We're trying to avoid the "gotcha's"!!!

[RuthnPaul]

Because Member Services was closed this afternoon, figure I'd do the next best thing by posing my questions here! We were fortunate to purchase a VWL contract that had 2003 points banked and all 2004 points available as well. We are renting the 2003 and 2004 points as an opportunity to recoupe some of our cash outlay and to pay next year's maintenance fees. Because we're still relatively new to the whole DVC process, we'd appreciate a few of the experts here on this board to make sure we're not doing something that's going to cause us (and the renters) grief later! Suggestions welcome!!

1) 2003 banked points are being rented to a family going in March 2005. (These points must be used by 9/30/05.) We are requiring full payment as soon as the renter has received a copy of Disney's confirmation. Reservation will be cancelled if we don't receive payment within 15 days. There will be no refund for any cancellation within the 30 day period prior to check-in (although we would certainly try to reschedule, if possible).

2) 2004 points are going to a family going in December 2005. In this instance, we are requiring full payment no later than March 15 which, if not received, would cause cancellation of their reservation (and would allow us a couple of weeks to bank these points by the end of May).

3) We plan to use our 2005 VWL points for our own trip to VWL at Christmas 2005 (Woo-Hoo)! No problem here!!

Thanks!

 

[tjkraz]

Only suggestion I can offer is to make sure you have a written agreement signed by both parties, and make sure it addresses cancellations. Even with an agreement, some renters operate under the assumption that they can cancel their trip and either get a refund or rebook when it's convenient.

The agreement doesn't have to be anything fancy--just touch on the major issues that could come back and bite you if you otherwise rely on vebal communications.

 

[Doctor P]

Sounds like you have a good plan. Hope it works out for you. The written agreement is indeed a good idea.

 

[Pa@okw95]

I would say no refund for any cancellation instead of what you have. I don't rent points out myself but that would be my position if I did.

 

[Doug Wolfe]

One note on your own trip at Christmas time in 2005. Christmas tends to be a very popular time at WDW. Be sure to book your reservations in January when your 11-month booking window opens at VWL. (Merry Christmas!)

 

[Happy Birthday Cat]

One suggestion that I have is that if you are going to allow refunds, you should only allow them for "up to" what you are able to re-rent the points for. In other words if I rent them to someone for $10.00 per point and they have to cancel and a re-rent them for $8.00 per point, that is the refund.

As points age, they are less valuable. I have done this on quite a few point rentals and have never had a probelm.

As others have stated as well, use an agreement. I always have and it works out nicely to have eveything up front before any money changes hands.

HBC

 

[crisi]

I agree with HBC, except I'd refund them $1 less per point than what I'm able to rerent them for - you'll have at least some hassle rerenting them.

 

[laceemouse]

RuthnPaul....sounds like you have a good plan. We have never rented points so I am not much help there but I hope it all works out for you! We plan to use our new VWL points for Christmas 05 too. Do you plan to call day by day? DH thinks I should so I guess I will. I don't work outside the home but I am pretty busy at the schools volunteering, hope the week I need to call is not a busy one for me! We have 250 August 04 points and 250 August 05 coming to use....Lacee

 

[RuthnPaul]

Thanks, everyone -- knew you guys would come through with some good information! I am in the process of writing an agreement based on several contracts received from DVC members who rent points. I agree that having everything hammered out ahead of time, particularly how cancellation will be handled, is very important.

Both of the families we're renting to are at least familiar with the DVC point system and banking policies so they understand where we're coming from in terms of payment, cancelling, etc.

I want this to be as pleasant an experience as possible for all involved!

And, yes, we will be making the reservations for Dec 05 at the 11-month window on a day-by-day basis!

Thanks again!!