Anyone ever turned down for financing?

[gatorincs]

We "joined" last Monday and received our paperwork in the mail yesterday. I see there's a credit application with the materials. My wife has recently stopped working to stay home with our young son (10 months), and I am concerned that we might not get approved for the Disney financing, even though I have spotless credit and make a decent salary (but obviously a lot less than we used to with her salary included).

Has anyone ever tried to finance through DVC but been turned down? Also, when we "joined" over the phone, we had to give our Guide my SS #. Is it possible that they have already run the credit and at this point financing is just a formality?

Just curious about experiences out there. We'll be very disappointed if the financing doesn't come through. I can use my HELOC to pay for it, but it wouldn't be my first choice.

 

[chris1gill]

Well, from what you've said here, I don't think you'll have a problem... I only ever remember one person on the boards that got flatly denied & I think one or two people that had to put down a larger down payment than they'd wanted...

It's a win-win for Disney, if you default on the loan, they get the points which they will re-sell & they still have the money you paid... so most times it does go through....

 

[TammyAlphabet]

I have been reading these boards for a year and a half and never seen anyone get turned down.

 

[Daitcher]

You won't be turned down. There is zero risk to DVC. If you default on the loan they will take your points back and sell them again. You wil have lost any dues paid plus any loan payments. Relax, you are in and I'll say it now.... Welcome Home!


DAVE

 

[lovinthemouse]

You are as good as in. Like the others said the worst is they may ask for a larger down payment. Congrats and Welcome Home

 

[gatorincs]

I appreciate all the input. Hopefully, you're all right! I'll let you know once we've heard back from Disney.

 

[brandip22]

FWIW, I had a BK about 2 1/2 years before we purchased DVC and we were approved, so don't worry.

WELCOME HOME!!

 

[Cruelladeville]

My DD got approved, so anyone can! While her record was good, she had just married a jerk who had previously declared bankrupsy TWICE!!!! They made them put down 30% and put the deed in her name only, but they approved her. Disney did us a favor when she finally divorced the jerk, because the court ordered her contract sold to satisfy the debt. As her family, we bought the contract for what was owed, and avoided ROFR.

 

[gatorincs]

I'm pleased to report that this is now a moot point -- we got our letter yesterday saying that we've been approved for our financing. I guess I can now officially say I am "home!"

 

[dianeschlicht]

CONGRATULATIONS & WELCOME HOME!

 

[sssteele]

Congratulations!

 

[Sheetshouse]

Perfect....that is great news! We are also new members so I know how excited you are.

 

[dlogan9]

Congratulations, I know how you feel as we just received our letter confirming approval yesterday as well!!

 

[Tinky]

WELCOME HOME!
So... when are you plannin' your first trip home??

CONGRATS!

 

[Big Fat Disney MaMa]

How long did it take from the time you sent in the paperwork until you got your approval letter. We sent our paperwork in last Monday 2/6 and have not heard a word. Just wondering when to expect to hear something. Thanks!

 

[dlogan9]

Disney received my paperwork on January 31st as per the Fedex report as to when it was dropped off. I also faxed out some income requirements on that same day. I received the letter on Feb 13, but it was dated Feb 1, 2006. Now I live in Canada so that might explain an extra day or two for the mail but it was pretty quick.

 

[yitbos96bb]

FWIW, I had a BK about 2 1/2 years before we purchased DVC and we were approved, so don't worry.

WELCOME HOME!!

Really? Wow... I guess it is hard to not get approved.

 

[gatorincs]

How long did it take from the time you sent in the paperwork until you got your approval letter. We sent our paperwork in last Monday 2/6 and have not heard a word. Just wondering when to expect to hear something. Thanks!

We dropped off the paperwork on Sunday, February 5, at our local Fedex Kinko's. So it didn't go out until Monday, the 6th (via 2-day, as that was the kind of envelope that was included with our paperwork), and that means it got there on the Wednesday, 8th. We got our approval letter on Monday, the 13th, which was dated Thursday, the 9th. In essence, the turnaround was one day, although it took a couple of days to reach us in the mail.

And our first trip is in less than two weeks -- 2/25 we're headed to SSR for five days. Very excited!

 

[DVC Sadie]

WELCOME HOME !!

 

[T.E. Yeary]

Congratulations & Welcome Home!!!!


HAPPY "MAGICAL" VACATIONING,
Tom & Staff