How do I rent or borrow points? (newbie question)

[pal6860]

Hello.

I'm glad I found this great board! I have decided to BUY!!!!! But I found a deal through resale that I like except that it has a little bit too many points (if that's even possible)! My questions are logistically how do you move the points around, and logistically how do you move the money around?

So before I buy, I'd like to know how easy is it to rent out 30 or even 200 points out to another member? How does the process work? Is it easy? Can I sell in blocks or do I have to sell my points "all or none"? Can I just transfer my points, or do I have to make the actual reservation for the buyer (kind of scary cuz I tie up my points, and if the buyer backs out, and I can't use or bank the points last minute, then I lose points AND money). What role does DVC take in all of this point swapping?

Finally, how does the money actually change hands? Is trust an issue?

Thank you very much. I plan on buying in next couple of days!!!!!!!!!!!

 

[tinkgrl]

Originally posted by pal6860
Hello.

I'm glad I found this great board! I have decided to BUY!!!!! But I found a deal through resale that I like except that it has a little bit too many points (if that's even possible)! My questions are logistically how do you move the points around, and logistically how do you move the money around?

So before I buy, I'd like to know how easy is it to rent out 30 or even 200 points out to another member? How does the process work? Is it easy? Can I sell in blocks or do I have to sell my points "all or none"? Can I just transfer my points, or do I have to make the actual reservation for the buyer (kind of scary cuz I tie up my points, and if the buyer backs out, and I can't use or bank the points last minute, then I lose points AND money). What role does DVC take in all of this point swapping?

Finally, how does the money actually change hands? Is trust an issue?



Thank you very much. I plan on buying in next couple of days!!!!!!!!!!!

Hi,

I can help with a few of your questions:

1. You can rent out your points on our rent/trade board. You post how many points you have available to rent, home resort & how much you'd like per point. People will respond member or not.

If it's another member you can transfer your points to them as long as they are not banked ot burrowed I think. If you are transferring points payment is due before the transfer is done.

If it's not a member you check availabilty for them and see if what they'd like is available. Then you can continue from there. A downpayment is up to you. Some people want anywhere from 10% to 50% down. The rest is usually due 60 days pior to reservation date. Some people have a simple contract just so its on paper. How you want the payment (check, money order) is up to you.

2. You can only sell an entire contract.

3. Burrowing points is done when making reservations & the CAN NOT be put back!!! Banking is the same thing. Once you bank it is a done deal!!

Hope this helps! Good luck!!!

Allison an associate

 

[CarolMN]

Originally posted by pal6860
....(snip).......What role does DVC take in all of this point swapping?.............

None. You are on your own. MS/DVC will transfer points from your contract to another contract/member, but will not get involved in any other way. If there is a dispute, it's up to you to work it out with the other party.

MS will make a reservation and put it in the name of the party you give them, but again, will not get involved in any other way.

There is risk on both sides of the equation.

In the documents that you sign at purchase (or that the original purchaser signed and by which you would be bound if you bought a resale), it is stated that there is no guarantee that you will be able to rent your points. It is also stated that you will be competing with Disney for customers.

All that said, many here do rent out points and report successful transactions. It does take some work, though.

Best wishes.

P.S. I don't rent my points - can't quite figure out how anyone ever has "extra!"

 

[Cruelladeville]

Renting points is easy on the rent/trade board. I have done it several times, and if I had had 1000 points, I think I probably could have rented them all!

I put in my ad what I expect: "$10 pp firm" and when they tell me what they are looking for, I always email them back that if I make the ressie, I expect $100 paid into my PayPal account within 3 days. If I don't get the $, the ressie is cancelled. I only rent to those who want ressies at least 2 months ahead of time, so I don't end up with points in a holding account. The balance is due 45 days before arrival. This is a huge trust issue, and you learn quickly what not to do. For example, I never transfer points unless I am paid for those points in advance, because once you transfer the points, they aren't yours anymore. After you rent a few times, people will email you asking for points, and you won't even have to advertise, especially if you are honest in your dealings.