Davids DVC: Rental reimbursement or rescheduling?

[rkstocke5609]

EVERYONE, DVC owner or not will be directly or indirectly impacted by this situation. While it isn’t good, lost points are just part of the risk of the vacation club / timeshare system we are owners of. I actually really feel sad for David’s and other rental brokers. This could potentially destroy these businesses and likely really hurt the rental market moving forward. Ultimately really diminish the value of DVC resales too. I am sure many bought in with the expectation of a vibrant rental market — if that is crippled, DVC resale values would likely fall as well..

 

[Sandisw]

They could extend our contracts for whatever amount of time they are closed down.I see this as much longer than 2-3 weeks probably more like 2-3 months.Say you own OKW or BWV and your contract ends 1/31/2042 they could extend it to say 3/31/2042 and make everyone happy.

Wouldn't that require all new deeds? I wasn't around when they extended the land lease for OKW, so not sure exactly what they entailed.

 

[heynowirv]

Wouldn't that require all new deeds? I wasn't around when they extended the land lease for OKW, so not sure exactly what they entailed.

I don't know it was just a thought.

 

[heynowirv]

EVERYONE, DVC owner or not will be directly or indirectly impacted by this situation. While it isn’t good, lost points are just part of the risk of the vacation club / timeshare system we are owners of. I actually really feel sad for David’s and other rental brokers. This could potentially destroy these businesses and likely really hurt the rental market moving forward. Ultimately really diminish the value of DVC resales too. I am sure many bought in with the expectation of a vibrant rental market — if that is crippled, DVC resale values would likely fall as well..

I can't speak for others but it was never our intent to rent when we bought DVC, we just had points we couldn't use and were running out of time to use.

 

[rkstocke5609]

I can't speak for others but it was never our intent to rent when we bought DVC, we just had points we couldn't use and were running out of time to use.

Sure, but you likely knew it was something you could do if you couldn’t use your points at some point. I’m just saying that resale buyers will know about all the people that got screwed out of their money because of the virus and renting points will be considered risky in the future — hence not a valuable part of owning points. I’ve heard of people that own twice as many points as they need that rent half of them to cover maintenance fees....

 

[CanAdianDad]

The contract is pretty clear. Unless there is negligence on the part of the member that causes you not to have a room when you arrive, there is no refund. You are encouraged to get insurance for you trip because there are no refunds in case something happens.

The member can choose to help if they can but they are not obligated to.

I would allow the renter to reschedule up to when the points expire. I have points rented out for the last week in April and the 1st week in may. The points expire on May 31st. Unless the renter can reschedule to use all before May 31st, they are out of luck.

That’s actually not true it actually states “including but not limited to negligence”

 

[Beachmom0317]

EVERYONE, DVC owner or not will be directly or indirectly impacted by this situation. While it isn’t good, lost points are just part of the risk of the vacation club / timeshare system we are owners of. I actually really feel sad for David’s and other rental brokers. This could potentially destroy these businesses and likely really hurt the rental market moving forward. Ultimately really diminish the value of DVC resales too. I am sure many bought in with the expectation of a vibrant rental market — if that is crippled, DVC resale values would likely fall as well..

I agree! I have a small contract at CCV and we aren’t going in 2020 so we rented out our points. Thankfully my only rental affected by the closures was a one night stay that I just happened to still have the money from, so I just refunded the renter. Points were no where near expiring. My two rentals for October and January: the money is looooong gone to other expenses, such as maintenance fee. I know in the future if we take a year off I will likely be banking points for 1 bedroom accommodations instead of a studio since this seems like such a headache for owners when it comes to expiring and banked points. I really feel for everyone. It’s tough all around.

 

[Marionnette]

EVERYONE, DVC owner or not will be directly or indirectly impacted by this situation. While it isn’t good, lost points are just part of the risk of the vacation club / timeshare system we are owners of. I actually really feel sad for David’s and other rental brokers. This could potentially destroy these businesses and likely really hurt the rental market moving forward. Ultimately really diminish the value of DVC resales too. I am sure many bought in with the expectation of a vibrant rental market — if that is crippled, DVC resale values would likely fall as well..

There’s a lot of truth in this statement. This could kill the rental market in a way that Disney never could. I know that I’m watching to see how each of the rental agencies treats their owners. I won’t deal with them in the future if I think that they’ve treated their owners unfairly now. I bought my contracts to use them for myself and my family. I do rent to people I know. But there has always been the option to list with an agency if I felt the need. I have used them in the past but will be reluctant to use them in the future.

 

[Cyberc1978]

There’s a lot of truth in this statement. This could kill the rental market in a way that Disney never could. I know that I’m watching to see how each of the rental agencies treats their owners. I won’t deal with them in the future if I think that they’ve treated their owners unfairly now. I bought my contracts to use them for myself and my family. I do rent to people I know. But there has always been the option to list with an agency if I felt the need. I have used them in the past but will be reluctant to use them in the future.

rental market might take a dip but when members rent to renter with or without a broker there is always a risk, most just don’t want to admit it. This situation is force majeure and everyone ends up as losers. Members with expiring points will lose if they refund renters. Renters will lose if members don’t refund them.

IMO this is why you always need a travelers insurance that covers everything. If you don’t get the insurance you knowingly take the risk even though the risk is not that big it is still there.

Going forward I foresee more people getting the insurance that covers everything.

 

[CarolMN]

They could extend our contracts for whatever amount of time they are closed down.I see this as much longer than 2-3 weeks probably more like 2-3 months.Say you own OKW or BWV and your contract ends 1/31/2042 they could extend it to say 3/31/2042 and make everyone happy.

Sincerely, how would that help? The lost points will still be lost. An extension will not change that at all, and I doubt that a short extension is not going to increase the value of those contracts at all for those who will be selling before expiration.

 

[Cyberc1978]

Sincerely, how would that help? The lost points will still be lost. An extension will not change that at all, and I doubt that a short extension is not going to increase the value of those contracts at all for those who will be selling before expiration.

I agree, also by extending contracts beyond the 1/31 will mean owners of a February use year will have points available for that UY. So that’s not gonna happen.

 

[Deb & Bill]

EVERYONE, DVC owner or not will be directly or indirectly impacted by this situation. While it isn’t good, lost points are just part of the risk of the vacation club / timeshare system we are owners of. I actually really feel sad for David’s and other rental brokers. This could potentially destroy these businesses and likely really hurt the rental market moving forward. Ultimately really diminish the value of DVC resales too. I am sure many bought in with the expectation of a vibrant rental market — if that is crippled, DVC resale values would likely fall as well..

When Hurricane Irma hit SW Florida in 2017, my timeshare on Marco Island refunded my annual fees in the form of a credit for the next year since our week vacation was scheduled during the time the resort was shut down. We had just moved to Marco Island and hadn't sold our week yet. So DVC could credit annual feels for 2021 if they wanted to make owners good for their loss if they had a reservation during that time and were unable to use the points. If they can bank or reschedule, they wouldn't get a fee credit. Now my one little 80 unit timeshare that lost seven weeks of guests might have had an easier time crediting their owners than DVC will with all their thousands of owners who couldn't use their points.

 

[starry_solo]

Is there actually travel insurance that covers everything?

 

[Lperd]

Most travel insurance policies don’t cover pandemics even if you get the cancel for any reason cover

 

[CarolynFH]

When Hurricane Irma hit SW Florida in 2017, my timeshare on Marco Island refunded my annual fees in the form of a credit for the next year since our week vacation was scheduled during the time the resort was shut down. We had just moved to Marco Island and hadn't sold our week yet. So DVC could credit annual feels for 2021 if they wanted to make owners good for their loss if they had a reservation during that time and were unable to use the points. If they can bank or reschedule, they wouldn't get a fee credit. Now my one little 80 unit timeshare that lost seven weeks of guests might have had an easier time crediting their owners than DVC will with all their thousands of owners who couldn't use their points.

That’s a very interesting thought! Hopefully someone at DVC will see your post and set that idea aside to be studied once all this is over.

 

[CarolMN]

That’s a very interesting thought! Hopefully someone at DVC will see your post and set that idea aside to be studied once all this is over.

Another interesting fact relating to hurricane IRMA that I read about on another board:

It's been reported that private vacation rentals in Florida which had to be cancelled due to weather have been taken to court and it was determined that the owner was not at fault since it was out of their control and it was on the renter to purchase travel insurance to protect themselves in a non-refundable private rental.

 

[CarolynFH]

Another interesting fact relating to hurricane IRMA that I read about on another board:

It's been reported that private vacation rentals in Florida which had to be cancelled due to weather have been taken to court and it was determined that the owner was not at fault since it was out of their control and it was on the renter to purchase travel insurance to protect themselves in a non-refundable private rental.

Good to know!

 

[heynowirv]

Sincerely, how would that help? The lost points will still be lost. An extension will not change that at all, and I doubt that a short extension is not going to increase the value of those contracts at all for those who will be selling before expiration.

Sincerely Carol,
My thought wasn't about increasing value for resale but more about more time to use points that may be left over. Probably not practical but a thought just the same.
Irv.

 

[heynowirv]

Another interesting fact relating to hurricane IRMA that I read about on another board:

It's been reported that private vacation rentals in Florida which had to be cancelled due to weather have been taken to court and it was determined that the owner was not at fault since it was out of their control and it was on the renter to purchase travel insurance to protect themselves in a non-refundable private rental.

Good to have something to compare it to.

 

[TheWheel]

Another interesting fact relating to hurricane IRMA that I read about on another board:

It's been reported that private vacation rentals in Florida which had to be cancelled due to weather have been taken to court and it was determined that the owner was not at fault since it was out of their control and it was on the renter to purchase travel insurance to protect themselves in a non-refundable private rental.

The difference here is that the owner (or owners agent) closed the resort not the renters decided / could not attend due to weather.