When/How to pay for points?

[genealle]

Soon we will be looking for DVC points to rent next year and was wondering about payment?

Do you pay all upfront?
50%-50% ?
25% x 4 ?
Balance the week before?

I presume PayPal is preferred?

Thanks!

 

[vicki_c]

It just depends on what the owner you are renting from wants and you agree to. There is no standard as each rental is just a transaction between renter and owner.

 

[chalee94]

yep - you are dealing with an individual, and every individual is different...

 

[genealle]

I guess I could have stated the question better so I wouldn't get the obvious answers.

How have YOU paid for points?
What do YOU recommend?
Is Paypal the norm?

 

[jlewisinsyr]

I guess I could have stated the question better so I wouldn't get the obvious answers.

How have YOU paid for points?
What do YOU recommend?
Is Paypal the norm?

Again, same answers. It varies, some people have paid all up front, others in other arrangements. Paypal seems to be common among some renters, while others will accept only money orders, etc. As for recommendations, well, I'm not a renter (or rentee) and honestly, unless it was someone I was really close with, I'd have a hard time renting because I think there is too much risk.

 

[crisi]

The vast majority of people who spend time on this particular forum are owners. I can tell you want the "consensus recommendation" is - which is not universally adhered to and may vary even for the same owner depending where in their use year you are renting and with how much notice.

1. Half up front at the time of the reservation
2. The other half 60 days out.
3. No refunds.
4. Cashiers check or money order (paypal disputes on timeshares generally don't end up favoring the owner as it isn't "real property.").

 

[eva]

The vast majority of people who spend time on this particular forum are owners. I can tell you want the "consensus recommendation" is - which is not universally adhered to and may vary even for the same owner depending where in their use year you are renting and with how much notice.

1. Half up front at the time of the reservation
2. The other half 60 days out.
3. No refunds.
4. Cashiers check or money order (paypal disputes on timeshares generally don't end up favoring the owner as it isn't "real property.").

This is pretty close to what we did when we rented our points. But we required the entire amount within 15 days of making the reservation. We asked for the full amount with no refunds. Of course if they found someone else to take the reservation and they worked out the money end of it, we had no problem with changing the names on the reservation or trying to move dates. We did use PayPal this last time, with no problems at all. But I would be willing to take a check if there was time to make sure it clears.

 

[dizmom2mwjk]

My renter required Check payments...would not accept paypal...I would have preferred paypal...but I was comfortable with him, and he had the large quantity of pts I needed...

25% up front
50% @ 6 mos
remainder @ 60 days

No refunds

 

[chalee94]

My renter required Check payments...would not accept paypal...

when i rented 4-5 years ago, my renter accepted paypal but i think paypal's poor service has caused many DVC owners to stop using it.

 

[Mtnman44]

Paper checks are by far the safest for the Landlord, assuming there is plenty of time for funds to clear. As with Credit Card Payments, PayPal payments can later be reversed due to billing disputes or fraudulent use.

A cashier's check, once validated and cleared by the issuing bank, is your money and cannot be "reversed".

 

[supersuperwendy]

It really totally depends on the owner you are renting from. When I rent my points I get payment in full when I make the reservations and I accept paypal only. So far it's worked out great!

 

[a742246]

Soon we will be looking for DVC points to rent next year and was wondering about payment?

Do you pay all upfront?
50%-50% ?
25% x 4 ?
Balance the week before?

I presume PayPal is preferred?

Thanks!

I would concentrate on who you are renting from. If you are using these boards check their post count and history. If they rented before? etc...
Check the town's public record to see if they actually own the points.

If they look good then go with them regardless on their payment request. Remember they are taking a big chance with you also. This is a trust transaction on both parties.

If I was renting points I would want the full payment up front.

 

[DMKEDM]

My experience (which is minimal--a total of two in each direction...once I rented points TO a friend; another time I rented an existing reservation to a DISBoard poster I didn't know; once I rented points FROM a DISBoard member; and once I had that same DISBoard member transfer points to me)...

I received and paid $10/point 3 of the 4 times; I paid $11/point the fourth time, for the transfer.

I received and paid in full "immediately" all four times--but reservations were made (transfer/name change) at the time we agreed to "do business;" neither the person I rent from or the people I rented to had to wait for reservations while money traveled through the mail/check-clearing process.

In all transactions, I agreed to flexibility if changes turned out to be needed (re-renting, changing dates, etc) but "no refunds" policy applied (I didn't expect a refund, nor did I offer one)...turned out to never be an issue...all four times plans went forward as anticipated so cancellation was never a "real" issue.

I paid and was paid by check. I refuse to even consider using PayPal (have had so many problems w/them--largely involving spam--that I just won't use them anymore). I know the checks I wrote to cover the points I rented/transferred were good. The people who paid me turned out to issue me "good" checks--altho had they bounced I had the ability to cancel the reservation, so I felt "safe."

Finally, my very first foray into renting/transferring, I got scammed...lost $800 (my thread on the experience, "Sad Story" is linked in one of Webmaster Doc's stickies on the R/T Board)...I learned a LOT from that experience (including how wonderful most people in the DIS community are)...but one of the major things I learned is that you just plain have to be willing to take the risk...talk to the people you're considering renting to/from and form an opinion on how smoothly the transaction is likely to go. And then stop worrying about it. Life is full of risks and you either accept the risk in a rental/transfer transaction, or you don't rent/transfer...

Good luck to you! And happy holidays...

 

[hollis]

I rent my points out a lot. Most of my renters are repeat renters or from referrals. I have been fortunate so far with a lot of wonderful people I have worked with. Since I rent points, I do compare my rental policies to others. There are a lot of people who require full payment, but also a lot who require 50% up front and 50% later. Almost all offer no refund, but most are flexible to make changes to travel plans (dates, names, etc). I do 50% when reservation is made, 50% 90 days before check-in. And I allow refunds for a 30% fee up to 45 days before check-in.

Most rental posts don't list payment method so I don't know the general trend. I accept personal check, money order, cashiers check, or PayPal.

By the way, David has ad in the Rent/Trade board. That may be a good reference point for most of your rental questions.

Good luck with your future rental.

 

[jolia]

How people pay is one thing but the part that needs to be made clear (in my opinion) is the "no refund" policy. Also i (as a renter) always try to find out if they have rented before, so that way I know they are somewhat informed. References from people from whom they have rented in the past might be helpful. Like any "not face to face" transaction you need to do your due diligence