Payment method for resale

[MODisFan]

When purchasing points resale, what forms of paymsnt are accepted (cashiers check, personal check, credit card)? I've lookex around and have been unable to find the answer. Thanks in advance.

 

[DougEMG]

When purchasing points resale, what forms of paymsnt are accepted (cashiers check, personal check, credit card)? I've lookex around and have been unable to find the answer. Thanks in advance.

For the intitial deposit I've always just given them a credit card number.

And for final payment the closing company has always wanted either a certified check or a wire transfer. I've always gone with the wire transfer.

 

[CarolMN]

When purchasing points resale, what forms of paymsnt are accepted (cashiers check, personal check, credit card)? I've lookex around and have been unable to find the answer. Thanks in advance.

Depends on the broker/closing company. Most will want certified checks or electronic transfers. I have not heard of any that will accept credit cards for the final payment, although as Doug posted, some will accept a credit card for the deposit.

 

[AJA]

We are in ROFR right now and sent a personal check for the deposit. Our broker told us we'd need a certified check or electronic transfer for the balance if/when we're ready to close.

I would have loved to put the entire thing on our Disney CC (think of the points!) but I've never heard of anyone being able to buy resale with a credit card. Direct purchase from Disney may work with you and make a few small charges each day until they have the balance. -but the 1% back on the cc does not compare with the 35-40% we are saving going with resale.

 

[tammymacb]

I bought my resales using my credit card in a round about way.

I've got a very high credit score, and a large max on my card. So, when I got a promo for 1.99% financing for the life of the loan, I wrote myself a check, deposited it in my account and then used a bank check to pay off my resale purchase. I then paid off my loan in 3 years instead of 10 and paid like $8 a month or something for interest.

 

[AllieV]

I filled out the cc form but used my bank card. It was faster than sending them a check and they don't charge you until it clears ROFR (or at least my broker hasn't yet and I'm at day 29), so if you don't pass, there's no waiting for your money back.

Final payment has to be a money order or certified check.

 

[MODisFan]

We are in ROFR right now and sent a personal check for the deposit. Our broker told us we'd need a certified check or electronic transfer for the balance if/when we're ready to close.

I would have loved to put the entire thing on our Disney CC (think of the points!) but I've never heard of anyone being able to buy resale with a credit card. Direct purchase from Disney may work with you and make a few small charges each day until they have the balance. -but the 1% back on the cc does not compare with the 35-40% we are saving going with resale.

Thanks for all the replies. I too have a Disney Visa and was wondering if there was a way
To earn points.

 

[ELMC]

I bought my resales using my credit card in a round about way.

I've got a very high credit score, and a large max on my card. So, when I got a promo for 1.99% financing for the life of the loan, I wrote myself a check, deposited it in my account and then used a bank check to pay off my resale purchase. I then paid off my loan in 3 years instead of 10 and paid like $8 a month or something for interest.

That's a great way of doing it. Unfortunately, a lot of credit card companies have made it more unappealing to do this by charging a one time transaction fee of $75 or 3% of the transaction, whichever is more.

 

[montrealdisneylovers]

That's a great way of doing it. Unfortunately, a lot of credit card companies have made it more unappealing to do this by charging a one time transaction fee of $75 or 3% of the transaction, whichever is more.

Wow, and I get irritated when I see 1% of the transaction!! I rip up those cheques and throw them out!!!

 

[Nigel8600]

You would have hated to see our issues on our current VWL purchase. We were told that if we used our credit card for the 1000.00 deposit we would be charged a $60 processing fee just because we are Canadian. Plus they could not accept a cdn origin USA cheque either. Good thing we have a USA bank we opened up when we were down there a few yrs ago. We used that and saved.

Wow, and I get irritated when I see 1% of the transaction!! I rip up those cheques and throw them out!!!

 

[DougEMG]

You would have hated to see our issues on our current VWL purchase. We were told that if we used our credit card for the 1000.00 deposit we would be charged a $60 processing fee just because we are Canadian. Plus they could not accept a cdn origin USA cheque either. Good thing we have a USA bank we opened up when we were down there a few yrs ago. We used that and saved.

Being from Canada I had the same issue with one closing company that only wanted a certified cheque from a US bank. What worked was using TD as they are here and in the US.

 

[AJA]

Thanks for all the replies. I too have a Disney Visa and was wondering if there was a way
To earn points.

I totally understand.

Our credit limit on the Disney visa would have been enough to put the balance on and we would've loved the extra spending money!

I guess the funds have to be secure (not sure what the legal term is?) or they don't want the fee's they (company that accepts the cc) would be charged to run it?

As a pp mentioned maybe someone who doesn't have cash in hand at the moment but knows they can pay it off quickly could use "funds" from their cc by writing themselves a very low interest check. For us (and it sounds like your situation too) any charge or interest would have been too much since all we were wanting was the benefit of receiving 1% back in Disney money.

 

[DMKEDM]

You can use a credit card (and get the reward points) for the entire purchase if you buy direct thru Disney...plus, there's a program w/the Disney Visa that allows for 0% financing for a short period (6 months? Don't quite remember) for a portion ($2500? $5000?) of a DVC purchase... this is how I bought my master contract in 2006 and my 5 add-on's, purchased between 2007 and 2009...

Of course, you have to have a high enough credit limit...

And yes, direct per-point costs are considerably higher than current resale prices...(the spread wasn't near as great when I was buying)...it's just one of many (financial and non-financial) issues to consider when deciding between a direct purchase and a resale...

Good luck!

 

[Missyrose]

But just as a PSA, it isn't a very good idea to buy direct simply because you can put transaction on your Disney Visa. You'd be spending thousands upon thousands of dollars more so you can get a couple hundred dollars in rewards. Buy direct and take some of the savings and buy yourself a Disney gift card, it will work out that much better for you.

That probably sounds snarkier than I intended, but I just don't want to see people spend more than necessary on a luxury purchase.

 

[princessaloha]

 

[ELMC]

I would just like to put out there for ANY of the resale companies that may be reading this, that if you were able to offer payments in full with credit cards MANY, including myself would choose that company over a company that doesn't. Even if I had to pay a few dollars more for closing to cover the processing fees.

The airline miles, reward points, cash back that would be generated by the charge would be worth it's weight in chocolate.

Fyi: in my case the entire amount would be paid off immediately so no one get mad at me for suggesting cc payments. But ohhhhh those miles on a $12,000-$20,000 purchase

Aside from the 2-3% profit that they would lose by allowing credit card payments, I don't think they could do this because of the risk involved with chargebacks, etc. Cash is king, and when you send them a certified check, they know the money is theirs. With a credit card, it's not. Disney can afford to take credit cards as payment because if anything goes wrong they can just take the contract back. Resale brokers are not going to want to do this.

 

[princessaloha]

 

[ELMC]

Sorry ELMC, I'm not very knowledgeable about cc payments but I'm not understanding how they would lose 2-3% profit. With our company, the cc companies charge us a set amount per transaction. If the Title company charged a processing fee equal to that set amount then it's a wash.

Credit card companies charge a set fee per transaction (typically around 20 cents) and then on top of that anywhere between 1.5% and 5% of the amount charged, depending on the size of the charge and the card used. So if you go to the grocery store and buy something for $10, the grocery store typically only gets $9.50ish. Now multiply that by 1,000 and you'll see why closing companies are not anxious to allow you to charge the full amount.

 

[princessaloha]

 

[delmar411]

I know you can send a money order as well. There is a fee if you want to put the deposit on a CC and it's a max of $1000 on a CC (at least for the timeshare store).

I paid the final closing costs with a money order. I just got one at the PO when mailing back the paperwork.