How does DVC financing work for Canadians

[tink&cinderella]

Any thoughts??? What is the current financing rate if you go through Disney. Would they consider monthly payments on automated credit card ie; like one can do here when buying a membership??

Thanks

 

[pkitty]

We purchased at an interest rate of 10.75% ammortized over 10 years. You provide the credit card and they place you payment on there every month. Obviously the rate of exchange factors in. When the dollar increased we took the remainder of our balance and placed it onto our line of credit. We still pay our annual dues onto our credit card. Disney makes the process easy. We purchased during our visit 2 years ago and signed all the necessary paper work with a commisioner of oaths provided by WDW and we where out the door and on our way. No muss no fuss! The payments where roughly 150.00 US/month which we felt was reasonable for 160 points. No regrets here! aw:

 

[surfer_ed]

We opened a US Bank account with RBC Centura, who is owned by RBC. Got 1% discount because they could set up a direct debit. Our payments are approx $100 per month on 165 points.


Non residents have to put more down in order to qualify since you do not have a credit history in the USA.

 

[OntFamily]

You can probabably finance cheaper through a Canadian bank (ie line of credit) than DVC financing. You should be able to find a line of credit for about 5% - 5.25%

When we took the DVC tour, our rep went through the financing option, and seeing my astonished face when he mentioned the interest rate, advised me that most Canadians do not use DVC financing, as Canadians have access to less expensive financing through their home bank.

I did not get the impression DVC charged a higher interest rate to Canadians, but only that Canadian interest rates are lower than American.

 

[lisaviolet]

We opened a US Bank account with RBC Centura, who is owned by RBC. Got 1% discount because they could set up a direct debit. Our payments are approx $100 per month on 165 points.


Non residents have to put more down in order to qualify since you do not have a credit history in the USA.

Thanks for that information. We just financed an add-on after saying that we would never finance DVC. Waited years to buy the original contract out right and then suddenly we are hypocrites with the add-on. AAAGGGHH. Okay ...rambling. Question: our add-on is coming off a CC and I don't like that. RBC Centura? How do we set that up? Do we contact RBC? I hope this works out....I am so grateful that I found this info my guide and I were trying to figure out how to get around the US bank account rule. Thanks.

 

[grover]

How much in the intial down payment?

 

[Jeffan1ca]

I opened, over the phone, an account with Harris Bank in Chicago, a Bank of Montreal Group of Companies. I also opened a US dollar account with BMO and make frequent deposits into that account. When I've accumulated enough in the BMO US$ account, I use BMO telephone banking and have them transfer the money to the Chicago Harris Bank account. Disney than can do Direct Debit from Harris Bank for our monthly loan and dues. I didn't go the credit card route as sometimes the exchange is not favourable or an additional fee maybe added. I'm sure BMO and RBC aren't the only Canadian Banks with US subsidiaries.

 

[tink&cinderella]

Thanks for all your information - this is very helpful.

 

[dsneygirl]

How much in the intial down payment?

It depends if you are buying direct through Disney or a resale. The minimum through DVC is about $14,700 with I believe 5% down. We bought resale through The Timeshare Store and used our line of credit. That way we didn't have to worry about fluctuating exchange rates and it will be paid down a lot faster.

 

[Tabetha]

So, roughly speaking, how much per month is it with payments and dues?

 

[DutchsMommy]

I opened, over the phone, an account with Harris Bank in Chicago, a Bank of Montreal Group of Companies. I also opened a US dollar account with BMO and make frequent deposits into that account. When I've accumulated enough in the BMO US$ account, I use BMO telephone banking and have them transfer the money to the Chicago Harris Bank account. Disney than can do Direct Debit from Harris Bank for our monthly loan and dues. I didn't go the credit card route as sometimes the exchange is not favourable or an additional fee maybe added. I'm sure BMO and RBC aren't the only Canadian Banks with US subsidiaries.

Did you call Harris directly? Do they have a telephone banking #?

 

[CharlesTD]

Our 200 points cost us about 200 a month and our dues are about 850 a year.