Question about money transfer when renting points.

[dvcgirl]

Not sure if this is the correct place to post my question. Despite my name, we are no longer DVC owners. We sold our BWV points back in 2004 when we moved to Florida since we felt we wouldn't use them again.

Well, we're back in NJ and are planning a big family vacation in May of 2010 and would like to rent points. I have rented points *to* folks when I was an owner but have not rented points for myself.

I have read the sticky threads on how to go about this....to check references, use a contract and so on.

But I was wondering exactly when the money changes hands. Do most renters want the money up front. Do I get to see our names on a reservation first and then send the money?

I was just wondering if someone here who has been through the process recently could answer that question.

Thanks so much!

 

[Deb & Bill]

I depends on the owner you rent the reservation from. They may want full payment to make the reservation or they may let you pay a deposit to make the reservation and remaining paid on terms.

 

[hygienejean]

Hi there!

I own at BWV now but I have rented 4 times before we bought and once after we bought for a large family trip.

My experience has been different every time though!

Only one person has asked for the $ up front. I have to admit this made me nervous but it ended up just fine. She made the ressie and sent me the confirmation. Once I had it then I sent her the $ that we had agreed upon.

The other people usually asked for at least 1/3 to 1/2 after the ressie was made. The final payment was usually due about 60-90 days before my check in date.

I ALWAYs had a contract which both parties signed. That is a must. You will both feel more comfortable with that. You may want to speak with the owner of the points as well. I found that it made things much more personal and even though I didn't 'know' the person, it helped with the trust factor.

I have either paid by personal check or Paypal. Always after the confirmation paper was in my hands.

I would also suggest only renting from someone who has been a Disser for a while with many posts. I get nervous when I only see a few posts and a huge sum of $ is going to change hands. I am a nervous nellie I guess!

Good luck and have a fabulous trip!

 

[dvcgirl]

I depends on the owner you rent the reservation from. They may want full payment to make the reservation or they may let you pay a deposit to make the reservation and remaining paid on terms.

Yeah, that's what I figured. I guess I really just need to check references. Thanks for your help!

 

[dvcgirl]

Hi there!

I own at BWV now but I have rented 4 times before we bought and once after we bought for a large family trip.

My experience has been different every time though!

Only one person has asked for the $ up front. I have to admit this made me nervous but it ended up just fine. She made the ressie and sent me the confirmation. Once I had it then I sent her the $ that we had agreed upon.

The other people usually asked for at least 1/3 to 1/2 after the ressie was made. The final payment was usually due about 60-90 days before my check in date.

I ALWAYs had a contract which both parties signed. That is a must. You will both feel more comfortable with that. You may want to speak with the owner of the points as well. I found that it made things much more personal and even though I didn't 'know' the person, it helped with the trust factor.

I have either paid by personal check or Paypal. Always after the confirmation paper was in my hands.

I would also suggest only renting from someone who has been a Disser for a while with many posts. I get nervous when I only see a few posts and a huge sum of $ is going to change hands. I am a nervous nellie I guess!

Good luck and have a fabulous trip!

Yes, the 100% up front plan is what concerns me....unless it is someone who has been around here a long time and has great references. Maybe I'll get lucky! I understand that there's risk on both sides, but it was easier for me as the person renting the points out to someone else as I *know* I'm not a scanner....tough to know that about the person on the other side. I guess it takes a leap of faith....

 

[RobDoc]

Yes, the 100% up front plan is what concerns me....unless it is someone who has been around here a long time and has great references. Maybe I'll get lucky! I understand that there's risk on both sides, but it was easier for me as the person renting the points out to someone else as I *know* I'm not a scanner....tough to know that about the person on the other side. I guess it takes a leap of faith....

Unless the travel is within 30 days or if borrowing points are involved, there is little need (IMO) for 100% up front since the member can just cancel the reservation without penalty.

Be sure to read the threads at the top of the Rent/Trade Board - there are also links to threads with suggestions about the process.

IMO, the reservation should be made in the renter's name and a copy of the confirmation letter received by the renter before sending the initial deposit. As indicated above the exception to that would be if the dates were within 30 days - I would not suggest making that reservation at all without full payment in advance due to the Holding Account penalty for a cancellation.

Good luck with your rental!

 

[disneynutz]

Unless the travel is within 30 days or if borrowing points are involved, there is little need (IMO) for 100% up front since the member can just cancel the reservation without penalty.

Be sure to read the threads at the top of the Rent/Trade Board - there are also links to threads with suggestions about the process.

IMO, the reservation should be made in the renter's name and a copy of the confirmation letter received by the renter before sending the initial deposit. As indicated above the exception to that would be if the dates were within 30 days - I would not suggest making that reservation at all without full payment in advance due to the Holding Account penalty for a cancellation.

Good luck with your rental!

Some renters never go through with the rental even though we have banked or borrowed to accommodate their needs. Requiring a partial payment up front seems to weed out the renters who are not really committed to the transaction.

 

[oakmanner]

 

[Brian Noble]

Every owner is different---and even different situations for the same owner might be different. For example, if your reservation is at the end of someone's UY, they may well want payment comfortably before the banking deadline.

When I've rented (non-DVC) timeshares in the past, I have generally required a non-trivial deposit to make the booking, and full (non-refundable) payment once it is in the renter's name. Others might have different terms. You should contact a few different people to get a sense of what your options are.