Prepayment of SSR loan

Discussion in 'Purchasing DVC' started by wvalx, Apr 18, 2004.

  1. wvalx

    wvalx Mouseketeer

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    I financed through Disney and want to prepay the entire loan before any interest charges accrue. The truth-in-lending statement says first payment is June 15th, but I was wondering when I had to pay to avoid any interest charges. Would it be by May 15th?

    I'm going to call them tomorrow, just wanted to see if anybody else was going to do the same thing and knew.
     
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  3. jaysue

    jaysue DIS Veteran

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    I thought Interest Charges started accruing April 1st if my memory is correct

    thanks
    jaysue
     
  4. nursetink

    nursetink DIS Veteran

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    I was told that no interest would accrue through March 31st, but I bought in 9/03 in building 1.
     
  5. kweaver

    kweaver DIS Veteran

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    Dh just called MS to check on this last week. Interest starts accruing on May 1st...so the payment must be posted by April 30th.

    FWIW, we purchased in October and our share is in Building 2. I don't know if this makes a difference in the dates at all...I'd call MS to verify.
     
  6. kweaver

    kweaver DIS Veteran

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    Dh just called MS to check on this last week. Interest starts accruing on May 1st...so the payment must be posted by April 30th.

    FWIW, we purchased in October and our share is in Building 2. I don't know if this makes a difference in the dates at all...I'd call MS to verify.
     
  7. dvc_john

    dvc_john DVC since 1993

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    Just a suggestion...

    If you have an affinity credit card (airline, hotel, etc.), pay off your DVC with that. You can do it over the phone. Then pay off the credit card when billed to avoid interest charges. Earn airline miles or hotel points, or whatever!
     
  8. Disney4ever4569

    Disney4ever4569 Mouseketeer

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    That's what I'm doing. I took out a home equity loan to pay for DVC, but I'm actually paying DVC with my credit card and then paying it off at the end of the month and earning airline miles.
     
  9. wvalx

    wvalx Mouseketeer

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    Thanks Katie. I also called MS today and confirmed payments must be posted by 4/30 to avoid interest charges.

    Heads up to anyone else paying off the entire balance!
     
  10. poohj80

    poohj80 Got Hunny?

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    We're doing the same thing but charging to our Disney Visa card to get more Disney Dollars for that first trip home.
     
  11. pumpkinboy

    pumpkinboy <a href="http://www.wdwinfo.com/dis-sponsor/" targ

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    That's it. Pre-pay using the Disney Visa and get lots of rewards bux for your next trip down! we've been doing a few pre-payments when possible until a small inheritance comes in, when we will finish it off. 200+ rewards bux is a nice little help.
     
  12. poohj80

    poohj80 Got Hunny?

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    Since our deadline date is April 30, I avoided the last minute rush and called this morning to pre-pay our DVC loan as mentioned above. I'll come back and let everyone know how long it takes for the charge to actually appear on my Disney Visa. (mo' Disney Dollars for our first trip home to SSR! :bounce: )
     
  13. nitsirk987

    nitsirk987 Mouseketeer

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    hello,

    question for all of you, hubby and i purchased in nov, to bldg 2a, they told us that it wouldn't be finished until june 15th. why would our interest start charging on may 1st??

    anyways, that was a question he wanted me to ask. my question is about the credit cards. can anyone tell me what cards are the best for the flyer miles? we both have credit cards but neither of them offer miles.. we would also like to pay off in advance and then just pay the credit card off when we got the bill.

    thanks for any info!!!
     
  14. poohj80

    poohj80 Got Hunny?

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    We also bought into 2A and assume that interest starts accruing May 1 because SSR opens in May. One month really didn't seem like a big deal to us so we never asked the question.

    If you don't currently have a miles credit card, I would think it would be difficult to be approved for one and charge DVC by the end of the week. I wolul recommend a card which earns miles on whichever airline you fly most. I have the Delta SkyMiles AmEx which gave us a bonus 10K miles when used for the first time.
     
  15. garyg

    garyg Earning My Ears

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    Do I call the Members Services phone number to discuss pay-off on the SSR contract, or is there another contact number?
    Thanks again!
     
  16. poohj80

    poohj80 Got Hunny?

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    Update to yesterday's post - the charge for the DVC payment already appears as a pending charge on my Disney Visa but has not appeared as a real charge yet.

    Call Member Services but listen to the automated menu and choose the number for accounting (don't automatically hit 3 for reservations like I tend to do :) )
     

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