Dvc loan

[EC0323]

Hi,
We purchased a Dvc and financed thru them. Planned to pay off before it started but long story short had to pay for surgery. ( We are ok.) . Today I logged in to pay down our loan. It won't take my cc. Then I noticed that they plan on taking $30 more than what's listed. I checked. It hasn't gone through bank yet. Anyone know why they would change my payment? It is supposed to be fixed. Dues for 2018 and 2019 are paid in full. Hoping its an error or that it goes to principal.

 

[Deb & Bill]

Hi,
We purchased a Dvc and financed thru them. Planned to pay off before it started but long story short had to pay for surgery. ( We are ok.) . Today I logged in to pay down our loan. It won't take my cc. Then I noticed that they plan on taking $30 more than what's listed. I checked. It hasn't gone through bank yet. Anyone know why they would change my payment? It is supposed to be fixed. Dues for 2018 and 2019 are paid in full. Hoping its an error or that it goes to principal.

You'll need to call Accounting tomorrow when they are open.

 

[sndral]

Hi,
We purchased a Dvc and financed thru them. Planned to pay off before it started but long story short had to pay for surgery. ( We are ok.) . Today I logged in to pay down our loan. It won't take my cc. Then I noticed that they plan on taking $30 more than what's listed. I checked. It hasn't gone through bank yet. Anyone know why they would change my payment? It is supposed to be fixed. Dues for 2018 and 2019 are paid in full. Hoping its an error or that it goes to principal.

Late fee?

 

[EC0323]

Hmmm .. Disney loan has automatic debits. If they were late taking my money, I would hope they would not charge me.

 

[Deb & Bill]

I know that normally I pay my fees monthly on the first of the month. But in January, they take all dues payments on the 15, not the 1st. Maybe that's also involved with it. I didn't know you could make a payment on a loan with a credit card, just the down payment.

 

[sndral]

Hmmm .. Disney loan has automatic debits. If they were late taking my money, I would hope they would not charge me.

Sorry, didn’t understand from your post that you were trying to pay extra and assumed you were trying to make a normal payment and $30 seemed like the sort of number that might be a late fee, I don’t know as I paid cash for my DVC contracts, I have no experience w/ their financing.
Good luck sorting it out.

 

[OKW Lover]

I didn't know you could make a payment on a loan with a credit card,

Yes you can. I've paid off a couple of loans over the past 3 years by charging the remaining balance to my Disney CC (and then immediately paying off the card) for the rewards.

 

[EC0323]

UPDATE:

I called and was told that in my loan documents that there is a clause that reads the first payment will be more due to interest. I asked why my online amortization schedule does not reflect that. They had not answer. Oh well lesson learned.

And yes you can pay extra to Disney loans through their portal. It's easy. It's for extra payments only if you set up automatic payments for the "better" interest rate. I use my Chase Reserve because DVC codes as travel.
Thanks guys for helping!

 

[drusba]

Sounds like what they are saying is that since your first payment is usually not due until a month to two months after closing, the first payment can include additional interest from the date of closing. I am not sure but that might be correct.

 

[bumbershoot]

I just looked up the loan we had (from 2009), and the first payment was $80 more than all the rest of the payments. We started the loan April 8 and the first payment was June 15. FWIW.