Help renting out some of my points

[LIDisneyFan]

Because of other vacations plans this year, I need to rent out some of my 2003 Feb use year points. Can someone guide me:
- are rental transactions generally final - no cancellations?
- do you take a deposit, or payment in full?
- do you take a cashiers/bank check - personal check?
- Do you make the ressie, send the confirmation to the renter, then get payment?
- Are there risks? What are they?

I've read the FAQ, but feel I'd like a bit of guidnace from some of the experts here.

Thanks.

 

[RobDoc]

As the renting member, you are in control of all the aspects of the rental. You can certainly find some common ground with your renter, but you need to establish policies you will be comfortable with and that the renter will feel similarly.

Cancellations do happen- you will need to have a policy to address that issue. Some will hold that once the final payment has been made- the renter owns the reservation and the points. If they cancel after that time- you will assist with a new reservation or rental, but can't refund the payment. In many cases, you may already be within the 30 day holding account timeframe and don't want to assume the penalty.

The only risks for the member should be how the payments are made and whether the check clears or the credit card payment goes thru. The renters risks are whether the member will honor the agreements made regarding the reservation.

Some will ask for a deposit before sending the confirmation letter in the renter's name- followed by payment in full 60 days before.

I'm aware of one member who made a reservation in the renters name for an arrival within a week and never received payment and never cancelled the reservation- so the renter used the reservation without paying. All of these issues were within the full control of the member.

If you are making a reservation within 30 days for a renter- be aware that if you don't receive payment- the cancelled points go into a holding account- devalueing the worth of your points. I'd sure want full payment prior to even making the reservation.

Just make sure your policies are fair to yourself and then ask yourself if they are also fair to the renter. If the answer to both questions is "Yes", then you have created policies which should work well for everyone.

Good Luck!

 

[LIDisneyFan]

Doc,

Thanks for the comprehensive and quick reply (how did you type that fast!!)

 

[Dumbo]

>>I need to rent out some of my 2003 Feb use year points.<<

On Feb. 1, 2003 just call MS and bank the points into 2004. You will then have from Feb. 1, 2004 until Jan 31, 2005 to use those points.


Dumbo

 

[LIDisneyFan]

Thanks for the advice, but I'm actually looking to rent the points to defray the cost of my cruise!