Timesharelending.no, no, no!

[BestDadEver]

Because, in addition to financing at ridiculous rates, you should also pay way above market rates for your contracts.

I guess people who make bad decisions will continue to make bad decisions.

My rate is better then the OP , I don't have a prepayment penalty , the loan doesn't show on my credit report and I am very happy with my purchase .

You get what you pay for . I had no interest in going through he tedious ROFR process . Yeah I paid more per point but IMO it was well worth the extra money .

There is an extreme bias towards buying resale on this site , but many people buy direct and are happy with it , you just wouldn't know because of the same 4-5 regular posters here .

 

[RobDoc]

Are there that many resale loan brokers out there that it would make a difference?

It would to me if I was recommending them to potential buyers who end up disappointed and let others know about it.

If I was one of those resale brokers with clients complaining about a loan broker I had recommended, I'd sure be talking to that lender and/or looking for other options for my potential buyers.

... but that's just me.

 

[Jennasis]

My rate is better then the OP , I don't have a prepayment penalty , the loan doesn't show on my credit report and I am very happy with my purchase .

You get what you pay for . I had no interest in going through he tedious ROFR process . Yeah I paid more per point but IMO it was well worth the extra money .

There is an extreme bias towards buying resale on this site , but many people buy direct and are happy with it , you just wouldn't know because of the same 4-5 regular posters here .

I didn't realize there was a sharks vs. Jets style tinkle contest between direct buyers and resale buyers. Thanks for the heads up!

 

[AppleDisneyDad]

I didn't realize there was a sharks vs. Jets style tinkle contest between direct buyers and resale buyers. Thanks for the heads up!

Oh this made me laugh.... I am not sure what I liked best, the sharks vs. jets reference or the irony of the comment itself given your post count....

 

[Jennasis]

Oh this made me laugh.... I am not sure what I liked best, the sharks vs. jets reference or the irony of the comment itself given your post count....

I'm just that hilarious.

Also, despite being a DIS member since very near the beginning, I am new to DVC and never spent much time on the DVC boards.

The real question is which side is the sharks and which is the jets??

 

[bumbershoot]

It could make you question their practices. I know on the Timeshare Store, they're the second broker listed for loans. When they're listed like that, you expect them to be at least decent.

It would to me if I was recommending them to potential buyers who end up disappointed and let others know about it.

If I was one of those resale brokers with clients complaining about a loan broker I had recommended, I'd sure be talking to that lender and/or looking for other options for my potential buyers.

... but that's just me.

I absolutely agree with both of you. But are there other options? Honestly I didn't even know there was a business of making loans for resale timeshares until I first read the OP. So to find out that there are others, not just this one, is definitely surprising to me. So I'm actually wondering, are there enough out there to choose from, if the broker dropped this one?

I'm assuming from these answers that there are.

Not sure if these lenders existed when we bought in '09, but it's interesting to think about how it would have worked out for us.


OP, is the prepayment penalty more than the interest you'll pay in the one year period?

 

[BestDadEver]

I didn't realize there was a sharks vs. Jets style tinkle contest between direct buyers and resale buyers. Thanks for the heads up!

Well that's cause it's extremely one sided towards resale here if you say you bought direct and like it . You are finger quotes "high on pixie dust " . Most of the 4-5 people will badger you till you just hate this place and stop posting . Much like I have .

So you are left with the same 4-5 people that shear the same opinion with very strong opinions they will push on everyone .

 

[Dean]

There is an extreme bias towards buying resale on this site , but many people buy direct and are happy with it , you just wouldn't know because of the same 4-5 regular posters here .

It's not that there's a bias but that most people look at the current realities and know that there's a large premium for buying retail, one that's too large to be reasonable currently in most situations. There are exceptions, I won't go into those here. That most people bought retail is really irrelevant, every resale had to be retail at some point. Most of those that bought retail here either bought before they knew enough about resale or when the difference was more in the 15-20% range. Most people who own timeshares they can't give away also bought retail and truthfully, there's not a lot of difference between the two. The problems with financing are that you add both additional cost AND risk, the problem with buying retail specifically to finance is that in many cases it means you're paying more plus the additional financing and risk. I believe you make the resale process seem worse that it is.

 

[schrammalot]

Before we got OKW, we found a property for AKV.

The same property through retail would have been $15,000.

The resale property was $8,300.

So yeah, completely not worth the $6,700 to have to wait a month for ROFR and lose a year or two on the contract.

 

[Dean]

Before we got OKW, we found a property for AKV.

The same property through retail would have been $15,000.

The resale property was $8,300.

So yeah, completely not worth the $6,700 to have to wait a month for ROFR and lose a year or two on the contract.

It's not uncommon to actually get more points on a resale than retail.

 

[schrammalot]

It's not uncommon to actually get more points on a resale than retail.

Yep! We got enough points at OKW to make it out to be almost a 50 year contract.

 

[Jennasis]

Well that's cause it's extremely one sided towards resale here if you say you bought direct and like it . You are finger quotes "high on pixie dust " . Most of the 4-5 people will badger you till you just hate this place and stop posting . Much like I have .

So you are left with the same 4-5 people that shear the same opinion with very strong opinions they will push on everyone .

YOU were the one who started things here with your very fist, rather snide, post to the OP. Can't act surprised when people react to that.

And it doesn't look like you've stopped posting here at all. In fact, you're stirring things up.

And for the record, there is not a thing wrong with buying direct (or resale). Each person has to assess their own needs and financial abilities and make the decision that it best for them. So

 

[Mousewerks]

I thought I'd chime in here. We used the referenced company for our resale purchase (before the restrictions were imposed). While it is very spartan in appearance, I've been pleased with the service. By pleased I mean that I am managing it (not the servicer) and my requests for information are always returned with factual information. I don't pay attention to whether or not the tone of the email was 'snarky'. All in all, it is serving our needs.

 

[graychef]

All in all, it is serving our needs.

A good takeaway from your experience. I deal with businesses all the time who have the rudest and most non-caring people handling customers and accounts. Bottom line is they get the job done. We shouldn't take things so personally all the time.

But if the service is lacking, it should be addressed.

 

[GOOFY D]

Well that's cause it's extremely one sided towards resale here if you say you bought direct and like it . You are finger quotes "high on pixie dust " . Most of the 4-5 people will badger you till you just hate this place and stop posting . Much like I have .

So you are left with the same 4-5 people that shear the same opinion with very strong opinions they will push on everyone .

You really should be happy that so many buy resale. Otherwise, your investment at top dollar would decline in value very quickly and there would be no market for you to recoup any of your costs if/when you no longer need/want your timeshare.

 

[GOOFY D]

You get what you pay for . I had no interest in going through he tedious ROFR process . Yeah I paid more per point but IMO it was well worth the extra money .

I agree that you get what you pay for. Aren't we paying for the same thing though? Are you saying that the avoiding the inconvenience of the ROFR process was worth the additional cost? If so, to each his own. I agree it can be a pain and a bit cumbersome. However, with my 2 purchases, I estimate I saved about $25,000 over buying direct. So, to me it was worth the inconvenience.

 

[twinklebug]

Well that's cause it's extremely one sided towards resale here if you say you bought direct and like it . You are finger quotes "high on pixie dust " . Most of the 4-5 people will badger you till you just hate this place and stop posting . Much like I have .

So you are left with the same 4-5 people that shear the same opinion with very strong opinions they will push on everyone .

I'm going to go against the grain here and support what BDE has said. Disney Financing is very painless, fast and seamless. Do they have higher rates than the other companies? Certainly, but sometimes the benefits outweigh paying a little more.

Before we dwelve into what paying a little more means, the benefits: They give you your points to use asap, no waiting and wondering while ROFR and closing goes on. The payments can be tracked on your DVC membership site. Never have I heard of a clerical error through them, although I'm sure it happens with every company once in awhile.

Paying a little more: Interest rates, I'm not about to go into the math. Lord knows I get enough of that in my job. But, if you plan on paying it off within a few months, the difference will be quite small, and well worth the convenience. We all know the smartest thing to do when buying a luxury is to pay cash, so one could argue that anyone financing is playing the part of the fool.

(Question to myself: Was I a fool? ... <time to recall my thinking back then>... Answer: Nope. I was determined to take a yearly trip with the kids to WDW anyway, and the cost of a timeshare, plus interest over the 14 months I paid it off still worked out to a deal compared to WDW's normally discounted rates at the moderates, takign into account that I will own the DVC for 50 years total and will stretch it out as much as possible by booking studios.

Now, lets talk about owning at higher fee resorts... because when it comes down to it, that's where our money goes regardless of what price we buy in at.

 

[bumbershoot]

Most of the 4-5 people will badger you till you just hate this place and stop posting . Much like I have .

So you are left with the same 4-5 people that shear the same opinion with very strong opinions they will push on everyone .

FWIW, I've found that resale is urged to people getting ready to buy. And that's good, because often people just don't know that there's a resale market, and maybe it will work best for them. Maybe it will work *better* for them.

The trick, for those of us who bought direct, is to not take it personally. If we are happy with our choices, for whatever reason(s), then we can continue to be happy with our choices. It worked for us, or it worked at the time when nothing else would have, and we did what we did and there's no changing that.

I'm as sensitive to perceived criticism as anyone, but in this topic I refuse to be. And there's no real reason for you to be, either. If you're happy you're happy! Don't let the strong urging for resale to newbies hurt you.

 

[Dean]

I'm going to go against the grain here and support what BDE has said. Disney Financing is very painless, fast and seamless. Do they have higher rates than the other companies? Certainly, but sometimes the benefits outweigh paying a little more.

Before we dwelve into what paying a little more means, the benefits: They give you your points to use asap, no waiting and wondering while ROFR and closing goes on. The payments can be tracked on your DVC membership site. Never have I heard of a clerical error through them, although I'm sure it happens with every company once in awhile.

Paying a little more: Interest rates, I'm not about to go into the math. Lord knows I get enough of that in my job. But, if you plan on paying it off within a few months, the difference will be quite small, and well worth the convenience. We all know the smartest thing to do when buying a luxury is to pay cash, so one could argue that anyone financing is playing the part of the fool.

(Question to myself: Was I a fool? ... <time to recall my thinking back then>... Answer: Nope. I was determined to take a yearly trip with the kids to WDW anyway, and the cost of a timeshare, plus interest over the 14 months I paid it off still worked out to a deal compared to WDW's normally discounted rates at the moderates, takign into account that I will own the DVC for 50 years total and will stretch it out as much as possible by booking studios.

Now, lets talk about owning at higher fee resorts... because when it comes down to it, that's where our money goes regardless of what price we buy in at.

Personally I think financing a timeshare or luxury purchase (DVC is both) is always bad and it's the decision to finance rather than the rates that I think is the worst part. As for retail vs resale, if it's only a little more and the purchase makes sense otherwise, I'd agree. That falls under the occasional situations where it's truly reasonable if the purchase makes sense. VGF, small contracts, VGC all tend to fall under that umbrella. Jut to get access to points faster doesn't IMO. As I've qualified in the past, my statements are in the context of the above exceptions and for resorts that are close to half resale vs retail (OKW, HH, VB, SSR, AKV, VWL, BCV & BLT (yes there's some variability there)). I'd add Aulani in as well, partly due to the subsidized vs not scenario.

As I've said before, for the people who generally make such decisions it's often a representation of their general choices. New cars (finance them), furniture (zero down, 0%), vacation (CC), home (interest only), etc. While i haven't financed a timeshare (other than signing up for financing then paying it off the next day for a huge bonus and which I wouldn't do again), if I had and that were my only financial mistake, I'd be sitting pretty right now.

The person you responded to and agreed with is on record as saying the financing everything at every opportunity IIRC.

 

[twinklebug]

I'm going to go against the grain here and support what BDE has said. Disney Financing is very painless, fast and seamless. Do they have higher rates than the other companies? Certainly, but sometimes the benefits outweigh paying a little more.

Before we dwelve into what paying a little more means, the benefits: They give you your points to use asap, no waiting and wondering while ROFR and closing goes on. The payments can be tracked on your DVC membership site. Never have I heard of a clerical error through them, although I'm sure it happens with every company once in awhile.

I forgot to add one more benefit: DVD financing (when I bought, back in '08) did not pull a hard credit report nor do they report unless the owner defaults. This was huge with me as I was attempting to get and keep the best student loan rates for my son.

Personally I think financing a timeshare or luxury purchase (DVC is both) is always bad and it's the decision to finance rather than the rates that I think is the worst part. As for retail vs resale, if it's only a little more and the purchase makes sense otherwise, I'd agree. That falls under the occasional situations where it's truly reasonable if the purchase makes sense. VGF, small contracts, VGC all tend to fall under that umbrella. Jut to get access to points faster doesn't IMO. As I've qualified in the past, my statements are in the context of the above exceptions and for resorts that are close to half resale vs retail (OKW, HH, VB, SSR, AKV, VWL, BCV & BLT (yes there's some variability there)). I'd add Aulani in as well, partly due to the subsidized vs not scenario.

As I've said before, for the people who generally make such decisions it's often a representation of their general choices. New cars (finance them), furniture (zero down, 0%), vacation (CC), home (interest only), etc. While i haven't financed a timeshare (other than signing up for financing then paying it off the next day for a huge bonus and which I wouldn't do again), if I had and that were my only financial mistake, I'd be sitting pretty right now.

The person you responded to and agreed with is on record as saying the financing everything at every opportunity IIRC.

I'm not saying he's totally correct. Just defending the use of DVD financing - it's not always a bad decision if one plans on financing to start with. Guess I shouldn't have quoted him at all

The key to it all is in the word "plan". Anyone who blindly takes financing on anything without understanding the cost or without a solid plan on how to pay it down asap is doomed to loose. Yes, paying cash is always best... with everything! It's just not an option for everyone. For me, I knew a good deal on my AKV points when I saw it, and new if I delayed the purchase I'd loose out on what I had planned to purchase by at least $1600.

I don't know how to teach people to do their homework and how to get a feel for the numbers... just that they have to do it, and always suggest they start with these boards.