New DVC intrest rates as of Nov 1st

[figment795]

Just an FYI DH and I did a tour this week at BLT. As of Nov 1st Disney will be pulling all credit checks at this time. If you have great credit you will get 10.75 % if you have average to poor credit you will get the 14.75% regardless of how may contracts you have with DVC.

 

[AJackson09]

I thought the "good" rate was going up to 11.75%?

 

[JSTX]

I thought the "good" rate was going up to 11.75%?

We were told it was going to 11.75% too.

 

[famsen]

This is on new contracts? It doesn't effect any existing loans, correct?

And why the heck would DVC financing have interest rates going up when the interest rates nationally are waaaaay down????
Honestly, if DVC had low interest rates, I would actually have a lot more points but those rates are ridiculous.

 

[rsimon]

As I stated in another thread about this. I believe DVC is doing this because they are going to start selling the new loans. We'll see, but that is my theory. That is the main reason for the pulling of the credit and the higher rates. This may be what they need to do to sell the loans whereas if they keep them, why bother as they can easily take your points back if you don't pay.

 

[jlewisinsyr]

New member interest rates are 11.75% and 15.75% for preferred and standard respectively and are based on auto draft and 10% down.

DVC members adding on can still do so at 10.75%. Existing contracts cannot have their rates adjusted.

 

[TexasGator]

If you have great credit you will get 10.75%

Ouch! Sounds like Disney is making more by financing than selling units.