New Member Approval/Downpayment Question

Discussion in 'Purchasing DVC' started by Zane_Anthony, Jan 22, 2007.

  1. Zane_Anthony

    Zane_Anthony DIS Veteran

    Joined:
    Jul 17, 2005
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    I just joined on Saturday and I thought I was good to go. After reading some post I am beginning to get worried. When I was on the phone with my guide he went in and did the credit check and approved me right then. Is this an "official" approval or does this just mean you fall into some kind of guideline in which they agree to review your information? I have also read of some cases where people have been told that they need 30% to 50% down? Can they come back and say I need to put more down after my guide has stated I have been approved and I have paid the 10%?
     
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  3. barlitz

    barlitz Mouseketeer

    Joined:
    Sep 22, 2005
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    I thought the same thing, we were also approved over the phone.When we got our paperwork there was a credit app in there, I got a little nervous because I thought we were already approved.When I called my guide, He said we were already approved and just needed to fill out the top portion of the app and not to worry......So we've sent in our signed and notarized paperwork along with a check and we've already booked our first trip.
     
  4. dumbo71

    dumbo71 DIS Veteran

    Joined:
    Jul 16, 2006
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    DVC does not list DVC on credit reports. That alone tells me you are OK and approved.

    Really I'm not aware of anyone being turned down. Why would they? If you defaulted on the loan they would simply take back your membership and resell those points.

    Don't sweat it, you are in.

    I'll be the first. WELCOME HOME.:cool1:
     
  5. Zane_Anthony

    Zane_Anthony DIS Veteran

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    Thanks! I can't wait until it's all final and I can go home! :cool1:
     
  6. tufenuff

    tufenuff eeyore's friend

    Joined:
    Oct 13, 2006
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    Welcome Home That is the same way we were approved and still had to fill out top portion of credit app. it went throug just fine we closed in November.:goodvibes
     
  7. zalansky

    zalansky <img src="http://www.wdwinfo.com/images/sponsors/s

    Joined:
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    Welcome Home, you're definitely in! :goodvibes

    Just stay away from threads that put you down for financing this luxury purchase. :rolleyes1 We financed ours!
     
  8. Zane_Anthony

    Zane_Anthony DIS Veteran

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    Thanks! It's nice to hear someone say this. :)
     
  9. abeyst

    abeyst DIS Veteran

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    1,750
    Congratulations!! and Welcome Home!! or should I say "Howdy Neighbor!!" :)

    I just purchased my SSR contract today, and I was thinking the same way as you! I was also surprised I came through approved at 10% down. I had to give up my BWV contract in my divorce, and I finally purchased my own contract. It feels great!
     
  10. Zane_Anthony

    Zane_Anthony DIS Veteran

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    :welcome: Home ! It does feel great :cool1: party:
     

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