? about banked points

[winniedapooh]

Sorry in advance if this is a stupid question.....We are waiting a resale with 52 2003 and 52 2004 banked points that must be used by 8/1/05. That means if I don't use them or sell them I lose them? I have to make a ressie for the person if they are banked? Is there some sort of contract or advise you all can give me about renting?
Thanks so much,

 

[JimMIA]

If I understand your post correctly, the 2003 points were banked into 2004, are now available, and must be used or lost by July 30, 2005.

If the 2004 points were banked, they are not currently available, but will be available August 1, 2005 through July 30, 2006, along with your regular 2005 points.

 

[winniedapooh]

Thanks for the fast reply. They just banked the 2004 points prior to me signing so I have no idea what that means, do I need to get rid of 52 or 104 points? Trying to understand all of this is even scarier than doing a resale, lol.

 

[JimMIA]

First of all, you can't do anything with the points until you pass ROFR, close, and are in the system. I know from the other board that you just signed a contract, so you are probably two months away from being able to do anything.

To give you an idea, we went to ROFR on Feb 25, passed on March 10, and just close this Friday - and that was with expedited closing. We will probably not be "in the system," and able to use our account for another 10 business days.

 

[winniedapooh]

I understand and know that. I would never try and rent points until I had actually purchased and passed etc. I am trying to understand about the banking etc. and how it works. Sorry if this is wrong place to ask.

 

[JimMIA]

The points you need to be concerned about are the 52 '03 points, which will expire on July 30.

If you do a rental and the person needs more than 52 points, you will not be able to access the banked '04 points, but you could borrow '05 points. If that doesn't confuse you, nothing will!

This is the correct place to ask these types of questions.

 

[JimMIA]

Also, you will probably not be ready to rent those points until around June 1. That REALLY puts you up against some tough deadlines, and if anything goes awry with your rental, you could lose the points completely. That's why many DVC owners won't rent points for ressies late in the use year.

[Edited to remove information from my erroneous zone.]

 

[robinb]

Since you are new, probably the best strategy would be to arrange a transfer to another DVC member. In a transfer, you make a deal, they pay you, you transfer the points to their account and you are done. No reservations, changes in plans, cancellations, or any of that other stuff to worry about. You would advertise that on the Rent/Trade board just like any other rental, but just note that it was for transfer only.

The OP will probably not get the "going rate" for her points ($10-$12 per point), but she will get something for them. People are always looking for a fire sale . While a transfer is easy, so is straight renting.

 

[robinb]

It sounds like your 2003 points were banked into the 2004 Use Year and will expire on 7/31/2005. Your 2004 points were banked into the 2005 Use Year and will expire on 7/31/2006. You should have 52 points that expire on 7/31/2005 and 104 points that expire on 7/31/2006.

You will have to use/rent or lose those 52 points. The odd thing is the 52 is the exact number of points needed for a 4 weeknights in a Studio at SSR. You could also swing the first 5 weeknights in June at OKW with those points and have 2 left over. As Jim mentioned, you can borrow some of the 2005 UY points into 2004 if you want to make a longer reservation for someone.

Good luck! I remember how nerve wracking it is to wait for a resale!

 

[JimMIA]

Winnie,

Please disregard the info about transferring points. I'm afraid I gave you some bad information there, and I now don't think you can transfer points which were banked from one year to another. If that is true, your only alternative would be to rent the points once you get control of the account.

Before you rent, be very sure you understand all the ins and outs of renting toward the end of your use year. Renting is not difficult generally, but short timeframe rentals - especially around the end of the use year - are much more problematic.

But then again, you're going to lose the points anyway, so you may at least give it a shot. If you find the right renter and situation, it will work out fine for both of you.