Timeshare Closing asking for ss#

[Ford66]

We are in the closing process and Timeshare closing is asking for our SS#s. It says something about needing it for identification and "rental program" purposes.

I saw another post (from 2003), but was hoping others could let me know if they provided their SS#s. If they didn't, were there any problems caused by doing so.

Also, what is this "rental program"

Thanks in advance!

 

[bbangel]

Since non-US members don't have SS#'s they can put you in the system without one. Just tell them you aren't providing it and they should be able to deal with it.

 

[TisBit]

Other issues that you might run into with not providing it is if Timeshare Store is providing a line of credit (financing it) or if they need it for tax purposes (not sure if Disney requires it so you can get your year end stuff, etc)

 

[LisaS]

I did not provide my SS# when I purchased my resale contract. Once you are in the system, you can set up a password to use to confirm your identity with Member Services. If you are an existing DVC owner adding on through resale, you can supply your DVC Member ID so that the resale contract can be added on to your existing contract (assuming it is the same Use Year).

I have no idea what the "rental program" is. I suspect the forms are generic and are used for resales of many different time shares other than DVC.

 

[CarolMN]

DVC awsks for it, but I do not believe it is required.

However, if you do not provide it, you will need to work with DVC to establish another means of identification. As already mentioned, there are members who do not have SSNs. Some members who do have SSNs have elected not to give them to DVC. Your choice.

 

[CarolAnnC]

In my furniture sales days, we would sometimes have a customer balk when we would ask for their Drivers License and SS# to process the sale. If they were paying in full with cash, no problem. If they were using credit or any type of check, well it was required. When they still resisted we had to remind them that we accepted forms of payment other than cash as a courtesy, and we are not required to accept anything other than that, if they are unwilling to provide the SS#.

Now, whether or not this is the case here, I do not know. But unless you are a cash customer, you may run across this for check verifying purposes. Personally, these days I find it more of a risk to use a credit card at Wendy's or TJMaxx, rather than giving out my SS# when requested. Security is not always present when you assume it may be...

 

[Moeluv4u7]

Whether you purchase by credit or cash there is a law against selling to anyone who is on the "OFAC" list- That is...alist of people who are for one reason or another wanted by the FBI, the law... Even in a cash transaction people's identities must be able to be checked to make sure they are not on the list or there is not a "hit" where the names may be similar- (some use alias') I know for a fact that this is so for real estate sales, car sales, gun sales, I imagine that DVC would fall under that realm as well. There are other identifying items in sales to Canadians, French,Italian, etc- but the documents asked for of us Americans are usually, of course, our SSN's- ask them if that is why they are asking and if it is giving them permission to pull your credit or is there another identifying document you can provide- I would think not but I could be wrong- I don't work in Florida so not sure of what they can do specifically.

 

[Ford66]

Thanks you all for the feedback.

This is a cash transaction (via a bank check). Still not sure exactly what we're going to do. Maybe just release one of our SS#s.

 

[henri + katie's mum]

Don't give them your SSN. You don't need to. As you said your paying cash. I "refused" to give my for a resale I bought at GMAC and there was no problem.

 

[LisaS]

Thanks you all for the feedback.

This is a cash transaction (via a bank check). Still not sure exactly what we're going to do. Maybe just release one of our SS#s.

Call them and ask them why they need it. When I did that back in 2005 they said "We don't need it. We just pass it along to Member Services." So I told the closing services people I would give it to MS directly (why provide my SS# to someone just so they can hand it off to someone else?) and it was no problem as far as my closing was concerned. When I asked Member Services why they needed it they said "We don't. You can set up a password instead."

It's not that I distrust the closing services people, but lots of businesses are irresponsible with personal info and toss documents into the trash rather than shredding them. Why give your SSN to someone who may not even need it? Things may have changed since 2005, or maybe the dollar amount of your purchase is higher than mine and requires them to report the transaction but I would call them and verify they really need it before handing it over to them.

 

[JaxFLBear]

I believe that there are only two things that DVC would need to have your SSN for:

1) If DVC financed, they would need it to send a 1098 for Mortgage Interest.

2) If you receive compensation for a referal, they may need to send a 1099-MISC.

#1 would not apply if buying resale. For #2, they probably won't provide any compensation if they don't have your SSN on file.

 

[hakepb]

Would DVC also need it if you want to claim you share of property taxes?

 

[JaxFLBear]

Would DVC also need it if you want to claim you share of property taxes?

The only thing you get from DVC for property taxes is your annual statement. There is no Federal form to report property taxes paid.

 

[Ford66]

I'll call them after the holiday and ask why they need it and offer to give it to MS directly. I'll post the results.

Thanks!

 

[ebloom]

I asked the same question myself. I called GMAC and said we were not comfortable providing this and they said no problem, so we sent the contracts in without it. They said DVC needed it and that the title company would need it as it is needed for all real estate transactions, but that they would request it when necessary. We passed ROFR and haven't heard anything yet. Just passing on what we were told and have experiences so far.

 

[Doctor P]

Thanks you all for the feedback.

This is a cash transaction (via a bank check). Still not sure exactly what we're going to do. Maybe just release one of our SS#s.

That's probably why it is needed. This is a "cash" transaction that exceeds the limits of the anti-racketeering laws. There are a variety of steps along the way that someone can be asked to track you due to the size of the transaction. I never thought that checks were an issue for the anti-racketeering laws but was corrected by our federal examiner when I was the Chairman of the Board of a financial institution. Your financial institution will file the paperwork behind the scenes and you will be none the wiser. Disney's bank/financing operation/Timeshare closing's finance operation also likely needs to file the anti-racketeering/money laundering papework when the check comes in. Most people never see or are aware of this paperwork, but it filed much more often than I was ever aware (or at least SHOULD be filed more often). They cracked down on this even tighter after 9/11.

 

[fadedgirl]

Would DVC also need it if you want to claim you share of property taxes?

I expressed that I did not want to give our SS#s, we are paying via one of our credit cards, so not cash and not financing through DVC.

I was told by our Guide that we HAD to give our SS#s or we couldn't purchase through DVC. She said that it is required for the deed and for the year-end property tax statement.

I would love to hear from anyone who purchased without giving SS#s what their payment type was, the amount, and if they purchased at DL or WDW.

Thanks!

 

[fadedgirl]

...This is a "cash" transaction that exceeds the limits of the anti-racketeering laws. There are a variety of steps along the way that someone can be asked to track you due to the size of the transaction...

What are the steps along the way that would result in someone being reported? Very interesting, thanks.

 

[Ford66]

They told us that Disney needed it, but if we didn't want to give it to them we could just write that we would provide directly on the form.

We decided to take our chances and just do it through the closing company. We just received an e-mail saying that we closed. Can't wait to make our reservations.

As far as the "reporting" others spoke about, I know that banks are required to report all transactions over $10,000 (our transaction was smaller) and the government figures out which to research further.

 

[Mtnman44]

Um, this is very backwards. Having your CC number compromised is practically zero personal risk, other than the inconvience of calling your bank and having charges reversed and a new card issued.

A compromised SS# and Identity can lead to a whole host of problems that you may be fighting for years.

Personally, these days I find it more of a risk to use a credit card at Wendy's or TJMaxx, rather than giving out my SS# when requested.