Considering Renting from a DVC Member?

[DVC Mike]

How is it common sense to ask for references when it is very unlikely for the person renting them to have any? Most of us do not have a bazillion points like you so we have very little need to rent.

I have never rented my points.

That is correct. Since the majority of owners probably do not rent often or at all they get to lose money because someone read this thread and are asking for references. That is quite self-serving for the minority of owners who rent their points out regularly.

I hope you don't believe my post is self-serving, as I have never rented out my points and thus I'm in the same boat as you -- no references. I still think I'm giving good advice -- despite the fact that it's not helping me.

 

[DVC Mike]

The risk exists regardless of precautions and that risk is never diminished unless the buyer has some recourse after the transaction.

Therefore don't bother taking any precautions?

Its about managing risk, not getting rid of it. There are things that can be done to manage the renter's risk. One is getting references - it isn't foolproof. But none of the ways to manage risk are foolproof. However, taking some steps to manage risk are better than taking no steps.

Exactly!

 

[DVC Mike]

Risk can only be managed by having a system of recourse. I'd rather have a copy of a driver's license than an unverified reference. At least then I could sue.

That is listed in an other precaution in my post.

Get the owner's full name, home address and home phone number before sending any payment. To the extent possible, confirm that the information is valid.

 

[TinkHappy]

Great information. I have rented points in the past. Some experiences have been great, some have been not so great.

 

[bewell]

I really want to rent points from someone and probably will. with due dilligence and a little luck we will have a great vacation.
how do i find the rental threads??
Thanks

 

[Chuck S]

I really want to rent points from someone and probably will. with due dilligence and a little luck we will have a great vacation.
how do i find the rental threads??
Thanks

They are located on the DVC Rent/Trade Board.

Be sure to read all the sticky threads before posting.

 

[cam_beckyj]

Yes, a newbie here, trying to get the most info prior to buying into DVC. We are trying to make the best decision of how many points we need to accomplish our wants for vacationing, while at the same time working it into our budget with which we have to live by. I'm getting lots of great info, so I thank you!

The question I have is what is the usual success people have for renting out their points? So I have to establish a "face" here in DIS and get some experience under my belt without coming across as a commercial renter. If I can accomplish this, how successful should I expect to be? Just trying to figure out if this is an option to "fill in the gap" every 3 years or so.

Thanks so much for your great input here!!

 

[ebird08]

So glad I came across this post! I have just entered into a contract with a DVCer and am feeling a little better about it now. I have verified her information and membership in DVC. Now, trying to decide between sending a check for payment and using PayPal. I want to avoid paying the 3% transaction fee (PayPal) but not sure if it's worth it. Suggestions?

 

[js]

So glad I came across this post! I have just entered into a contract with a DVCer and am feeling a little better about it now. I have verified her information and membership in DVC. Now, trying to decide between sending a check for payment and using PayPal. I want to avoid paying the 3% transaction fee (PayPal) but not sure if it's worth it. Suggestions?

I may begin renting my points and was going to open a seperate checking account today so I can open up a PayPal account.
Are you telling me that when the renter uses PayPal to pay for the points, they are charged 3% of the total cost and that 3% is given to PayPal?
I wasn't aware of this.
I thought I would request PayPal or check, whatever the renter wanted.
I rented and was told I could just send a check.
When I rented I was told 50% when I receive the confirmation in the mail and 50% a couple of months before my travel date.
I've read the draft contract on the disboards where it is not 50%. What was your experience?
Thank you.

 

[Deb & Bill]

I may begin renting my points and was going to open a seperate checking account today so I can open up a PayPal account.
Are you telling me that when the renter uses PayPal to pay for the points, they are charged 3% of the total cost and that 3% is given to PayPal?
I wasn't aware of this.
I thought I would request PayPal or check, whatever the renter wanted.
I rented and was told I could just send a check.
When I rented I was told 50% when I receive the confirmation in the mail and 50% a couple of months before my travel date.
I've read the draft contract on the disboards where it is not 50%. What was your experience?
Thank you.

Paypal is not your friend. Lots of people have reported problems with Paypal. You'd probably be better off accepting a cashier's check or personal check with enough time to verify that it was good.

 

[ebird08]

I may begin renting my points and was going to open a seperate checking account today so I can open up a PayPal account.
Are you telling me that when the renter uses PayPal to pay for the points, they are charged 3% of the total cost and that 3% is given to PayPal?
I wasn't aware of this.
I thought I would request PayPal or check, whatever the renter wanted.
I rented and was told I could just send a check.
When I rented I was told 50% when I receive the confirmation in the mail and 50% a couple of months before my travel date.
I've read the draft contract on the disboards where it is not 50%. What was your experience?
Thank you.

The DVCer I am renting from has told me that PayPal will charge a $1.00 transaction fee plus 3.25% of the total. I have not verified this but I doubt she's making it up. I think I will have a cahier's check done for the $200 deposit and then pay the rest with PayPal. The 3.25% is significant but, I feel there is more of a sense of security with Paypal. I think...

 

[Sammie]

PayPal is a convenience not a security feature. Renting is a private arranagement, if something should go wrong, PayPal will not intervene.

 

[robinb]

I may begin renting my points and was going to open a seperate checking account today so I can open up a PayPal account.
Are you telling me that when the renter uses PayPal to pay for the points, they are charged 3% of the total cost and that 3% is given to PayPal?
I wasn't aware of this.

Paypal charges a transaction fee plus a percentage (I thought it was $0.30 plus 2.9%) to accept money into a "business" account. These fees are charged for every transaction no matter where the money comes from. There is no fee to accept money from a bank account or make a Paypal transfer into a "personal" account. However a personal account has a cap on how much you may withdraw per month (I think it's $500) and someone still needs to pay the transaction and percentage fee to PayPal if the person making the transfer uses a credit or debit card.

I thought I would request PayPal or check, whatever the renter wanted.
I rented and was told I could just send a check.

It's up to you. You can accept Paypal, but if want to take a credit or debit card someone needs to pay PayPal's fees . In any case, if you have a personal account you will have to wait 2-3 months to receive all your money from PayPal.

When I rented I was told 50% when I receive the confirmation in the mail and 50% a couple of months before my travel date.
I've read the draft contract on the disboards where it is not 50%. What was your experience?

Every contract is different. Some people accept 50% on an initial payment but some people accept less and some require full payment.

 

[Ivette1980]

Good write up. I have rented points two times and was very happy with the outcome. It does take a lot of trust though.

If you don't mind me asking and if the info can be shared, who did you rent from. Did you rent from the same person twice? How was the process of renting?

I am so conflicted between direct vs renting. aahh.