Walk me through a transfer . . .

[Cruiser1969]

What is the process if I want to transfer points? Could someone walk me through it. The real issue I want to uncover, as well, is the risk level involved for the person transferring the points. Thanks!

 

[KarenP99]

I've been on the receiving end of three transfers. As an owner that uses the extra points to round out my own vacations, I would never rent...I don't know...something about someone else controlling my reservation. I like control!

1. Agree upon a price.
2. Verify validity of the transfer w/MS (ie, make sure you both have the transfer ability availibility as it's only 1x per year now)
3. With 2 of them I sent 50% payment via paypal before the transfer. My risk of them not doing the transfer. The 3rd was I paid nothing until transfer was made (at the sellers request...his risk).
4. Transferring member calls MS with Transferree Names & Member # to make the transfer. Risk to them because they have only been paid 50%, but once points are transferred you have no recourse if buyer didn't pay other 50%
5. Transferring member follows up with a fax to MS confirming transaction, as it is final.
6. Transferree calls MS to verify transaction has taken place.
7. Send balance of payment.
8. Points are now mine, and have taken on my use year.

2 of the 3 were done within one business day. My last one took a couple days because of some use year complications.

Hope this helps!

 

[Cruiser1969]

I've been on the receiving end of three transfers. As an owner that uses the extra points to round out my own vacations, I would never rent...I don't know...something about someone else controlling my reservation. I like control!

1. Agree upon a price.
2. Verify validity of the transfer w/MS (ie, make sure you both have the transfer ability availibility as it's only 1x per year now)
3. With 2 of them I sent 50% payment via paypal before the transfer. My risk of them not doing the transfer. The 3rd was I paid nothing until transfer was made (at the sellers request...his risk).
4. Transferring member calls MS with Transferree Names & Member # to make the transfer. Risk to them because they have only been paid 50%, but once points are transferred you have no recourse if buyer didn't pay other 50%
5. Transferring member follows up with a fax to MS confirming transaction, as it is final.
6. Transferree calls MS to verify transaction has taken place.
7. Send balance of payment.
8. Points are now mine, and have taken on my use year.

2 of the 3 were done within one business day. My last one took a couple days because of some use year complications.

Hope this helps!

Thank you so much for your response

So, from what I'm understanding, it sounds like transferring points is riskier than renting them out beacuse once they are transferred, it's a done deal whereas when renting the points out, the point owner can cancel the reservation (before 30 days out) if the renter hasn't paid up the remaining balance, and then the points are returned to the account.

Is this correct? Does anyone have a process that is a safer way to transfer points for the point owner?

 

[salmoneous]

Does anyone have a process that is a safer way to transfer points for the point owner?

Sure, you can require 100% payment upfront. But I don't know if you are going to get somebody to agree to that. If you take no risk, the buyer gets 100%. Most people are happier when each side is bearing some of the risk.

 

[Cruiser1969]

Sure, you can require 100% payment upfront. But I don't know if you are going to get somebody to agree to that. If you take no risk, the buyer gets 100%. Most people are happier when each side is bearing some of the risk.

Ya, I know you're right. I guess I'm a little paranoid that the renter will pay 50%, get the points and then bail, thereby getting the points for half the price, and I'm pretty sure nobody would go for the 100% upfront (I wouldn't! )

I'm just feeling my way around here and learning as I go along.

 

[KarenP99]

It is risky, but get to know your buyer...and don't be afraid to as for a reference.

I offer references up front when looking for a transfer, I think it helps. Also look at length of time on the board & maybe some of their prior posts to make yourself more comfortable.

I think the easy and quick turnaround (getting all your money within a few days), and NOT having to manage a strangers vacation make transfers very desirable. Also you know you are dealing with another DVC member!

 

[sjdisneywedding]

Sure, you can require 100% payment upfront. But I don't know if you are going to get somebody to agree to that. If you take no risk, the buyer gets 100%. Most people are happier when each side is bearing some of the risk.

I have done 2 transfers out. I requested 100% of the money up front from the "buyer". Just as is the case in any sale. You pay first then you get the item.

Use a site such as Paypal where the buyer has recourse. If the buyer pays and the seller doesnt transfer the points Paypal will fight for the buyer as will the credit card company if you pay through that

The buyer really has about 0% risk in a transfer like this and the sellers is 0%

Whereas the other way(transfer first) the seller has 100% risk and the buyer still 0%. Once those points are transfered there is ZERO way of getting them back or of getting someone to pay if they intend not to

 

[beachclub11]

I'm just listening in and thinking about recieving a transfer. If the person transferring to me has a use year june 07 at ssr and i want to use points may 08 at okw could i do that or can i only use the points at ssr? Can transferred points be banked?
thanks

 

[sjdisneywedding]

I'm just listening in and thinking about recieving a transfer. If the person transferring to me has a use year june 07 at ssr and i want to use points may 08 at okw could i do that or can i only use the points at ssr? Can transferred points be banked?
thanks

The transfered points take on all the reg rules of your points once received. The rule goes: transfered points can be banked but banked points can not be transfered

so once transfered they can be banked and used at other resorts just as any other points could following the banking deadlines and booking windows

 

[Doctor P]

Also be aware that receiving compensation for a transfer is against the contract you signed. I'm not saying that you shouldn't do, or that it isn't done regularly. You should however know that it is prohibited by our contract with DVC.

 

[javaj]

Just did a transfer the beginning of the month and MS required both of us to be on the call (member making the transfer and member receiving the transfer). So the other member called me, then conferenced in MS.

 

[DVCJones]

I've been on the receiving end of three transfers. As an owner that uses the extra points to round out my own vacations, I would never rent...I don't know...something about someone else controlling my reservation. I like control!

1. Agree upon a price.
2. Verify validity of the transfer w/MS (ie, make sure you both have the transfer ability availibility as it's only 1x per year now)
3. With 2 of them I sent 50% payment via paypal before the transfer. My risk of them not doing the transfer. The 3rd was I paid nothing until transfer was made (at the sellers request...his risk).
4. Transferring member calls MS with Transferree Names & Member # to make the transfer. Risk to them because they have only been paid 50%, but once points are transferred you have no recourse if buyer didn't pay other 50%
5. Transferring member follows up with a fax to MS confirming transaction, as it is final.
6. Transferree calls MS to verify transaction has taken place.
7. Send balance of payment.
8. Points are now mine, and have taken on my use year.

2 of the 3 were done within one business day. My last one took a couple days because of some use year complications.

Hope this helps!

Not to alarm anyone,but...I would never give out my member #!!!! I was on the receiving end of a transfer last year and only had to give my full name and the city/state I lived in.

MS can find the information they need to complete the transaction.

Good luck!