Disney Financing???

[zurgswife]

I have read prior that Disney Financed points do not show up on credit reports. Can anybody confirm or deny this statment. And if it is true how could I verify it.

Thanks..

 

[ErinC]

All the comments that I have seen on this board seem to be that they do not show up on your credit. You can pull your own credit report at Equifax, or transunion, or my personal favorite, Experian for about $10.00 to check and see for yourself.

 

[yesdisneyfool]

Originally posted by zurgswife
I have read prior that Disney Financed points do not show up on credit reports. Can anybody confirm or deny this statment. And if it is true how could I verify it.

Thanks..

I just purchased a car and found out that my DVC loan was not on my credit report. I call MS this morning and asked. I was told that DVC does not report to the Credit Bureau Agencies.

I saw my report and it was not there.

 

[phorsenuf]

Would anybody know how "tight" they are with credit requirements? We are interested in buying, but we aren't A+ credit.

 

[zurgswife]

Thanks...we did not originalllly finance through disney so I wasn't sure about the statment and wasn't sure how to verify..

 

[Doctor P]

However, their credit check DOES appear on your credit report.

 

[stonewall]

Hi-this is for Phorsenuf; I just became a new DVC Member and my credat is not A+ due to a messy divorce six years ago. The folks in the financial office would not overlook the 2 problems that were on my credit report (everyone else has as they are 6 years old and things have been great sonce then), they were willing to work with me and approved everything if I added $375 to my down payment. This seemed like nitpicking to me, but they had their rules, and as the amount went directly toward my priciple I went along with it.They were very nice, and really tried to help.Give it a try-I'm sure that they can wrok with you.

 

[Simba's Mom]

My experiences say that they're not very tight at all on financing. On our original purchase, they had our name in the system and we were allowed to make a ressie before we were approved for financing. All they had was our downpayment. Then a few months ago, on a 100 point add-on at BCV, we were allowed to make 11 month ressies there even before we paid our downpayment. Just called our guide and said we wanted to do an add-on, then the next day, called and made ressies at BCV (we wouldn't have been able do that without their approval-it was for 11 months out). They seem pretty confident about approving people for financing-I can't help but wonder how many, if any, get disapproved.

 

[loveswdw]

Still in the closing process but we did finance recently. It was painless. They do check your credit but my DVC guide told me that unless you have bankruptcy on there or tremendous amounts of unsecured debt then you should be fine. We do have some unsecured debt (not many people don't) and we were approved. She said she hasn't had very many people get turned down. She did tell me that she had one lady who had around $60,000 in credit card debt get turned down! WOW!! I don't know how I would sleep at night if I had that much CC debt!

On the paperwork the only "debt" they asked you to declare was mortgage and car payments. I assume they don't ask for credit cards because they check your credit so they would be able to found out anyway. Our mortgage is relatively low and both of our cars are paid for so maybe they took that into consideration too.

Any other questions feel free to PM me.

loveswdw

 

[SINK]

I have purchased three contracts directly from DVC (all paid off within 6 months), and not one showed up on my credit report (how disappointing). When we got our first DVC financed (50% down, one year monthly payment, I don't believe DVC pulled our credit report).

 

[Pig Pen]

Woo Hoo! (I'm bored, can you tell?)

 

[TheRustyScupper]

Originally posted by phorsenuf
Would anybody know how "tight" they are with credit requirements? We are interested in buying, but we aren't A+ credit.

Disney is VERY free with credit.
1) They have your deposit.
2) They get the financing.
3) If you default, they resell the points at a developer price. *
4) There is actually very little risk for DVC.
5) They, thus, can be very generous with poor-to-bad credit.

* Since Disney keeps the price of points artificially high through ROFR, they can sell foreclosed points at their developer retial price instead of a bank trying to sell foreclosed points at a resale price.