DVD-10th yr but numbers in contract aren't adding up!

ILoveMyDVC

DIS Veteran
Joined
Aug 24, 2000
Messages
3,038
I made my DVC purchase in '94 (back in the good old days of park passes)- 1st payment was deducted in Sept. of '94 (10 year loan). I took advantage of the 2 month deferment when I was newly divorced. By my calculations and the DVD associate who answered the telephone, my final payment should be in Nov. of this year (Yeah!).
However, when I divided the current balance by the monthly payments, I discovered that I would need to make payments until March of 05!
Payments are deducted electronically and have never been late.
DVD is researching the problem. Has anyone else run into a similar situation?
 
Originally posted by ILoveMyDVC
No, because of the 2 month deferment...Sept. + Oct. + Nov.
Yes, but if your first payment was in Setember '94, your 120th payment would be August '04... plus the two months would be October '04.... No?

MG
 

I'm with Maistre Gracey. If it were a one year loan, first payment would have been Sept 94, last payment in Aug 95. Ten year loan, first: Sept 94, last: Aug 04. Two skipped months moves it from Aug 04 through Sept 04 to Oct 04.

In any case, I hope it all works out.


Added: D'oh - MG beat me by 2 minutes. Now THERE'S a DIS Forum enhancement I'd love to see: a little icon that pops up when someone is already answering a post while I'm typing the answer! ;)

More Added: But I beat floridafam by 1 minute!
 
Wouldn't your last payment be August of 2004 (then add 2 months for the 2 month deferement) so wouldn't it be October 2004?

Did DVD give you a current balance on your loan?

I'm just as confused as you are.
 
BWAHAHAHAHA!

MG and FF and me - Does "anal retentive" have a hyphen? ::yes::
 
DrTomorrow,

:teeth:







Also, what is this 2 month deferment? Was that only done at one time?
 
Yes, they gave me a current balance- hence the problem. The balance was approx. 1500.00 more than it should be. I'm going to eed to dig up the original docs.
Master conntract was for 300 points @ 56.00 per point financed over 10 years (I think it was 9% but alas it was nearly 10 years ago) using auto deduction. Monthly payment is 205.21. Current balance is 2775.00 according to DVD.
 
I'm no financial person but could they have charged you interest for those 2 months you didn't make payments? Sorry, I didn't word that correctly.

Do you know what I am trying to say?

Can you dig out your original papers and see what the interest rate was, etc.?

I can't figure out why your balance would be off by $1,500.
 
Originally posted by floridafam
I'm no financial person but could they have charged you interest for those 2 months you didn't make payments?

I can't figure out why your balance would be off by $1,500.
Oh my! I was just typing those exact words!

I am not sure if that would equal $1500, though. :confused:

MG
 
sorry math was slightly off- the difference is 930 (or 1135 is MG is correct in his calculations) dollars. I was originally using the total amt. owed not just the amount owed on the master agreement.

deferment= unadvertised policy of DVD to skip 2 payments ONCE during the lifetime of the contract due to financial hardship.
 



















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