Disney Vacation Club Financing

[ScarlettHusky]

Hey there! 

Me and my girlfriend are considering becoming DVC members. She's Canadian, and I am American. We already discussed with the Vacation Guide on how financing would work with both US/CAN being on the loan/deed. One thing that they weren't very clear on was how the inquiry process would be for me to determine what tier of financing we could qualify for (we'd run both of ours, and they'd put us in the higher tier of financing we qualified for). He checked with his other Cast Members, and they couldn't say for sure if it would be a hard or soft inquiry, nor could definitively say if they pulled only a specific bureau or did a triple pull and pull all three to check for financing. Are there any peeps who recently became DVC members who could give some insight on what happened when Disney ran their credit to check for financing direct (which bureau did they pull, and whether if it was a hard or soft inquiry)? 

Internet also seems to be a bit all over the place with the research I've seen so far. Thank you in advance!

[ptatohed]

Link please?

[pizzadude]

I'm pretty sure it would be a hard inquiry, if you're going to finance for 10 years.   Don't see any reference to which CRs they'd use though. 

https://disneyvacationclub.disney.go.com/membership/costs/#disclosure-3

Interest Rate – We offer fixed interest rates as low as 9.99% (10.0% APR) for a 10-year loan, and up to a maximum rate of 18.0% (18.01% APR). The Sample Financing Terms above assume a 10% down payment and a fixed annual rate of 15.0% (15.01% APR) which requires, among certain other criteria: (1) a minimum credit score of 675, (2) a current payment status on any primary residence mortgage, (3) no foreclosure history in the prior 3 years, (4) no open Federal or State tax liens or judgments, (5) no active bankruptcy filings, (6) no charged-off debt or unpaid judgments greater than $3,000 each or over $10,000 total within the last 3 years, and (7) no active credit counseling plan. The rate is reduced by .50% if automated electronic monthly payments are selected and maintained. You may still qualify for financing even if your situation doesn’t match our assumptions. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your payment history. Other restrictions may apply.

[ptatohed]

So, these are time shares??  

[FicoMike0]

@ptatohed , wow, you sure make a long story short! Ever worked for cliffs notes?

[LakeLife]

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@ptatohed wrote:

So, these are time shares??  

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Basically, although; ownership expires after 50 years or less depending upon the resort.

OP, be very cautious about making this kind of commitment with a GF no less.  Read about time share nightmares.  I get that Disney is an amazing vacation, and I love going there too, but time shares (even Disney related) can be your worst nightmare.  I can't imagine doing it with a GF.  I'd get one if I had the cash to pay for it and my money wasn't tied up in other interests, but I'd never consider borrowing money for it.  

[FicoMike0]

The fact that there's a whole industry devoted to getting people out of timeshares calls for caution.

[Slabenstein]

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@FicoMike0 wrote:

The fact that there's a whole industry devoted to getting people out of timeshares calls for caution.

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And the fact that the industry for getting people out of timeshares is as disreputable as the industry for getting people into them calls for it doubly so.

[FicoMike0]

Are they offering a sub?

[FicoMike0]

When I was a child, I didn't join the Mickey mouse club because I didn't like the looks of buffalo bob!