NEED HELP:I am going to rent points but have some IMPORTANT questions

[Megsmachine]

I am going to rent some points from a DVC memeber. He asked that 50% be paid when ressies are made and then 50% when I get the confirmation letter from Disney. Does this sound ok? This is how he did the agreement with the last person he rented to. SHould I ask if I can pay the last 50% 3 months before?

Thanks!
Megan

 

[El&Asmom]

I'm pretty sure that is typical. If you were to cancel even 3 months prior to the reservation, it may be difficult for an owner to use or rent those points on a short term basis if the points were set to expire.

I plan on renting a few points here, and will have the same policy.

Good luck.

 

[goldenears]

We have rented points in the past and I believe we asked for the following:
10% at time reservation is made
40% upon receipt of confirmation letter
50% 3 months prior to check in date
I don't think what the renter is asking for is unreasonable.

 

[Dean]

I am going to rent some points from a DVC memeber. He asked that 50% be paid when ressies are made and then 50% when I get the confirmation letter from Disney. Does this sound ok? This is how he did the agreement with the last person he rented to. SHould I ask if I can pay the last 50% 3 months before?

Thanks!
Megan

I think it's within what most people do. When I rent my usual terms are 25% up front and the remainder at 120 days out all nonrefundable.

 

[castleri]

My most recent rental was made for the Mardi Gras time frame 2009 (11 months out) and I asked for and got payment in full when the renter got the written confirmation. I did not ask for any deposit up front before making it, since I had plenty of time to cancel if payment was not made . There are as many ways to set up rental payments as there are people doing them so I would say the person is reasonable and if the terms are not what you would like try to find another member with ones you do like. I only rent out points when I know I will not need them for WDW and do need the cash for MFs, or for some other trip such as a the Alaskan cruise shore excursions we just did.
When i need the money determines how long I am willing to wait for final payment. If there is time I have asked for a deposit when the renter gets the confirmation and then payment at 4 months out from arrival date.

 

[browniemtb]

This sound OK......there are going to be differences between owners and their rental agreements. We too get 50% down at time of reservation and 50% 90 days out....but the last part depends on where our banking deadline falls or UY end.

 

[Chuck S]

It certainly wouldn't hurt to ask the owner you are renting from if you could pay the 50% at the 3 month mark, or maybe even 25% upon confirmation and 25% at 3 months. All of these agreements are negotiable, but need to be clarified and firm BEFORE a reservation is made.

As all banking now has to be completed before the last 4 months of our use years, if the reservation was for near the end of a use year, I would want full payment at least 30 days before the close of my banking window so I would not be out $$ and points if a renter were to cancel the reservation, or renege on the final payment.

 

[JodyTG]

A lot of DVC members rent their points to take a Disney Cruise. Receiving 50% when the reservation is made and the remaining 50% when the confirmation is received by the renter allows them to pay for their cruise without stressing about meeting the payment deadline for booking Palo or the nursery for babies.

This type of rental is what I was trying to do years ago but it just became too much of a pain to have to keep explaining my payment terms and having people argue with me that "nobody does it that way". We ended up just using our points for the cruise instead of renting them out.

 

[bunkkinsmom]

I just rented ressies for the first time for an OKW Grand Villa, and 50% down and 50% with confirmation was exactly the terms I had.

I will let you know in January if it was worth it!!

 

[JimMIA]

Your payment schedule is certainly not out of line with what most people do. Like everything else with a rental, the details are subject to negotiation between you and the DVC owner you are renting from.

As Chuck points out above, there are a lot of nuances to renting points, and none of us could really evaluate a particular transaction without knowing the owner's account inside out. There are just too many variables. There is no general answer to what a reasonable payment schedule would be, because every individual rental (even in the same account) has a different fact pattern.

 

[disneyfan2kids]

I rented twice in the past (have since become an owner as a result !)

Anyway, both times it was from a complete stranger, but something about our conversations made me trust him. Thus, I went with his terms of 100% paid immediately upon receiving written confirmation. Luckily - my intuition was right and everything was on the level!

Renting is risky (which is one reason I ended up buying!)... go with your gut!

 

[kimberh]

Just remember that their have been posts that people have not been able to fine anyone to rent to them. There seems to be more people needing a reservation than DVC owners willing to rent and fill the reservations. If you have talked with him and he seems to be honest, then go with it. I always tell people to check references. Have he rented in the past?

 

[denegate]

When is the confirmation letter expected? I have also rented points and am curious as to when I will receive the confirmation letter and make my final payment.

 

[JimMIA]

When is the confirmation letter expected? I have also rented points and am curious as to when I will receive the confirmation letter and make my final payment.

That's hard to say. We usually receive ours in about two weeks, but I think 3-4 weeks is not uncommon. The owner you rent from has no control over when the confirmation letter is sent out.

 

[Dawn68PA]

I am renting for the first time and payment in full was due 30 days after I received my confirmation letter. He did not require money down. He is a long time poster on the DIS and I have faith that everything is fine.

 

[gatorfreud]

I also agree that you should speak on the phone. We ended up paying in full when the reservation was made (I had originally asked for fewer points, and then asked for more to upgrade to a 1 bedroom just before she called, and luckily she had the points available). I didn't have any problem with it, as she seemed as nervous as I was about the transaction working out! She called me with the confirmation #, and then I received the real confirmation about 2 weeks later. I think speaking by phone is key... most people are honest I believe, but it is a little harder to lie on the phone.

I think your terms are very reasonable. Have a great stay! We are heading for our DVC ressie at SSR in just 4 days! YEAH!!!!

kim