Does DVC ever change their minds about financing you?

[thesoldtrain]

JUst a quick question, and again, sorry to sound like a dummy, I am just curious!

Decided last week after a lot of research to join DVC. Called our vacation guide, was approved with preferred financing over the phone. Paid our down payment, was given membership # and access to points later that day. Today I received documents in the mail to get signed and send back. As I was reading through them, I was wondering if Disney ever changes there mind about financing you? I guess I kind of feel that this was too easy, LOL! Is there ever a time where Disney calls you and says, "Sorry, we are taking the points back?"

I am so particular about our credit stuff, so I just get very creative in my thinking on things , but just wondered if this had ever happened to anyone? I don't know what I'd do if for some reason they said, "Nevermind!" now that I am in the DVC mindset, LOL.

Also, is it true for sure that DVC does not show up on your credit report, other than an inquiry? Does anyone know why tha is?

Thanks so much! You guys have such great info!


Jeanette

 

[ktink]

good question, just subscribing.

 

[tmt martins]

Most likely not .

DVC controls your bookings and points so you don't pay they just take it all away that fast.

One thing they may ask is that you put down more money

Thats why they can let you book as soon as you pay your downpayment.Something happens like you don't sign or something they just take away the booking.

Remember you don't own to only purchase the right to use and thats a big difference when it comes to not paying up.

But Welcome Home

 

[debbiedoo]

I have to agree more likely not

And NO my DVC does not show up on my Credit Report -- Not sure why--anyone??? I also heard that if you were late with a payment that it was reported

 

[thesoldtrain]

Yes, this may seem a strange question, but I just thought that was interesting to find out that DVC does not show on credit reports? I am just such a worry-wart about everything until things are finalized in any financial issue in our lives, LOL. My hubby thinks I am . Oh well! To tell you the honest truth, I was just surprised at how easy the process seems to be; I think I choked on the phone with my guide when I said aomething like, "YOu mean we qualified for preferred financing? Wow! After a 5-minute credit check? Wow! You don't need W2s? Wow!" I am used to going through the house buying rigamarole where you have to give lots of paperwork, etc. This seemed to good to be true, and so I start to worry if it really is? Bottom line.....my first payment isn't due until Sept., the closing date is in July sometime, and I just don't want to spend the next few months wondering if they'll change their mind! I am weird that way! Can I really consider myself a DVCer now, or wait until everything is closed, closed, closed? Those temporary cards in the mail today sure make me feel good, but should I not count my chickens before they've hatched? (or in DVC terms, not count my points until they're earned? )

Thanks again!
Jeanette

 

[Boston5602]

I just finished buying and thought something was wrong too because of how easy it was ! I gave my deposit mid march my first payment is in July and after doing all the paper work I got a letter telling me DVC decided to finance me. I thought that after all the paper work I had already dealt with I should have gotten that letter first but turns out after guide told me I was a member I really was all set. It seems I got the letter right before everthing was completed. and no info has shown up on my credit report I just got my report online Friday and no mention of Disney DVC.


Welcome Home

 

[debbiedoo]

Let's just say that DVC was not hard to buy. . . . house, car etc. . . .took too much----way too much, especially anything over 25,000 --- they go into the history of you and thensome

 

[Ooba]

Brand new here - Looking into DVC and trying to sort out the options. What does Disney charge as its "preferred rate"??

 

[Boston5602]

Brand new here - Looking into DVC and trying to sort out the options. What does Disney charge as its "preferred rate"??

9.95% with payment through an automatic deduction

 

[sagwanamu]

JUst a quick question, and again, sorry to sound like a dummy, I am just curious!

Decided last week after a lot of research to join DVC. Called our vacation guide, was approved with preferred financing over the phone. Paid our down payment, was given membership # and access to points later that day. Today I received documents in the mail to get signed and send back. As I was reading through them, I was wondering if Disney ever changes there mind about financing you? I guess I kind of feel that this was too easy, LOL! Is there ever a time where Disney calls you and says, "Sorry, we are taking the points back?"

I am so particular about our credit stuff, so I just get very creative in my thinking on things , but just wondered if this had ever happened to anyone? I don't know what I'd do if for some reason they said, "Nevermind!" now that I am in the DVC mindset, LOL.

Also, is it true for sure that DVC does not show up on your credit report, other than an inquiry? Does anyone know why tha is?

Thanks so much! You guys have such great info!


Jeanette

It is true that DVC "debt" does not show up on credit report but the inquiry will. I asked the same question to DVC MS and they said "that's how it is". And she said, as long as you don't default on the payment, it won't show up. If your account in "default" status, it will show up on the credit report.

 

[Mickmse2002]

Making financing painless and available to nearly everyone is a wise business decision for DVC. They sell a lot of points to people who otherwise may not purchase, get a revenue stream from the interest and almost no risk. If a party defaults on their loan DVC can simply recover their points......a whole lot easier then repossessing a car or boat or foreclosing on a home.