DVC Financing Question

[ScottNBecky]

I recently went to WDW and went through the DVC Open House and loved every minute of it. My wife and I thought about the pros and cons and decided to sign up. We went through the process signed everything, and got the member kit and all. The only thing we didnt have on us, was a voided Check stub and copies of our pay stubs. We have sent them in, but in the process of this wwe received a letter saying that DVD would need a copy of our pay stubs in order to make a "final credit decision" on whether or not to finance our DVC membership.

My question is has anyone been rejected in trying to obtain financing from Disney? And how long before we hear back one way or the other. Not that its a nbig deal but the letter made it seem like we MAY NOT be able to be members if the financing doesnt go through. What are our options if it doesnt go through?

OK maybe Im being paranoid but we are really excited but worried. Thanks in advance for any responses.

Scott

 

[RAD]

From what I've seen posted in other threads is that Disney's credit policy allows just about anyone to get a loan. They really don't have much of a downside if someone defaults, they just take the points back and resell them, usually at a higher price.

If for some reason that falls through you could consider a home equity loan for the price but don't get yourself in a bind money wise just to join DVC, it's not worth not being able to pay the bills every month.

Whatever happens, good luck and hope you'll be hearing a Welcome Home very soon.

 

[DisneyAngel12]

I really don't think you have anything to worry about. I am sure the letter was just a computer generated one that probably just crossed with you documents. It took about 10 days for my letter to come. In the mean time, think positive thoughts and the time will pass quicker than you think. I personally have not heard of anyone being turned down rather Disney just asks for a larger downpayment. Relax and welcome home.

 

[ScottNBecky]

Thanks guys. Well havent heard of anone being turned down at all, it just got me worried a bit. I figured theres really no negative for Disney to turn anyone down b/c they wouldnt want anyone to finance outside of them. We were just excited but after receiving the letter it made us wonder about it. Does anyone know if Disney just sends you a letter saying you are approved or they call yuo to let you know it is finalized? Thanks again and I just found this site a few day s ago and it is very helpful!

 

[wdwaholic]

I wouldn't worry.As was previously stated I think your documents and DVC's letter just crossed in the mail.If you're worried you could always call the DVC financial offices and verify that they have all your documents.
When we were approved we got both a letter from DVC and a call from our guide welcoming us home
HTH,
Trish

 

[ScottNBecky]

Thanks Trish for your info. We are hoping that is the case that the info crossed paths. We are just excited I guess. Does anyone know the length of time Disney takes after you have signed everything to hear back if the financing is accepted? thanks in advance.

 

[wdwaholic]

just checked my records.We signed on 8/22/03 and gave a partial deposit then.We received an approval letter on 9/4(my BD!!) that was dated 8/28/03.If its been longer than 2 weeks since all paperwork was turned in I'd give Member Services a call
just to find out
Good Luck
Trish

 

[ScottNBecky]

Trish I just called them and they have everything in order and we are approved. WHEW! Anyway they said our confirmation letter will be sent out this morning. We are excited now. Thanks for everything!

 

[DiznEeyore]

Originally posted by ScottNBecky
Trish I just called them and they have everything in order and we are approved. WHEW! Anyway they said our confirmation letter will be sent out this morning. We are excited now. Thanks for everything!

Congratulations and Welcome Home!!!

 

[CarolMN]

Originally posted by ScottNBecky
Trish I just called them and they have everything in order and we are approved. WHEW! Anyway they said our confirmation letter will be sent out this morning. We are excited now. Thanks for everything!

Wonderful news!

Congratulations! Welcome home!

So, when will you be calling to make your first reservation?

Let the planning begin!!!!

 

[pumpkinboy]

Welcome home, ScottNBecky!

Glad it worked out for you.

 

[wdwaholic]

CONGRATULATIONS AND WELCOME HOME !!!
Get out your calendars and start planning 'cause the fun has just begun!!

Trish

 

[dolphindan1]

What are the payments like and how long?

 

[ScottNBecky]

Thanks to Amy, Trish, Pumpkinboy, Carol, Angel,RAD and Dizneeyore for responding. I just found this site a few days ago and its great.

We have made it to Disney last summer, (03) for the first time ever, and stayed at AS Movies. Went this Spring (04) and stayed at AS Music, then just got back last week and stayed at Pop Century. Now we plan on going back every summer, since we are both teachers and have the summers off. So it will be SSR from now on, ok well for a few years then we'll try out the other DVC spots in Disney.

We are excited and reading what others have to say about their trips and the other DVC Resorts is awesome. We will be making our first DVC reservation in August for July 05, ewhich even though we dont "close"until March 05, I was told we can still make our reservations.

Dolphindan we went with 160 point package for now. Wanted more but finances are tight. We have the 10 year payment plan, and our monthly payments are around $157. We are paying our annual dues in one lump sum wwhich are $570. Hope that gives you an idea. Email me if you have any other Q's I'd love to help.

 

[DisneyAngel12]

Originally posted by ScottNBecky
Thanks to Amy, Trish, Pumpkinboy, Carol, Angel,RAD and Dizneeyore for responding. I just found this site a few days ago and its great.

Welcome home and congratulations on your membership. Glad you found this board. It sure is helpful. Also lots of great folks always willing to help with great suggestions and answers.

Charlotte

 

[wbc99]

I have another question that's releated. Maybe ya'll can help. I am fililng out my paperwork now and it asks for the paystubs or a W-2. If I send my W-2's are they just going to turn around and ask for my paystubs? I would send paystubs but my next check does not come for another week and I am not in the habit of keeping my old paystubs -- I know, I know.

 

[ScottNBecky]

We sent in both by mail, but I couldnt wait for them to receive it, so I just faxed it to them and then called a few hours later to see if they had them. They did and the rest is history.