Paying via Paypal???

[cvmar]

I am currently in the process of renting a TS from an owner. In the past I have only used the escrow service offer by Redweek, however this owner does not like to use the service due to the delay in getting the balance of the funds until our return. I have never used Palpal and based on a Google search there several complaints about this "service". Can anyone enlighten me on this? I understand you can use your credit card which I would like to do in order to get the miles however I do not want this to mess up my credit card in anyway as this is the only card I use. I understand that waiting until a renter returns to get the balance of your funds is not practical especially when TS units are rented 8-12 months in advance and owners have to pay their maintenance fees, however I also want to protect myself. Thanks!

 

[PerryM]

Here's some suggestions

Cvmar,

Great question, basically the only way to guarantee that you will be able to take your vacation or get your money back is with an insurance policy. Redweek has worn out it’s usefulness by delaying payment to landlords and thus many will not use it anymore.

What you can do is:
1) Ask that your name be placed on the reservation and a copy faxed to you BEFORE you send in money. There is NO reason why the landlord should not do this.
2) Call the 800 number and confirm this. You will not be ever able to confirm whether MFs are delinquent – that’s private information
3) Get an insurance policy from a firm like www.travelguard.com/ this will cost about $300 - $350 for the airline tickets and timeshare
4) Double check 14 days before check-in and ask for non-smoking, views, floor, etc.
5) Sign a lease agreement so if the landlord should pull something his is facing fraud charges and the legal/court system would prosecute.

No matter how you pay, even by credit card or PayPal, there is no way to recoup your funds if the landlord should default.

In return for the risk you face, you should be getting a great discount over the rate charged by the resort.

Setting up a new PayPal account takes 1 minute, hooking up your credit card another.

Good luck,

 

[cvmar]

Thank you Perry! So I do not need to worry about using the Paypal service itself? The owner did sent me a lease agreement and has placed the reservation in my name which I have confirmed. I do feel I got a great rate because the 1/1 units rented directly through the resort (can't pull up a 2/2 unit) during the time we are going run with taxes and resort fee $485.00 and we have a 2/2 unit for half of that!

 

[topcop400]

I've used PayPal for years and never have had a problem. I've sent money to others and received money from others. I think it's very safe.

 

[PerryM]

PayPal is great

PayPal is an actual bank with FDIC insurance and 100,000,000 customers - the largest on this planet! The only folks bad-mouthing PayPal are the eBay'ers who hate anything eBay owns.

We constantly shift funds in and out of PayPal to get the highest interest rates paid by ANY US bank on what is basically a checking account.

 

[Steamboat Bill]

The current yield is 5.03% for the PayPal Money Market Fund

Note: Investments in the PayPal Money Market Fund are not insured by the FDIC. Past performance does not guarantee future results. Although the fund strives to maintain the value of your investment at $1.00 USD per share, it is possible to lose money by investing in the fund.

 

[Spence]

What you can do is:
1) Ask that your name be placed on the reservation and a copy faxed to you BEFORE you send in money. There is NO reason why the landlord should not do this.

Perry, you keep saying this but you are wrong. There is plenty of reason some don't want to do this and will not do this for a would be renter. Depending on the time before check-in I would be penalized if I made a reservation in someone's name then tried to cancel it if they didn't materialize. I want to see the money, show me the money, before I commit my valuable points, they're getting a great deal they need to take the risk, not me.

 

[PerryM]

I see no problem

Spence,

I am not aware of any timeshare that will not let you add a guest’s name to the reservation, and it’s done over the phone, and it’s changeable.

If there is a timeshare out there that will not allow this to happen in a 30 minute time frame I sure want to know which timeshare is that slow.

I do it with 5 different timeshare developers all the time. Which one won’t let you do this?

Since the name on the reservation is going to be changed anyway, and worst case scenario you have to pay for a guest certificate (Like my Park Plaza charges) they don’t charge to add secondary names or just replace the name on the guest certificate now. They eMail it to me and in 30 minutes I’ve got a new reservation to send to a new renter.

I see no down side at all and would insist the landlord to it – it’s no big deal.

If you are down to just hours before check-in, that I understand.

 

[taffy19]

PayPal is great. I even like to use it for Europe. Don't open the scam emails that you get every day. PayPal will always address you by your full name.

I had some dealings with them this week and I knew it was PayPal because they addressed me by my full name. I would use them for rentals too but the maximum amount is not enough to cover collecting rent from a timeshare so you will have to go with a commercial account if you want to use them for collecting money from a rental. I don't know how it is if you are a renter paying over $500? We have always used a personal check or our credit card.

 

[Spence]

Perry,
You don't understand what I'm saying. 9 months out of the year I don't have reservations (holidays I do as they won't be available when tardy rentors get around to asking), they're available through my timeshare club and I can book them if a rentor wants them. I'm not going to tie up my points without cash. If I make a reservation which is within 60 days of check-in to put someone's name on it I lose considerable points if I then cancel because the renter didn't follow through. At 30 days greater points loss and at 15 days prior, total points loss. This is plenty of reason I don't want to do this and will not do this for a would be renter. Again I say depending on the time before check-in I would be penalized if I made a reservation (in someone's name) then tried to cancel it if they didn't materialize. It's not the act of putting a name on a reservation, it's the act of making a reservation with no guarantee that the rentor will consummate the deal. I want to see the money, show me the money, before I commit my valuable points, they're getting a great deal they need to take the risk, not me.

During the summer when I have all sorts of reservations sitting around, I'd have no problem putting a guest's name on a reservation and then taking it off again.

That's the funny thing, they want to see their name on a reservation and I can take it off just as easy, even easier 'cause I don't have to spell my name for the CSA.

 

[PerryM]

Hopefully I got it

Spence,

Ok, I now understand what you are doing, let me recap to make sure I understand:

You belong to a club that is points oriented. You have no reservations and advertise a start and end date (eg Jan 1 – Aug 1) and when a person contacts you for a specific week or a general timeframe you then try to get a reservation that will satisfy the renter. You won't actually make the reservation until you have cash in hand however.

If the renter is not satisfied or just changes his mind you are not involved with a return.

If the above is correct, I understand your dilemma.

If a renter asked for my advice and indicated that the landlord had these problems I would advise the renter to either walk away from the rental or get renter’s insurance and specify that because the landlord is unwilling to place his name on the reservation, that renter’s insurance should be split 50/50, or the landlord bear the entire cost.

This is not the renter’s problem; it’s the landlords in my opinion.

Hopefully I got it right this time. I apologize for not understand the flow.

My feeling is that the landlord must offer something besides words to prove that the reservation exists and the renter’s name is already on the reservation. Anything beyond that is very risky for the renter and I believe renter’s insurance is the correct answer. The kicker is, of course, who pays for it.

 

[Steamboat Bill]

When I rent my DVC points, I ask for 10% down (paypal) payment after I get a verbal reservation (sometimes on 3-way) from disney and have the renter put the dates of travel and loacation in the paypal commetns section to serve as a receipt.

Then when I get the hardcopy reservation from DVC in 10 days I sent it to the renter. At 45 days before check-in I want the remaining 90% balance. I even take personal checks (amazing none ever bounce). They then own it and if they want to change it within 45 days, they are subject to the DVC rules. So far, I have never had a problem.

Most people on DISboards are really trusting rentors and rentees...amazing.

 

[PerryM]

Wow

Steamboat,

Wow, you are acting as an insurance company and bank – I, personally, would not do that myself.

Before perfecting the system I use now, I got burned with asking for 25% up front and waiting until 30 days to get the rest. Too many renters decided they didn’t want to continue and stalled and stalled until I was within 15 days of check-in and then they never responded to eMails.

Can’t you get a .pdf from Disney instantly and fax that to the renter? I would try to get out of anything mailed. Everything I do takes place in minutes and the deal is done.

 

[Steamboat Bill]

Too many renters decided they didn’t want to continue and stalled and stalled until I was within 15 days of check-in and then they never responded to eMails.

Can’t you get a .pdf from Disney instantly and fax that to the renter? I would try to get out of anything mailed. Everything I do takes place in minutes and the deal is done.

I wish I could get a instant PDF. We have to wait for "mouse" mail.

I am not a big renter, as I make only 2-3 rentals per year when I have extra points. I used to ask for nothing down and 50% when I got the confirmation (7-10 days) if the reservation was further out than 60 days. There is not much penalty if you cancel a reservtion at the 3-4 month window.

Amazingly, after six years, I have never gotten burned by DVC renters off DISboards even accepting personal checks. I do not take short notice (within 30 days of travel) reservations as there is too much risk.

DVC has been a fantastic TS for my personal family use and lately I have rented 50% of my points to pay the MF. Thus, I feel like I am vacationing for free. When you account for the 40% increase in the DVC price to buy since 2000, it has been an even better buy.

I don't think DVC is as good a buy as it was in 2000, but people seem to pay crazy prices to own a piece of the magic. Resales only save about 10-15% off developer prices.

 

[PerryM]

Don't rock the steamboat

Steamboat,

If you have to wait 7+ days to get proof that you have added the renter’s name to the reservation then I would allow the renter to call an 800 number to verify your reservation and then wait 7+ days for the reservation to arrive. I would then immediately fax the reservation and ask for 100% of the money. During those 7+ days mail the rental lease to them so by the time they get it and review it you can fax the reservation and ask for 100% money.

But if you are having success with what you have – don’t rock the boat (steamboat that is .

 

[Steamboat Bill]

I would allow the renter to call an 800 number to verify your reservation. But if you are having success with what you have – don’t rock the boat.

I used to do that, but DVC just clamped down and only allows members to call on the 800#.

It is hard to describe, but as an active poster on DISboards for over 4 years, there is a real palpable "honesty" pulse with Disney people. They have a be-nice term called "pixie dust" that they spread around. Most flamer posts get deleted and it seems people want to live in a magic castle. I guess that is how Disney can charge $10 for a coke (refillable one day mug).

I have two DVC contracts and will probably sell one so I can buy a Platinum Marriott somewhere like MMC/MSE. Then I will do minimal DVC rentals as I would probably use one contract points every year.

I love disney, but the prices are getting out of hand and it never ceases to amaze me of the "uneducated people" that will buy a DVC contract and pay 11% interest, yet still have unpaid balances on their credit cards, are still living in a rental apartment and have no 401k/ROTH/SIMPLE, etc.