DVC with Credit issues

[ladytink75]

I have a friend that wants to join DVC but she does not have good credit... She was wondering if she was to finance through disney will they turn her down or will they just finance her at the higher rate and let her join?

 

[timandlesley]

On all the stories I have read here, they rarely turn people down, it would just be the higher interest rate.
Lesley

 

[ssawka]

I really don't think DVC cares about credit. If you have bad credit, they'll charge you a higher rate, because they can, but it is not as if they are selling a tangible good. If a borrower fails to make payments, they just take the points back and resell them.

 

[ilikedvc]

I heard they started looking more at credit than in the past.

 

[Deb & Bill]

If she is having problems managing her money now, DVC will only be a bigger burden having to pay the cost of the purchase, the annual member fees, tickets, dining, transportation, etc.

 

[bumbershoot]

If she is having problems managing her money now, DVC will only be a bigger burden having to pay the cost of the purchase, the annual member fees, tickets, dining, transportation, etc.

One can be doing fine NOW, but still have a bad credit history following you from the past.


OP, hubby financed in March '09, with a "neutral" credit history (bad stuff in the past, absolutely NOTHING in his name for about 10 years), and even got the better interest rate. But since then we've had a couple instances on the boards of people having troubles. Needing more of a deposit (which of course ultimately just lowers the amount you're borrowing which is good) and I think one was turned down while in the middle of a mortgage modification... They used to say "Disney is the bank, so we finance for everyone", but now they are a little bit more careful.