A question for those who have rented their points

[SnowWitch]

I have a ressie that I am considering renting or I will cancel it. My question is this: How do you arrange paymeny? A deposit and then payment in full before you lose the option to bank the points? This seems like the safest way to go if the renter backs out. How have you done this? What is the cutoff for banking the points back into my accounts without a deadline for use being placed on them? Thansk

 

[poohj80]

I would say it depends on the number of points involved and both parties will agree to. The one time I rented out points the renter paid in full upon reservation.

 

[tjkraz]

If the only other option you would consider is banking the points, I would definitely recommend getting 100% before the banking deadline passes. They are your points--you set the terms. Don't let anyone talk you into a deal they think is "fairer"; you are the one that has the most to lose if a check / MO doesn't arrive when it should.

Banking deadlines:

Months 12-7 of Use Year: 100% of your TOTAL points owned
Months 6-4: 50% of total points
Month 3: 25% of total points

Note that it is cumulative. If you own 200 points and bank 100 in month 8, you cannot bank anymore points in month 5 since you are already 50% banked.

 

[spiceycat]

you have to decide how long you will wait for a renter.

on the one I did it was 10 days (might have been less) - I stated in my post on the DVC rental/board.

I ask for half after they receive the confirmation, and half (90, 60, 30) days before their arrival.

I like to have it at 90 days - but the ad I put here was in Sept for a Nov date - so that one was 30 days. oh it was Thanksgiving week that was while it went so fast.

I will take personal checks. most renters will not.

you have to decide your terms.

 

[twinmomplus2new]

I have once traded points for a ressie that was already confirmed. With another DVCer' from this board easy, Once her points were in my account. I transferred the ressie to her. Less than a 24 hour process.

Second instance, I was doing Universal and sold enough points to pay for my Universal ressie. Again rented to a very nice man was able to secure his reservation, and he sent me a cashiers check up front.


Third just last week. I had an existing ressie borrowed points..Sold the ressie as is to a former DVCer thats knows the system. again cashiers check now to transfer the reservation.

Maybe I have been exceedingly lucky. But I have had nothing but great experiences with wonderful trustworthy people.

 

[AFMom]

We've rented our points out twice, and both times have requested 100% as soon as we fax or mail the confirmation letter to the renter. Sounds a bit harsh, I guess, but it's just our policy and we haven't had any problems. I basically don't want to have to worry about the banking deadlines, etc! Good luck-

 

[new_yawka]

We rented 214 points this year. We asked for 1/3 up front and 2/3 60 days prior to travel (which also happened to be within the banking limits). It worked out perfectly.

 

[brunoflipper]

i have always done 50% at booking...
50% 90 days out...
i make changes and will reschedule but no refunds...