DVC loan extra payment

[wendyt_ca]

Hello,

Yesterday I paid my July DVC payment and today I decided to go in and make an additional payment (due to some financial things we have coming up next month). So will this extra payment be applied as my payment for next month (so if I do not make a payment next month it won't go past due)?

Thanks

 

[erionm]

From the 'Understanding Your Loans' page:

What kind of loan payments can I make?
If you have overdue payments and you do not pay by recurring credit/debit card payments or electronic direct debit, you may pay your Total Past Due + Fees, your Total Due, which is your current Monthly Payment plus your Total Past Due + Fees, or your Payoff Amount.

If your payments are current and you do not pay by recurring credit/debit card payments or electronic direct debit, you may make up to six future Monthly Payments, make a payment toward your loan Principal or pay your Payoff Amount.

If your payments are current and you pay by recurring credit/debit card payments or electronic direct debit, you may make a payment toward your Loan Principal or pay your Payoff Amount.
All Members may pay off the entirety of their loan online at any time by selecting the Pay This Amount link next to your Payoff Amount on the Loans Home or Payment Detail Page.

 

[bumbershoot]

OP...OK I'm having to change everything I was going to say because I re-read what you said.

You said :

Yesterday I paid my July DVC payment

Does that just mean you had it automatically pulled from the account like every month, or do you have it set up where you actually go into your account and pay? I didn't actually know that was possible; I thought you *had to* have it set up automatically from DC/CC/bank account.


From MY loan page....

Alerts: Your payments are current for Contract / Loan Number abcdefg. You may pay an amount toward your loan Principal or pay your entire Payoff Amount.

If your account is current, you may make a payment toward your Principal.

You may not pay Monthly Payments online if you have your account set for recurring Direct Debit or Credit Card payments. If your account is current, you may pay toward your Principal or pay your entire Payoff Amount.

But I have it set up to pull from my bank account.



As erionm quoted...

If your payments are current and you do not pay by recurring credit/debit card payments or electronic direct debit, you may make up to six future Monthly Payments, make a payment toward your loan Principal or pay your Payoff Amount.

So that sounds like your situation. You paid July and therefore you're current. Since it seems you don't have it auto-debited, you can make a future monthly payment. (that's what I canNOT do) But it sounds like it's a choice to choose while doing it?

 

[wendyt_ca]

Yeah I don't have it auto debited I actually log in every month and do a manual payment by credit card.
Mine does have the part about making future payments up to 6. I just wasn't sure if their system automatically picked that up with an extra payment or if I would have an issue. I've never paid ahead before.

 

[erionm]

The "future payment" option is just that, you make one to six future payments now. Your next scheduled payment due date would be changed based on how many future payments you make.

The "towards principal" option does not affect your next payment date.

 

[MrPTato]

You can make your Disney Direct Loan payment from a credit card?

 

[wendyt_ca]

Awesome thanks!!
And yes I have done that every month since getting my DVC. I log in and pay my loan payment. The only thing I can't do that for is my maintenance fees because I am from Canada.

 

[magicaldisney]

Awesome thanks!!
And yes I have done that every month since getting my DVC. I log in and pay my loan payment. The only thing I can't do that for is my maintenance fees because I am from Canada.

Is this for a direct purchase or a resale purchase?

 

[rlovew]

You can make your Disney Direct Loan payment from a credit card?

You have to choose to set it up this way from the beginning- you get a lower rate if you set up for automatic debit instead of paying it manually- it is .5% or 1% more in interest when you choose to set up the loan this way.

 

[wendyt_ca]

It is purchased direct. I don't think it is an increased interest rate on ours. We were just told if we wanted we could call and set it up. It may be because we are from Canada.

 

[bumbershoot]

I just wasn't sure if their system automatically picked that up with an extra payment or if I would have an issue.

Well since you have other options I'm not really sure. I would assume that there were choices to make. Since I don't have your situation I cannot see what you see. (and when you log in you can't see what I see on my account) I would HOPE that there were options that you could choose from. Maybe you could look through the process again and see if there was a choice you missed, or perhaps NO choices but info?

It is purchased direct. I don't think it is an increased interest rate on ours. We were just told if we wanted we could call and set it up. It may be because we are from Canada.

It's not that it's an increased cost; but going from an account automatically gives a decrease. Which is what I finally realized; the memory fades and I remembered "do it this way for a lower interest rate" as "you can't do it that other way".

 

[wendyt_ca]

Well since you have other options I'm not really sure. I would assume that there were choices to make. Since I don't have your situation I cannot see what you see. (and when you log in you can't see what I see on my account) I would HOPE that there were options that you could choose from. Maybe you could look through the process again and see if there was a choice you missed, or perhaps NO choices but info?



It's not that it's an increased cost; but going from an account automatically gives a decrease. Which is what I finally realized; the memory fades and I remembered "do it this way for a lower interest rate" as "you can't do it that other way".

I just checked and it now shows my due date as Sept 15th! So it worked
Oh ok that makes sense if it is a decrease. We never asked and I'm not overly worried. I honestly don't think we had an option for automatic deductions since we are from Canada and don't have a US bank account.