Disney finance questions?

[wideeyes]

yeah I am confused even more now, I thought that you could not get GE finance if you are not a home owner, though I guess they could secure it against the points purchased.

 

[Cerigirl]

This is probably going to confuse you even further, sorry.

We bought when we were in WDW last october. We got the discount, and used the ge money financing. We don't own a house either. Disney even paid the closing costs.

We didn't get any sort of extra payment because we were staying onsite, I asked about them taking the cost of the holiday off of the dvc, but they said they don't do that anymore.

We didn't have to pay any deposit upfront, you just decide if you want 5 or 10 years of repayments, you can pay extra amounts at any time, with no early repayment fees. So if you choose 5 years, and can make extra payments to pay it off in one, there are no penalties.

Hope this helps,

Sid xx

Did you buy at OKW whilst you were there? I looked at your signature picture and wondered if so, how did you do that? Do Disney sell the sold out resorts if asked? What was you minimum purchase (I know AKV is now 100 points) and with the finance, how long did it all take to go through? Sorry to ask so many questions, I may think of adding on to my VB contract (which is currently going through ROFR) in a few years and wondered about these issues. Thanks!!

 

[Sid74]

Did you buy at OKW whilst you were there? I looked at your signature picture and wondered if so, how did you do that? Do Disney sell the sold out resorts if asked? What was you minimum purchase (I know AKV is now 100 points) and with the finance, how long did it all take to go through? Sorry to ask so many questions, I may think of adding on to my VB contract (which is currently going through ROFR) in a few years and wondered about these issues. Thanks!!

Hi Cerigirl,

Yes, we bought at OKW in october, Disney had just started selling it with the later end date of 2057, and we got that, even though our guide tried to get us to have AKV or SSR instead.
I don't think Disney sell the sold out resorts unless you go on a waiting list, but I could be mistaken about that.
The minimum purchase through Disney for the longer OKW was the same as the other resorts at that time, 160 points.
We had to wait over night for the finance to go through because by the time we had filled in the paperwork it was after work hours in the UK.

Hope this helps.

Wideeyes, that is exactly what they do, if you can't pay, then Disney have the points back. We have had a dreadful few years, credit record wise, but we are all sorted now, so we weren't sure if the ge finance would go through, but there were no problems. I believe that Disney finace will take you regardless of your finances, but you have to pay a bigger deposit and get a much higher interest rate.

 

[UKDEB]

When we bought, we paid £500 (or it may have been $500) on credit card at the time. We received a $15 per point discount which was applied in reduction of the 30% deposit requirement. We paid the deposit balance by credit card when we got home. We took the US finance option as a temporary measure for a couple of months whilst we pulled in the money from various sources (share sales and savings accounts). It was very simple to arrange because, as UK citizens, they're unable to make any credit checks, so acceptance is automatic and immediate. For the couple of months we had the finance outstanding, we paid by credit card - we just provided the details and they took the money from it each month.

We bought 180 points at $101 = $18180
Deposit @ 30% = $5454
$15 per point discount = $2700
Total cost = ($18180 - $2700) = $15480
Total deposit payable ($5454 - $2700 ) = $2754

 

[wideeyes]

Thanks for the information, I think I will go with the Disney US finance to avoid any credit checks. I should be able to pay it of quite quickly so not to worried about the high interest rate or dollar rate.

 

[Mrs Hobbes]

Just wanted to say read the finance details carefully. DH and I bought into DVC in December, we used the available finance, planning to clear it this year from various sources.

However we found out that if we clear our loan then we have to pay back almost as much as we borrowed in fees etc. So we are now stuck with our loan for 10 years. It isn't a big monthly payment and it kept our money available for other things but it is irritating none the less.

Lesson - always read the small print

 

[UKDEB]

Is that the Disney arranged finance in the US, Emma, or in the UK?

 

[Mrs Hobbes]

It was US arranged finance, our guide was pretty shocked when we told him because he had told us there were no penalties for early completion. It wasn't his fault though we should have read the paperwork more carefully, we were just too excited

 

[Cerigirl]

If you bought 100 points at AKV on finance - do you get to choose your use year??? We are in the process of buying Vero Beach - 75 points, with a December use year. It is now at ROFR stage. If it goes through and I would like to add on when we visit in November this year (don't tell hubbie!!) could I choose a December use year to match the VB contract? That way, i would get all of my points together, which would make planning easier??

Oh - and is it secured on your home, if you take out GE finance and do they take on slightly bad credit??? we are not awful with credit, but have had a few late payments, but never on the mortgage.

 

[paulh]

If you bought 100 points at AKV on finance - do you get to choose your use year??? We are in the process of buying Vero Beach - 75 points, with a December use year. It is now at ROFR stage. If it goes through and I would like to add on when we visit in November this year (don't tell hubbie!!) could I choose a December use year to match the VB contract? That way, i would get all of my points together, which would make planning easier??

Oh - and is it secured on your home, if you take out GE finance and do they take on slightly bad credit??? we are not awful with credit, but have had a few late payments, but never on the mortgage.

min points alocation from disney you can buy is 160 points,unless it an add on. if you add on you usaly get the same use year as which you allready have.
As for buying you can take any which are availabe.at SSR most are sold out(due to sell out soon)at AKV you should be able to get any you wanted
Paulh

 

[wideeyes]

min points alocation from disney you can buy is 160 points,unless it an add on. if you add on you usaly get the same use year as which you allready have.
As for buying you can take any which are availabe.at SSR most are sold out(due to sell out soon)at AKV you should be able to get any you wanted
Paulh

you can buy a 100 min points at AKV at the moment through disney. Very good deal on, hope it is still on in september as not sure if we will have any luck with SSR if it is almost sold out.

 

[wideeyes]

If you bought 100 points at AKV on finance - do you get to choose your use year??? We are in the process of buying Vero Beach - 75 points, with a December use year. It is now at ROFR stage. If it goes through and I would like to add on when we visit in November this year (don't tell hubbie!!) could I choose a December use year to match the VB contract? That way, i would get all of my points together, which would make planning easier??

Oh - and is it secured on your home, if you take out GE finance and do they take on slightly bad credit??? we are not awful with credit, but have had a few late payments, but never on the mortgage.

From previous posts on this thread it seems quite confusing if it is secured on your home or not, some people have said they had to go through Disney finance as they don't have a home and others have said they got GE finance without owning a home.

I am going to go through Disney to avoid the credit check and having a big debt on my file.

 

[Cerigirl]

min points alocation from disney you can buy is 160 points,unless it an add on. if you add on you usaly get the same use year as which you allready have.

Disney are now offering new contracts at AKV starting at 100 points!!!!!

 

[paulh]

Disney are now offering new contracts at AKV starting at 100 points!!!!!

Paulh

 

[wideeyes]

Disney are now offering new contracts at AKV starting at 100 points!!!!!

What is so funny?

 

[Cerigirl]

Not funny - just happy and rolling with joy that I may be able to afford AKV now they have 100 point contracts!!!

 

[wideeyes]

Not funny - just happy and rolling with joy that I may be able to afford AKV now they have 100 point contracts!!!

lol, okay I thought I was missing something. It is exciting isn't it, I can't wait to buy now.

 

[Tinker74]

Hi...havent ypu already got like 4 trips booked or something..?..will you lose your deposits if you cancel and go the Dvc route instead?
I think i remember you had Beach club booked or was it grand floridan?

Also..how many points are you thinking of?..I think you'll only need studios for you and your dd..so you could probably have fantastic 2 weeks a yr holidays with as little as 120 points or so.

Remember though with flights going right up recently the accomadation is no longer the most expensive part of the holiday...so you will be commiting to a big out lay for your flights each yr..(of course you could always rent your points if you decide not to go).

 

[wideeyes]

No, I have two trips booked to WDW and one to DLRP, I have one trip this year for September which is already paid for, and I have booked a hotel next year at Yacht Club which is no big deal to cancel as only a small deposit compared to the cost of the hotel, I may not cancel yet anyway, will decide when I get back from WDW in September. I will not be canceling the DLRP trip at all. I am thinking about getting the 100 min points at AKV at the moment and then get a small add on at another resort at a later date through resale.

 

[Cerigirl]

I am confused too about the homeowner thing, as we have a home and a mortgage, but also a small loan on the side of that mortgage, so we wouldn't be able to tag another one onto our home equity - right? I called my guide and she said that you needed a home - but she wasn't sure if it was used as security??? Gosh I am quite

I would love to go ahead and do it - but I am worried about getting locked into a loan secured on my house and being declined as there is no room for another loan on the property - get my drift???