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General DVC Discussion For discussion on how the DVC works and resort information.

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Old 30 May 20, 10:19 AM  
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dazzabird
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DVC finance...

Can anyone give me a brief overview of DVC fianance.

Thanks
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Old 30 May 20, 10:25 AM  
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Andi
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Originally Posted by dazzabird View Post
Can anyone give me a brief overview of DVC fianance.

Thanks
We purchased our contract for AKL when there in 2014 and took out their finance but then cleared it a few months later.

I think you can only get DVC finance while in America, only on direct contracts and their interest is high, well I thought it was.

What in particular would you like to know?
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International Drive 2002, All Star Movies 2005, Renaissance at Seaworld 2008, Rosen Plaza & POFQ 2010, Saratoga Springs Resort 2012, Hotel New York DLP 2013, Rosen Plaza and Old Key West 2014, AKL, BLT & SSR July 2015, Crowne Plaza NYC, AKL, Cabana Bay, AKL Nov 2017, Crowne Plaza NYC April 2018, Rosen Plaza, AKL and GFV August 2018, Australia Nov 2018, RCI Cruise August 2019, Rosen Plaza, Pop Century August 2022
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Old 30 May 20, 01:16 PM  
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KarenG
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The interest rate is so high it wipes out a lot of the savings. 11% when we took it out (but paid it off within the month).
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Old 30 May 20, 01:32 PM  
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dazzabird
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Ok further details from me.

I have a trip to Disney this Xmas... have previously looked into DVC and this time i wanted to buy..

The money I was gonna use isn’t gonna come through until about March next year..

So I was thinking about finance for a few months...

How does this work..

1... are there limits on what I can buy with finance.
2. Am I credit checked... and how long does it take to organise
3. Any fees for settling early

Many thanks for your time
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Old 30 May 20, 04:36 PM  
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KarenG
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You are not credit checked (basically it’s a low low risk for DVD because if you default they’ll just take the points back off of you)

No early settlement fee

This was pre pandemic so don’t know if it will have changed.

I’m not sure you are able to buy in with finance unless you are physically in the USA though - that was the case when we bought but that was a long time ago. Do you mean you would look to purchase when you’re over there in December?
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Old 30 May 20, 05:44 PM  
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dazzabird
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Originally Posted by KarenG View Post
You are not credit checked (basically it’s a low low risk for DVD because if you default they’ll just take the points back off of you)

No early settlement fee

This was pre pandemic so don’t know if it will have changed.

I’m not sure you are able to buy in with finance unless you are physically in the USA though - that was the case when we bought but that was a long time ago. Do you mean you would look to purchase when you’re over there in December?
My plan was to buy this Xmas coming...but monies isn’t gonna be avilable until next March..

So thinking I can still buy at Xmas but with DVC finance... then settle all amounts in March.

Anyone see any issues with this
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Old 30 May 20, 06:33 PM  
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Andi
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We purchased while there, it was very quick and easy. They don’t credit check International visitors but as KarenG said if you default they can take the points away.

The interest rate was high but we did what you are thinking of doing, clearing the contract a few months later, we didn’t have to pay a settlement figure.

Another option is to research DVC direct and resale and perhaps think about buyIng resale when your money is available as resale is usually much cheaper.

Resale might take longer to come through because when you have an offer accepted by the seller, Disney still have the right of first refusal.
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DVC - Animal Kingdom Lodge

International Drive 2002, All Star Movies 2005, Renaissance at Seaworld 2008, Rosen Plaza & POFQ 2010, Saratoga Springs Resort 2012, Hotel New York DLP 2013, Rosen Plaza and Old Key West 2014, AKL, BLT & SSR July 2015, Crowne Plaza NYC, AKL, Cabana Bay, AKL Nov 2017, Crowne Plaza NYC April 2018, Rosen Plaza, AKL and GFV August 2018, Australia Nov 2018, RCI Cruise August 2019, Rosen Plaza, Pop Century August 2022
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Old 30 May 20, 07:47 PM  
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meanwoodwhite
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I've just been able to use Monera financial while here in the UK to mortgage the purchase. It's really easy no credit check, no ID They just need you to open a transferwise account and a 10% down payment.

Interest is a little high about 9.9 for 3 years but no penalty for paying off early. So would only consider if you plan to pay off early.


My contract is in rofr at the moment.
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Old 30 May 20, 07:56 PM  
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meanwoodwhite
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Originally Posted by dazzabird View Post
My plan was to buy this Xmas coming...but monies isn’t gonna be avilable until next March..

So thinking I can still buy at Xmas but with DVC finance... then settle all amounts in March.

Anyone see any issues with this
Yeah contact Monera and buy resale, they were really quick and helpful.

Got an offer accepted through a resale company, contracts and finance was sorted within 24 hours. Just Rofr that holds it all up.

Plus you could have points for your Xmas trip.

Paying $8k for 75 points while Disney want $20k for 100.
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Old 30 Jul 23, 01:16 PM  
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sully301
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Hi, just seen a good deal on the resort i want. Won't have cash until March next year so seriously considering using monera. Is the 10% deposit the same as the one to the dvc resale company or do you pay 10% to them and 10% to monera?

Also, re the interest - assume this isn't all added at the start of the loan?

another one... how do you pay monera each month?

thank you
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April 2002 ASMu, Dec 2002 Villa,
Feb 2003 AKL, April 2003 Villa, June 2003 ASMu Nov 2003 OKW, Dec 2003 CSR & PVR, Aug 2007 Pop Century, Aug 2011 RPR & OKW, Dec 2012 POFQ & BLT. Aug 2015 Disney Magic, Sep 2016 ASsports, Sep 2019 OKW, March 2020, Holiday Inn Celebration. 2021 CSR, Sep 22 Pop Century, BLT & AKL. Feb23 Dockside US. Aug 23 Disney Dream, Jan 24 ASSp Sep 2024 ASSp
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