DVC Questions and How To

[Sobes]

Ok, we are really interested in DVC ownership. We did not get a chance to do the free tour. I think it was lack of time and being scared of getting turned away.
We have been trying to get a mortgage for a house and we can never get it to go through....because we are considered a "layered" risk. So we figure there is no way we can get a DVC mortgage. Ok here the questions.

1.Are they strict on credit requirements and debt to income?
2. What kind of payments monthly do you look at when and if you do it?
3. Does it go on your credit report affecting future loans or big purchases?
4. If we are thinking of going once a year and staying at say AKL around April/May every year...how many points would be sufficient?
5. IF you are DVC do you still get package deals for dinning and tickets?

Sorry to ask so many questions but just curious

 

[luvindisneyworld]

Well they finance people with not so good credit from what they told us when we purchased years ago.We just had to put 10% down when we purchased but if you credit is not that good then I think it is like 20 or 25% maybe not for sure though.
I think the payments would be about 200.00 a month not for sure though and then your maintanence fees. I have my paperwork from my add on at AKV and I can check and reply back.
Also I would say start out with the 160 and see how that feels to you then you can always add on, What size room wuld you need?
Dont be afriad ofbeing turned away Disney wants to sell so they will do whatever they can for you to get you financed.
Also it does not show up on your credit.
You can buy park tickets when you get there or they do offer 100.00 off on an AP.
We can add dining and I think it is like 38.00pp for 9 and older and then 10.00 for children 3-9.

I have a great guide if you are interested she is so Sweet and Awesome. Let me know.She works very hard for you and I cant say enough good things about her.

 

[Sobes]

Well they finance people with not so good credit from what they told us when we purchased years ago.We just had to put 10% down when we purchased but if you credit is not that good then I think it is like 20 or 25% maybe not for sure though.
I think the payments would be about 200.00 a month not for sure though and then your maintanence fees. I have my paperwork from my add on at AKV and I can check and reply back.
Also I would say start out with the 160 and see how that feels to you then you can always add on, What size room wuld you need?
Dont be afriad ofbeing turned away Disney wants to sell so they will do whatever they can for you to get you financed.
Also it does not show up on your credit.
You can buy park tickets when you get there or they do offer 100.00 off on an AP.
We can add dining and I think it is like 38.00pp for 9 and older and then 10.00 for children 3-9.

I have a great guide if you are interested she is so Sweet and Awesome. Let me know.She works very hard for you and I cant say enough good things about her.

Yea I would be interestd in talking to her...if you want to PM me thats fine. Is she through DVC at Disney, I contacted the timeshare resale people from here and they said I would probably be better off going through Disney directly it would be easier to qualify.

 

[tjkraz]

1.Are they strict on credit requirements and debt to income?

Not particularly strict, but they will probably hit you with a high interest rate. For "preferred" credit (i.e. good credit) the rate is currently 10.75%. For others it is 14.75%.

2. What kind of payments monthly do you look at when and if you do it?

Depends on how many points you buy. For the minimum purchase of 160, you're probably looking at $180-200 per month for the points plus another $50 or so per month for dues as of 2008.

3. Does it go on your credit report affecting future loans or big purchases?

My understanding is that DVC does not report to credit agencies unless there is a delinquency. Note that even if it doesn't appear on a credit report you would still be legally obligated to disclose the loan on any application.

4. If we are thinking of going once a year and staying at say AKL around April/May every year...how many points would be sufficient?

You'll have to look at the points charts and determine that for yourself. AKV has four room sizes, four room classes or "views" and you didn't mention any particular trip duration.

I know you didn't ask for feedback in this regard but, in my opinion, if you have to finance and have shaky credit I think you'd be foolish to consider more than the minimum purchase. If you decide that you can finance DVC over the next 10 years and still make your budget work, figure out a way to make-do with 160 points.

5. IF you are DVC do you still get package deals for dinning and tickets?

DVC members get the best annual pass discount that Disney offers. We also end up getting rooms for a fraction of their listed "Rack Rate."

But if you're looking for the "free dining" or some other promotional offer, the answer is no.