Timeshare Store Financing?

[MBELSANTI]

HI,

Does anyone have experience with this? I would be doing automatic drafts from my checking account, but can I make additional payments when I have extra money? Has anyone paid it off early? I would be going with the 10 year payment at 10.95% if I decide to go this route.

 

[Pakey]

Yes. On my first DVC purchase, I financed it but then paid it off entirely before the first payment was due. I mailed a check in for that one. On the second one, I did the same thing but I paid it off by going into the DVC website and posting the payment through my credit card (I wanted the mileage points I got with the charge). You can also just do "extra" payments online on your credit card each month if you want to pay it down faster.

 

[flechette]

Marie,


TSS uses Benchmark Bank, and you can pay off the loan early. I'm financed thru them, but I don't have any more details than that. Other than they (benchmark) are entitled to a minimum of $100 in interest.

We'll have our SUV paid off in about 2 1/2 years, at that point we'll put the money towards DVC to pay that down faster - and since I know we can do that: I didn't get the rest of the info since we won't need it for a while ~ LOL!

I may call Benchmark tomorrow and find out since I'm now curious, I'll post here if I do and what I find out.

 

[MBELSANTI]

Marie,


TSS uses Benchmark Bank, and you can pay off the loan early. I'm financed thru them, but I don't have any more details than that. Other than they (benchmark) are entitled to a minimum of $100 in interest.

We'll have our SUV paid off in about 2 1/2 years, at that point we'll put the money towards DVC to pay that down faster - and since I know we can do that: I didn't get the rest of the info since we won't need it for a while ~ LOL!

I may call Benchmark tomorrow and find out since I'm now curious, I'll post here if I do and what I find out.

HI there!
I got a reply from my TSS rep:

Can you tell me what monthly payments would calculate out? If you were to finance $9000 for 60 months @ 9.96% your payment would be $171.94 per month.

If you went with a ten year loan @ 10.96% your payment would be $111.39. With either loan there would not a prepayment penalty so you could pay off either loan early.

I think I might stick with the credit card. The monthy payment would be more $, but in the end the interest would be less as I would need to make payments of 3% monthly.

 

[flechette]

HI there!
I think I might stick with the credit card. The monthy payment would be more $, but in the end the interest would be less as I would need to make payments of 3% monthly.

Marie,


TSS does not accept credit card payments, so you would need to get the funds from your credit card to your bank account via another method to write the certified check. Generally CC consider these "cash advance" and have horrendous rates -

You may already know all this - but I'd rather caution someone when interest rates of 21% + could come to bear

Good Luck!

Michelle

 

[MBELSANTI]

Marie,


TSS does not accept credit card payments, so you would need to get the funds from your credit card to your bank account via another method to write the certified check. Generally CC consider these "cash advance" and have horrendous rates -

You may already know all this - but I'd rather caution someone when interest rates of 21% + could come to bear

Good Luck!

Michelle

Hi Michelle,

I got a special offer from Capital One for no transaction fees when I use the checks and the rate is 6.99% until August 2008 and then it drops to 4.99% until paid off! This was much cheaper than the rates for financing through TSS, so I am going to go this route. I called Capital One yesterday just to make sure that they wouldn't consider this a cash advance and she assured me that as long as I used these checks by 9/27, that it will only be 6.99%. I deposited the check in my bank today so that I have ability to get the certified checks next week.