Questions about DVC Financing and Prepayments....

[alicat07]

We just got our docs from Fed Ex for our new membership! YAY! We chose to do 5 yr. financing through DVC...here are my questions:

1. The payments get automatically debited it seems from my account--does DVC make it easy to prepay the principal amount? We want to try to pay this off ASAP, well before the 5 years.

2. If you DO prepay, is this like a typical mortgage where your interest is less, or do they expect you to pay the full interest and principal you signed to when you set up the financing even if you prepay? Meaning, it shows on my paperwork that I will be paying like $1000 in interest over the course of the loan, but if I prepay, do they adjust this amount to less or am I responsible for the $1000 no matter when I pay the financing off?

Sorry if this is confusing, hope I worded it right here! Thanks!!

 

[WilsonFlyer]

1) You can pay off the principal or pay against it anytime via the secure members website. The only methodology supported is via a credit card (which you can pay off immediately after making the payment to DVC and pay no interest, of course).

2) It's a simple interest loan. In plain terms, you only pay interest accrued through the payment date. It's the best kind of interest accrual/loan you can get short of free, obviously.

 

[alicat07]

Great! Thanks for the reply--we're so excited to become members!

 

[nunzia]

How about BillPay? I tend to just have BillPay send extra payments when I have a chunk. Would this work?

 

[Mike©]

1) You can pay off the principal or pay against it anytime via the secure members website. The only methodology supported is via a credit card (which you can pay off immediately after making the payment to DVC and pay no interest, of course).

2) It's a simple interest loan. In plain terms, you only pay interest accrued through the payment date. It's the best kind of interest accrual/loan you can get short of free, obviously.

Hi Wilson !

WOW, last time we talked you were "thinking" about DVC and now you have two Home resorts Congrats and hope to see you durring MooseTV's cam this weekend.

 

[WilsonFlyer]

Hi Wilson !

WOW, last time we talked you were "thinking" about DVC and now you have two Home resorts Congrats and hope to see you durring MooseTV's cam this weekend.

When ya gotta go, ya gotta go! It's that itch and scratch it thing.

 

[hellerjw]

It also works with a debit card if its tied to the Visa/Mastercard network. This way it gets deducted directly from your bank account. I think the only restriction is that you can't schedule an extra payment with 48 hours of the automatic monthly draft due to a limitation in their system.