Payments ???

[MHTeacher]

This may not be the right place to ask this question...if not, sorry. My question is this-When renting points from a member, what do most DVC owners do about payment options ? ( I realize that there is not one RIGHT way to to it) Recently when i had talked to someone about renting points, he requested full payment after the confirmation came. I just didn't feel comfortable about that, so we didn't go any farther.

What are any of your thoughts ?

 

[Deb & Bill]

Lots of members ask for full payment after the confirmation is made. Some will ask for 1/2 to make the reservation and then 1/2 at least 60 days ahead of the reservation start. It might depend on the amount, the location of the reservation and if the member has gotten burned before.

 

[disney-super-mom]

Also, if the reservation is for sometime in the next 30-90 days, the owner may ask for full payment once you receive the hard copy of the confirmation because of banking deadlines, and it doesn't give him much time to re-rent the reservation if you cancel.

 

[bpmorley]

I guess it would depend on how far away the reservation was. I've never rented points, but I may see myself doing it someday rather than lose them. I would definitely want full payment before the 30 day mark(maybe around the 45 to 60 day mark). This way there would be time to cancel if the renter didn't want to pay.

 

[brasey]

I have rented a few times since becoming a new owner to cover a DCL trip in 2008 and have varied the payment options. If it is off in the future say 6 months I asked for a deposit after the confirmation was rec. and then put in a contract the payoff date usually at least 2 months out. The sooner it was the more they would need to deposit and if within 60 days, payment in full to cover the prospect of them cancelling and getting stuck. The further out it is the less you really need up front as you have some time to cancel it if the renter backs out. The only thing it may affect is your banking options but if you are set in selling you can always get rid of them anyway, you just have to be more diligent. I have also varied it from paypal or personal check depending on the time frame. The closer it was I took paypal and the further out I was willing to wait for a check.

 

[MHTeacher]

Thanks for the answers. For the record, I was trying to make a reservation 5 months away (March). I didn't feel comfortable sending a full payment right now. I realize most people are honest, but a demand for full payment now just makes me a little nervous. Again, thanks for the responses.