Could someone explain to me why David’s doesn’t want me to rebook the family I originally booked and wants me to book a new family?
I’m not understanding this
I'm just curious if other owners have paid income taxes on the points they rented? I would consider refunding the money, however when I considered the maintenance fees already paid and income taxes already paid on this income, refunding would mean I would lose money in the end (points will expire in Nov and will likely be lost). Should the loss be on my part while the renters get a refund? If Davids were to take the 46% they still have from the reservation and refund it to the renters, then all 3 of us take a loss, but a much smaller one per party.
Thank youHe has new cash coming from the new family versus no new cash (or a very small amount of cash) from your existing family. The only way he can afford to fund the voucher program is to book new business to bring in cash to pay for reservations and chargebacks, while at the same time hoping that the voucher holders don't all redeem those vouchers.
If the new cash is paying for charge backs by renters whose reservations were cancelled, then he needs newer cash to pay for the reservations of the new customers. And when he uses that newer cash to pay for the slightly less new customers (and those redeeming vouchers), he needs more even newer cash...He has new cash coming from the new family versus no new cash (or a very small amount of cash) from your existing family. The only way he can afford to fund the voucher program is to book new business to bring in cash to pay for reservations and chargebacks, while at the same time hoping that the voucher holders don't all redeem those vouchers.
IMHO, if your points are lost, you should be paid in full by David's.I'm just curious if other owners have paid income taxes on the points they rented? I would consider refunding the money, however when I considered the maintenance fees already paid and income taxes already paid on this income, refunding would mean I would lose money in the end (points will expire in Nov and will likely be lost). Should the loss be on my part while the renters get a refund? If Davids were to take the 46% they still have from the reservation and refund it to the renters, then all 3 of us take a loss, but a much smaller one per party.
In one of my reservations with him, a family is backing out of a September reservation and the points will expire at end of November, he wants to put a new family in the current reservation because he knows if I cancel the reservation it's very likely that we won't be able to book a new one before November ends and the points will be lost.Could someone explain to me why David’s doesn’t want me to rebook the family I originally booked and wants me to book a new family?
I’m not understanding this
So if I re rent my points isn’t there something negative in the new agreement now for owners
I think I read on here?
I want to make a good decision and not sure I should be renting my points anymore with David’s
And that is a huge sticking point going forward. Having your points tied up for months and possibly holding a reservation past your banking deadline, then having to refund to David’s (not the renter) due to a force majeure? This puts all of the risk on the owner. Why would anyone offer their points to be rented out under those conditions?The new contract is on their site but basically it places the risk on the owner versus David's if Disney cancels the reservation for something like the pandemic:
"In the event of a Force Majeure (as defined in this paragraph), each party shall be excused from any future performance of obligations under this agreement; provided, however that if Intermediary has paid 70% of the funds collected for the reservation from Guest to DVC Owner pursuant to 4(f) of this Agreement, DVC Owner will return to Intermediary the full amount it has already received from Intermediary, as soon as is reasonably possible after the conditions(s) constituting the Force Majeure event is/are notified by Intermediary to DVC Owner. A Force Majeure is an event beyond the Intermediary’s reasonable control which renders performance of a rental reservation with respect to DVC Owner’s rented points impossible or substantially impaired, including without limitation, acts of God, acts of government, embargoes, war, riot, epidemic, pandemic, natural disaster, governmental order restrictions and Disney Vacation Club closures or cancellation of reservations."
And that is a huge sticking point going forward. Having your points tied up for months and possibly holding a reservation past your banking deadline, then having to refund to David’s (not the renter) due to a force majeure? This puts all of the risk on the owner. Why would anyone offer their points to be rented out under those conditions?
So if I re rent my points isn’t there something negative in the new agreement now for owners
I think I read on here?
I want to make a good decision and not sure I should be renting my points anymore with David’s
15. Should accommodations not be available on date of arrival due to an action or omission by the Owner, including but not limited to negligence on the part of the Owner and, after communication with the Intermediary, suitable comparable accommodations, as determined by Intermediary in Intermediary’s sole discretion, for the same dates cannot be secured by the Owner, the parties agree that Renter will be due a refund limited to the amount paid which is _______________ US Dollars which refund shall be the responsibility of Owner. In the event that the suitable comparable accommodations, as determined by Intermediary in Intermediary’s sole discretion, are available for a sum greater than the original amount paid by the Renter, the difference in value shall be the responsibility of the Owner.
The above is found only in the renter's agreement. The owner's agreement calls for refunding the renter's costs, but it is not written that the owner will be responsible for additional payment if David needs to find more expensive accommodations. There's no way I would rent with such an unknown possibility.
I don't understand how David's can expect owners to pay the difference when it is not in the owner's contract. And unfortunately, the renter is lead to believe that the owner will pay.
So if I re rent my points isn’t there something negative in the new agreement now for owners
I think I read on here?
I want to make a good decision and not sure I should be renting my points anymore with David’s
They didnt purchase the vacation from the owner, they purchased it from Davids. It is up to David to solve the problem in that case. His options are to pay the money owed to the owner as agreed, take the owner to court or find another solution for the renter.
He wants to be paid for being the middle man, this is what happens when you try to pass the buck like he has been.
Not directed at you, but I don’t understand why he is allowing renters to back out during non-closure periods. This is not smart; owners use a broker to avoid the “I can’t go for X reason.”In one of my reservations with him, a family is backing out of a September reservation and the points will expire at end of November, he wants to put a new family in the current reservation because he knows if I cancel the reservation it's very likely that we won't be able to book a new one before November ends and the points will be lost.
Not directed at you, but I don’t understand why he is allowing renters to back out during non-closure periods. This is not smart; owners use a broker to avoid the “I can’t go for X reason.”
Maybe he gets money from the new family and the old family gets a voucher?
Not directed at you, but I don’t understand why he is allowing renters to back out during non-closure periods. This is not smart; owners use a broker to avoid the “I can’t go for X reason.”