For AKV that'd be around $50 pp or less, likely less. OR if it were a hard to find contract such as a small one that I really wanted to make my UY.

    Part of the issue is that MOST people end up not paying such loans off as they intend to. Another component is that I honestly have to wonder if someone who has to wait on a windfall to afford it truly can afford it. Maybe that's not your situation, only you know that in this discussion, but as a general statement that's always my concern when I hear people buying, while waiting on money. Of course I'm of the personal opinion that people shouldn't buy with consumer debt of any type and that being able to make the payments each month is not the same as being able to afford it (as a disclaimer of my views in general).
     

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