paying for rental points

[hollyk]

do any of you know if there is a way to make payments with someone when trying to rent points? we are interested in going but unfortunately don't have the up front funds to pay it all in full right now but really want to try one of the DVC preferably AKV we are looking for march 23-27th of 2008. any suggestions?

 

[Deb & Bill]

It's all up to the member making the reservation for you. Some do take Paypal, but a lot don't. You'll need to get that reservation pretty soon because I think you are looking at Easter time.

Most member will require full payment no later than 60-75 days from the beginning of your vacation. Some will require full payment to make the reservation. Some may allow you to pay a deposit and pay the rest later (60-75 days out). Very few will allow payments to past 31 days out. Because if you fail to pay, they can't just cancel the reservation without paying a penalty on using those points.

You can always rent directly through Disney and pay on their plans.

 

[hollyk]

well what we wanted to do was a downpayment then maybe make payments. we were using our tax refund to fund our trip and that wont come until the beg. of Feb.which we would then have paid in full so we obviously needed to reserve now, but needed to see if this would be even possible. The only reason I don't want to go through disney is I need to go cheaper. It's cheaper to rent points than rent through disney, if it doesn't work, then we will just need to stay at the all stars, we just were thinking it would be nice to do this just once. we are only looking into a studio anyhow.

 

[JimMIA]

Go to the DIS Rent/Trade board and read the "stickies" at the top of the forum. They will explain quite a bit about renting a DVC reservation.

The single most important fact you need to understand about renting a DVC reservation is that it is a private transaction between you and the owner. Disney is not involved, and neither is the DISboard. The transaction is whatever the two of you agree on, so most things are negotiable.

Another ramification of that private transaction concept is that the owner will have to make all of your DVC arrangements directly with Member Services (DDP, DME, room requests, etc.). You will not have the ability to talk to Member Services to confirm or change things.

You will need to do quite a bit of research, and you will have to spend some time developing a feeling of trust and comfort with the owner you rent from, but you should save some money.

Do your homework, and then come back here and ask questions.

 

[crisi]

If money is tight, I really would consider looking somewhere else. DVC rentals are a good way to save money, but cancellation with DVC is tricky. Depending on when you cancel, what the owners use year is, if the owner banked and borrowed points, a cancellation may result in a owner who CAN'T do anything for you (and some owners just won't, its a non-refundable transaction from the moment you send them a check - others will work with you if they can). If you can't afford to kiss the money goodbye, I would consider booking at a value for about the same money, or staying offsite - somewhere you can cancel.

Its possible money isn't tight for you and this is just a temporary cash flow thing - in which case, ignore this advice.

 

[dianeschlicht]

Just a warning, that you are talking about the week of Easter....The busiest WDW time, and thus the busiest rental time. Most of us who own at AKV have already made our reservations for that time period, and since it is a small number of units available yet, there will be less available there than some other places. We also have seens much higher prices for AKV than some of the other resorts on the rent trade board. You will have a lot of issues to iron out with a potential renting owner.
*First, you will likely need someone with AKV points.
*Then you will need to find someone who is willing to work with you on making payments. That is a difficult one, since many require payment before their points will be compromised.
*The hardest part will be finding available rooms of the size and catagory you are looking for. Many of those will likely already be taken up.

 

[hollyk]

Thank you for all your help and advice. As I have been doing reserach and asking questions, that is what made me really want to see if this was a possibility for our family. We actually were not picky to which resort, we knew we only needed a studio and it be inexpensive as possible, and what we found was AKV and OKW were the cheapest for us (around 75-85 points). but from the sounds of it, we might not be able to work out payments with anyone, as much I know I wouldn't cancel out on something we invest in, I do understand the risk someone else who doesn't know us would be taking. Money is not overflowing in our family and we were trying to make a different trip for the kids but understanding it from an owners standpoint, if I can't pay most up front now, I am thinking we will just have to move on and hope someday it will work out for us.
I know it was easter week and that is one reason we were trying to figure this out now so we could work on a reservation if we needed to. thanks for the help

 

[crisi]

..., as much I know I wouldn't cancel out on something we invest in, I do understand the risk someone else who doesn't know us would be taking...

I'm really not concerned about their risk, they aren't asking for advice (though my advice to them would be make sure they had all their money 90 days out). I'm more concerned about you. For our first ever DVC trip the day before we left my daughter slipped and she ended up going to the hospital in an ambulance after passing out. An MRI later, we had a "mild concussion" and were cleared to travel, but we really thought we'd wouldn't be able to catch that plane. You think you won't need to cancel, but "stuff happens." If someone breaks a leg or has a heart attack or catches the flu, it would be a shame not to get any money back.

 

[CapeCodFam]

Owners who accept paypal might be of help. This way, you can pay with a credit card and make payments on the card. However, the room is a small portion. If you intend to fly to WDW,you'll need to book airfare asap too. Holiday weeks tend to be very expensive for flying. I.e. They know they can charge extra and still fill their flights.

Having said all that, the all-stars are great too! we've stayed at them many times and CRO allows to pay for one night and then the rest is due just prior to the trip. That's an option if the rental doesn't come to fruition.

 

[angiepangie8]

I am not an owner of DVC property and was really hoping to use Paypal as my payment method to rent at a DVC property. Should I be concerned that the owner I am dealing with refuses to take Paypal payments? I do plan on checking this person's reference. Does anyone know where I can find out if this person is a legitimate owner at DVC?

Thank you, Angie

 

[Plutofan]

I am not an owner of DVC property and was really hoping to use Paypal as my payment method to rent at a DVC property. Should I be concerned that the owner I am dealing with refuses to take Paypal payments? I do plan on checking this person's reference. Does anyone know where I can find out if this person is a legitimate owner at DVC?

Thank you, Angie

Some DVC members do not accept paypal because of the fees. References are good but remember that a person will only give you positive references and it is very difficult to tell if these references are not a related party. Be sure to ask a lot of questions to make sure that the DVC owner knows what they are doing. Make sure you are able to stay in contact with them since they are the only ones that can change your reservation or add magical express and dining plan. I personally would not pay a DVC member until I received the orginal Disney confirmation. I would also recommend that part of the payment not be due until closer to the travel date so that both parties have an incentive to keep the other party happy. I have seen most DVC members ask for a deposit unpon receiving the confirmation and the remaining part due 60 days before your travel date. I would also recommend that the DVC member and renter use a contract so that everyone konows the terms. You can check out the deed of the member by going to the county website and typing in their name. If they are registered with Florida to pay the use tax you can request a copy of their use certificate which they must provide to you. Remember everything is based upon trust so both parties need to trust each other. The DVC member should treat you as a customer and keep you feeling comfortable through out the process.

 

[castleri]

I am not an owner of DVC property and was really hoping to use Paypal as my payment method to rent at a DVC property. Should I be concerned that the owner I am dealing with refuses to take Paypal payments? I do plan on checking this person's reference. Does anyone know where I can find out if this person is a legitimate owner at DVC?

Thank you, Angie

One reason an owner may not take paypal is that there could be a service charge involved which then lowers the total amount they realize. It is really not a reflection of whether they can be trusted or not but if you have any feelings that things aren't quite right look for another person to rent from. If you have the name you can check on the Orange County website but I don't remember the specifics. Maybe someone else can help. That will still not guarantee that you have a valid rental because they could cancel right up until the time you check in. Hopefully you can get references from someone who has rented from them before. Good luck - you need to be careful and feel really comfortable with the person you are renting from.

 

[salmoneous]

Should I be concerned that the owner I am dealing with refuses to take Paypal payments?

I don't rent, but if I did, I certainly wouldn't take Paypal:

1) Hassle to set up
2) Fees
3) Risk of renter filing a claim with Paypal and trying to reverse the charges.

I honestly don't think Paypal acceptance tells you anything about the sellers trustworthiness. Personally, I'd want a listed address and phone number - preferable a listed work number as well.

 

[angiepangie8]

I guess it's all about preferances. The first person we were working with made had a great payment plan: only $100 now and half the amount left in January and the other half 30 days before our trip. Unfortunately I think she was using Contracter Points to book our trip at 10mos out and found she was only allowed to book at 6 mos out.

We found someone who takes PayPal and will take half now and half later. My mom who is going with us on our trip is paying the first half now and we will pay the next half 60 days before our trip in April 2008.

Careful though we are now contemplating owning at AKV ourselves now.If you have the money to get started it's not so bad then at least you are forced to save year round for your vacations

AKV here we come!

 

[DisDaydreamer]

I don't rent, but if I did, I certainly wouldn't take Paypal:

1) Hassle to set up
2) Fees
3) Risk of renter filing a claim with Paypal and trying to reverse the charges.

I honestly don't think Paypal acceptance tells you anything about the sellers trustworthiness. Personally, I'd want a listed address and phone number - preferable a listed work number as well.

I have never rented either, but personally, I feel Paypal is a reasonable method of payment. I have used it to make and receive payments hundreds of times over years. There is a bit of up front setup hassle, but this is attributable to their authentication/verification process.

A very important thing for me is that Paypal does a good job of verifying that you are who you say you are and that you have control of the bank account or credit card that is linked to your paypal account.

Just as important for me, you have a 3rd party handling the transaction, and an independent audit trail of the transaction and transfer of funds is created.

For me, unless the rentor accepts credit cards directly, I would insist on Paypal or some other 3rd party payment service.

Certainly, there is a way to be scammed in almost any scenario, but Paypal reduces the chances greatly. IMHO

 

[sharond150]

I am a DVC owner who has rented and transferred points and here is my response to some of what I skimmed from this thread:
1. There is no policy as to whether or not you "can" make payments. You are renting from an individual person and it's entirely up to them. I, personally, would not accept anything other than a 50 percent deposit and then the balance one month later. The renter making the early reservation has to put the money up earlier this way than if they paid Disney or a travel agent but they are renting a beautiful resort at a fraction of the cost compared to paying Disney for it directly.
2. Once the reservation is made, the points are gone from the owners account. There's no reason for them to not have the points nor the money. Not many renters would be willing to finance your reservation over a period of time.
3. As for PayPal, I accept PayPal as long as the renter pays the 2.9 percent PayPal fee on top of the points fee. PayPal is a convenience to them and the points owner shouldn't lose 3 percent on the transaction.
4. This may sound restrictive or selective but the DVC owners have invested a lot of money into DVC and pay monthly dues for the right to be DVC owners. Having some extra points to rent out greatly benefits non-DVC owners since Disney charges such a high fee to those folks who pay cash directly to them.
5. As for point fees, the lower costs are for "distressed" points that need to be used right away. While it might seem appealing, the chance of getting a reservation is very slim. DVC has become so popular, even at the 7month window, during even non-popular time, I have found there to be no availability.
6. Points that can be used far enough out to have a decent chance of actually finiding availability are running about $11-12 per point.

I hope this info helps!

 

[DisDaydreamer]

I am a DVC owner who has rented and transferred points and here is my response to some of what I skimmed from this thread:
1. There is no policy as to whether or not you "can" make payments. You are renting from an individual person and it's entirely up to them. I, personally, would not accept anything other than a 50 percent deposit and then the balance one month later. The renter making the early reservation has to put the money up earlier this way than if they paid Disney or a travel agent but they are renting a beautiful resort at a fraction of the cost compared to paying Disney for it directly.
2. Once the reservation is made, the points are gone from the owners account. There's no reason for them to not have the points nor the money. Not many renters would be willing to finance your reservation over a period of time.
3. As for PayPal, I accept PayPal as long as the renter pays the 2.9 percent PayPal fee on top of the points fee. PayPal is a convenience to them and the points owner shouldn't lose 3 percent on the transaction.
4. This may sound restrictive or selective but the DVC owners have invested a lot of money into DVC and pay monthly dues for the right to be DVC owners. Having some extra points to rent out greatly benefits non-DVC owners since Disney charges such a high fee to those folks who pay cash directly to them.
5. As for point fees, the lower costs are for "distressed" points that need to be used right away. While it might seem appealing, the chance of getting a reservation is very slim. DVC has become so popular, even at the 7month window, during even non-popular time, I have found there to be no availability.
6. Points that can be used far enough out to have a decent chance of actually finiding availability are running about $11-12 per point.

I hope this info helps!

Sharon... you are right-on spot....

 

[sharond150]

Thanks, Rob!

I just happened to check out the 2008 room rates at MouseSavers!!!! The price increases were astronomical for some time periods, even for Value Resorts. THat is going to make the DVC even more appealing to renters.

 

[DisDaydreamer]

Thanks, Rob!

I just happened to check out the 2008 room rates at MouseSavers!!!! The price increases were astronomical for some time periods, even for Value Resorts. THat is going to make the DVC even more appealing to renters.

Well... hell... I hope you are right about the values of our properties, but all things considered,.. resales are not doing too well right now. Actually, my stocks are not doing too well right now either... Hoping things turn around