Financing DVC

[tjkraz]

I have seen people mentioning Disney rewards visa as a payment, Is it normal for the Disney visa to approve such high amounts? or does it get approved because it is going towards a Disney purchase(DVC)? I know i don't have the best credit , so I never applied for this card, and i know there is no way i would get 10k approved. Just curious

Current terms are listed here:

http://disneyrewards.disney.go.com/credit/cardperks.html

Basically it's 0% financing for 6 months on any first time purchase of 160+ or add-on of 100+. The 0% applies to any amount up to the credit card's balance. Since Chase is a separate entity from Disney, I doubt they will give you any special allowances on your credit limit.

Interest begins to accrue on any unpaid balance after the 6 months so you'll have to carefully weigh how much to put on the Chase card vs. financing with DVC.

 

[DVCGeek]

Interesting side note on Disney Visa for point purchases- I've read from others and seen personally that the point thresholds don't seem to be enforced. I bought a 25 point VGC add-on for $3k 'cash' using the card and they still automatically listed it with the promotional 0% interest. Specifically, my Dec. 19th statement's "Qualifying Promotional Financing" area showed (reformatted for web):

Description: Qualified promo trans
Total Qualified Amount: $3,000.00
Remaining Balance: $0.00
Expiration Date: 06/19/2011
Annual Percentage Rate (APR): 0.00%

So I certainly wouldn't COUNT on getting for smaller purchases since tjkraz is right and I shouldn't have, it looks like I could have let it float there and not paid it for a while...

My guess is that Chase sees DVD sale and just rubber stamps it as a promo rate.

 

[Sandisw]

Interesting side note on Disney Visa for point purchases- I've read from others and seen personally that the point thresholds don't seem to be enforced. I bought a 25 point VGC add-on for $3k 'cash' using the card and they still automatically listed it with the promotional 0% interest. Specifically, my Dec. 19th statement's "Qualifying Promotional Financing" area showed (reformatted for web):

Description: Qualified promo trans
Total Qualified Amount: $3,000.00
Remaining Balance: $0.00
Expiration Date: 06/19/2011
Annual Percentage Rate (APR): 0.00%

So I certainly wouldn't COUNT on getting for smaller purchases since tjkraz is right and I shouldn't have, it looks like I could have let it float there and not paid it for a while...

My guess is that Chase sees DVD sale and just rubber stamps it as a promo rate.

I agree is I bought two BLT add ons in 2009, with 2 different cards, but between the both of them, I put on around $18,000. I got the 6 months, 0% interest on it all. And, at the time, the published amount was $5000 so I wasn't expecting it, but when I got it, I was thrilled.

I also go the promotion for my 30 points add on in August so I do think they are a little flexible with the rules!

 

[Mama Steph]

Unfortunately, my credit is too low for Timeshare Lending. I dont think we can get a loan from our credit union as I need to use them in about 5 months for an auto loan when we purchase our leased vehicle. At this point, I really struggle with paying so much to buy directly from Disney when I know I can get so much more for the money buying resale. Since I really need about 300 points, it makes it even harder!!
So now I need to figure out if we go through Disney (finishing what we started in August) for about 160 points and adding on when its paid off or if we just keep putting money away until we can afford to pay cash. We are planning on putting away about $650 per month right now.
Any ideas?

 

[Deb & Bill]

Unfortunately, my credit is too low for Timeshare Lending. I dont think we can get a loan from our credit union as I need to use them in about 5 months for an auto loan when we purchase our leased vehicle. ...

Maybe you ought to wait for a while until your credit improves. It would be terrible for something to happen after you have stressed your finances and you lost it all. You could rent some reservations from members in the meantime to get most of the effects of DVC membership.

 

[Mama Steph]

Deb, I am just feeling so impatient and want my DVC NOW!!! LOL If we buy points, I can justify a trip for the holidays this year since we will have points (and we are out of school until January 9th). If not, I am not sure I can get dh to committ to that trip. It would be about 273 points. Oh, and we are taking an adults only trip with friends in August and I would much prefer to stay DVC than a value or moderate.

 

[Sandisw]

Unfortunately, my credit is too low for Timeshare Lending. I dont think we can get a loan from our credit union as I need to use them in about 5 months for an auto loan when we purchase our leased vehicle. At this point, I really struggle with paying so much to buy directly from Disney when I know I can get so much more for the money buying resale. Since I really need about 300 points, it makes it even harder!!
So now I need to figure out if we go through Disney (finishing what we started in August) for about 160 points and adding on when its paid off or if we just keep putting money away until we can afford to pay cash. We are planning on putting away about $650 per month right now.
Any ideas?

Disney is allowing people to buy in with as little as 100 points. OKW is currently being offered around $90/pt so around $9000. You could always start this way.

And, with having $650 per month, you could have it paid off in just over a year. If you have a Disney Visa, you could even put some on that and get 6 months, 0% interest on that portion, saving you interest on some of the purchase.

I know that Disney had a program at one time that allowed you to finance for just a year, at 5 - 6%, if you put 50% down (which again, could go on the Visa).

My only other question, though, would be when you plan on visiting WDW again? If you don't plan to go for at least a year, then I might just wait and save. However, if you are planning to go again soon and would be paying cash for that trip, then I might try and get a smaller contract via Disney and put that toward the purchase.

 

[Mama Steph]

We have an August trip planned and I would love to add a trip for the first week of January as well.

 

[Sandisw]

We have an August trip planned and I would love to add a trip for the first week of January as well.

If your going to take that trip, regardless, then I say use that money to help offset the cost and go for DVC now!!

That is exactly what we did. We had booked an August trip to CR and the room portion was going to be around $1800. So, instead of just doing another cash trip, I took that $1800 and put it down on the purchase. I still got to go on my trip but now was a DVC member. And, because of the $100 AP discount, I saved around $400 on the ticekt portion of the trip.

Good luck!!!