Newbie with Down Payment question??

[fatcat04]

Hi all.. we are DVC newbies, just got started and already have a question.

We just started the process of becoming members last week. Got our paperwork yesterday. I am so excited!!!!!

We took advantage of the AKV pricing and the developers points but wanted to take advantage of the Disney VISA promotion too. Our agent told us to go ahead and apply for the VISA and see how long it would take to get to us and she could wait a few days.

Well, we applied online on Wednesday of last week and it stated it would take upwards to 30 days for them to make a decision. Growl. Plus, we now knew we had to have the actual card in hand to be able to use the account for our down payment.

So I called VISA on Thursday and I was told the 30 days was probably right but that we had indeed been approved. They were just unable to give us any account details so we still could not complete the down payment transaction until the card came and that COULD be 30 days. Ugh.

Discouraging, but luckily we had intended to pay cash for the down anyway and the Disney VISA was just a way to take advantage of another promotion. So we just went ahead and paid cash for the down and figured that was that.

Well, this was just last Thursday, and guess what came in the mail yesturday?? Yep, the Disney VISA. Joy.

Question... is there any way to change our down payment over to the Disney VISA now that our cash is in the escrow account waiting for closing?? We haven't signed our papers yet as they just got here yesterday and I gotta find a notary.

I know this is all crazy and if I just need to hang it up and forget about the VISA promotion, I will. It was a long shot to begin with and certainly not a deal breaker in the least. But I am a penny pincher and like to get a deal so if there are a few hoops, I will jump through them for $500.

I just wish the credit card company could have told us, "hey, your card has already been sent out to you." Our agent was more than willing to wait a couple extra days as she knew we were serious. I have a call into our agent now but this is her day off and I hate bothering her.

I guess we will see. Any thoughts welcome.

Thanks

 

[browniemtb]

Was this just the initial $500 to get the ball rolling or was this the actual down payment??

Generally you would put 10% or 20% down on the loan....which would be considered the down payment. When you send the paper work back that is when the down payment is required.....use your card then.

Brownie

 

[fatcat04]

Was this just the initial $500 to get the ball rolling or was this the actual down payment??

Generally you would put 10% or 20% down on the loan....which would be considered the down payment. When you send the paper work back that is when the down payment is required.....use your card then.

Brownie

I am sorry, I wasn't very clear. Kind of a tough situation to explain.

The $500 Disney Dollars are the incentive with the Disney card IF you put your 10% down payment on the Disney VISA.

We have already sent them the 10% down cash via our debit card and it is sitting in escrow until the actual closing.

My question was if we could change out the down payment we made via our debit card with one made on our new Disney VISA since we haven't reached closing yet, thus qualifying for the $500 Disney dollars?

BUT I just found a glitch in my plan when I was looking up the Disney VISA incentive online. Seems to rule us out since we just got our card. May I just say .. POOP!!

This 500 Disney Dream Reward Dollars bonus offer will be awarded to a Disney Rewards Visa Cardmember upon the completion of the purchase of a new Disney Vacation Club Membership. In order to receive these bonus reward dollars, the Cardmember must provide their unique Cardmember ID, must be a Disney Rewards Visa Cardmember prior to 9/1/07 and must complete the purchase of a new real estate interest in a Disney Vacation Club Resort. Bonus reward dollars will be credited to your rewards account up to two billing cycles after the purchase is complete. Disney Dream Reward Dollars are subject to the terms and conditions of the Disney Rewards Program. Limit one 500 Disney Dream Reward Dollars bonus offer per household. The use of a Disney Rewards Visa Card for the initial down payment is required to receive the Disney Dream Reward Dollars bonus offer. This offer is not combinable with the existing Cast Member discount. Offer expires 11/30/07

So since we weren't a Visa Rewards member prior to Sept 1, 2007 then we can't get the incentive. Can't blame a penny pincher for tryin'!!

 

[dragonflymom]

I see that you figured out that the incentive is not available to new Disney VISA applicants...I'm just surprised your guide did not advise you of this earlier. Anyway, I couldn't tell if you were paying cash or financing. Keep in mind that you can use Disney VISA or any credit card to pay the balance to take advantage of Disney rewards, airline miles, cash back, etc. depending on the type of credit card you have. With the holiday season, many credit card companies double the reward amounts, so it can be really worth your while to charge to a credit card rather than just write a check. Even if you go with financing, if at a later date, you decide to pay off early, you can do so with a credit card with no pre-payment penalty. Also, I forgot what the maximum amount is, but Disney VISA allows the down payment to be interest free for 6 months up to a certain maximum amount.

For my last purchase, my guide waited 30 days from contract signing date before charging my credit cards (Disney VISA and United mileage VISA) for the balance due on the contract. I then have a full billing cycle with my credit card company to pay off the charges and best of all, I earned 10,000 miles and 100 Disney reward dollars--great ways to get a head start on my next WDW trip! Also got the 2 free AP's by purchasing onsite at Disneyland.