Question on cancelling/renting

[Mellie2162]

We just purchased last year and have ressies for BWV/VWL 4/30 though 5/8. Due to multiple circumstances we are not going to be able to go and we will likely be reselling. My question is can I rent points for the vacation already scheduled and just change the reservation to my renter's name or do I have to do a whole new ressie for them? Let me clarify, I dont have a renter yet but the points have to be used by June 1 so at this point is too late to try and get a renter, or should I just go ahead and cancel and put up for sale with the points expiring in less than 2 months?

Im sorry if I dont make any sense or sound stupid but its all really confusing for me.

 

[CarolMN]

You make sense to me - you have a confirmed reservation that you will not be able to use. You want to rent that reservation to someone else. (Sorry to hear you can't use it as planned)

As the owner, you may change the name(s) on that reservation at any time. So go ahead and look for a renter. When you find one, you can just call MS and change the name from yours to the renter's.

Best wishes -

P.S. Be sure to follow the new posting guidelines on the Rent/Trade Board. Details are in the Sticky threads at the top of the Rent/Trade Forum.

 

[LisaS]

My question is can I rent points for the vacation already scheduled and just change the reservation to my renter's name or do I have to do a whole new ressie for them? Let me clarify, I dont have a renter yet but the points have to be used by June 1 so at this point is too late to try and get a renter, or should I just go ahead and cancel and put up for sale with the points expiring in less than 2 months?

If you opt to cancel the reservation and put the contract up for sale, the current year points you have left won't be worth anything to a potential buyer. Even if someone bought the contract the first day it was up for sale, the whole process takes about 8 weeks. By the time the new owners were in Disney's system and could make their first reservations, those points will have expired.

Your best bet is probably to try to rent the existing reservation and then sell the contract if you can afford to wait a few weeks before selling. At least you'll get some money for the current year points that way. Just be aware that once you close on the sale, any existing reservations are automatically canceled. So if you find a renter for that reservation you'll have to delay selling your contract for a few weeks so that your renter can complete their vacation before your sale closes.

Sorry to hear you have to cancel your own vacation. I hope things work out for you.

 

[byoung]

Sorry you have to sell. You should be able to rent though, good dates. Good luck.

 

[Mellie2162]

Thank you all. Would I be better off to cancel the reservation and then try renting the points or should I just leave it as is? What does it mean when they say you can only have one reservation for rent active?

 

[JimMIA]

Thank you all. Would I be better off to cancel the reservation and then try renting the points or should I just leave it as is?

You could actually leave it as it is and offer both the confirmed ressie and the number of points involved for rent. If you found somebody who wanted exactly what you have reserved, you could just change the name on the ressie. If you found someone who wanted different dates or accommodations, you could cancel and book their ressie. Be sure you cancel your existing ressie first, though -- you don't want to borrow points and make your situation worse than it is now.

Incidentally, you have two months, and that's plenty of time to find a renter. A lot of people can't make reservations until shortly before their trip, so you don't need to price your points low and take a big hit.

However, you DO need to find your renter and get the thing paid-in-full before you get to the 31 day mark. With a last-minute ressie like this, I'd make it "all sales final, no refunds or rescheduling." You will not have the ability to change anything even if you wanted to.

What does it mean when they say you can only have one reservation for rent active?

There are owners who act as brokers for DVC vacations, making ressies during times when they know demand will be high and then renting those here, eBay, etc. The DIS Rent/Trade board is not for that type of business, so they only permit one confirmed ressie ad at a time.

 

[dis-happy]

If you really need to sell, I would contact TSS or someone knowledgable and talk to them. The reason I say this is: I bought a resale contract with current year points that would expire before we could use them. Somehow, in the resale process, they were able to get those points banked into the next year for me. Maybe the seller used the one time exclusion at the direction of the listing agent??? I was never sure, but it wouldn't hurt to ask. Selling a contract with banked points makes it much more desirable for a quick sale.

 

[JimMIA]

I don't think Melissa is actually talking about selling her DVC ownership -- just the ressie she already has, which is really renting, not selling.

 

[Mellie2162]

I don't think Melissa is actually talking about selling her DVC ownership -- just the ressie she already has, which is really renting, not selling.

Actually I am selling my ownership The reason I was renting the points was because they expire May31 and I figured it would be useless to list it with expiring points. I did contact the Timeshare Store and Tom advised me to go ahead and rent those points and then list it as not being able to close until xx date.

What is the one time exclusion for banking? How does that work? Also, some of the points are borrowed so they would have to go into a holding acct to be used by next June..is this right?

Jim would you mind if I PM'd you sometime with some questions about renting?

 

[LisaS]

Also, some of the points are borrowed so they would have to go into a holding acct to be used by next June..is this right?

If you borrowed points for this reservation, those points will expire at the end of May (2006).

You are less than 30 days from check-in for your reservation so all of the points associated with this reservation will go into the holding account if you cancel. I didn't mention this in my earlier reply because it actually doesn't change things for you. You can only use "holding" points for reservations you make within 60 days of your check-in date. All of the points in question (current-year points and the borrowed points) expire at the end of May which is less than 60 days away. So if you cancel this reservation and use the points to book something else for a renter, you can only use them for dates less than 60 days out anyway.