So Much for the Magic

[KNWVIKING]

STINSON, I think Disney would love to lend everybody money at the 10+ % rate they charge. They will make more on finance charges then selling product. And if they aren't the lender, then they get 100% of purchase price at closing- Disney can't lose.

As for the payment remaining the same regardless of 10 or 30% down, I think someone had to mis-speak. To my knowledge DVC financing is an open ended 10 yr note. I've never heard of them making it 6.5 or 7.3 yrs or whatever time frame they gave you. I also still believe there is nothing wrong with your credit report other then your income-to-debt ratio. I'd be willing to bet you'd get the same response if you tried to purchase Marriott or Hilton.

 

[DoeWDW]

I hope all works out for you!! When we originally looked into DVC many years ago and decided not to buy, our guide smiled and said that she'd be happy to help us WHEN we decide to buy, not IF we decide to buy...LOL. She said a lot of the people that originally say no come back later to buy. Guess she had us pegged - we now own at BCV!

I don't know what, if any, bank backs DVD's financing, but..... We got financing elsewhere. When I inquired about wiring the balance owed to DVD, they gave me the information needed to wire it to their escrow account at SunTrust. Sounds like a pretty close relationship to me, considering the other ties SunTrust has to the Walt Disney Company (ATMs in the parks, used to have a branch on Main Street in the MK).

 

[Terry S]

KNWVIKING.. I did not mis-speak in the case of my parents they asked for a 10 year with 20% down. They did all the paperwork with this amount so their payment was figured out at X amount for 10 years. When DVD came back to them and asked for the 30% down they told them they would not be adjusting the X amount payment either, the loan would just get paid off earlier than 10 years.