Has anyone ever been turned down by Disney financing for DVC purchase??

[phorsenuf]

I guess paranoia is beginning because we submitted out credit application and still haven't heard anything. How long does it usually take? I know we had the holiday and all......
We've had some glitches in our credit but now I'm afraid I'm going to walk out to my mailbox and there will be a letter saying "sorry, we can't finance you".
Would they just send a leter or would the guide call and tell us?
I'm just so darn anxious to possibly buy that of course I'm thinking the worse.
Anyone know????

 

[DiznEeyore]

This has come up here a number of times over the past few years and I don't think anyone's ever reported being denied credit through DVC. If they're concerned about your credit at all, they may ask for a larger downpayment, but that's about it. It's a low-risk situation for them -- even if someone were to default, they don't have anything they'd have to repossess; they'd just drop that person as a member.

 

[jel0511]

In this situation, usually no news is good news. If you are approved, DVC usually just keeps the process going, and EVENTUALLY you are notified by letter. If you're so concerned, give your guide a call, they can definately see where in the process you stand.

 

[canda]

when we were approved for DVC, DW was in school getting a master's and I was only part time employed by my dad's company. We did not own a home, and still had our 4 year school to pay for, not to mention 2 years at Wake Forest for the master. ANYWAY with no home why would we buy a vaction time share? we could swing the monthly payments and we bought a home 1 year later when we got jobs, but to close a long story, with the school and credit card debit, we had, and the lack of credit for being young and no mortgage, they approved us. It also has not yet appeared on any credit reports after 6 years.

 

[brivers222]

You should be alright, My signature shows our process timeline for getting DVC approval. Our credit was less than perfect (just married, just paid off a huge wedding, and just bought a house and 2 new cars).

Basically, we didn't hear about anything until our guide called and said, your in! that was about 1 day before the letter appeared in the mail for disney financing.

Also, look at it this way, Disney is basically financing air to people. If they default, they just finance more air to other people. THey already got some money (for practically nothing) from the defaulters. They are in a practically risk free venture.

 

[wdw4life]

It took about two weeks after I filled out all the paperwork to receive my letter. I was so happy to receive it! I was on pins and needles the whole time because my credit wasn't great. I later found out it's rare for them to deny anyone. I wish I had known that at the time, it would have saved me a lot of worry.

 

[wdw4life]

It also has not yet appeared on any credit reports after 6 years.

When I purchased my guide told me it won't appear on any credit report unless payments are late. Then they will start reporting it but if your loan payments are made on time it will never show up.

 

[phorsenuf]

Thanks for all the replies! I feel a little more at ease.
I thought I read somewhere too that becuase it would be an August closing that the down payment could be stretched out until then (if you don't take the upfront points). Does anyone know about that?

 

[brandip22]

I'm doing my purchase now and my guide said that, if we need to stretch our down payment out until we close, then that would probably be fine.