Protecting myself in buying points via transfer

[chitwndan]

Hello,

Any ideas as to the best way to protect myself when trying to buy points for a transfer?

I know from reading the rental primer here that I need to take the precautions outlined, but it does not address transfers.

Do you feel that clear communication via e-mail and paypal provide sufficient protection to the buyer in a transfer?

Thank you.

 

[bwang123]

Hello,

Any ideas as to the best way to protect myself when trying to buy points for a transfer?

I know from reading the rental primer here that I need to take the precautions outlined, but it does not address transfers.

Do you feel that clear communication via e-mail and paypal provide sufficient protection to the buyer in a transfer?

Thank you.

paypal no. read their agreement. you do not have full protection over non-tangible items. i believe there is language about timeshares too but you would have to confirm that portion.

 

[bumbershoot]

paypal no. read their agreement. you do not have full protection over non-tangible items. i believe there is language about timeshares too but you would have to confirm that portion.

Last time I read it through, paypal offers NO protection for timeshare transactions. And you aren't supposed to give or get financial compensation for transfers per DVC anyway.

With a transfer, it just goes straight to your account; the original owner can't do anything with them after that transaction.

 

[DougEMG]

You don't have any real protection with renting or transfers, it really comes down to trust only. The one thing with transfers is that once the points are in your account they are yours and nothing can happen to them. Compared with a reservation that could be cancelled right up until the day you arrive. So at least with the transfer you'll know right away that it was all okay or not.

Good luck.

 

[Sandisw]

Its really all about trust between you and the owner you are dealing with for the transaction.

If something were to go wrong, there is no recourse because one is not allowed to receive compensation for point transfers.

Some members ask for 50% down and then will accept 50% after the transfer, others want it all.

When I transferred points, I required the full payment so I knew that whoever it was that I ended up dealing with would have to completely trust me.

Good luck!

 

[keishashadow]

You don't have any real protection with renting or transfers, it really comes down to trust only. The one thing with transfers is that once the points are in your account they are yours and nothing can happen to them. Compared with a reservation that could be cancelled right up until the day you arrive. So at least with the transfer you'll know right away that it was all okay or not.

Good luck.

that's good to hear

I've transferred points into my account several times. Did my research before purchasing as best able, but always had a nagging thought in the back of my mind. - what if something happens before I used the points & the 'selling' member stopped paying dues or had divorce settlement, etc. & DVC took back the points?

 

[cmrdgrs]

Hello,

Any ideas as to the best way to protect myself when trying to buy points for a transfer?

I know from reading the rental primer here that I need to take the precautions outlined, but it does not address transfers.

Do you feel that clear communication via e-mail and paypal provide sufficient protection to the buyer in a transfer?

Thank you.

As several PP pointed out transfers and rentals take some trust between the parties.

Transfers used to make me more nervous over a rental, but really they are the same thing, the timeline is just shorter. If you work with a person that has a history of renting/transferring you should be good. I also recommend that you have a contract between the parties with clear expectations for payment, how the payment will happen, and what happens if deadlines aren't met or the payment is short.

Worse case scenario, if you have a contract, you can potentially file a claim in small claims court, but hopefully none of that will be necessary.

 

[RobDoc]

that's good to hear

I've transferred points into my account several times. Did my research before purchasing as best able, but always had a nagging thought in the back of my mind. - what if something happens before I used the points & the 'selling' member stopped paying dues or had divorce settlement, etc. & DVC took back the points?

Once transferred, the points belong to you. If they are from a future Use Year, the transferring member still needs to pay fees - the member who accepted the transfer is clear.

Whether the points were transferred or already used for a reservation, the member who made the transfer is responsible for the maintenance fees on the transferred points.

The member to whom the points were transferred has no responsibility for fees on those points.

 

[keishashadow]

Once transferred, the points belong to you. If they are from a future Use Year, the transferring member still needs to pay fees - the member who accepted the transfer is clear.

Whether the points were transferred or already used for a reservation, the member who made the transfer is responsible for the maintenance fees on the transferred points.

The member to whom the points were transferred has no responsibility for fees on those points.

Thank you

 

[RobDoc]

In addition to my comments above, if someone buys a resale contract with points from the next Use Year already "used", it is the same as those points being transferred to another owner. They might have been borrowed to use for a reservation prior to closing, but they could also have been transferred to another member. In either case, they will not be available to use in the contract purchased and the "owner" of that contract will still need to pay the fees on the points in the new calendar year.

The resale purchaser will be responsible for the next year's maintenance fees, even if points were missing (borrowed-and-used or transferred) so IMO, they should be negotiating some consideration for points missing that they will have no access to use.

Regardless, the member to whom the points were transferred has no responsibility for maintenance fees on those transferred points.

 

[chitwndan]

Thank you all for the information.

I guess really all I can do is try to research the seller and cross my fingers.

I will try to insist on 1/2 down and 1/2 after the points are received so the risk is shared.

 

[skier_pete]

I didn't realize paypal wouldn't honor something like that. Good to know.

I would agree with those that said "get a contract" it's not a guarantee, but if someone is taking the time to prep a contract, you can feel near confident.

I also agree with "having rented points before". The one time we rented points we asked for references, and I did talk (over the phone / NOT email) to one of the references. Again, it's not a guarantee, but would be a lot of trouble to go through to scam money.

The 1/2 before, 1/2 after sounds good, but not sure it matters, if they are scamming you, that just means they'd get half your money instead of all of it.

While we rented points individually before, I think if I ever did it again I would likely go through a service. It will cost a bit more (say $13-14 PP versus $11-12) but it would be worth it for the security.

 

[mort1331]

As far as from person who has transferred points before perspective, I prefer transfers. I don't need to look after MDE, MP or changes that might be asked later. I even usually discount by $1perpoint transferred points because there is no work to be done. That being said I also ask for a min point transfer since there is only one transfer allowed per year.

 

[DougEMG]

As far as from person who has transferred points before perspective, I prefer transfers. I don't need to look after MDE, MP or changes that might be asked later. I even usually discount by $1perpoint transferred points because there is no work to be done. That being said I also ask for a min point transfer since there is only one transfer allowed per year.

I've done a number of transfers and my view is that you should charge more for transfers because you can only do one and because transferred points are more benefitial to the person buying them since they have full control over them.

 

[JaimeA]

I received a transfer before, I used the rent trade board here, I researched the posters posts, references and honestly she was so professional and helpful I had to trust her completely with my money. Everything went according to plan and yes it was stressful. We had a contract also that was spelled out very well. Good Luck!!