Ssr - Dvc Here We Come

[brivers222]

Thats right we just talked to our DVC Guide and we placed the downpayment for our 160pts on our Credit Card. Tuesday we will be getting our package in the mail (fedEX) for our Purchase aggreement.

Our guide said, "congratulations" so I am assuming we are all set to finance through Disney now

We told her we are financing through Disney but never stated a length of term and never gave her our SSN. Are we supposed to give that stuff out to them and are we guarenteed financing through disney?

I know somebody on here knows about the package that could help enlighten me.

Other than that, if we are in then its Home Sweet Home at Saratoga Springs !!!!!!!!

Pretty soon I am going to have to know how to put that counter on my Sig

 

[bartty]

In the Fedex packet there will be a loan/mortagage application you have to fill out and notarize. All the info will be in the packet. Congratulations on your purchase!!!

 

[tjkraz]

Originally posted by brivers222
We told her we are financing through Disney but never stated a length of term and never gave her our SSN. Are we supposed to give that stuff out to them and are we guarenteed financing through disney?

Technically financing isn't guaranteed, but by all indications they are pretty liberal with their approvals. If they uncover any credit problems, they will first ask for a higher down-payment. But I don't think anything short of a recent bankruptcy would get you declined outright.

Since DVC handles the financing themselves, there is fairly little risk involved. If you default, they take the points back and sell to someone else.

The paperwork for the financing will be included in your welcome packet. A few weeks after you return the documents, you should get a letter specifically from accounting that notifies you of the approval on the financing.

 

[poohj80]

Make sure to read all the financing info closely. The interest rate for financing through Disney is pretty high so you may want to consider other options as well. We started with Disney while we had a grace period them moved to home equity line of credit.

 

[brivers222]

Thanks for all the info. I am anxiously awaiting our package on Tuesday.

In talking with our guide, we were quoted an APR of 9.75% because we were putting over 20% down (actually about 26% down).

When you say High rates, is that higher than 9.75 or is that the high rate you are refering to?

 

[poohj80]

The 9.75% was the high rate to which I was referring.

 

[brivers222]

Oh good! I mean its still very high (but only if you don't pay it off quickly, right?!)

I was looking into financing via Credit Union but they were offering a personal loan of about 3 years for 9.95%. The payments would be about double than through disney.

Disney came through with 9.75% and now we can still make the extra payments had we gone through the CU. Roughly a payment and a half each month at the worst times and double during good times. We didn't want home equity loan for our vacation so we were already foregoing the cheap 3.9$ Equitly loan the Credit Union was offering.

(Speaking of which, how does one actually make extra payments when they finance through Disney? What forms of payment do they accept?)