Disney Vacation Club owners

[newstart2010]

Disclaimer:  I don't want to get into the merits of the DVC.  I know it is not for most.  But for families like mine (serious Disney vacationers) its a money saving deal.

Here is my question...  We are thinking of financing this purchase when our credit rises up, and have been doing some digging to find out about the approvals.  I have seen from a few responders on Disney forums that the financing does not show up on the credit.  Does anyone here have a financed DVC ownership, and is it showing up on your credit?  Also, Disney says they are the ones who do the financing, but is there a backing bank associated with it?  What reports were pulled, if you remember, and what were you scores or general credit outlook when you applied and were approved?

Thanks!!

[newstart2010]

Bump

no other disney fanatics here?  

[Krtits]

Hi,

Did you end up purchasing?  I know they don't report to the agencies, but if you did buy, which bureau did they pull?

Thanks

[MarineVietVet]

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@Krtits wrote:

Hi,

Did you end up purchasing?  I know they don't report to the agencies, but if you did buy, which bureau did they pull?

Thanks

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So you'll know the OP hasn't been online since 7/2010.

[Krtits]

Yes, i'm aware.  I was hoping maybe they would have the email notification and reply.  Worth a shot

[thankfulheart]

Just for the sake of anyone new needing the info...

No, they don't report to the CRAs. The only way they would ever is if you default on the loan and they have to go into the "foreclosure" process.  Financing is not hard to get, but you won't like the interest rate it your credit isn't decent.  I want to say that mine was 10% down and 10%ish interest when I financed (although I paid it off way ahead of schedule).

As far as the "merits" go, if you are an avid Disney vacationer, basically it locks in today's prices for tomorrow's vacations and if you prefer deluxe properties, it will save you money in the long run. 

[crunching_numbers]

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@thankfulheart wrote:

Just for the sake of anyone new needing the info...

No, they don't report to the CRAs. The only way they would ever is if you default on the loan and they have to go into the "foreclosure" process.  Financing is not hard to get, but you won't like the interest rate it your credit isn't decent.  I want to say that mine was 10% down and 10%ish interest when I financed (although I paid it off way ahead of schedule).

As far as the "merits" go, if you are an avid Disney vacationer, basically it locks in today's prices for tomorrow's vacations and if you prefer deluxe properties, it will save you money in the long run. 

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Thankfulheart, I am a Disney lover as well, and I would like to add the following:

I looked into DVC and for "my" needs it was not a good match. Here is what I determined:

DVC is a great choice when:

-You do an annual 7 day vacation to Disney

-You regularly stay (or would prefer and/or can afford to stay) in a deluxe resort property

-You like to cook/need a kitchenette on vacation

-You have a large family and need to accomodate more people

-You are a time share person (some people LOVE timeshare vacation experiences- you know who you are)

DVC is not your best option financially when:

-You do not take a Disney vacation every year

-Your budget puts you at a moderate or value resort (DVC will cost more than a vacation at a moderate or value resort each year)

-You do not cook on vacation (or need the kitchen)

-You are a family of 4 who does not need the extra sleeping space AND the stuff listed above

There is no right or wrong choice, and don't let anyone tell you that there is.  There is only the right choice FOR YOU.

Keep in mind (and make sure you read the details carefully) that the ownership at DVC is different from other time shares as your ownership will actually expire- you are buying a limited time ownership per se. 

I wish my teenagers still wanted to go back regularly.  They want other experiences mixed in these days (cruises and Universal).

edit=typos