Cancel Rental Points

[diaman]

I have a question about renting points. We are DVC members and are using all our points from this year and next year for 2 2-bedroom units for our upcoming trip at the end of Feb. Now, I just learned today that my in-laws may want to come, which is great because we will have babysitters! In any case, since we used all our points, we will have to rent more to accomodate the in-laws. The problem is, they are not 100% coming and what happens if they cancel and I have already made reservations with the rented points? Do they go back into my bank or the person I rented froms' bank. And if they go back into my bank, when does it expire?

 

[RobDoc]

As all aspects of a rental are negotiable, you should have an understanding of any cancellation policy before agreeing to rent the points.

If you are renting a reservation made by another member, the reservation and points used to make it are under that member's control. Return of any $$ is based on the policy of that individual.

If you are transferring points to your account from another member- the points are yours to use as you would like. A cancellation of those points will be subject to normal DVC cancellation policy.

Make sure to cover all of these aspects with the member you are dealing with beforehand.

Good Luck!

 

[EROS]

I would distinguish between "renting" points and "transferring" points. If you are a DVC member, I would recommend that you arrange for the transfer of another members points to yourself; this transaction is perfectly acceptable to Disney, though the regulations state that it should not include exchange of money. However, in my contact with M.S., I have been told that Disney is fully aware that members "sell" points to other members. In any event, once the points are in your possession, they are yours.The transferred points retain their own resort identification and Use year, both of which may be different from your currently owned contracts.

If you rent, and exchange monies, I would say that you would be "out of luck" with a cancellation...... unless you wrote a clause into the contract with the other member which allowed you to cancel without penalty. I think that most renters will NOT provide such an option.

Good Luck,

 

[drusba]

Some addition to the above:

1. You are talking about a trip at end of Feb, less than 2 months away. There is thus a serious question as to whether you can even get another room with points (or even cash). You should probably check with MS on availability before even attempting to rent someone's points.

2. Being that close to trip date, you are also close to the "holding account" date. Assume for the moment your trip begins Feb 22. If you cancel at any time on or after January 23 (30 days before your date of arrival), any points will go into a holding account -- they then must be used for a trip during your current use year and you can reserve only 60 days or less before that trip. You will typically find when renting from other members' that they will impose penalties (including possibly loss of entire rental sum) if you cancel 30 days or less out.

3. You could go the "transfer" route where you basically pay a member for the transfer of points to you and then you use those points to make a ressie. But that will be an irreversible transaction, i.e., the other member will not and cannot take those points back and thus if you cancel you will have those points (possibly in the holding account mentioned above) and the other member will still keep the cash paid.

 

[Caskbill]

One final note on transferring points. This is allowed only once a year, so if done, you would not be able to transfer points into or out of your account again, another time, until the next year.

Also, whoever you are transferring points from will not be able to transfer into or out of their account again for a year. This may not be something another member would want to do.

 

[spruce]

Couldn't this person also use rented points to replace points already used to make this reservation, and then be subject to normal banking deadlines with their own points?
In other words, if you rented 100 points and called MS and had them swapped with 100 of this years points already used to make this reservation then the 100 points from this owners use year could be banked into next year assuming these points meet the banking deadlines and 30 day rule........spruce

 

[RobDoc]

Couldn't this person also use rented points to replace points already used to make this reservation, and then be subject to normal banking deadlines with their own points?

If the points are transferred to the member's account, they belong to that member and may be used as you describe. If they are rented as a reservation from another member, it would require a new reservation. The old reservation could be cancelled and points banked, subject to normal banking deadlines.