Any Canadian DVC owners out there?!

[mickeywho?]

We need some advice. DH and I are seriously thinking about purchasing at SSR when we go down for our next trip. But I'm wondering about financing options - how did you finance this. What amount for a deposit did you have to put down and how did you pay that - I'm assuming Disney cannot accept cheques etc. from a Canadian bank - so how do you arrange payments? Credit card? and then pay it off when you have the bill in hand? What is the minimum purchase requirement for SSR and is it enough points for a week every year (family of 4) or do we really need more.
Any advice appreciated!http://www.disboards.com/newthread.php?do=newthread&f=19#

 

[CharlesTD]

Disney sets up the financing and they will take it directly from a credit card or you will need to set up a bank account at a bank in teh US for direct debit but you will need to make sure that you can transfer money from your account to teh account in the US.

 

[Daddio]

We did the purchase thing in October and arranged financing through Disney. With the current special, about to expire at the end of this month, you only need 5% real money down.

The interest rate is 10.75% if your monthly payments are coming off a credit card and 9.75% if you have them taken out of a US Bank account.

Hope this helps. Feel free to PM me if you need more info.

 

[Scratch42]

Sorry, can't help in the financing as I paid cash.

As for the # of points, that all depends on what time of year you are planning on traveling and what size accommodations you will be renting.

Good Luck with your decision.

janet

 

[dsneygirl]

We paid for DVC with our Line of Credit. The interest rate was really low and the exchange rate was really good at the time. There was no way we could stomach over 10% interest in US funds. If you do not need Disney financing you can look into the resale market. We used The Time Share Store (Board sponsor) and everything was done by email and through fax. Very easy and professional to deal with. There are also lots of contracts available for resorts which Disney will tell you are "sold out". So if you are interested in Boardwalk or OKW check them out. You may also be able to find a smaller contract (less than 150) if that suits your needs.

I believe the minimum purchase through Disney is currently 150 points which is approx $14,000 USD.

As for the number of points you would need I would take a look at the point charts and think about what time of year you usually visit. Peak times like spring break, Easter and Christmas use a lot more points than off season (like Sept).

 

[OntFamily]

150 points is the minimum. The caclulator in the link below will tell you if its enough points for you. 150 will get you more than a week, in a studio (ex Easter and Christmas). It is not enough points for a week in a one bedroom.

http://www.wdwinfo.com/disney-vacation-club/DVCpoints.shtml

If you want to finance, you can probably get a better interest rate @ a Canadian bank on a line of credit, than through Disney.

 

[cslittle999]

We in the midst of buying a DVC resale (200 points at BCV). Like dsneygirl we're putting it on our line of credit. Our line of credit is at 5% while the best Disney gives is 9.75%. As well it lets us get a better deal on the exchange since we're buying a large amount of money.

 

[Goofy's apprentice]

Be careful charging to a credit card. Check how yours does the conversion calculation. Both our Mastercard and VISA include a service charge in the exchange rate. You lose some of the effect of our wonderful current exchange rate.

We used our line of credit as the Disney interest rate is high. When we have to pay dues etc. we just send a money order and avoid the credit card charges.

 

[MikeyNS]

We need some advice. DH and I are seriously thinking about purchasing at SSR when we go down for our next trip. But I'm wondering about financing options - how did you finance this. What amount for a deposit did you have to put down and how did you pay that - I'm assuming Disney cannot accept cheques etc. from a Canadian bank - so how do you arrange payments? Credit card? and then pay it off when you have the bill in hand? What is the minimum purchase requirement for SSR and is it enough points for a week every year (family of 4) or do we really need more.
Any advice appreciated!http://www.disboards.com/newthread.php?do=newthread&f=19#

We did two things: Because we bought before SSR was open we had a 6 month "grace period" before we had to pay anything, but did put down a few thousand dollars at the start. We then used our credit card and paid off the DVC loan, and used our line of credit to pay off our credit card. This gave us oodles of points towards a flight down, and since interest rates are so low we bundled it into our mortgage. Since ownership is so long we didn't see any point in paying it off right away.

We bought 180 points, which we find to be perfect for the time of year we go. We usually go for 1-2 weeks a year (October and/or February (our use year)) and try to fly in on a Sunday to avoid the Saturday night points, or pay cash. We stay at the airport Hyatt our last night (usually Friday. No big point usage there!) because our flights tend to leave early as well.

Even though we may need to borrow some points, I consider this to be fine since we probably won't be going down every single year and we'll just lose the points from our final year in 2054. Again no biggie. We've even been able to bank some points already since we only went once in 05. We're taking my inlaws down in October 06 for Food and Wine, renting a 2BR at SSR for 145 points from Sunday-Thursday and paying cash for one night. This will let us bank 35 into our February trip, then wash-rinse-repeat.

Once you get your points you will have the "addon bug", which I have had, but once I start thinking about it and the ways we want to vacation I don't think I need extra points thanks to creative travelling.... yet...

 

[BitsnBearsMom]

We bought last October and financed through credit card. That way we got the 'points' on the credit card and were able to call Disney financing and pay off large lump sums. Last one should be paid in March when the income tax comes in then it will be 'free and clear'. Oh and our exchange rate on the credit card has still been about 1.20.

 

[dizneygirl3]

Hi, we put ours on a line of credit(better interest rates) Can't beleive we waited so long to do it!!
BTW MickeyWho? I used to live in Bronte when I was groing up

 

[BitsnBearsMom]

I grew up in Oakville too!!

 

[dizneygirl3]

Where abouts Bits?

 

[BitsnBearsMom]

Rebecca/4th Line area.

Went to Pinegrove for PS before it turned FI and only K-6 then Perdue for high school. Church was Walton and my parents still attend!

You?

Dianna

 

[dizneygirl3]

I grew up in Bronte and went to Centriller P.S, but my grandparents lived on Pinegrove Rd. Did you ever go swimming @ Brookdale Pool?
It's a small world isn't it!!

 

[BitsnBearsMom]

Sure did! Rode my bike there every summer with my older brother!!

Sure is a small world!!

 

[JoyCrazy]

Hi I'm considering a DVC and I have a few questions. I called DVC and they couldn't even talk to me because I don't live in Ontario? Please help me!

Will I have to pay Taxes in the States and Federal/Provinical taxes here in Canada? If so how much was it last year?

Do they have destinations in Mexico, New Orleans, Australia?

How many points does it take to book a room on a 4 night Cruise?

Is an Annual Pass only good for one park?

How much of a discount do members get?

Can you use your points for airfare or dining?

If I want to travel in Jan/Feb what use year should I get?

Thanks for any help you can give me

 

[CharlesTD]

Hi I'm considering a DVC and I have a few questions. I called DVC and they couldn't even talk to me because I don't live in Ontario? Please help me!

Will I have to pay Taxes in the States and Federal/Provinical taxes here in Canada? If so how much was it last year?

Do they have destinations in Mexico, New Orleans, Australia?

Is an Annual Pass only good for one park?

How much of a discount do members get?

Can you use your points for airfare or dining?

If I want to travel in Jan/Feb what use year should I get?

Thanks for any help you can give me

Ok AP discount members get 100 dollars off the initial purchase of the AP then 75 for each renewal if memory serves.

Points can be used at resorts all over the word but keep inmind using them outside the Disney DVC resorts tends to be quite expensive point wise.

points can't be used for airfare or dining they are for accomodations only unless you trade out and the place you are going is inclusive but that would just be dining not airfare.

You pay yearly dues on your points which cover resort matenance and housekeeping and employee cost etc along with teh cost of insurance and so on. You are not taxed here in Canada on this.

 

[JoyCrazy]

Thanks o much and thanks also for your offer in PM

 

[CharlesTD]

Thanks o much and thanks also for your offer in PM

You are very welcome let me know if you would like the info.