Canadian intrested in DVC please help!

[farmergirl]

Hi since we are from Canada i can't find info that we need to prepare to buy before we go down. Disney said we must be there in person so I was hoping someone here could help me. I have a couple questions so here it goes:
1) Is there any penelty if you go through DVC financing for paying off your loan sooner.

2) Will Disney accept a large payment in travellers cheques since to get a certified check I would need to know the exact amount before hand.

3) What are your options to pay if you do not have a U.S. bank account.

4) How is interest calculated? Example if I financed through Disney and came home and got the fiances in order and sent the money to Disney am I only paying interest on the amount of time that I had the financing for?

5) If we choose to get financing through Disney how do they go about doing a credit check? Do we need to take our last years income tax return or anything else?

6) Is it difficult to get financing through Disney?

Thank your so much I know it is alot of questions but there is so much to learn. The sad thing is that I will probably think of more questions. Any help wold be extreamly appreciated ...thank you!

 

[sean-1966]

OK, let me try to answer...
1, No penalty for paying off early.
2, Yes, they'll take payment in travellers cheques.
3, We got the financing through Disney while we were there to get all the paper work done. When we got home we sent a certified cheque down to pay off the loan.
4, Hmmm, I don't know about this one. But the way we did it didn't cost us any interest. Took about a week for the cheque to get cashed.
5, All they took from us was our Social Insurance number. We were approved in about 5 minutes.
6, NO. it's really easy. That's why the interest is high.

Hope this helps.

 

[farmergirl]

OK, let me try to answer...
1, No penalty for paying off early.
2, Yes, they'll take payment in travellers cheques.
3, We got the financing through Disney while we were there to get all the paper work done. When we got home we sent a certified cheque down to pay off the loan.
4, Hmmm, I don't know about this one. But the way we did it didn't cost us any interest. Took about a week for the cheque to get cashed.
5, All they took from us was our Social Insurance number. We were approved in about 5 minutes.
6, NO. it's really easy. That's why the interest is high.

Hope this helps.

Thank you so much for help that is more information than I have gotten all month on this.

 

[mommylo]

Hi since we are from Canada i can't find info that we need to prepare to buy before we go down. Disney said we must be there in person so I was hoping someone here could help me. I have a couple questions so here it goes:
1) Is there any penelty if you go through DVC financing for paying off your loan sooner.

2) Will Disney accept a large payment in travellers cheques since to get a certified check I would need to know the exact amount before hand.

3) What are your options to pay if you do not have a U.S. bank account.

4) How is interest calculated? Example if I financed through Disney and came home and got the fiances in order and sent the money to Disney am I only paying interest on the amount of time that I had the financing for?

5) If we choose to get financing through Disney how do they go about doing a credit check? Do we need to take our last years income tax return or anything else?

6) Is it difficult to get financing through Disney?

Thank your so much I know it is alot of questions but there is so much to learn. The sad thing is that I will probably think of more questions. Any help wold be extreamly appreciated ...thank you!

Hi, to tag on to the other answers. We did our purchasing when we were there. We could have purchased from home because Ontario has a standing agreement with Disney to allow residents to purchase direct and it is the only province. Just to show you the timeline, we purchased on August 2nd and our first payment is coming out October 15th. So if you can sort things out within 2 1/2 months, then there is no interest within that period.
Financing is very easy. If you have a good credit rating score, then an interest of 10.75% will be approved, otherwise, I believe it is 14.75%.
I have been paying by credit card. I know the exchange is not the greatest, but it is convenient. I have since paid back $2,000 online by credit card and it showed online in 2 days and the number of payment periods were adjusted (i.e. the monthly payment remains the same, the number of payments are less because you are paying down principal)
Good luck in your decision.

 

[farmergirl]

Hi, to tag on to the other answers. We did our purchasing when we were there. We could have purchased from home because Ontario has a standing agreement with Disney to allow residents to purchase direct and it is the only province. Just to show you the timeline, we purchased on August 2nd and our first payment is coming out October 15th. So if you can sort things out within 2 1/2 months, then there is no interest within that period.
Financing is very easy. If you have a good credit rating score, then an interest of 10.75% will be approved, otherwise, I believe it is 14.75%.
I have been paying by credit card. I know the exchange is not the greatest, but it is convenient. I have since paid back $2,000 online by credit card and it showed online in 2 days and the number of payment periods were adjusted (i.e. the monthly payment remains the same, the number of payments are less because you are paying down principal)
Good luck in your decision.

Thank you for that info as well. I Appreciate it! I just thought of another question though maybe someone can help. ...Does Disney have an extra financing fee or anything? Also what do the closing costs run at? When you pay by credit card do u do it monthly???Do they send a statement or it comes out automatically each month?? Thanks

 

[MaryD73]

OK, let me try to answer...

3, We got the financing through Disney while we were there to get all the paper work done. When we got home we sent a certified cheque down to pay off the loan.

Hope this helps.

Ok, now I have a question. We are right in the middle of this right now. We started the process in September and our first payment is due sometime in November. We now have our finance in order.

So my question is how did you pay it off? Did you wait until the first bill came or contacted someone to do it? If so, who did you contact.

(sorry to hijack the thread for a moment)

 

[mommylo]

Thank you for that info as well. I Appreciate it! I just thought of another question though maybe someone can help. ...Does Disney have an extra financing fee or anything? Also what do the closing costs run at? When you pay by credit card do u do it monthly???Do they send a statement or it comes out automatically each month?? Thanks

With a 160 point purchase, cost of purchase was $16,640. Closing cost was $327.85. If there were no financing, then the closing cost would have been a little lower because Disney does not need to register the "mortgage". I did the 10% down, with 10.75% interest financing, over 10 years. The monthly payment is $212.70. It will be coming out starting on October 15th and every 15th day of the month thereafter. And it comes out automatically as far as I was told.

 

[mommylo]

Ok, now I have a question. We are right in the middle of this right now. We started the process in September and our first payment is due sometime in November. We now have our finance in order.

So my question is how did you pay it off? Did you wait until the first bill came or contacted someone to do it? If so, who did you contact.

(sorry to hijack the thread for a moment)

I probably would call MS accounting department now and see how that can be done. My guess is you send a cheque to the Title company. If you wait until November then there will likely be interest.

 

[Donald is #1]

Ok, now I have a question. We are right in the middle of this right now. We started the process in September and our first payment is due sometime in November. We now have our finance in order.

So my question is how did you pay it off? Did you wait until the first bill came or contacted someone to do it? If so, who did you contact.

(sorry to hijack the thread for a moment)

Another option is to pay through the DVC Member's website. If you log in and go to your loan information, you have the option of either paying off the entire loan or paying part of the loan. When you go to the "pay towards principal" option, there is a pull-down that let's you pay by credit card. I jsut look at the pay off entire loan amount option and they require that you pay by credit card.

 

[garytam]

Instead of paying traveller's cheque, why not pay it with credit card and you can earn some air miles. We just pay off our balance with visa and get 6000 aeroplan miles.

 

[OntFamily]

First of all, take a big breath.

Before you agree to financing through Disney, check out the finanace rates at your personal bank. USA interest rates are higher than Canadian rates. You'd probably be able to get a lower rate on a line of credit.

There are even credit cards in Canada that have a lower interest rate than 10.75%.

 

[farmergirl]

Wow thank you so much to everybody for all the great information. There was sure alot of great advise and tips. Please if you think of any other things that would be important for us to know before we check it out, please let me know. Once again you were all a great help...thank you!

 

[tiggerrr]

I'll share our experience, some of which repeats information already given here. Like you we had to do the deal in Florida because we're from Alberta. They did the credit check using both my and my wife's Social Insurance Number. It took about 5 minutes and we were done. We used a credit card for the down payment and took Disney's financing. This was mostly because we hadn't planned to buy DVC at the time and didn't have any other financing in place.

They offered us 10.75% plus 1% because we had to use a credit card to pay monthly. We were told by our guide that the 10.75% was only available if the loan was paid through a US bank account. Credit cards get charged an extra 1%. Our closing costs were about 325 including the mortgage registration.

We were setup to use our credit card to automatically make payment. The DVC members site has a section where you can see all the details of your loan - how many payments are left, what you've paid toward capital, what portion of all your remaining payments go toward interest or principal. Also included in that section is the ability to use your credit card to make a lump sum payment toward your principal, including paying it off entirely.

Our first payment was slightly higher than the rest, because it was about 2 months after we bought, so they charge you your regular payment, plus the extra interest for the extra time before your first month's payment. About 4 months after we purchased we made a payment from other financing to nearly pay off the whole loan. We didn't pay off the whole thing, but it was clear that Disney only charges interest on the outstanding balance. When you make a lump sum, they do not recalculate the monthly payment amount - you keep paying the same amount. But, because they only charge interest on the outstanding balance, you finish paying much sooner. So, in other words, this is like most loans or lines of credit that you would have. There was no penalty for early payments. We had it all paid off in about 6 months. It couldn't have been easier.

 

[farmergirl]

I'll share our experience, some of which repeats information already given here. Like you we had to do the deal in Florida because we're from Alberta. They did the credit check using both my and my wife's Social Insurance Number. It took about 5 minutes and we were done. We used a credit card for the down payment and took Disney's financing. This was mostly because we hadn't planned to buy DVC at the time and didn't have any other financing in place.

They offered us 10.75% plus 1% because we had to use a credit card to pay monthly. We were told by our guide that the 10.75% was only available if the loan was paid through a US bank account. Credit cards get charged an extra 1%. Our closing costs were about 325 including the mortgage registration.

We were setup to use our credit card to automatically make payment. The DVC members site has a section where you can see all the details of your loan - how many payments are left, what you've paid toward capital, what portion of all your remaining payments go toward interest or principal. Also included in that section is the ability to use your credit card to make a lump sum payment toward your principal, including paying it off entirely.

Our first payment was slightly higher than the rest, because it was about 2 months after we bought, so they charge you your regular payment, plus the extra interest for the extra time before your first month's payment. About 4 months after we purchased we made a payment from other financing to nearly pay off the whole loan. We didn't pay off the whole thing, but it was clear that Disney only charges interest on the outstanding balance. When you make a lump sum, they do not recalculate the monthly payment amount - you keep paying the same amount. But, because they only charge interest on the outstanding balance, you finish paying much sooner. So, in other words, this is like most loans or lines of credit that you would have. There was no penalty for early payments. We had it all paid off in about 6 months. It couldn't have been easier.

Thanks alot for the info. The only thing I was wondering about is why do they need to do a credit check on both of you . My hasband was going to take care of the financing end of it but we did want both of are names on the membership. Is it a must that they use both of our names for the financing??? Thanks

 

[tiggerrr]

I don't know if this is right, but what we were told is that if both names are on the deed, then both must be on the mortgage, which means both must be credit checked.

 

[drag n' fly]

I'll share our experience, some of which repeats information already given here. Like you we had to do the deal in Florida because we're from Alberta. They did the credit check using both my and my wife's Social Insurance Number. It took about 5 minutes and we were done. We used a credit card for the down payment and took Disney's financing. This was mostly because we hadn't planned to buy DVC at the time and didn't have any other financing in place.

They offered us 10.75% plus 1% because we had to use a credit card to pay monthly. We were told by our guide that the 10.75% was only available if the loan was paid through a US bank account. Credit cards get charged an extra 1%. Our closing costs were about 325 including the mortgage registration.

We were setup to use our credit card to automatically make payment. The DVC members site has a section where you can see all the details of your loan - how many payments are left, what you've paid toward capital, what portion of all your remaining payments go toward interest or principal. Also included in that section is the ability to use your credit card to make a lump sum payment toward your principal, including paying it off entirely.

Our first payment was slightly higher than the rest, because it was about 2 months after we bought, so they charge you your regular payment, plus the extra interest for the extra time before your first month's payment. About 4 months after we purchased we made a payment from other financing to nearly pay off the whole loan. We didn't pay off the whole thing, but it was clear that Disney only charges interest on the outstanding balance. When you make a lump sum, they do not recalculate the monthly payment amount - you keep paying the same amount. But, because they only charge interest on the outstanding balance, you finish paying much sooner. So, in other words, this is like most loans or lines of credit that you would have. There was no penalty for early payments. We had it all paid off in about 6 months. It couldn't have been easier.

Thanks for sharing this. It is good to get a perspective and experiences from a fellow Albertan!

 

[tiggerrr]

Thanks for sharing this. It is good to get a perspective and experiences from a fellow Albertan!

You're welcome. Part of me is still stunned that we even did it, given that we had to make a decision right there. Our biggest consideration was would we really travel that far often enough to make it worth it. (Seven hours in the air, not including layovers doesn't appeal to me that much) But, the lure of Disney is just too much. I can say that we are really considering the GCV at Disneyland. Amazing, we've gone from not totally sure about DVC to 'addonitis' in a flash.

 

[farmergirl]

You're welcome. Part of me is still stunned that we even did it, given that we had to make a decision right there. Our biggest consideration was would we really travel that far often enough to make it worth it. (Seven hours in the air, not including layovers doesn't appeal to me that much) But, the lure of Disney is just too much. I can say that we are really considering the GCV at Disneyland. Amazing, we've gone from not totally sure about DVC to 'addonitis' in a flash.

Yes I have never heard one thing bad about DVC which worries me a bit ...Kinda to good to be true kind of feeling...lol...if it is as great as it sounds that would be wonderful! Does anyone ever have any regrets about the big purchase?

 

[tiggerrr]

Yes I have never heard one thing bad about DVC which worries me a bit ...Kinda to good to be true kind of feeling...lol...if it is as great as it sounds that would be wonderful! Does anyone ever have any regrets about the big purchase?

One of the things I have appreciated about these forums on DIS is that people are willing to share their perspectives and experiences on DVC. There have been a lot of posts on the various problems and frustrations that arise from time to time. I've come to realize that DVC isn't perfect (not that I really expected them to be) and I'll approach my vacations with a little more balance than I would have if my only information came from my DVC guide. I certainly get from the members here an overwhelming feeling that people do not regret their purchase.

 

[farmergirl]

One of the things I have appreciated about these forums on DIS is that people are willing to share their perspectives and experiences on DVC. There have been a lot of posts on the various problems and frustrations that arise from time to time. I've come to realize that DVC isn't perfect (not that I really expected them to be) and I'll approach my vacations with a little more balance than I would have if my only information came from my DVC guide. I certainly get from the members here an overwhelming feeling that people do not regret their purchase.

Yes everyone seems quite happy with their chice to buy. I am sure we will to should we take the plunge...it is just such a big decision. A little scary but with the dollar being so good now I giess now would be the time. So after you sign on the line there is no trouble dealing with DVC even though you do not live in Ontario? With the laws and such? For sending info and what not?