When you rent from someone do you pay upfront

[jdkdorn]

My husband and I are considering renting points, but the problem is that we don't have the money upfront. We ususll make reservation and then save the money up. We usually go through WDTC so we pay up @ 45 days in advance.

Do any of the renters take installment paying? I would love to be able to pay monthly towards a trip. Has anyone done this and does it work out okay.

Thanks for your info.


P.S. We hope to buy soon, but want to try a 1 bdr DVC first to make sure we like the DVC ways.

 

[PamOKW]

It's up to each individual how they'll handle the transaction. However, you have to remember that the person renting is also an individual that is trusting the renter to follow through. If a person cancels or stops paying close to either the time of the trip and/or near the end of the owner's Use Year, the owner has very few options. You may find someone who will work out a payment schedule with you but you may need to pay the full amount closer to 60 days from the trip than 45 to allow them a chance to make alternate plans if you cancel.

 

[Dean]

I usually require 25% with the reservation confirmation and the remainder at 90 days out, not sure what others do. Good luck.

 

[alisbarc]

When I rent points I offer 2 payment options.
1. 35% after receipt of confirmation and remaing 65% due 75 days from reservation.
2. All up front for which I offer a .25 per point discount.

I have done several rentals were individuals have asked for different terms. Am usually willing to work something out but always require the final payment no later than 60 days from ressie due to DVC strict rules on cancellations (the dreaded holding account).

ttfn

 

[VickiVM]

When I rented from an owner, we worked out terms where I paid 25% upon receipt of confirmation # of ressie. (Make sure the owner puts the reservation in your name and lists your preferences.) I explained that I had apprx. $600 tied up in a WDTC ressie and would send that (which amounted to about 50% of the DVC ressie) as soon as I received it which was about 10 days after cancelling. I was to have the final 25% paid by 60 days out, but I had the extra cash 90 days out and paid it off. We also had specific terms spelled out in case of cancelling. All of these details were put in writing - via email - and we both mailed each other signed copies. We also mailed each other photocopies of our id's. It isn't unusual that you would be asked to pay the entire ressie up front. However, once you connect with an owner and develop a rapport with him/her, you might be able to work out reasonable payment terms that doesn't stress your budget.

BTW - Once you are square with the owner, your ressie is 100% taken care of...you owe nothing more. (Actually, once the owner makes the ressie there are no other fees due) It is up to you if you want charging privileges with your credit card. Otherwise barring any extra expenses you incur such as for phone use, you don't need to do a formal check out when you leave.

 

[fkj2]

We also mailed each other photocopies of our id's

In this day of identity theft, I wouldn't send my ID to anyone.

 

[vbfamily]

I ditto what fkj2 said:

Don't ever mail a copy of your I.D. to anyone.

 

[VickiVM]

Should have added that I blacked out ID number.

 

[vbfamily]

I was going to rent points from someone on this board for May but a family obligation came up and we had to reorganize our trip. Anyway, everone I communicated with by e-mail was real nice and their payment requirements varied.

I personally would never pay all up front unless it was a special situation like a last minute ressie someone had to give up and we were going to use it.

It's hard to say what option is best because there is so much trust involved on both sides.

I was going to offer to pay 1/2 up front and then 1/2 in 30 days, which would have been 60 days out from the ressie.

Usually, any arrangement can be worked out and there are some people who require all up front and this is fine if that is the only way they will do it and it works for you.

If you can't pay all at once, chances are you'll find someone willing to work with you.

 

[CaptainMidnight]

Great how to discussion