Finance/Add On Question...Help Please!

[farmgirl]

Hi all. Since I am from Canada and not in one of the registered provinces DVC can not give me any information on my question. So I was hoping maybe someone here could help. When we bought into DVC last year and we financed through Disney. Now my husband got the terrible Add-on-itis. It would be ideal for us to finance the add on points we get this trip through Disney and then pay off the Add on portion of it in January. What we were wondering is. For example sake only say our monthly payments now were $150.00 a month and we finance through Disney for the add on bringing the total to $200.00 a month. In January when we pay off the add on total will our monthly payments go back down to $150.00 or will they remain at $200.00 for the next 9 years? I hope I didn't confuse anyone as much as I confused myself! Thank you!

 

[DisneyPhD]

We paid in full when we bought so I don't know how Disney works its financing. So this is a total guess on my part, but if you refinance the new total (old loan + add-on), your monthly payment would stay the same even if you pay some of it off early. That's how my home loan works. The advantage would be that the loan would be paid off a bit earlier and you save on some interest. Otherwise you would need to have a separate loan for the add-on which if you paid off in January would be paid in full, you would still have your other loan to pay off at the same monthly payment it is now.

 

[GrowingUpDisney]

Hi!!

We are add on veterans. We financed all of them throught Disney.

Each time you add on you get a new contract with a new deed, etc. Each contract has a separate payment amount (but they draft together if you are set up for that). So when you pay one off, that contact is paid in full and the amount you pay is reduced that the amount you were paying for the paid off contract.

That sounds a little confusing so maybe this will help:

1998 Contact #1 - $150 / mo
2002 add on Contract #2 $179 / mo (making payment go up to $329)
2007 add on Contact #3 $130 / mo (making payment to up to $459)
2008 PAID OFF contract #1 (payment reduced by $150 making it $309)

The absolute best part about adding on with Disney financing is that there is no additional credit check. It does not hit your credit report again. They make it VERY, VERY easy.

Be happy to help with any more questions.

Niki

 

[farmgirl]

Thank you so much to all! Growing up Disney I think I got it! I was curious about the credit check as well so thank you. I am sure we will have a few more questions before we go so thanks for the offer of help. Actually I have one already. We would want the same UY as our other points which is June. Since we are from Canada we need to purchase while down there because they can't deal with us if we are not in the United States or Ontario. Do the automatically give the same UY or might we be out of luck? Thanks.:wave:

 

[DVC Mike]

Do the automatically give the same UY or might we be out of luck? Thanks.:wave:

When you add-on from Disney, you will get the same Use Year that you already have, no matter which resort you add-on at. Also, there won't be any closing costs for an add-on.

 

[farmgirl]

When you add-on from Disney, you will get the same Use Year that you already have, no matter which resort you add-on at. Also, there won't be any closing costs for an add-on.

Thank DVC Mike. Sounds like quite the painless process!:wave:

 

[cemeb4dk]

ok the last posts have sparked my interest. We have been thinking about adding on. Just so I have this straight we are currently financing thru DVC. Have direct withdrawl monthly for dues and payments. So if we want to add on, we basically call and say we want so many point at this resort, they tell us how much and its added to our current monthly dues and payments.

If they don't run a credit check how do they establish an interest rate? or do they have a fixed one everyone gets or do they get the one you have currently. And also there is no closing fees either.

I do assume you need to still come up with the initial 10% down as we did when we first bought.

If all of the above is true my interest is really sparked, and making me wish I didn't just plan a cruise and we could of used that money to use as a down payment for more points.

 

[brianheather]

how much are the closing costs on the DVC? Was looking into joining