Canadian getting set to buy DVC

[Tabetha]

I'm going to my bank branch this afternoon to open up an RBC Centura account for the payments.
I'm thinking I'll do everything through Disney, including their crazy financing. I'm going to put down about 25%, and aggressively pay off the balance early.

Or I'll try and get a loan from my bank (I'm an employee, so I'm hoping for a sweet rate of interest). That really does make more sense, huh?

Anything I'm missing, from a Canadian DVCer's perspective? I'm doing this by myself, so I don't really have the benefit of a second brain or a sounding board!

 

[madonna31]

WOO HOO!! Welcome home!

You will not regret your purchase.

 

[sean-1966]

You'll love DVC but the RBC Centura account will turn out not to be worth it. We wanted to get one but by the time we got throught all the nonsense it wasn't worth it. We would have used it just to pay the dues on a monthly basis. That big bill coming right after Christmas kinda hurts. We kept our loan in Canada. The Disney interest was way too high for us.

Welcome Home!!!!!!!!!!!

 

[explorer1977]

we too are about to purchase a DVC contract (but through resale). The loan or line of credit option is much better then financing through Disney as you will get todays exchange rate which is pretty good and who knows what it could be at in a year or two and the inetrest rate will be better. For the dues I have a US acount but I would rather use a US credit card.
Good Luck

 

[Tabetha]

Hmmm, good point about the current exchange rate! I'll ask about a loan while I'm opening up the account...

 

[Daddio]

Welcome Home! I too just bought into DVC in October. When I got home I opened an RBC Centura account without any problems. Also opened a US account at RBC so I could easily transfer money from here to there or visa versa. With exchange rates so good, I've been putting some dollars into those accounts.

Dues come directly out of the Centura account so I don't have to pay any Credit Card service fees on the exchange.

 

[BitsnBearsMom]

Welcome home!!

It sure is the best purchase WE ever made!! Watch out for that addonitis!! Haven't even had our first trip 'home' yet and we already have the beginnings of it!! Well dh suggested it and I'm grabbing it and running as fast as I can!! HAve him convinced that we should spend a day exploring ALL the DVC resorts so we can decide the best place to add points at!!

 

[snoopyandpooh]

We bought in DVC through resale, we do not have a US$ account, we paid for the resale by sending them a bank draft in US funds and the annual dues by using VISA.

Once we checked into the DVC poperties, we do not want to go back to the redular hotel rooms.

 

[Tabetha]

Well it's done! Deposit made and paperwork on it's way here! Eeeek!

My use year is Sept 05 at WLV - so I've got 100 points that I have to use by Sept, and the other 100 I can bank any time up till May.

I may just try and rent the 100 I have to use, although it would be tough to let someone go Home before I got too! Oh well, I guess a cool grand in my "pay-out" account would ease the blow!

Thanks for all the well wishes, folks! I'm excited in that "holy crap what I have I done" sort of way...

 

[Daddio]

Congratulations!

I bet you start thinking about adding another contract over the next few months. We bought 150 while there last October and when we got home, added another 150.

Oops, not done yet... free annual passes? OK, give me another 150.

Hope they don't come up with another promo for awhile.

 

[dhluvsDisney]

Congratulations on venturing into DVC! We just purchased ours in January and have planned our first trip "home" in October. We should have done this years ago, but the exchange rate kept us away from it. We just charge our dues on our Visa card.

Linda

 

[explorer1977]

Tabetha
So did you buy through Disney (if you did how did you get only 100 points) or resale. What about financing, what did you decide. Anyways congrats and have many years of memories at your home away from home.

 

[Tabetha]

Hi Explorer.

I did buy through Disney - I actually bought 200 points with a September 2005 use year. That means I have to use them all by September. At this point in the year, I can only bank 50% (have until May to do so) and the other 100 I have to use. Will probably rent those!

I did the financing through Disney - I know the rates aren't great, but for right now it's all about the size of the monthly payment. Plus I like that I have the option of paying early with no penalty. I'm a "chip away" kind of gal.

It's a little daunting. I swing between "what have I done" and "oh boy this is going to be great!". I've already sent an invite to a single mom friend of mine who I don't see enough of since she moved to Montreal. I can't wait to take her and her boy to the World!

 

[explorer1977]

Great for you, and I know the feeling. We keep trying to get a resale but everytime the perfect one for us comes up it gone before we call but thats part of the game. I would love to buy though Disney but we just do not need the minimum points at this time and we want to add on a a newer resort (here's hoping for CRV). Anyways thanks for the info and have a blast on your vacations oh and great resort to have picked (we tried to buy a WLV contract earlier in the week and its one of our top choices).