Does anyone know re: add on's

[WDWalways]

I just completed all paperwork etc on my first contract thru the Timeshare Store and wanted to add on points at BCV thru Disney --- now, here's my question/dilemma:

When I was going to buy straight from Disney originally before deciding to do the bulk of points resale and then a smaller addon with Disney directly I sent in an application for pre-approval. My guide told me I would have to either put 30% down and finance for 5 years or 40% down and finance for 10 years.

Now that I am only adding on, do you think I would be able to do the normal 20% down and I want to finance for 3 or 5 years -- I haven't decided yet. Anyone know since it's an addon if it makes a difference in how they look at my credit application??

 

[PamOKW]

I'm not sure what factors would come into play. I assume you know there is a 50 point minimum for getting DVC financing. Since your purchase would not be as large, possibly they would have fewer restrictions for making you a loan. On the other hand, when they check your financial situation, you now have the additional burden of whatever financing you've arranged for your resale purchase. If this purchase was made recently and also not long after you got your initial DVC response, it could impact negatively. If you've been paying this loan off regularly for awhile, it could reflect positively.

 

[PamOKW]

Bumping to see if we can get a more "expert" answer than mine.

 

[Doctor P]

How are you paying for your resale? If you have incurred additional debt to pay for the resale, the requirements from Disney may end up even stricter than they were when you originally inquired. Pam has hit the nail on the head as to the different directions it could go. FWIW, I'm speaking as someone who has seen an awful lot of loans come across his desk the past few months. I can tell you that there are parameters which may make a loan easier to get, but part of loan making is taking some risks also, so you just need to make inquiries and find out what the situation is and what you can do to alter the terms if need be.

 

[WDWalways]

I paid the resale in full as cash -- I plan on adding 100 points at the BCV. My original application inquire was for 150 points at BCV -- then I decided to buy a total of 200 and purchased 100 BWV resale and now want to purchase 100 BCV thru Disney directly.

 

[Doctor P]

You might be OK, then. I would ask.