DVC Financing Question

[disney0210]

Hi everyone,

Pls forgive me if I am posting on the wrong place. We just recently closed on our AKV contract thru Disney. We had taken the financing option and the APR is 11.75%. They said it was 10.75% for those with US bank accounts for direct debit. My question is this - I have a USD bank account but with our local TD Canada Trust - does that count as a US bank account and if so, does anyone know if I will be able to avail of the 10.75% APR?

Thank you all so much in advance.

-disney0210

 

[tiggerrr]

Hi everyone,

Pls forgive me if I am posting on the wrong place. We just recently closed on our AKV contract thru Disney. We had taken the financing option and the APR is 11.75%. They said it was 10.75% for those with US bank accounts for direct debit. My question is this - I have a USD bank account but with our local TD Canada Trust - does that count as a US bank account and if so, does anyone know if I will be able to avail of the 10.75% APR?

Thank you all so much in advance.

-disney0210

No, it does not qualify. That account is still physically held in Canada. What Disney is looking for is an account held in a US BANK, subject to US laws and processes. Most Canadian banks do have partners and/or branches in the US and can setup a bank account for you in the US. You may want to explore securing your own financing from your bank and see if you can get a better rate here. That has the added advantage of insulating you from a drop in the value of the dollar if your loan is now in Canadian dollars. If you leave the financing with Disney, and the dollar drops you may find yourself paying more and more each month. (Of course if it gets stronger, you might do better.)

 

[CDN Prince Charming]

I posted this a while ago for a fellow Diser - hope it helps:

Hi Lisa,
A SSR & OKW owner chiming in here who does indeed have his monthly dues and loan payments automatically deducted from an American account each month.

It is true that DVC will not withdraw from a US$ account thru a CDN bank, but I can assure you that is possible to open a US$ account with an American bank here in Canada, even without having a Social Security Number.

I went thru the same scenario back in June when I financed an add-on thru DVC and wanted my dues deducted monthly too.
Here is what you can do:

Royal Bank is affiliated with RBC Centura in the States, so go to your local Royal bank branch, bring lots of types of I.D.,(passports, D.L. whatever you've got) and open a CDN$ "Day to Day" savings account. This account has no monthly charge, only charges for each withdrawal etc. Which you will probably never do anyway.

While you are there, ask to open a checking account with RBC, this acct also has no monthly charge (if you maintain a $700 US balance). They will make you fill out a few forms, check lots I.D., then send your account request off to somewhere in the States, and in a few days you will have a USD$ acct. thru an American bank
A week after you're approved for the American account, you will receive checks with this account, and you can then send one of those checks to DVC, from which they can make the withdrawals.

For the record, I had no previous accounts with Royal, I just went there because I had heard this was possible.
What I do each month is, set-up an automatic transfer from my bank (Pres. Choice) into my Royal CDN$ savings account, then go the Royal Bank website and transfer funds from my Royal bank acct to my RBC Centura account to cover the withdrawal by DVC.
Nice thing too is that the Royal bank website has both your Royal bank acct and RBC acctounts on it, so to transfer is very easy and painless. Your money is converted at the days rate and is done instantly.

I hope all this made sense. If its still unclear, let me know and I'll try to help.
Also go to this link and familiarize yourself with it before you go into the branch.
http://www.rbcroyalbank.com/RBC:R0DC...ing/index.html

CPC

 

[calgarygary]

You have already purchased your DVC so this response is directed at the OP but rather others. Buying a TS, any TS (including DVC) should always be done with discretionary cash. The interest that you are paying will go a long way to paying for a vacation if you have to finance.

 

[dancin Disney style]

You can secure a Home Equity Line of Credit for about 6%