DVC Point Rental Primer

[no1cubfan]

Thank you SO much for posting this! This is exactly what I needed to feel more comfortable renting points.

 

[WDWBW09]

Good-evening.

My wife and I have been on the cusp to buy into DVC since our honeymoon in 05'. I here to write I may never join. We had a great experience renting our points from a fantastic club member.

I'll admit being nervous and agree with most on this forum that communication is the key. I was not on the phone while the member made the ressie. However we shared a contract and I didn't pay a deposit until I received the confirmation letter from DVC via the member.

When I pulled up to the gate gave my family name and the guard stated "Welcome Home". I won't lie I was relieved.

It was Christmas week and SSR was beautiful. I would have never been able to afford it at full price. For the small amount of worry - risk turned to forever memory when my eldest daughter 12 looked at me and said as the MK Christmas Wishes Fireworks show was going off "I'll never forget this dad for the rest of my life".

For that alone DVC members who offer your points - a heart felt thank you from my family to yours - you help large families dreams come true!

 

[disneyfreak1972]

Again, I hope to contribute more than kudos one day but for now...THANK YOU FOR ALL THESE THREADS AND INFORMATION! I would be totally lost without it. This information is worth its weight in gold.

 

[cam_beckyj]

As a newbie, while I'm finding all this information extremely valuable, I must admit that I am quite overwhelmed at this point. Any advice on how not to get burned out so soon?

 

[5by5]

As a newbie, while I'm finding all this information extremely valuable, I must admit that I am quite overwhelmed at this point. Any advice on how not to get burned out so soon?

I'd suggest breaking it down into chunks, maybe 3 pages at a time. Write down the things you want to remember. Then take a break for a day before you tackle another chunk. Good luck!

 

[lorim]

Thank you for the info, it is a confusing process to us new people

 

[tsomerville]

Thank you. This was extremely helpful.

 

[davidk]

Thanks for posting this info up!

 

[nykkyleigh]

Besides a copy of the Disney reservation, is there anything else I should get from the DVC owner? Will I recieve anything from Disney? I just want to make sure my reservation is real.

 

[JimMIA]

Besides a copy of the Disney reservation, is there anything else I should get from the DVC owner? Will I recieve anything from Disney? I just want to make sure my reservation is real.

The copy of the confirmation may take several weeks, but there are alternate ways of getting that info to you.

No, you will not receive anything from Disney. Your rental transaction is strictly between you and the owner -- Disney is not involved - and will not become involved - in any way.

 

[janischa]

hi, i'm a newbie and trying to find a way to rent that is re-assuring enough... so i've been reading a lot on this very useful forum and now had a question for the experienced renters among you. How often are escrow's accounts used and if not so often, why not ? If I understood, the price is below 100 bucks, seems like a little price for peace of mind ? Further, it would benefit both renter as rentee as the rentee could request that the full amount is only released at physical check-in and the renter would be able to demand full payment instead of a partial deposit ? plus he couldn't be cancelled on.
i would love to hear your thoughts on this

 

[hematite153]

hi, i'm a newbie and trying to find a way to rent that is re-assuring enough... so i've been reading a lot on this very useful forum and now had a question for the experienced renters among you. How often are escrow's accounts used and if not so often, why not ? If I understood, the price is below 100 bucks, seems like a little price for peace of mind ? Further, it would benefit both renter as rentee as the rentee could request that the full amount is only released at physical check-in and the renter would be able to demand full payment instead of a partial deposit ? plus he couldn't be cancelled on.
i would love to hear your thoughts on this

I don't know about others, but, since my points are essentially lost to me at 30 days before check-in, I would never agree to a rental transaction where I didn't get paid until check-in day.

 

[Deb & Bill]

hi, i'm a newbie and trying to find a way to rent that is re-assuring enough... so i've been reading a lot on this very useful forum and now had a question for the experienced renters among you. How often are escrow's accounts used and if not so often, why not ? If I understood, the price is below 100 bucks, seems like a little price for peace of mind ? Further, it would benefit both renter as rentee as the rentee could request that the full amount is only released at physical check-in and the renter would be able to demand full payment instead of a partial deposit ? plus he couldn't be cancelled on.
i would love to hear your thoughts on this

I would think a lot of members renting out their reservation wouldn't like an escrow account. Usually they are renting out the reservation because they want to use the cash for something else and they need the cash now, not several months from now.

 

[crisi]

Escrows are also more complicated. Most people renting out their points want a simple transaction. And traditionally, there have been plenty of buyers for points as long as you aren't looking for too much money. If you want to do an escrow, I'd work with the owner and offer to pay more per point for the escrow.

Also, an escrow reduces the risk for the renter, but it doesn't do very much for the owner - who can just cancel your reservation if you don't pay in a timely fashion. The owner does have risks though. If the renter trashes the room or makes room charges that don't clear, the owner can be stuck with the expenses.

 

[JimMIA]

Also, an escrow reduces the risk for the renter, but it doesn't do very much for the owner - who can just cancel your reservation if you don't pay in a timely fashion. The owner does have risks though. If the renter trashes the room or makes room charges that don't clear, the owner can be stuck with the expenses.

This is an important point.

I don't rent, but if I did and a renter wanted an escrow account, I'd say sure, but here's the deal: You put the full rental price + a $1,000 damage deposit in the escrow account. When the rental is successfully completed with no unpaid charges on the room, I get my money and you get your deposit back.

 

[JimMIA]

Usually they are renting out the reservation because they want to use the cash for something else and they need the cash now, not several months from now.

This is true, and it's the "snake in the shopping cart" with any kind of cancellation/refund agreement. The guarantee of a refund is only as good as the owner's checkbook balance.

There's no silver bullet folks! Renting involves risk on both sides and requires trust on both sides.

If you don't feel comfortable, don't waste your time looking for magic -- walk away.

 

[crisi]

This is true, and it's the "snake in the shopping cart" with any kind of cancellation/refund agreement. The guarantee of a refund is only as good as the owner's checkbook balance.

There's no silver bullet folks! Renting involves risk on both sides and requires trust on both sides.

If you don't feel comfortable, don't waste your time looking for magic -- walk away.

Yep, Disney - or a zillion other hotels in Orlando - will be happy to rent you a room backed by formal and clear cancellation policies and a corporate reputation and checkbook. There is a reason DVC rentals are a good deal.

 

[janischa]

thanks for the answers. The argument of the owner renting out his/her points just because he/she needs the money does indeed make sense.
The argument about the "trashing the room" was not very clear to me ? if the renter checks in and damages his/her room, the reservation is on his/her name, so won't he/she be held liable and not the owner ?
The argument about the renter being able to cancel the reservation seemed contradictory to what i've read; i thought working with an escrow account, the renter would lose the full amount +costs if he'd cancel for any reason.

For the rest, yes, you're right, it does indeed require trust on both side and i know the majority of owners are of good will. I'm just slightly more worried because i've been cheated before (not dvc) and being all new to this. No need to bite my nose off for being cautious and asking questions to understand this better

 

[janischa]

by the way, to make sure i don't get anyone feeling irritated by my questions, i will likely be renting points and i am super happy to being able to do that... as it will allow my family and me to completely submerge in the magical world of disney... right smack in the middle of things.... so all of you owners out there, thanks for giving non-owners such an opportunity

 

[crisi]

No the owner is liable for room damages and charges. They MIGHT go after the occupant. They MIGHT go after no one at all. But they CAN go after the owner. And its easy for them to do so, because they just lock our accounts and make our ownership unusable until everything is straightened out.

As for cancellation, we are talking about the owners ability to cancel. Most owners require payment 60 days in advance, and watch their use year (the smart ones do if they can). And a lot of them ask for half up front. So if you don't pay, they cancel, keep the first half of your money, and try and rerent. Very little risk for them if set up correctly. i.e. little benefit to escrow for the owner - not worth the hassle when there will be someone else willing to agree to your terms without escrow.