Any concerns in DVC contract?

[skibum]

Hi -

We just got our paperwork to purchase at SSR after getting shut out on some smaller contracts at the smaller resorts.
Are there any concerns in the paperwork that we need to sign? Seems like pretty standard 'legalese' boilerplate. Figured the experts here know as much (or more) than the lawyers. Anything to cross out or add in to the standard contract?
TIA.
Excited about going home!

 

[CarolMN]

AFAIK, you can't "cross out" or "add" anything to the contract (assuming you want to buy).

Best wishes -

 

[imperialrl]

Pretty standard mumbo jumbo, we just singed also

 

[dianeschlicht]

Pretty standard mumbo jumbo, we just singed also

LOL! Sorry, but your typo "singed" nearly made me spit on my computer! It sounds like you "burned it" instead of signing it!

Back to the question...I don't think you are allowed to "cross out" anything in this kind of contract!

 

[MarylandFamily]

We're looking over our paperwork tonight and I have a few questions regarding financing through Disney. The paperwork says that the rate is variable, but I thought I was fixed. Has anyone's rate every changed?

Also, the paperwork says that I have to return it within 7 days, but the closing date is not until mid-April. What happens on closing day? Do we do anything?

 

[carolina_yankee]

We're looking over our paperwork tonight and I have a few questions regarding financing through Disney. The paperwork says that the rate is variable, but I thought I was fixed. Has anyone's rate every changed?

Also, the paperwork says that I have to return it within 7 days, but the closing date is not until mid-April. What happens on closing day? Do we do anything?

Read the information carefully, but I think the variable rate financing refers to two things: a decrease if you agree to have the payments directly taken out of your account. (Our rate went from 10.75% to 9.75% for agreeing to do that.) And possibly a penalty if you're dilenquent, though I may be wrong on that part.

They need the paperwork in order to approve the contract. Once it's in and they approve it, you're marked "contract approved" in the system and all is good to go for banking and what not. AFAIK, the closing is just filing paperwork on their end. You don't need to do anything else except enjoy DVC and make your payments!!

 

[Dean]

There's nothing critical other than just understanding what you are getting in to. I'd read the materials but spend some time of these boards as well, esp looking at some of the controversial threads like occupancy and renting.

 

[MarylandFamily]

Read the information carefully, but I think the variable rate financing refers to two things: a decrease if you agree to have the payments directly taken out of your account. (Our rate went from 10.75% to 9.75% for agreeing to do that.) And possibly a penalty if you're dilenquent, though I may be wrong on that part.

You're right. I was about to edit my post. We agreed to have the payments taken directly out of our account upfront. The rate will increase to 10.75% if we no longer want this option.