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-   -   Monera financial (http://www.disboards.com/showthread.php?t=3182618)

Belle091507 10-06-2013 10:45 PM

Monera financial
 
The timeshare store lists Monera as a financing option. Does anyone have any info about them? Experiences? TIA

cml1010 10-07-2013 11:12 AM

Monera financial
 
I have the same question - I want to use them as well, but would like to see what other people's experiences have been.

Dean 10-07-2013 06:43 PM

Quote:

Originally Posted by Belle091507 (Post 49760678)
The timeshare store lists Monera as a financing option. Does anyone have any info about them? Experiences? TIA

I have no info on them. They were recommending Timesharelending. Remember it has to be written as a mortgage to deduct any interest.

ton80 10-09-2013 02:30 PM

Monera requires 20-30 % down and the rest financed. TL seems like a better option.

JimMIA 10-09-2013 04:15 PM

Quote:

Originally Posted by ton80 (Post 49784632)
Monera requires 20-30 % down and the rest financed. TL seems like a better option.

popcorn::

Dean 10-09-2013 05:21 PM

Quote:

Originally Posted by ton80 (Post 49784632)
Monera requires 20-30 % down and the rest financed. TL seems like a better option.

Reading through Menera's FAQ, it would appear the fees associated with TL might be higher from what I can see. It appears Monera requires a new Title Insurance, I wonder if a quit claim deed in the chain would disqualify a given contract? It does appear they write as a mortgage so it would be possible to deduct the interest IF one qualifies. The reality is there are NO good financing options, not that one should be financing a timeshare or luxury purchase (DVC is both) anyway. Putting one's home at risk or using a low or zero interest CC create significant risk and I would also qualify those as NOT good options.

Paging Tom Morrow 10-09-2013 07:03 PM

http://www.disboards.com/showthread.php?t=3136712

View that thread for the real impact of financing. Though the thread references pricing through DVD, a similar outcome is reached with outside financing companies.

Belle091507 10-09-2013 09:08 PM

Quote:

Originally Posted by Dean (Post 49786233)
Reading through Menera's FAQ, it would appear the fees associated with TL might be higher from what I can see. It appears Monera requires a new Title Insurance, I wonder if a quit claim deed in the chain would disqualify a given contract? It does appear they write as a mortgage so it would be possible to deduct the interest IF one qualifies. The reality is there are NO good financing options, not that one should be financing a timeshare or luxury purchase (DVC is both) anyway. Putting one's home at risk or using a low or zero interest CC create significant risk and I would also qualify those as NOT good options.

I saw the tittle insurance stipulation as well- according to the timeshare store emails I get there is a 99$ loan origination fee as well as 150$ extra to the closing costs so I assumed this tittle insurance is that 150$.

The reason we are looking at financing is that we have spotted some really great contracts and would like to have the purchase done ASAP. The total of the financing will be paid in February ( awaiting liquid cash :)) this way we can buy now have finished acquiring the contract and then pay the total balance before our first trip! The way I see it we will probably only have to pay 1 or 2 months of interest and that cost is worth it to us to have the contract settled sooner.

Thanks for all your replies!

Dean 10-10-2013 06:13 AM

Quote:

Originally Posted by Belle091507 (Post 49788093)
I saw the tittle insurance stipulation as well- according to the timeshare store emails I get there is a 99$ loan origination fee as well as 150$ extra to the closing costs so I assumed this tittle insurance is that 150$.

The reason we are looking at financing is that we have spotted some really great contracts and would like to have the purchase done ASAP. The total of the financing will be paid in February ( awaiting liquid cash :)) this way we can buy now have finished acquiring the contract and then pay the total balance before our first trip! The way I see it we will probably only have to pay 1 or 2 months of interest and that cost is worth it to us to have the contract settled sooner.

Thanks for all your replies!

I would submit that there will always be great contracts available and that appearances suggest to me that we are at a relative high point right now for resales, one that will not be sustained in all likelihood. However, it may outlast your situation due to the Poly being announced and take 2-3 yrs to filter back down rather than 6 months. Your decision of course but I personally would either wait or delay closing to correspond to the cash, esp since these type of expected windfalls have a way of presenting a problem. Even for a tax return I don't think you're safe as it stands right now (never have been because there are things that can happen there). For me, the only way I'd let a "great contract" sway me would be if it were significantly less than historic market value and personally I wouldn't borrow even then, just cut lifestyle. For AKV that'd be around $50 pp or less, likely less. OR if it were a hard to find contract such as a small one that I really wanted to make my UY.

Part of the issue is that MOST people end up not paying such loans off as they intend to. Another component is that I honestly have to wonder if someone who has to wait on a windfall to afford it truly can afford it. Maybe that's not your situation, only you know that in this discussion, but as a general statement that's always my concern when I hear people buying, while waiting on money. Of course I'm of the personal opinion that people shouldn't buy with consumer debt of any type and that being able to make the payments each month is not the same as being able to afford it (as a disclaimer of my views in general).


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