Penalty for Renter in the 60 days?

[MOM POPPINS]

What would your penalty be for a renter in the 60 day window? I know it is common to be a problem in the 30 day window but what about less than 60 days out from the time of the reservation?

 

[Slakk]

What would your penalty be for a renter in the 60 day window? I know it is common to be a problem in the 30 day window but what about less than 60 days out from the time of the reservation?

I am not sure of the question, if you mean cancelling your reservation that would be between the renter and the owner. Some owners will allow for refunds others won't.

The difficulty is that depending on the use year if the renter cancels the owner may br passed their banking window and would be left with distressed points that may or may not be able to be used.

This is why a contract should be done so everyone knows what the ramifications are.

 

[RobDoc]

That should probably depend on when the points would expire. If they would expire in 60 days, it would significantly affect the ability of the member to rent them again.

Many members will have a non-refundable policy after a certain point where the renter "owns" the reservation. The dates could be changed for the renter based on availability or the member might agree to change names if the renter can find another person to rent the same reservation.

I would certainly suggest limiting any refund less than 90 days ahead and even then consider a non-refundable deposit to cover the expense/aggravation of the rental process. Part of the benefit of the lower expense of renting from a member is the loss of flexibility regarding cancellation policy. This should all be spelled out in a contract so there is no misunderstanding.

 

[kimberh]

As Slakk said, the owner may have their hands tied up. This is why you have to be very sure of your plans when you rent from a owner. What has the owner said?

 

[doubletrouble_vb]

Are you the owner or the tenant? If you rented and you have a problem then that should have been part of the original agreement you made. If you are an owner then its a matter of what kind of risk you want to take.

For myself I would tell the tenant that the reservation is non-refundable inside of sixty days. That's because I'd have to be able to use it or rent it.

 

[Deb & Bill]

You'd need to look at your chance of using the points as they are, banking them or re-renting the reservation. If they were borrowed or banked from last year, they are going to have to be used during the current year. If you don't have much of an opportunity to make a reservation that you can use (the reservation is for Oct, Nov or Dec and you are not going to be able to get another for a time you can use).

I'm with the others who say too bad for the renter and unless they can find a renter for the reservation, they are stuck. You keep the money.

 

[Dean]

When I rent, DVC or otherwise, I usually ask for 25% up front and the remainder at 120 days out all non refundable. No agreement to reschedule or sublet, etc. I would be somewhat flexible in the right situation but at least it would be on my comfort level. I think most people who rent have some similar type expectations with minor variations here and there. If it is not spelled out one way or another, I would say that the person renting was on the hook for at least the amount they had already paid.

 

[MOM POPPINS]

Thanks for the information. We are new to this process.

 

[brandedguy]

Death.


Brand

 

[Muushka]

Death.


Brand

 

[crisi]

I'd consider each payment final. So if you ask for half up front and half 60 days out - each of those would be final payments - if they cancel before 60 days, I wouldn't refund the half - but I wouldn't expect the second half payment.

And I'd get the second half payment before 30 days - probably 60 - at least 45. That gives you a few days to call and cancel without the points going into holding if the payment doesn't arrive. Seems like a lot of owners have to "track down" that final payment. I would make it clear that you will cancel with no refunds at 35 days out without being paid if full - no matter how much whining they do about "honeymoon" and "wedding expenses" and "check in the mail."

I don't rent, but my deposit amount would be sufficient to cover dues - since that is my "out of pocket" expenses on those points. Dean's 25% seems generous - but he's getting the other 75% 120 days out - so that likely works fine.