Newbie to DVC---Have process questions please!

[thesoldtrain]

Hello there! My hubby and I are beginning our process to purchase our family's points for SSR and I thought I would look to the experts for some answers, if I may? Our guide is out of the office this week, and I am itching for a few answers, so thanks in advance for your help!

I have searched the boards for the answers, but unfortunately, have not had luck; sorry if these questions have been asked a million times. I feel like hubby and I have a good grasp of the workings of DVC, having taken the tour and done a lot of research, but my questions have to do with the process itself. We are looking to use Disney financing for part of our purchase. In doing this, how lengthy is the process, both in time and paperwork? Being a real estate transaction, is it as heavy paperworkwise as purchasing a home? I am also curious about a timeframe once we apply....does it take a while to have access to points? Lastly, is it difficult to qualify for Disney financing? I am thinking we will be fine in qualifying, but just thought I would ask if it is any more difficult than your average large financing purchase being through Disney, etc.

Thanks so much for your time!

Jeanette

 

[abner1776]

Since I did not finance I cannot address those questions.

If you buy through DVC then you will have nearly instant access to your points...just work it out with your guide.

While this is a real estate transaction it's not like buying a house. The paper work arrives within 7 days from DVC and they put stickers on the lines you need to sign. It's all very straight forward and the documents are written in what I would call "laymans legaleze"...easy to understand for non lawyers but it covers all of the issues.

They tell you what to keep and what to send back and they include a FEDEX envelope to send back the signed copies.

In another week or so, you will get back your signed copies of the couple of forms that had to be signed by Disney.

Thats about it. I found the process easier than opening up a bank account at my local bank.

 

[brasey]

duplicate submission, sorry

 

[brasey]

It is really only a couple of extra pages and I you need to have a couple of them notarized. Either way you are a member as soon as you give the deposit so planning a vacation as long as it is not ASAP is not a problem. We ended up pulling the financing after two days and paying the whole thing off cash so the time frame I can not help you with but all in all, it was about three weeks until we heard everything was finalized and rec. some paperwork back. I can not see much time being added on as it is financing and not a mortgage and the real time is the title stuff and filing it with the proper agencies. Just remeber as stated before that as soon as you give the deposit you are actually considered a member.

 

[jblb1020]

The financing is done over the phone and you find out right away if you have been approved or not. It was such a simple process and almost too easy. We financed some of our DVC, signed our paperwork the beginning of April and are already closed. I received my membership cards in the mail last week and I am leaving for Saratoga Springs tomorrow for my first trip home! Good Luck!

 

[thesoldtrain]

Thanks for your replies! I always know where I can find great answers!
Okay, so is this correct? Basically, you find out immediately about financing, and once you put a deposit down (does this occur right over the phone as well?), you have virtual instant access to your points and can start booking right then before you even are closed? WOOHOO, sounds pretty quick and painless to me!!

Thanks again for your answers!
Jeanette

 

[brasey]

The deposit is done over the phone and I put it on my Disney Visa. They will take all your important info so it is in the system for Member Services. I do not recall them doing the actual financing over the phone and giving an immediate response as there is paperwork you have to fill out like any other loan, and this is sent within a couple of days by fed-ex. there is an 800 number you can call specifically for when you are doing the paperwork so they can walk you through it. I did not plan on financing that much compared to others and the credit is great so as for immediate response on it maybe others will have input on this as it did not happen over the phone for me.

 

[mydogdrew]

Are you sure that DVC works financially for you when you factor in the cost of financing?

 

[tmt martins]

They are leanent on the Finance because they control the points you don't pay you don't book it's that simple.Not like a house or car that if you don't pay they have to kick youout or come find you.

And yes it's still a very good option for some even with the additional cost of finance charges when looking at the over all picture of that many years of vacation.

 

[thesoldtrain]

Yes, for us, it will cost more with the financing, but we are looking towards the shorter term for that. URGH, if only I was one of the lucky ones to be able to buy outright, but no such luck. Thanks again you guys for th info!

Jeanette

 

[sagwanamu]

I believe almost everyone qualifies for the DVC financing as long as you put down 20% (including any incentives that DVC gives you). So worst case, you will need to come up with a bit more down payment. I even heard a person with recent bankruptcy got the financing. So don't worry about the financing. Just make sure you tell them you want the loan payment and maintenance fee direct debited. You will get lower interest rate.

There are not much of extra paper work, I believe one of two pages of financing application. And closing time shouldn't be different wheather you finance or not. And you do have instant access to the points as soon as you pay the deposit.

I am one of those who are not lucky enough to pay the purchase in cash. Since there are not much of difference in the interest rate regardless of terms of financing, do 10 years and send in additional payment every month (I set my bill pay to send the extra payment each month). It will cut down the interest cost and length of the payment.

Anyway, hope everything works out for you and welcome home....

 

[6mouskateers]

Our guide did our credit check over the phone while I was on hold in about
3 minutes-literally. Gave him our credit card and away we went! The process was very easy--we just got our blue cards last week. We also financed through Disney. We didn't have that much cash at that time but wanted in to get the 2005 points etc and of course the price was getting ready to go up in April (we were doing this on March 29 )

We plan to pay it all off in a couple of months. It will cost us a little bit, but it was worth it to us to get in when we did. You can pay off early with no penalty. It worked well for us and today I made our first ressie!

Good luck!