? about DVC financing

[UGAFan0829]

My DH and I did a tour of SSR back in January and almost bought in, but decided to wait just a little while longer. We are taking a trip down in September and are thinking about buying in then...I just have a question that I never thought to ask about when we were there...Do they do any kind of credit check or anything? The only reason I ask is because when you go to the DVC website, it says financing is available to "qualified buyers", but when we were there touring they never said anything about it...I just wanted to check and see! Thanks!

 

[walt mania]

Yes they do a credit check, but it is almost impossible to be turned down. Disney is not worried about someone not making payments, the worst that can happen is they just re-sell your points. It's not like a car or a house where you could trash the item you borrowed money for and the bank is left with something of little value.

I urge you to check out the prices of re-sale before buying from Disney.

 

[Jen D]

My DH and I did a tour of SSR back in January and almost bought in, but decided to wait just a little while longer. We are taking a trip down in September and are thinking about buying in then...I just have a question that I never thought to ask about when we were there...Do they do any kind of credit check or anything? The only reason I ask is because when you go to the DVC website, it says financing is available to "qualified buyers", but when we were there touring they never said anything about it...I just wanted to check and see! Thanks!

Yes, if you want to finance they will run a standard credit check, through Equifax I think. If you are relatively sure you will buy when down there, bring some recent pay stubs and maybe a copy of your most recent W2-- if you don't you'll probably have to FedEx them as soon as you get back.

 

[UGAFan0829]

Yes they do a credit check, but it is almost impossible to be turned down. Disney is not worried about someone not making payments, the worst that can happen is they just re-sell your points. It's not like a car or a house where you could trash the item you borrowed money for and the bank is left with something of little value.

I urge you to check out the prices of re-sale before buying from Disney.

Thanks for the tip, but would you be able to finance a re-sale?

 

[byoung]

Maybe soon a welcome home to you. Good luck.

 

[UGAFan0829]

Awww, thanks y'all. That's nice of you. I'm trying to save a little here and there so that when we do go and if we do decide to buy in then it won't be that big of a deal for the down payment!

 

[rparmfamily]

Disney finances everyone. Only people they don't do are those currently in BK (discharged is ok) and those with IRS liens I think. You either qualify for the 9.9% or 13.9% APR.

Good luck!

 

[wink13]

I believe at the Timeshare Store they indicated a 11.9% rate but I'm not sure of the down payment. I just purchased a small number of points from TSS and would recommend them for the resale market.

 

[MyGoofy26]

Yes, if you want to finance they will run a standard credit check, through Equifax I think.

Thank you!!

I'm in the process of cleaning up reports, trying to get the CRAs to get rid of their mistakes (like the same tradelines reporting twice *grr*), trying to bump inquiries, etc. so this is VERY helpful to know which report I should focus the most time and attention to.

 

[4mcbjCtr]

Disney just makes you put more downpayment if your credit is not good - like 30%. They don't reject anyone I don't think.

 

[Rence]

I have followed threads regarding financing on here for a couple of years.

Disney does turn down folks for credit but it is few and far between. The ones that I have seen generally involve absolutely zero credit history or a debt ratio that would indicate that there is no way that the borrower could possibly afford the payments.

In most other cases they will simply ask for a higher down payment. 10% is the minimum but they may ask for 20 or even 30% down. I believe that I remember reading someone who was asked for 50% down, but that was a very unusual circumstance.

As has been mentioned, if you default, Disney reclaims your points and sells them to somebody else. If you read the documents, once you get so far behind in payments, you are unable to use your points, any reservations you have are canceled and you have to get current again before you can then start to use your points again. Get way far behind and Disney reposesses.

 

[MrShiny]

My DH and I did a tour of SSR back in January and almost bought in, but decided to wait just a little while longer. We are taking a trip down in September and are thinking about buying in then...I just have a question that I never thought to ask about when we were there...Do they do any kind of credit check or anything? The only reason I ask is because when you go to the DVC website, it says financing is available to "qualified buyers", but when we were there touring they never said anything about it...I just wanted to check and see! Thanks!

Note that while they will finance, if you own a home, a home equity loan or line of credit is probably the best way to buy. The rates will most likely be much lower than Disney's.

 

[jjohnson]

Also the 9.9 is for direct debit. It's 10.9 otherwise.

 

[wink13]

Does Disney take credit cards (Disney Visa or other CC) for payment if you purchase a new contract?

As soon as I close on the small contract with the TSS in June I'm going to put in for addtional points through Disney and would like the reward points.

 

[kitty44]

Yes they take Visa. When we originally purchased we put half on the Disney Visa and financed the other half. Then when we added on, we put the whole thing on the Disney Visa. It's nice to earn reward dollars and get more points at the same time.

 

[wink13]

Yes they take Visa. When we originally purchased we put half on the Disney Visa and financed the other half. Then when we added on, we put the whole thing on the Disney Visa. It's nice to earn reward dollars and get more points at the same time.

Cool! DVC contract and reward points does it get any better than that?