Any Cdn DVC owners - I need your help

[Bev from Toronto]

After much research on these boards I finally made the call today to inquire about buying into the DVC. I had planned to finance through Disney as it seemed from others on these boards, that it was a very simple process. The guide was very nice and very helpful, however I did not realize that I would have to open a chequing or savings account in the US and wire transfer the money down into this account. Only other alternative would be to have it put on a credit card each month however it would cost approximately $10.00 more each month due to credit card charges. Hopefully I understood this correctly and if so, what procedure did you follow? Any info would be appreciated.

 

[bbangel]

I bought through a resale company and used my line of credit to wire them the money.
Financing through Disney you will have a higher rate that you would probably get from your bank.
Unfortunately I can't really help you out with all the financing details involving Disney.

 

[ont/ohana]

We purchased directly from Disney with our credit card and did an add on this year and again paid with credit card for the full amount.

 

[mommylo]

After much research on these boards I finally made the call today to inquire about buying into the DVC. I had planned to finance through Disney as it seemed from others on these boards, that it was a very simple process. The guide was very nice and very helpful, however I did not realize that I would have to open a chequing or savings account in the US and wire transfer the money down into this account. Only other alternative would be to have it put on a credit card each month however it would cost approximately $10.00 more each month due to credit card charges. Hopefully I understood this correctly and if so, what procedure did you follow? Any info would be appreciated.

Hi Bev, we just bought into AKL when we were at WDW last week. We are doing the financing through a credit card because I have Airmiles and would like to colllect points. We figure with all the points collected, it could amount to quite a bit whereas with a chequing account, you are always paying service charges. We also bought resales and have to wire money down to the closing company.

 

[TreesyB]

you can always apply for a US dollar credit card. BMO even has an air miles USD CC, i think.

Then just pay monthly.

I've never been charged a surcharge for paying my credit card from my canadian account.

 

[OntFamily]

Avoid Disney financing !!! Canadian interest rates are lower than USA rates. If you're not going to pay cash, talk to your bank about a line of credit.

 

[cslittle999]

Avoid Disney financing !!! Canadian interest rates are lower than USA rates. If you're not going to pay cash, talk to your bank about a line of credit.

This is what we did. We have a US dollar credit that we use to pay our dues.

 

[surfer_ed]

Avoid Disney financing !!! Canadian interest rates are lower than USA rates. If you're not going to pay cash, talk to your bank about a line of credit.

I agree but Disney allows you to write the loan over 10 years. Low monthly payment.

You can open up a US account thru RBC or maybe BMO and get a slightly better rate. Or as TreesyB said get a US dollar credit card.

 

[cslittle999]

I agree but Disney allows you to write the loan over 10 years. Low monthly payment.

A bank will allow you to convert a outstanding balance on a secured line of credit to a long term loan except that the interest rate will be 3 or 4 percent lower up here. The other advantage to financing up here is that it locks in the exchange rate.

 

[Tabetha]

My DVC is financed through Disney and it works for me.

My Canadian bank is RBC, so I just went and opened an RBC Centura account to make the monthly payments. Easy as pie.

 

[dreaming_of_disney__]

After much research on these boards I finally made the call today to inquire about buying into the DVC. I had planned to finance through Disney as it seemed from others on these boards, that it was a very simple process. The guide was very nice and very helpful, however I did not realize that I would have to open a chequing or savings account in the US and wire transfer the money down into this account. Only other alternative would be to have it put on a credit card each month however it would cost approximately $10.00 more each month due to credit card charges. Hopefully I understood this correctly and if so, what procedure did you follow? Any info would be appreciated.

As someone before mentioned, if you happen to bank with RBC a simple solution is to open a Centura account.... which is basically a US branch the Royal Bank of Canada. If your a fan of online banking you can even transfer funds monthly to cover the cost of your dues and loan payments. There is no hold or waiting period on the funds as there would be if trying to deal with transfering funds to an american bank, after living in the US for 6 years I cant tell you how happy I was when RBC crossed the border.
I did my financing through Disney and although the interest is a bit higher the 10 year term is attractive to me as the payments are manageable. I would really reccomend opening a RBC account just for this purpose if you don't already deal with them.

Just as an aside, take advantage soon while the CDN $ is so good. Has anyone else heard the rumor that our $ will actually surpasss the US dollar by JAN 08?

 

[murcor]

paid it all with visa upon purchasing. Paid visa off with a line of credit RBC.

Pay annual dues with my visa...so simple

 

[mrs.explorer1977]

We've financed our contracts through Disney. The process is really simple.

To pay, we have it set up to go to our USD credit card monthly and then we transfer money from our USD account to the card to pay off.

We bank with TD.

HTH!

 

[canluvpooh]

We financed through Disney and they take it off CC - no additional charges - this gives us flexibilty and it was really easy to do

 

[Bev from Toronto]

Thank you all so much for your suggestions. Will either get US C/Card or open US account at the RBC.

Thanks again, appreciate the information.

 

[Tabetha]

I think the important thing is that it needs to be a US based account, rather than a US dollar account at RBC. I don't know if the same applies for a credit card.

 

[Jeffan1ca]

I opened an account at Harris Bank in Chicago, one of the BMO group of companies. I transfer money from BMO in Canada to Harris Bank in Chicago frequently and then DVC draws from Harris Bank for dues and loan payments. Any BMO branch in Canada should be able to help you with the initial set it up. You could also do it through BMO telephone banking. Ongoing transfers for me is a simple call to the BMO Call centre and requesting the transfer. This setup would be the same as the RBC Centura solution mentioned in an earlier post.