Renter looking for advice on terms

[disneydenisel]

I am trying to rent points for November and need some advice about payment terms. Is it typical for an owner to ask for 100% of the money upfront, or is some other arrangement more common? This will be our first time renting and I want to make sure that it goes smoothly. Thanks for your help!

 

[CarolMN]

It's not uncommon for a member to ask for 100% of the money up front. There are many who have different payment terms. Terms do vary and are entirely negotiable.

For example, I know some members ask for partial payment when the confirmation letter is received and the rest 60 or 90 days ahead of arrival. A lot depends on when the owner's points expire - if an owner would have little or no time to re-rent if the renter cancels, he/she will generally want more money sooner. Most owners consider rental transactions non-refundable.

It's all negotiable. If one owner's terms make you uncomfortable, you can always look for someone with different terms. My advice is to be absolutely sure you understand and are OK with the payment schedule as well as with the cancellation terms.

Best wishes -

 

[Rpsemont]

If one owner's terms make you uncomfortable, you can always look for someone with different terms. My advice is to be absolutely sure you understand and are OK with the payment schedule as well as with the cancellation terms

Another thing to keep in mind - You may want to see how much of a "background" check you can do on the person renting you your points. The first time I rented, I made sure the person was within 4 hours of where I lived, (so i could sue them in small claims, if need be) and they had a website attached to their name offering a service, so checked that out against web BBB so I felt comfortable with it. But even at that, I didn't mail final payment until about 60 days ahead of time. Some renting members are also more than happy to supply references.

 

[Happy Birthday Cat]

A lot depends on when the owner's points expire - if an owner would have little or no time to re-rent if the renter cancels, he/she will generally want more money sooner.

That says it all. There is nothing usual about renting. I have asked for 50% up front and at another time asked for 100% because it was right at the end of my use year.

HBC

 

[robinb]

I have a contract that spells out exactly when each payment is due. Final payment is due 60 days before the date of arrival so I do not ever get stuck with a reservation with no renter at the 31 day mark. I also allow for cancelations, but only if I can find another renter and then for a change fee.

 

[bongo59]

i ask for it all up front....................the renter is getting a huge discount and they need to pay upfront..........i have never beaten any renter ...........soem post here on this board and i would let them tell folks how i deal with them...........never a complaint but i will never take partial payments............i did once and i got burned...........fool me once, OK but i learned...........

 

[robinb]

i will never take partial payments............i did once and i got burned...........fool me once, OK but i learned...........

Hmm ... it was always my feeling that we, as rentors, hold all the cards. If someone doesn't pay, then cancel their reservation and rent the points to someone else! You did make me think about adding a Non-payment clause into my oh-so-official agreement so both rentor and renter know the score .