Anybody ever get turned down?

[BraveMom3]

My initial purchase into DVC was a cash transaction, but my add-on will involve some Disney financing. I always get extreme anxiety about loan applications! I've never been turned down, but I avoid them like the plague. Anyway, I'm paying over half of my add-on in cash and financing about 45%. Any opinions/experience with how strict Disney is with financing? Should I be worried? Returning my papers on Monday, and I'll probably chew my fingernails off waiting! Also how long to hear?

 

[michaeln]

We bot approved so you should have no problems.

That and if you are putting over 50% down I don't think you have anything at all to worry about.

 

[tjkraz]

Unless you have a reason to worry...I wouldn't.

About a month before buying SSR I resigned from a job that I held for almost 12 years. I am now Self- Employed. DW only works part-time and we have two kids, two cars, mortgage, etc.

Obviously we woudln't be getting into DVC if I had concerns about our financial future. Yet on the financing application all of the above was spelled-out in black and white, and I have no prior year tax records to document my self-employed income.

I took the extra step of including a one-page written summary that gave details on my situation and some income estimates. I then insisted on being pre-approved before sending back all of the signed forms. A couple of days after I faxed all of the info to DVC, the head of their financing department called me and practically laughed at me on the phone (probably due to my thoroughness) and said that we had been approved.

If credit history is a problem DVC will often ask people to put 20% down instead of 10%, but it sounds like you're doing that anyway. The fact is that if you default on your DVC payments, the points revert back to DVC. So they have little reason not to approve people after getting 10-20% down.

 

[Happy Birthday Cat]

If someone has a credit problem Disney usually requires a greater down payment. With you putting 45% down, it won't be an issue at all.

HBC

 

[Caskbill]

Disney is also covered in that if someone is behind on their payments or maintenance fees, they cannot make reservations, and therefore cannot use the 'product', ie. a DVC vacation.

It's not like missing a car payment or mortgage payment where you still have use of the car or house, basically using the finance company/bank's property while not paying for it.

It'd probably be more like having your telephone or cable TV disconnected until you paid the bills.

Basically, no payment, no service. Thus they can be a lot more lenient on credit approvals.

I suppose if someone were behind, Disney can simply rent out the units via CRO that the owner would normally have been able to reserve. Disney then gets money that way.

This also protects everyone else in that they are not competing for reservations with members who have not made their payments.

 

[TheRustyScupper]

1) VERY FEW are ever turned down.
2) From what I heard, even BAD credit gets the OK with 20%.
3) DVC keeps the title and financing, so it's easier to repossess.
4) I wouldn't worry AT ALL for over 50%.

PS
As you already found out, they don't turn you down with cash.
(LOL)