What % is Disney offering on resales?

[sssteele]

Did a phone transaction (with my guide) for an add-on at VWL last Wednesday. (Original contract and add-on at BCV) I was quoted 9.75% with a 20% down payment and auto-debit from a checking account, 10.75% with 10% down and auto-debit. (Not attractive rates, but over three years tolerable) Paper work arrived yesterday and "Truth-in-Lending" disclosure shows 12% APR "VARIABLE" with a 1% increase allowed (I assume over the period of the 3 year contract, not "per annum.") Obviously I called and left a message for my guide after reviewing documents, but does anyone know a recent APR quote? I would hate to think that I am the intended victim of a "bait-and switch" tactic, or that Disney has raised the APR so dramatically in less than a week, but I guess that either could be possible. I'd sure like to follow through with the add-on, and so would my wife, but I don't like the feeling of suspicion that I've "been had." Any body know what's been offered as an APR lately for a 3 year Disney-financed add-on in the last few days or weeks? I'll call our guide again tomorrow (he was gone for the day), but I'm anxious and irritated until that call. Thanks in advance for any info you might be able to provide.

 

[Laurajean1014]

Bumping

 

[RobDoc]

The 9.75% and 10.75% rates have been in place for a long time and I doubt DVC would change them at this time. In addition to calling your guide, you might also try Member Accounting (it's one of the phone options when you call MS) to get an answer. Without benefit of reading the document you received it's tough to figure out the reason for the 12% figure and 1% increase clause - so I'd sure want that clarified before signing anything, but I'd think it might be the rate used in lieu of autodebit and that the 9.75% is still the current rate for those with 20% down and autodebit.

Good luck!

 

[Lasrnw]

I was in banking in my other life for years and the truth in lending rate is not your rate - disregard it. Your contract states the rate you need to be concerned with. Truth in Lending statements were designed to give people a worse case senario when borrowing money. The figures on the TIL are always on the way high end ,for example, an appraisal fee on a regular home mortgage in your area might be $500.00 but the TIL statement might say $1000.00. it was designed to be.....what you could pay....it is ONLY an estimate and should say so above the numbers.

 

[JimC]

You should ask but I suspect that the truth in lending quoted a rate if you default on any of the terms that qualify you for the special rate quoted in the loan documents. One of those terms would likely be the auto debit.

 

[sssteele]

Thanks. I feel better already. I'll look more carefully at the paperwork and see if I notice a discrepancy. (We've done this before twice, so we didn't look for all the details) I wouldn't be sleeping very well tonight if it were not for my Disboard buddies. Again, thanks!

 

[judydvc]

I believe the 9.75% is the intrest for auto debit and 10.75% is without auto debit. At least my papework said that back in 1999 when I financed my initial contract.

 

[vascubaguy]

Rates of 9.75% and up seem really really high!

I have 2 credit cards, one with a 6.99% and the other with 8.99%.