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Has anyone actually rented an exchange on Redweek and what were the ramifications, if any?
Are you talking about renting an exchange that was acquired through Redweeks own exchange program or are you talking about a Redweek rental ad for a week acquired via II or RCI exchange?
If the week is acquired via Redweeks exchange program then as Denise said, you are permitted to rent it.
If a week is rented from a Redweek ad and the week was acquired from an II or RCI exchange you risk having the reservation cancelled and the owners account suspended.