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[livinforvacation]

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[Happy Birthday Cat]

We have heard on these boards that all they ask for if your credit is questionable is for more of a down payment from some people, but that's about it. That protects them in case someone defaults.

HBC

 

[Rence]

DVC is very protected. If you fall behind in payments, you can't use your points. Go into serious default, Disney takes the points back. Much easier than reposessing a car or foreclosing on a mortgage. Since the loan is secured and it is easy for Disney to reclaim the property, there is little risk for them and Disney can afford to lend to people with less than perfect credit.

 

[CarolAnnC]

I have not heard of anyone being turned down on DVC financing, but I have heard of the request for a larger downpayment prior to approval. Makes sense, as stated above, that DVC can easily repossess if need be, hence the bigger leeway in approving loans. Good luck!

 

[TammyAlphabet]

I did read on these boards somewhere that someone was turned down. My guide said that the loan to income limits were 50 percent, (very high as far as i am concerned) and that you can in fact be turned down. Since I am here waiting for FedEX to pick up my contract to return for credit approval, i wanted to get all the information on this. but, that being said, let's be optimistic that Disney will approve us both!!!

 

[bongo59]

disney denial rate runs about 3-5% per yr so it does happen...........

 

[Rence]

I guess it does make sense that if the loan to income ratio was over 50% there is virtually no way that the individual could make the payments so I suppose in those cases it would be best for Disney to decline. I guess I'm not suprised that folks in that situation would apply for financing, I have some friends who just can't seem to say no to credit and companies like Disney are doing them a service by turning them down.