Bad DVC news - Page 3

mickeysgirlz · 02-17-2009

Quote:

Originally Posted by Dopey

absolutely they do allow outside financing. What if I have cash which is the only way to own luxury like that.

Well not sure what you are asking, cuz if you had cash you would own it?

Then you couldn't default on the loan?

If you don't pay your maintenance fees I'm sure they put a lien on the property.

DiZ NeE O8 · 02-17-2009

ok! basically they didn't let me get a loan from my bank which the interest rate was 5.5% and Disneys is 10.75%.

the only thing I could do is get a loan from my bank and pay off disney then pay the bank for the loan at a lower interest rate.

**Dopey** · 02-17-2009

Quote:

Originally Posted by mickeysgirlz

Well not sure what you are asking, cuz if you had cash you would own it?

Then you couldn't default on the loan?

If you don't pay your maintenance fees I'm sure they put a lien on the property.

heehee, I wasn't asking, just answering your question about outside financing.

This is getting out of hand and I am leaving now

leslieh · 02-17-2009

Quote:

Originally Posted by Dopey

absolutely they do allow outside financing. What if I have cash which is the only way to own luxury like that.

I am sorry, that makes no sense to me

I am thinking that if you finance through Disney and then pay off that loan (early) you'll be hit with an early payoff penalty And you'll have to pay points for your loan at whichever bank will pay off the loan. They won't do it for free. It does not make sense.

I do know that DVC has no prepayment penalty (I don't know about the rest of this discussion

)

**Dopey** · 02-17-2009

Oh, and in the first place I never had a question about financing or anyting like that. I only wanted to know about all those people who bought DVC, then took the "developer points" to stay and then, just like that, are deciding not to buy or not to keep their committment anyway? Will Disney send them a bill for those already used up points?

DiZ NeE O8 · 02-17-2009

oh! that I don't know I am currently going to use my developer points, but that is a good question to find out.

**WishUponAStar** · 02-17-2009

Sorry David & David

I hope you guys see better days real soon.

WDW Rules · 02-17-2009

I too hope things get better for both of you and we see more of you on MB. You've been strangers lately.

Boss Mouse · 02-17-2009

Sorry about this tough run, guys. I hope it turns around quickly.

**MissDisney** · 02-17-2009

David and David -- Warmest wishes to you both!

rlcarmichael · 02-18-2009

Quote:

Originally Posted by mickeysgirlz

Well the land baron I know didn't allow outside financing. But I don't know how that works with Disney, do they let you use an outside source?

Well if you got a bank loan and paid cash to Disney, then your DVC would become property of the bank . . . no?

It is a real estate interest. Giving the contract back to DVC is what is known a deed in lieu of foreclosure.

If you did use an outside lender and placed a mortgage on the points, then defaulted the lender would have no choice but to either accept the deed in lieu of foreclosure or actually foreclose. Taking the deed saves them the expense of foreclosure.

The lender (either DVC or outside) would then resell the points.

A private lender would be much more likely to ding your credit either way.

02-17-2009	#32 (permalink)
DiZ NeE O8 Senior Mouseketeer Join Date: Jan 2009 Location: Miami Posts: 230	Re: Bad DVC news ok! basically they didn't let me get a loan from my bank which the interest rate was 5.5% and Disneys is 10.75%. the only thing I could do is get a loan from my bank and pay off disney then pay the bank for the loan at a lower interest rate. __________________ Jan 2007 - All Star Sports May 2007 - Off-site Aug 2007 - Off-site Sept 2007 - All Star Sports Dec 2007 - Pop Century Aug 2008 - Pop Century Dec 2008 - All Star Movies (Purchased DVC) YAY!!! Future trips Feb 2009 - SSR May 2009 - SSR

02-17-2009	#35 (permalink)
Dopey eleventwentyten Join Date: Sep 2004 Location: In the middle of the madness Posts: 11,481	Re: Bad DVC news Oh, and in the first place I never had a question about financing or anyting like that. I only wanted to know about all those people who bought DVC, then took the "developer points" to stay and then, just like that, are deciding not to buy or not to keep their committment anyway? Will Disney send them a bill for those already used up points? __________________ WDW Theme Parks Moderator - moderating with a twist x´¨) x¸.•´ ¸.•´¨)xxxx¸.•¨) (¸.•´ Adventures of an Innkeeper ´¨) Limser was my first MB friend ~ Pepperstink is my cheesy friend Doughnut, HB and Limser are my Michigan Martini Madness cohorts MissDisney is the better cookie baker Pu is back eleventwentyten Every morning is the dawn of a new error My Disney Countdown Counting down to: Going to meet Mickey and Friends

02-17-2009	#36 (permalink)
DiZ NeE O8 Senior Mouseketeer Join Date: Jan 2009 Location: Miami Posts: 230	Re: Bad DVC news oh! that I don't know I am currently going to use my developer points, but that is a good question to find out. __________________ Jan 2007 - All Star Sports May 2007 - Off-site Aug 2007 - Off-site Sept 2007 - All Star Sports Dec 2007 - Pop Century Aug 2008 - Pop Century Dec 2008 - All Star Movies (Purchased DVC) YAY!!! Future trips Feb 2009 - SSR May 2009 - SSR

02-17-2009	#37 (permalink)
WishUponAStar Waiting for BLT! Join Date: Sep 2005 Location: I'm right here! HI! Posts: 12,749	Re: Bad DVC news Sorry David & David I hope you guys see better days real soon. __________________ Disneyland & College Program Moderator Upcoming Trips Dec. 16th - 20th '09: Bay Lake Tower June 2010: Alaska Cruise Oct 2010: Spooky Halloween in Disneyland "Life without a vacation countdown is like a cupcake with no frosting." Banner by Mickeysgirlz, she's a rockstar! My Disney Countdown Counting down to: Our first Bay Lake Tower stay 20 days 10 hours 47 minutes

02-17-2009	#38 (permalink)
WDW Rules Mouse Meister Join Date: Aug 2005 Location: Wisconsin Posts: 1,319	Re: Bad DVC news I too hope things get better for both of you and we see more of you on MB. You've been strangers lately. __________________ Loretta

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Bad DVC news

02-17-2009	#39 (permalink)
Boss Mouse Gearing Up Join Date: Aug 2005 Location: Coolsville Posts: 4,347	Re: Bad DVC news Sorry about this tough run, guys. I hope it turns around quickly. __________________ 1979 - Wilderness Campground 1980 - Off site - I don't remember where. It was the 80's. 1999 - AllStar 2001 - Beach Club 2004 - Saratoga Springs 2005 - Beach Club 2006 - Saratoga Springs 2007 - Boardwalk 2008 - OKW 2009 - A Tree House! ___________________________________________ The Jungle VIP. "We did not inherit the world from our ancestors; We are borrowing it from our children." My Disney Countdown Counting down to: Monkeying around in a tree house Swinging w/the king

02-17-2009	#40 (permalink)
MissDisney Moderator Join Date: Feb 2004 Posts: 8,553	Re: Bad DVC news David and David -- Warmest wishes to you both! __________________ Disneyland Moderator Disneyland Hotel 1987; Dixie Landings 1993; Dixie Landings 1997; Caribbean Beach 1998; Boardwalk Villas 1999; Vistana Resort 2001; Dixie Landings 2002; Vistana Resort 2002; Marriott Royal Palm Villas 2004; Vistana Resort 2006; Marriott Cypress Harbour 2007; Boardwalk Villas 2008; AKV Kidani 2009; Saratoga Springs 2009

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