Questions on renting points

[skhale]

Hi...I'm a newbie at renting points and would like to see how other owners handle some of the details. Here are my questions:

1. Do you have a written contract or agreement with the renter?
2. What form of payment do you require...personal check, Paypal, other?
3. How much down payment do you require, when is final payment due? Is any portion of the payment non-refundable?
4. What is your cancellation policy?

That's it for now...I'd appreciate any feedback...thanks!!

 

[wdw1972]

I've rented points in the past and still rent to a few repeaters. My terms have always been very simple.

No contract, payment by personal check, 100% payment as soon as I make the reservation, and no cancellation refund.

 

[Shleedogg]

Hi...I'm a newbie at renting points and would like to see how other owners handle some of the details. Here are my questions:

1. Do you have a written contract or agreement with the renter?
2. What form of payment do you require...personal check, Paypal, other?
3. How much down payment do you require, when is final payment due? Is any portion of the payment non-refundable?
4. What is your cancellation policy?

That's it for now...I'd appreciate any feedback...thanks!!

I'm not an owner, but we are renting points for a stay in Nov at AKV. We're hoping to visit several DVC resorts and hopefully buy in after our trip. Anyway, I thought I'd post for the person I'm renting from.

1. Yes, written contract. It's signed by both and returned to each other.

2. They accept personal check or paypal with us paying the 3% fee.

3. They required a 50% deposit. Final payment is due 60 days before travel. All is refundable up until the 60 days. If they can re-rent the points a full/partial refund is possible.

There were similar details with the woman I was initially planning on renting from. Unfortunately our travel partners got cold feet so we had to call off the transaction and she found new renters and DH and I had to start the process over again.

Personally, and this is also the advice I've gotten from the person we're renting from now, I wouldn't rent w/out a contract. While the person may seem nice and truthful, remember, they're sitting behind a computer screen. You never know. As a guest, we have no control over the reservation. The owner can cancel I think up to 30 days (please correct me if I'm wrong). I would hate to have them cancel it, keep my money and have nothing in writing to get my money back. Just a precaution, and honestly, not that much more work.

Good luck with whatever you choose!

 

[OhioDVC]

I've rented out points for about 25 reservations over 15 years. Here is how I handle it!

1) Contract spells out everything in writing. Signed by both parties

2) 50% deposit when I put DVC's written confirmation in the renters hands

3) The remaining 50% 60 days prior to check-in

4) Cancellations follow DVC's rules. Once the renter sends the deposit I consider the points theirs. I will change reservation and/or bank points if able until next year but they own the points and live with all of DVC's restrictions

Hope it helps.

You can PM me if you have any specific questions. I've never had a problem renting out points. Only one person in 25 canceled and made reservation later in the year and they were happy. I have walked away from several renters who seem kooky and unsure of what they really wanted1

 

[Lynne M]

As a guest, we have no control over the reservation. The owner can cancel I think up to 30 days (please correct me if I'm wrong). I would hate to have them cancel it, keep my money and have nothing in writing to get my money back. Just a precaution, and honestly, not that much more work.

Good luck with whatever you choose!

The owner can cancel the reservation at any time, up to and including the day you were to check in. The reservation isn't 'yours' till you've checked in at the resort.

That said, that's not at all likely to happen. Most owners who rent are just trying to recoup their costs for points they can't use, it's not a profit-making business. Yes, there's the occasional bad apple, of course, but problems like that are rare.

 

[Shleedogg]

The owner can cancel the reservation at any time, up to and including the day you were to check in. The reservation isn't 'yours' till you've checked in at the resort.

That said, that's not at all likely to happen. Most owners who rent are just trying to recoup their costs for points they can't use, it's not a profit-making business. Yes, there's the occasional bad apple, of course, but problems like that are rare.

I agree with you, but feel much safer with it in writing. I have 100% confidence with the person I'm renting from, but I did get a sketchy vibe from one person I had been talking to. Their not wanting a contract was just the icing on the cake for me. I think the big thing about renting is that you have to trust the person you're renting from. I've only read one bad renting report and I read a lot of posts about it before I decided to go this route. I think 99.9% of the DVC owners who rent points are trustworthy. Overall though I think it's safer and easier to just have all the terms spelled out in writing that way everything is clear

 

[skhale]

Thanks to all of you for taking the time to respond....this has been very helpful!

 

[fkj2]

I've rented in the past and still do when the right potential rentee pops up. I've never used a contract, although it's a good idea.

I do, however, always offer to provide references. I think it's always more reassuring to be able to contact people who have had successful experiences renting points from me.