A Question about Closing.

[mickeymark34]

I returned all of my paperwork, with one minor problem that was remedied almost immediately. I received a letter in the mail from Disney Vacation Club, postmarked April 30th, thanking me for completing the documents, and letting me know that I will be notified in writing to let me know if my credit application has been accepted. Does anyone know how long this process takes? I am just anxious to find out because I have a trip booked at Disney's Grand Californian Hotel for the week of May 25th-30th, and I do not want to go before I find out if I have been accepted. If I were to have to pay out of pocket for the room, it would be big bucks.

 

[Crystal_27]

I would recommend calling Member Compliance (their 800-number is listed on the blue folder in your closing documents). Alternatively, call your Guide - - that is one of the reasons he/she is there for you. Either way, good luck and enjoy your first trip home!!

 

[disneynutz]

Usually DVD has a good idea if your credit is OK for purchase prior to sending you the documents. I do know that their requirements have become stricter since the economy took a hit. As the PP wrote, take a proactive approach and contact your Guide.

 

[Sandisw]

I agree with the others to contact your guide but my understanding with all of that is that Disney has sort of "pre approved" you before they send out all the documents and that if they got that far, you should be all set.

We didn't end up following through with the financing (found out we could pay the whole thing with the Disney Visa and get a full 6 months to pay it all off with no interest!!!) so I am not sure if we would have gotten another letter or not!

Good luck and congratulations!!!

 

[mickeymark34]

I tried calling her yesterday, but no answer. I bugged her enough throughout this whole process, I figure I will just be patient, and give her a break.

 

[christa112]

We just purchased last month and they ran a credit check even before they started the paper work. It seems odd that your Guide wouldn't have done that right off the bat.

 

[mickeymark34]

If they did credit checks immediately for you guys, when would they have done this? After you paid the down payment? I does make sense to me, since they send you that huge package, and give you temporary Member I.D. cards. Should I not be worried about my credit not being approved?

 

[christa112]

I just got the same letter in the mail today. Very strange. I don't think we need to be worried, they ran our credit and said we got approved for the standard financing and sent us all that paper work to sign, so my guess is, it is just a standard letter.

I am not going to worry about it.

 

[Crystal_27]

If they did credit checks immediately for you guys, when would they have done this? After you paid the down payment? I does make sense to me, since they send you that huge package, and give you temporary Member I.D. cards. Should I not be worried about my credit not being approved?

Credit checks are done before any of the paperwork is drawn up. Once you give your Guide your SSN, they run your credit and, based on whatever results come back, you are given either the standard or preferred financing. If you've signed all of your paperwork already, I can't imagine a situation where DVC would come back and rescind your contract. I'm sure that you're fine!!

 

[Sandisw]

If they did credit checks immediately for you guys, when would they have done this? After you paid the down payment? I does make sense to me, since they send you that huge package, and give you temporary Member I.D. cards. Should I not be worried about my credit not being approved?

Everyone receives the paperwork about the credit so I would not worry one bit. Disney does its homework before taking your deposit and sending you the paperwork. Can you imagine the cost to Disney if they sent out all those contracts to people who are banking on financing and then it doesn't go through?

If you were not going to get the loan, I think they would have told you that. I think it is a formality as part of the paperwork since you bought over the phone and are just now signing the documents.

Good luck and start planning your first trip!!! (if you have not already!!!)

 

[mickeymark34]

I already have my first trip booked through Disney Vacation Club already. I am staying at the Grand Californian Hotel with a Downtown Disney view, from May 25th-30th. That is why I want to know if my credit goes through, because I certainly dont want to go down there, stay in our room and find out that our credit didn't go through. I am sure that the price for the hotel stay out of pocket would be phenomenal.

 

[Crystal_27]

I already have my first trip booked through Disney Vacation Club already. I am staying at the Grand Californian Hotel with a Downtown Disney view, from May 25th-30th. That is why I want to know if my credit goes through, because I certainly dont want to go down there, stay in our room and find out that our credit didn't go through. I am sure that the price for the hotel stay out of pocket would be phenomenal.

I think you're fine; I really do. Disney knows as soon as they input your SSN into the system whether or not you are approved for their financing, and your promissory note states your interest rate and your monthly payment amounts. So, if you've already signed your documents and the 10 day rescission period has passed, both parties are contractually obligated to the terms and conditions set forth in the closing documents. I've heard that Disney approves almost anyone anyway so I'm sure that if you're still in the system you are good to go.

 

[mickeymark34]

I really appreciate all of your feedback on the matter. I am just so excited to finally have gone through with buying into the DVC, and the process has been nervewracking. Now, it is like I am so close, but I have these fears of being declined. Although my guide told me a story about a family that was getting foreclosed on thier house, but still were able to buy into DVC. I guess that I should just relax, ride out the next two weeks, and get ready for my weeklong visit to the "Happiest Place On Earth"!

 

[mickeymark34]

I guess I should have checked my answering machine earlier. My Guide called me today when I was out and told me that she found out that I was approved. I guess someone was on vacation and she had to do a little detective work on her own to see what was going on with my Contract. I am OFFICIALLY a Disney Vacation Club member!!!!!!!!

Thanks again to all who have responded in this topic. Hopefully those of you that are concerned too can breathe a little easier.

 

[Sandisw]

I guess I should have checked my answering machine earlier. My Guide called me today when I was out and told me that she found out that I was approved. I guess someone was on vacation and she had to do a little detective work on her own to see what was going on with my Contract. I am OFFICIALLY a Disney Vacation Club member!!!!!!!!

Thanks again to all who have responded in this topic. Hopefully those of you that are concerned too can breathe a little easier.

Congratulations!!! Have a wonderful time on your trip!!!

 

[rmonty02]

I already have my first trip booked through Disney Vacation Club already. I am staying at the Grand Californian Hotel with a Downtown Disney view, from May 25th-30th.

Did you buy at VGC and some where else too? I'm perplexed. What points do you plan on using for your May trip? I was told I can't start a vacation with my VGC points prior to the scheduled opening date of Nov. 30. Eventhough I have a June UY and get my points in June.

 

[bumbershoot]

I already have my first trip booked through Disney Vacation Club already. I am staying at the Grand Californian Hotel with a Downtown Disney view, from May 25th-30th. That is why I want to know if my credit goes through, because I certainly dont want to go down there, stay in our room and find out that our credit didn't go through. I am sure that the price for the hotel stay out of pocket would be phenomenal.

Since disney is the financing company, they know as soon as they run it through their computer if you're good or not. The paperwork is just the formality. They've already done it before you get that paperwork.

I know you know you're "in" already, but I just wanted to really spell it out...I asked my guide and his boss a few times..."so, when financing, is Disney the 'bank', THEY are giving the financing?" and the answer was yes each time.

Did you buy at VGC and some where else too? I'm perplexed. What points do you plan on using for your May trip? I was told I can't start a vacation with my VGC points prior to the scheduled opening date of Nov. 30. Eventhough I have a June UY and get my points in June.

Most likely it's incentive/developers points. We're actually staying DLH concierge on almost the exact same dates as the OP on our (BLT) incentive points.

 

[mickeymark34]

rmonty02, bumbershoot is exactly right. I am staying at the Grand Californian Hotel on Incentive Points I got when I bought into the Villas down there. I am able to book at that specific hotel due to the fact that the Villas are not yet open. Once they are open, DVC is not allowing the use of points to stay at that hotel. I figure I might as well take advantage of it while I can.

 

[rmonty02]

rmonty02, bumbershoot is exactly right. I am staying at the Grand Californian Hotel on Incentive Points I got when I bought into the Villas down there.

I see. Now I'm totaly curious. When did you purchase down there? Did you receive the $8 per point discount and the additional $6-$8 referral disount? (These are the current incentives from April) How many points did you purchase? If you don't mind me asking. And how many incentive points did you receive.

I'm sending my signed contract tomorrow. And want to know if purchasing down there has better perks.

 

[mickeymark34]

I actually bought into the Villas as soon as they went on the market. I believe it was March 25th. I am a Cast Member so I got a discount on the points purchased, which was the base of 160 points. I do not know what the price is for each point. Disney was giving me an $800 gift card to go towards my down payment. The gift card was available to everyone at the time. The perks that were available when I bought in were going to change on the Friday of that week, but since I am a Cast Member I was not able to get those perks. I was, however, able to get a Bonus 160 points to use immediately, since the Villas are not open yet, and those are the points I am using to go down at the end of this month. Those points were to expire in October of this year if I was going to use them at the Disneyland Resort, and they were going to expire sometime in 2010, if I was going to use them at Walt Disney World.