anyone ever been turned down by DVC?

[vbfamily]

I may have asked this before.

What happens after you send in your paperwork and money? Do they pretty much approve anyone?(for financing that is)

We figured why not finance. We are pretty young and bought a house last year-don't feel like paying cash. We are joining because we vacation every year and are sick of laying out a ton of cash all at once-we are using that to join DVC instead.

Should we be nervous about anything?

Has anyone ever had a problem with Disney as far as joining DVC? I'm not anticipating a problem. I think I just have too much time on my hands waiting for our guide to get back from DCL and I start thinking about little stupid things.

 

[bongo59]

you can be turned down on credit but membership is open to all who pay money.....people have not been thrown out to my knowledge

 

[tiggerguy2000]

I just added on an additional 150 points and i have also wondered about that. It could be that they are holding the note so if you stop paying they still win. The New York, New Jersey area will never hear no. You have the right idea -start young.Lets keep our fingers crossed and maybe i can get the chance to say Welcome Home!

tiggerguy2000 ºoº

 

[Simba's Mom]

I kind of wondered about that. We thought it was funny that as soon as we paid our deposit, and sent in the application for financing (Monday), I called Tuesday morning for ressies and fot them. Ressies before approval?

 

[vbfamily]

I guess I shouldn't worry, but all of the sudden after I sent in our paperwork, I started to.

We're young, just bought a house, a car, still have student loans, etc.

Do they do an additional credit check, etc. every time you add on or do they just trust you to know your situation and know that they "hold the note" as was said if you stop paying.

 

[Laurabearz]

The only thing I have heard is sometimes they will ask for a larger down payment.........

HTH

 

[Sneaky3]

When you do an add-on they do not check credit because if they did I would not have an add-on at BCV. Of course if you default they would resell it and make more money...

 

[Caskbill]

First remember Disney requires a fairly decent down payment. If someone's credit doesn't look real good, then Disney will still sell but with a higher down payment.

Remember also that in order to make any kind of reservations, you have to be current with your account. That is you've paid your dues, and you're making your mortgage payments on time. So Disney really can't lose, that's why they can be a little more lenient on credit issues.

It's not like your house, where if you miss making payments the bank would have to go through legal proceedings to foreclose. With Disney, you just wouldn't be allowed to use your membership until you were current again on everything so it doesn't hurt them as you're not actually staying there using the facilities.

 

[cgcw]

When we did our 1st add on, our guide commented that it would be quicker than the initial purchase because they didn't have to go through the credit check process. They just use your "DVC credit history".

 

[Dreamfinder2]

I have heard on these boards ONCE of someone not purchasing because Disney wanted a bigger down payment than they thought they could afford. That seems to be the rule of thumb ... I believe in this case Disney wanted 20%.

We had some credit issues from seven or so years ago from when we were young and foolish (now we're old and just semi-foolish), and I was just as apprehensive as y'all might be, vbfamily. We did voluntarily put down 20% (mostly because we just had it on hand.) Everything proceeded from there without a hitch.

Your guide WILL send you a standard credit application that comes in your initial package of paperwork, and they'll pre-approve you, if that helps. Our stance was, well, if we aren't approved, it just wasn't meant to be.

Disney has the best collateral to secure their loans that you can imagine. So I'm guessing that they're pretty liberal when they can be. Don't fret!

 

[tiggerguy2000]

STOP THINKING ABOUT IT!


You will get the call saying Welcome Home
Start thinking about when you want to go .
How many points did you get? I have 200 points in WLV and 150 points in BCV.


tiggerguy2000 ºoº

 

[vbfamily]

I already stopped thinking about it. If it happens, it happens.

We are buying 250 pts at VB and seriously considering 150 at VWL-we might do that as an add on later unless it sells out.

Thanks.

I can't wait until our guide calls and says "Welcome Home"