Anyone w/ monthly payment thru Disney finance experience ?

[Monorail Purple&Gold]

If I buy-in now, make a 15% down payment, then in the next 3 months make a lump sum payment (say 1/3 of amount financed)...would I see (A) a decrease in my monthly payment reflected OR (B) receive a payment notification monthly showing no payment due until that $ amount is "used up?"

Anyone...anyone?

 

[mathew-westfall]

With my experience I believe the answer may be (C). They will apply the additional sum as principal and still require the original monthly payment as agreed until the principal is paid off.

 

[vacationman]

If you want the payment applied to principal only, you have to specify that. Great way to earn miles (or whatever other rewards) if you do this via credit card, then pay off the card when due.

 

[wildernessDad]

You can make a payment to the principal on the DVC website. I have done this in the past and it is VERY easy to do. You won't be able to make the principal payment when it is close to the time when they auto deduct your monthly payment. But after they do, it will open up again for you.

 

[OKW Lover]

Just to clarify, your extra payment will not affect your next month's payment. Instead, it will shorten the payment period. In other words, if you pay three months worth of payments today, your loan will be paid off three months earlier (plus interest).