Cancellation policy -- please explain

[Mainebound]

Hi all,

I just read the FAQ and it looks like a renter of a DCV member's points can cancel 30 or more days out without penalty (?). What exactly happens if a renter had to cancel within 30 days? [the context of this question is that I am trying to convince my family to rent DVC for our trip next year, but they usually travel with packages and trip insurance and they are worried about losing thousands of dollars.]

I appreciate the info.


--Mainebound

 

[InstImpres]

You can purchase travel insurance if you are very concerned. Many DVC members make their policy 60 days (this accounts for the rentee to play phone tag with them, weekend when nothing can be changed, etc.) for cancellations and allow only for reschedule not completeing canceling.

Within the 30 days, the points go into holding - that means a reservation can only be booked that will occur in the next 60 days. It obviously limits your options much more. The reason for the non-cancellable rescheduling only, is the member has deadlines to follow with the points and therefor may have lost another potential renter by renting you the points. Each renter is able to set there own rules, so just find something you can work with.

Good luck
Sandy

 

[jel0511]

Again that is up the individual renter of points, but most renters will make you pay your final payment 60 days before the ressie starts and at that point make it non-refundable, some will go as far as to state in their contracts that as soon as monies are paid they are non-refundable. You could get outside trip insurance to cover your expenses, so you wouldn't have a problem if you needed to cancel. As stated before, if there is a cancelation close to the date of the trip, the renter is in a bind, trying to find another renter and might either be out the points or sell them for less to try to recoup some of their loss. If I were to rent out points, I'd definetely use these guidelines.

 

[PamOKW]

The lack of last minute flexibility is one of the things to consider when renting points. You are dealing with individual owners who have to work within their own DVC guidelines. A member can generally cancel at 31 days out with little penalty. However, if they are at the end of their Use Year, a cancellation even 60 days out presents a problem. For example, I have an April Use Year and I rent you points for a March trip. You tell me in February you want to cancel. The points you rented have to be used only at a DVC resort before March 31. I would either have to take your exact trip or rent it to someone, hope there might be something available in Feb or March, or totally lose those points. I wouldn't have any flexibility to help you out. If I was a member with a December Use Year, this scenario would be no problem. However, a problem with an October or November trip would leave me in the same bind.

 

[Mainebound]

Thank you all very much for your clear and helpful replies.

It's obvious that most DVC owners who rent points have sensible cancellation policies given the restrictions they themselves face. I hadn't considered the possibility of renting "outside" trip insurance, but I will look into it.

Thanks again!

--Mainebound

 

[Dean]

I believe that most people who rent their points do so non refundable but will allow you to rebook with the same points.