Here is a new ? Will Disney Refinance my Current Loan?

[antree]

I have a loan with Disney, actually it was my sister's loan in our name for 130 SSR points. 6 mos ago she told me she could no longer pay for it. So I took over the points and payments.
I am already paying off one loan with Disney for 130 SSR points. It is getting hard paying for the 2nd loan too, it is a higher monthly payment because she took less years on it. Would Disney refinance it for a less monthly payment?
I know I could look in to getting a loan, but we are in the middle of buying a house and I just can't do that right now.

To make it clear. I have two loans with disney both in my name both for 130 points each at SSR.

One loan was taken out for 10 yrs. the 2nd loan for 3 yrs. Will Disney refinance the 3yr loan so I could lower the monthly payment with out getting rid of it.

Thanks So Much for any info.

 

[Caskbill]

I don't know and I don't recall ever seeing anyone post here with a similar question.

You'll really have to call MS-accounting. There may be some fees involved.

Post back when you have an answer.

 

[antree]

I am going to call them on Monday, but I was hoping until then someone heard of this before.

 

[RobDoc]

Are you named on the deed?

 

[lah3hh]

Why wait until Monday to call MS. They are now open 7 days a week from 9:00am - 5:30pm EST. You have posed a very good question and one I have no answer for and do not remember seeing this ever talked about on the boards.

Either way I wish you the best!

 

[Dean]

I have a loan with Disney, actually it was my sister's loan in our name for 130 SSR points. 6 mos ago she told me she could no longer pay for it. So I took over the points and payments.
I am already paying off one loan with Disney for 130 SSR points. It is getting hard paying for the 2nd loan too, it is a higher monthly payment because she took less years on it. Would Disney refinance it for a less monthly payment?
I know I could look in to getting a loan, but we are in the middle of buying a house and I just can't do that right now.

To make it clear. I have two loans with disney both in my name both for 130 points each at SSR.

One loan was taken out for 10 yrs. the 2nd loan for 3 yrs. Will Disney refinance the 3yr loan so I could lower the monthly payment with out getting rid of it.

Thanks So Much for any info.

Exceedingly unlikely but you might be able to get another loan of some type and pay off the existing short term loan.

 

[disneynutz]

Why wait until Monday to call MS. They are now open 7 days a week from 9:00am - 5:30pm EST. You have posed a very good question and one I have no answer for and do not remember seeing this ever talked about on the boards.

Either way I wish you the best!

MS Accounting isn't open on the weekends and that is who would deal with a loan issue. Good luck.

 

[goldilocks_63]

If I could respectfully suggest perhaps you should sell one of the contracts, so your not pushed so hard for the payments.

If you think this is a short time event, you could rent some points for this year to help cover the dues....

but if you think this may continue on for a while can I respectfully suggest that you sell and get out from under the debt.

Because the dues are just the beginning (gas to get there -either car or airplane, food, tickets etc....)

JMHO, Respectfully, GOldi

 

[Doctor P]

You know, my original reaction was similar to others--why would they refinance. But, looking at your question again, I think it is worth asking and I wouldn't be surprised if they allow the loan to be refinanced to extend the term. You obviously qualified for the loan originally (since it was in your name) under stricter terms than you would need to qualify for the longer term loan. It will be interesting to see what they do. Let us know.

 

[antree]

Are you named on the deed?

Yes the Deed is ours. We got the loan for my sisiter, but after a year she had to back out of it.

If you think this is a short time event, you could rent some points for this year to help cover the dues....
JMHO, Respectfully, GOldi

We did do that it paid the last six months. but now I have to wait until DEC. to do it again.

I would love to keep the points and add them to mine{who doesn't want more points } This just coming at a bad time when I am in the middle of buying a house and still have my loan with Disney that I am paying on. If I could just get her loan half the monthly payment then it will be easier.


I'll let you know what happens.
Thanks.

 

[NSL]

Are you aware that with refinancing that will also show up on your credit check with getting your new house? I noticed in your original post you mentioned you did not want to get a loan elsewhere because of that but I would assume it would be the same with refinancing with Disney because they would do another credit check for the additional amount. I just wanted you to be aware in case that was a concern for you. Good luck with everything!

 

[drakethib]

Call them and ask.

Can't hurt.

 

[Paging Tom Morrow]

Are you aware that with refinancing that will also show up on your credit check with getting your new house? I noticed in your original post you mentioned you did not want to get a loan elsewhere because of that but I would assume it would be the same with refinancing with Disney because they would do another credit check for the additional amount. I just wanted you to be aware in case that was a concern for you. Good luck with everything!

AFAIK, Disney financing of DVC is not reported to any credit monitoring service.

 

[Caskbill]

AFAIK, Disney financing of DVC is not reported to any credit monitoring service.

I believe that is correct, but the credit inquiry would show. I don't think that hurts any until it gets to a certain number. I know the automatic inquiries from credit card companies do not count against your credit score, but an excess of other inquiries does.

OTOH since you already have the loan, Disney may not need to do another credit inquiry.

 

[NSL]

I believe that is correct, but the credit inquiry would show. I don't think that hurts any until it gets to a certain number. I know the automatic inquiries from credit card companies do not count against your credit score, but an excess of other inquiries does.

OTOH since you already have the loan, Disney may not need to do another credit inquiry.

The credit inquiry is what I am referring to and correct me if I am wrong but in our state when getting a mortgage you have a percentage of debt and a percentage of equity and/or assets that goes into play when financing a mortgage. I would think any money owed to Disney in terms of debt could hurt if you don't have the assets to off-set it. We have always had to list all the debts we have, incuding loans, credit cards, etc.

OP: Any word from Disney on whether you can or not?

 

[Doctor P]

The credit inquiry is what I am referring to and correct me if I am wrong but in our state when getting a mortgage you have a percentage of debt and a percentage of equity and/or assets that goes into play when financing a mortgage. I would think any money owed to Disney in terms of debt could hurt if you don't have the assets to off-set it. We have always had to list all the debts we have, incuding loans, credit cards, etc.

OP: Any word from Disney on whether you can or not?

The money owed to Disney is never reported to the credit bureaus (a frustration for people who were actually trying to build their credit with the loan). After extensive discussions on this board, it seems most people do not report the debt to Disney for calculation purposes in the mortgage process (right or wrong--indeed, many mortgage bankers advised this, though things may have now changed on that count, LOL).

 

[william4192]

Awaiting response

 

[antree]

Ok, I spoke with accounting and they said "Sorry we don't Refinance, maybe you can refinance it through another type of loan."
I knew that would be their answer, but I just hoped maybe there was a chance.

Well I just found out we make settlement at the end of Sept. on our new home. I'll pay the loan this month and see what I can work out as far as making a new loan or just selling that one contract.

If it comes down to it and I have to sell. I am confused on the fact there are no points left for this year. So Can I sell before Dec. or do I wait until my use year which is Dec.?

Thanks everyone for your input.

 

[ACDSNY]

If it comes down to it and I have to sell. I am confused on the fact there are no points left for this year. So Can I sell before Dec. or do I wait until my use year which is Dec.?

You can list the contract for sale at anytime whether or not it has current year points available. Good luck, I hope all works out!