Questions about resales

[Lori-n-NY]

Can you buy a resale of 50 or 60 points as your first DVC purchase? I was not sure if there was a minimum amount of points an owner has to have.
Another question for those who financed thru Disney..how hard was it? When you purchase a house they want every little detail and bank statements income etc..when you apply for a credit card they look at your credit report and income. What does Disney look at? Somewhere in between the two I mentioned?
I have read so much about DVC and points needed and I am so ready to jump in with both feet but afraid...of what? not sure.
Has Disney ever turn anyone down from purchasing that you have heard or read about?

Anyone looking to encouage me to "JUST DO IT" let me know.

Lori

 

[Chuck S]

Disney has a minimum of 150 points for a first contract if you buy directly from them. You CAN buy smaller contracts through resale. As far as financing, I really don't know how detailed they get...I know they called my employer to verify employment. The bookkeeper said "I hear you're getting a timeshare!" When I returned to work after the trip. I have heard of Disney asking folks for 20% down if their credit is "less than stellar".

We also did direct draft, so we left them a voided check, and I assume they ran a credit report.

 

[tjkraz]

The credit application is one, simple 8 1/2 x 11" form. Nothing you haven't seen when applying for a credit card or auto loan.

I was self-employed when we originally purchased DVC, and had no problems getting approved.

Based on comments from people on this board, it sounds like they are pretty liberal with their approvals. DVC handles the financing themselves, so there is no third-party to satisfy. Contracts state that if you default on payments, your ownership reverts back to DVC. So, in that respect, it's not a HUGE risk on their part.

As Chuck said, DVC has been known to ask people to put 20% down if credit is questionable, but the reports of people getting declined outright are few and far between.