Incredibly clueless about renting out points

[Fargoman2]

I'm sorry to be so dim-witted on this issue, but I really have no clue about how to SAFELY rent out points to someone, or even if I should.

In a nutshell, I will have approximately * points that I must use during my next use year .But I have no interest in using them. We are sort of on a vacation-bank-vacation-bank rotation with our points and we had already banked those points.

I have no earthly idea how to even explore renting out these points--or if anyone would have any desire for that few points. I am ultra paranoid about getting ripped off. My notion is just to go ahead and "eat" the points to save all the hassle.

I'm sure I get today's prize for being so dumb--if you have an IDIOT'S guide to renting points, please let me know. I've tried to read the basic info threads but find myself quickly overwhelmed.

Thanks, in advance, for humoring me.

 

[MrShiny]

I suggest giving it a try. First read the stickies on the rent board. Post your points in accord with the guidelines - don't forget to mention home resort, how much you want (I'd suggest $10), and when they expire. Keep in mind you can only book a reservation with these, you can't transfer.

Although there is mention of half up front and half when the res is made, I've always done the full amount (both as a renter and a rentee).

Keep in mind if they want the dining plan you'll have to do a 3 way call as you now have to pay for the plan at the time it is added (but you can always add after booking).

I generally try to do a 3 way call if possible - I think it puts the rentrer at ease. You might want to keep them on hold if you can while you are giving your membership number and last 4 of your ssn.

Make some kind of contract - it need not be fancy. Just dsomething stating that they agree to pay so much and you agree to make the reservation in return. Most importantly mention that they are solely responsible for any charges they make against the room and for any damages that Disney deems them responsible for.

Give it a try! It's easier than you think! And with only a few points like that, there is much less risk.

Good luck!

 

[cseca]

As MrShiny says, read the stickies for a comprehensive what to do or what not to do.
To reduce your risk I think the best way is to transfer points to another member (remember you can only do 1 transfer per use year. So either 1 transfer out OR 1 transfer in).

Especially after reading another thread on this board regarding a renter not paying his/her bill during their stay and the member having to be responsible for it.

Good luck and always always always trust your instincts!!!

 

[cosmocat]

Thanks for the info. I have read the info posted but am still a bit nervous. You make it sound easier. I have over 500 points to rent out next year.

 

[disneynutz]

Here is another thread about a rental problem: http://www.disboards.com/showthread.php?t=2574086

Bill

 

[cseca]

Thanks for the info. I have read the info posted but am still a bit nervous. You make it sound easier. I have over 500 points to rent out next year.

500 is quite sizable. It's going to be harder to find someone who wants to transfer that many points at once.

Another thought, is there anybody you know that might be interested in renting?

In DH's office there's a board where people could post FOR RENT or FOR SALE signs. Maybe something like that would help you ease in to rental?

Oh and use written contract. Don't forget.

 

[Sammie]

Specifics for rentals can not be posted in this forum. I am sure a moderator will be along to remove your info.

 

[TiaMaria]

Specifics for rentals can not be posted in this forum. I am sure a moderator will be along to remove your info.

Too late, I'm sure. Already went around the rules and the info is out there.

 

[mattkev2001]

Also, to rent points you have to have made at least 50 posts on this site.

 

[westcoastsunshine]

I have always been lucky renting out but now getting a little
scared after reading some of these posts. Transerring points
to another member is still the safest way to go.

 

[Corwin]

You might consider renting your points out through David's Vacation Club Rentals. He's a sponsor of this site, and would be a great resource for someone overwhelmed at trying to figure out how to safely rent points out.

 

[sters]

If you're willing to eat your points, maybe you can donate them to an organization like Make a Wish. Don't know exactly how you'd go about doing that, but it's just a suggestion and it could be the highlight of some one's life.

 

[dbs1228]

I read on the boards someone who did donate a 7 night stay and was able to deduct the donation from taxes and not at 10.00 per point but the deduction was based on the rack rate of the resort for the 7 nights, just a thought. Otherwise you could try David's and ease your mind a bit. I would immediatly put feelers out to friends, coworkers and family word of mouth is huge! Good luck

 

[hollis]

I rented out points many times and never had a problem (even though I've read other scares). Give it a try.

 

[CarolAnnC]

I read on the boards someone who did donate a 7 night stay and was able to deduct the donation from taxes and not at 10.00 per point but the deduction was based on the rack rate of the resort for the 7 nights, just a thought. Otherwise you could try David's and ease your mind a bit. I would immediatly put feelers out to friends, coworkers and family word of mouth is huge! Good luck

The IRS prohibits deducting any value of a timeshare donation, unless the entire membership (contract) is being donated, not just a portion or number of days.

Everyone should consult their own tax advisor for opinions, but this is definitely IRS ruling.

 

[JimMIA]

I read on the boards someone who did donate a 7 night stay and was able to deduct the donation from taxes and not at 10.00 per point but the deduction was based on the rack rate of the resort for the 7 nights, just a thought. Otherwise you could try David's and ease your mind a bit. I would immediatly put feelers out to friends, coworkers and family word of mouth is huge! Good luck

I agree with Carol. From everything I've heard, donations of timeshare reservations are NOT deductible and it would seem that trying to claim them would be an engraved invitation to an audit. I'd sure check carefully with a tax professional before I tried to claim a deduction.

That said, you can certainly make a donation that might be very helpful. A charity we were associated with did a 10-day Hawaiian vacation with golf, rental car, flights, etc and raised over $25,000 via a raffle. I've also seen good sums raised with less elaborate prizes via silent auctions. So even if you can't deduct the value from your taxes, a worthy charity may benefit greatly.

For smaller numbers of excess points, you might consider "Give Kids the World" an Orlando charity that provides Disney vacations for kids with life-threatening medical conditions. They would not house the kids using your points -- most of these kids have special needs that require more of a medical facility, which is what GKTW offers. But they use points reservations for their many unpaid volunteers who devote countless hours to the kids. It's a nice reward for them for their service.

If I were going to lose points, I'd sure rather have them go to something worthwhile like Give Kids the World, or even a local charity that might benefit from a fundraising item.