Weird Rental - Advice?

[LiloH]

I am hoping someone has some advice for me! I've rented points to people via these boards about a half dozen times with no issues. I did a transaction this summer to rent a large number of points (200+) to someone. They paid half the amount due at that time. We had agreed the last 50% would be due by the 30 day prior date.

Tomorrow is the 30 day cut-off for cancellation and I can't get in touch with the renter. I've sent multiple emails and left a voice mail.

Any advice on what to do? I don't want to cause trouble for this family and their trip but I also am not in a position to personally use these points, especially if they end up placed in holding because I cancel too late.

If anyone has a similar story or some advice I would appreciate it!

 

[browniemtb]

First off did they pass the 30 days prior to departure mark that you set from the beginning? When renting you should always take into consideration banking and holding situations.....50% down is great but the remaining 50% should be paid at least 90 days before departure to give you a cushion. The only time to deviate from this is if those 90 days fall past you banking window, so you would want the balance even sooner.

What to do.....well that is a tough one. It is to late for any certified mail, maybe give them one last email blast and voice mail that if you do not have a response by a certain time that you will be forced to cancel the reservation. the last thing you want to do is jeopardize 200+ points........

 

[Sandisw]

Is today day 31? If so, I believe you have to cancel today to avoid those points going in to holding.

Once you hit the 30 day mark, you are already in to holding. I hope things work out for you.

Keep us posted.

 

[LiloH]

Today is day 31 which is why I need to make something happen ASAP.

I did finally (after a week since the first reminder contact) hear back this morning saying they will be paying via Paypal this evening. I hope it shows up and everything works out!!

Thanks for everyone's thoughts. I've never had an issue with the "last 50% 30 days in advance" thing before but may need to rethink it for any future transactions!

 

[CarolMN]

......(snip)....Thanks for everyone's thoughts. I've never had an issue with the "last 50% 30 days in advance" thing before but may need to rethink it for any future transactions!

Perhaps you could make it 45 days prior for those who rent from you for the first time. You could keep (or offer) 30 days for repeat customers.

 

[Deb & Bill]

Today is day 31 which is why I need to make something happen ASAP.

I did finally (after a week since the first reminder contact) hear back this morning saying they will be paying via Paypal this evening. I hope it shows up and everything works out!!

Thanks for everyone's thoughts. I've never had an issue with the "last 50% 30 days in advance" thing before but may need to rethink it for any future transactions!

And if they don't, you'll be too late to cancel it without your points going into holding. Not good.

 

[mikron]

You should always get your money pd in full within 10 days of mailing out the reservation from Disney. I also have a renter agreement with refund rules. I have rented since 2004 and ask for payment in full, if that is not ok by my guest then don't rent to them. People who rent most likley don't own points and don't know the restrictions we are under by Disney. In all the years of renting onlly 2 guest didn't want to pay in full. You can set up a paypal account, some people like to use that thinking there safe.

 

[bumbershoot]

I hope they paid last night.

 

[LiloH]

He did! Well, in the wee hours of this morning but close enough. Whew. I was getting very nervous!

This is all good advice. We overbought points many years ago with the idea that we'd one day have children so we've been renting the excess for a few years. But, baby number 2 is about to become a reality so we may start needing to use all our points soon enough. Especially when the kids are off to school and we can't travel at off times anymore.

Thanks everyone!!

 

[pinnocchiosdad]

You should always get your money pd in full within 10 days of mailing out the reservation from Disney. I also have a renter agreement with refund rules. I have rented since 2004 and ask for payment in full, if that is not ok by my guest then don't rent to them. People who rent most likley don't own points and don't know the restrictions we are under by Disney. In all the years of renting onlly 2 guest didn't want to pay in full. You can set up a paypal account, some people like to use that thinking there safe.

I run an EBAY business and use PAYPAL as my primary payment option. If a buyer who pays for an item later files a "dispute", Paypal will debit your payment account and return the funds to the purchaser. I once had $300 taken out of my checking account and returned to a customer who claimed never received his merchandise. PAYPAL is not entitely safe.

 

[pinnocchiosdad]

He did! Well, in the wee hours of this morning but close enough. Whew. I was getting very nervous!

This is all good advice. We overbought points many years ago with the idea that we'd one day have children so we've been renting the excess for a few years. But, baby number 2 is about to become a reality so we may start needing to use all our points soon enough. Especially when the kids are off to school and we can't travel at off times anymore.

Thanks everyone!!

This was a good lesson for all of us who sometimes rent out points. i am going to try asking for full payment up front.

 

[JimMIA]

I hope it works out for you.

As several have noted, your terms set the stage for this difficulty. I agree with Brownie above -- your full payment date should be well before either the 31 day mark or your banking deadline, whichever comes earlier. Ideally, you would have time to contact the renter if their payment doesn't come through as expected...and allowing for a week or so of non-response. Personally, I would want a good 30 days or so of time to try to save the reservation without jeopardizing my points, so I'd want full payment at least 60 days prior to arrival. 90 days would be much better.

You left yourself no room for error. I'd sure correct that next time you rent your points.

 

[Dean]

My terms are 25% down and the remainder at 120 days out all non cancelable. In addition, I make every attempt to only deal with current UY points within the first few months of the UY whenever possible. While I agree that the terms set the stage for the last minute stress, having a full 50% up front was not a bad situation assuming a reasonable rental price to start with (around $12 pp). Having half and even the points in holding is not a bad position. Plus there's always the once in a lifetime double secret banking exception if you need to fall back on it.

 

[dianeschlicht]

Today is day 31 which is why I need to make something happen ASAP.

I did finally (after a week since the first reminder contact) hear back this morning saying they will be paying via Paypal this evening. I hope it shows up and everything works out!!

Thanks for everyone's thoughts. I've never had an issue with the "last 50% 30 days in advance" thing before but may need to rethink it for any future transactions!

YIKES! I hope you didn't agree to that! This evening will be TOO LATE to cancel if they don't come through. I'd call back and say it has to be by noon and tell them up front why. If they know you lose if they fail to pay, maybe it will help. On the other hand, I'd probably also let them know that an attorney will be contacting them if they don't come through. It's a contract.

 

[dianeschlicht]

Okay, I should have read the rest of the thread before I posted. I see all's well that ends well, but I think you have learned a VERY important lesson!

 

[LiloH]

Plus there's always the once in a lifetime double secret banking exception if you need to fall back on it.

Am I totally unaware of some crazy thing you can do or are you joking??

 

[Dean]

Am I totally unaware of some crazy thing you can do or are you joking??

I am not joking. DVC has tended to extend a one time mulligan to owners. They stated they'll do this once per the life of a contract and/or member. There was a recent report on DIS about someone being given this option within the last couple of months. It's handled on a case by case basis so no guarantees but a number of people, including myself, have been able to utilize it over the years. In my case I was able to both bank and remove from holding over 200 points and that was when the holding was 1 month and not 2.