Timeshare Lending

[dolphinsleb]

Has anyone used http://www.timesharelending.net/ to finance their purchases? Was wondering how they are to deal with.

[ssawka]

Interest rate starts as low as 12.9% with a 20% downpayment.
Interest rate starts as low as 13.9% with a 10% downpayment.

Wow! Those are some high rates, and I thought Disney was bad. It would still be worth it over buying direct, but unless this is your only option, you should probably consider other sources of lending. For example, through our credit union, we could get a personal loan for 8.9%. Even if you assume 1/3 of the interest gets erroded due to a tax deduction, you are still looking at 8.6% or 9.2% with timesharelending.net. Also, with a personal loan you wouldn't have to put anything down, whereas timesharelending.net requires either 10% or 20% down.

[sleepydog25]

Originally Posted by dolphinsleb

Has anyone used http://www.timesharelending.net/ to finance their purchases? Was wondering how they are to deal with.

They are responsive and timely.

[MinnieMe7]

Dealing with timesharelending.net was the worst customer service experience I have ever had. I submitted the application online and called the next day to see if they received it okay. The woman who answered the phone said recalled my name and thinks I was missing some information on the application, when I asked what was missing, she was very rude in telling me that she was very busy and I would have to wait for a response via email. A couple of days later I received an email asking for more information... once supplied, my loan was approved withing a few days. At that point I was gathering the necessary documents they requested, and called to make sure I had everything straight befor emailing it to them. I got the same woman on the phone, who proceeds to tell me that I cancelled the loan via email (which I most certainly did not do). When I asked for her to forward me that cancellation email, she said all my documents, and records were destroyed! When I asked what the next steps were, she very rudely explained what needed to be done, and when I went to ask her a question, she yelled at me to stop speaking when she was talking!! Needless to say - I would never do business with this company, they are unorganized, unprofessional, RUDE and there rates are extremely high! NOT A MAGICAL EXPERIENCE!

[s830632]

Originally Posted by MinnieMe7

Dealing with timesharelending.net was the worst customer service experience I have ever had. I submitted the application online and called the next day to see if they received it okay. The woman who answered the phone said recalled my name and thinks I was missing some information on the application, when I asked what was missing, she was very rude in telling me that she was very busy and I would have to wait for a response via email. A couple of days later I received an email asking for more information... once supplied, my loan was approved withing a few days. At that point I was gathering the necessary documents they requested, and called to make sure I had everything straight befor emailing it to them. I got the same woman on the phone, who proceeds to tell me that I cancelled the loan via email (which I most certainly did not do). When I asked for her to forward me that cancellation email, she said all my documents, and records were destroyed! When I asked what the next steps were, she very rudely explained what needed to be done, and when I went to ask her a question, she yelled at me to stop speaking when she was talking!! Needless to say - I would never do business with this company, they are unorganized, unprofessional, RUDE and there rates are extremely high! NOT A MAGICAL EXPERIENCE!

Wow, and I thought my experience was bad! I tried using them but one, their hours are really bad, they say 9 - 5, but I couldn't get a hold of anyone until much later in the afternoon, and by 2pm the lady said all their finance people were already gone for the day. Two, they take too long to process your application. I didn't want to sign a contract until I had secured financing and I was trying to make the 3/20 deadline so I didn't have the time to wait the 24 hours they required. I went to my bank and had a loan within 30 minutes.

I wouldn't recommend them.

[cbnsoul]

I had no problems dealing with them. I did have to email after 36-48 hours to see if I was approved, though, even though they say the will get back with you in 24 hours. One thing, I'm not sure how big of a "company" it is. You send payment to a street address that is a "court". I looked it up on Google earth and that address is clearly in a subdivision.

[paults]

does timeshare lending have a finance charge? There closed today and I can't find info on thier site.

[DVCconvert]

does timeshare lending have a finance charge

Looks like no points....from their website:

Interest rate starts as low as 12.9% with a 20% downpayment.
Interest rate starts as low as 13.9% with a 10% downpayment.
Terms up to 120 months.
No prepayment penalty unless mortgage is paid in full within 12 months or less.
No points.

[DizMagic]

i am using them on my vwl resale currently in rofr. i was conditionally approved in 10 minutes and had my full written approval in less than 24 hours. i havent had any issues so far, but the story above was horrible. i guess with everything, ymmv.

[Yvonneb]

We have worked with them and they have been great. They were very accomodating when a resale didn't go through due to a buyer backing out. They kept all our info and we just needed to let them know what the new contract number was when we got it.

[henderkm]

I dealt with them when I bought into DVC last year and they appeared to be okay. I didn't have any issues. I only spoke with them once on the phone. Most of my communication was by e-mail and they were responsive.

However, I regret not exploring my options for a cheaper finance rate. Now I'm stuck in the contract until one year lapses (their rules) and then I can refinance if I wish. Since most of my payments were interest, I will have to refinance almost as much as I did a year ago. But I calculated and my payment will only increase by $50. and I will have loan paid off in 5 years instead of 10 so it's worth it.

[macman752]

Originally Posted by MinnieMe7

Dealing with timesharelending.net was the worst customer service experience I have ever had. I submitted the application online and called the next day to see if they received it okay. The woman who answered the phone said recalled my name and thinks I was missing some information on the application, when I asked what was missing, she was very rude in telling me that she was very busy and I would have to wait for a response via email. A couple of days later I received an email asking for more information... once supplied, my loan was approved withing a few days. At that point I was gathering the necessary documents they requested, and called to make sure I had everything straight befor emailing it to them. I got the same woman on the phone, who proceeds to tell me that I cancelled the loan via email (which I most certainly did not do). When I asked for her to forward me that cancellation email, she said all my documents, and records were destroyed! When I asked what the next steps were, she very rudely explained what needed to be done, and when I went to ask her a question, she yelled at me to stop speaking when she was talking!! Needless to say - I would never do business with this company, they are unorganized, unprofessional, RUDE and there rates are extremely high! NOT A MAGICAL EXPERIENCE!

Interesting first post.

[Muggles]

Originally Posted by s830632

Wow, and I thought my experience was bad! I tried using them but one, their hours are really bad, they say 9 - 5, but I couldn't get a hold of anyone until much later in the afternoon, and by 2pm the lady said all their finance people were already gone for the day. Two, they take too long to process your application. I didn't want to sign a contract until I had secured financing and I was trying to make the 3/20 deadline so I didn't have the time to wait the 24 hours they required. I went to my bank and had a loan within 30 minutes.

I wouldn't recommend them.

I agree completely. I had a horrible experience with them. Not only are their interest rates outrageous. Trust me you can find better at any bank or credit union. Their customer service was awful, they are arrogant and try to charge you for things not disclosed in any agreement. They take forever to respond to you and when they do they are rude. Do your research, they operate OUT OF THEIR HOME! I wouldn't trust them to handle any financial matters.

CAVEAT EMPTOR

[vicki_c]

Originally Posted by Muggles

I agree completely. I had a horrible experience with them. Not only are their interest rates outrageous. Trust me you can find better at any bank or credit union. Their customer service was awful, they are arrogant and try to charge you for things not disclosed in any agreement. They take forever to respond to you and when they do they are rude. Do your research, they operate OUT OF THEIR HOME! I wouldn't trust them to handle any financial matters.

CAVEAT EMPTOR

And another. Must be drawing out all the first posters.

[Discomom703]

Yes i think its not really an office.. maybe operating from her house.. hmmmm.?? i think that's why they only deal via email or fax... i believe it might be a 1-2 person operation.. I wanted to secure a loan from them.. I have other options to pay my contract -- still on ROFR process. The lady who might be the owner or director - may be Barbara. Its always a voicemail. Never talked to her or anything.. I'm just not sure about them though.. Customer service is everything to me. and if I dont feel comfy. I run..

At least with Timeshare Store, I got people on the phone. They are all good - Jason, Jaime; Jerry and Scott.. All good mannered and very timely to call and professional. They know their business. (and i havent closed yet..)

Back to timeshare lending.. I'm sure it went well for some people but i was just a little sketchy on their website; manner of communication etc. Im not impressed. plus, its expensive! They're based out of palm springs or palm dessert- i think.. out here in California..

Honestly, go try your bank; credit union .. I dont recommend them!