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Drawbacks of renting credits?

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 PostPosted: Fri 12 Jun 2020 1:04 pm   

Joined: Fri 12 Jun 2020 12:25 pm
Posts: 7
Hello

I'm new to the forum and fairly new as a timeshare owner. I apologize if this is in the wrong spot, but what are the drawbacks of renting credits? It seems like a much cheaper and more flexible option than buying more points from a developer or even a private party. Am I missing something?

Thank you in advance.


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 PostPosted: Fri 12 Jun 2020 3:25 pm   
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Joined: Mon 11 Jul 2005 7:22 pm
Posts: 199
Location: Port Orchard, WA
As long as you rent from a reputable source there are zero drawbacks of renting credits.


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 PostPosted: Fri 12 Jun 2020 4:34 pm   

Joined: Fri 12 Jun 2020 12:25 pm
Posts: 7
Awesome. Thank you for the response. I did see that there are scammer issues, so that's definitely good to be on the lookout for. I suppose it's worth paying a little extra to be sure in an instance like that.

Thanks again!


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 PostPosted: Fri 12 Jun 2020 10:30 pm   

Joined: Tue 08 Apr 2008 7:34 am
Posts: 12604
Location: San Francisco Bay Area, CA
There are some minor drawbacks.

You need to watch the expiration dates, especially when you are renting expiring credits.

Credits shuffle, First in First Out, so if you rent often, you have to manually track in which reservation which credits are in.

If you have No Housekeeping account, the rented credits need to pay for housekeeping.

If you have a Travelshare or WM+A account, the rented credits may or may not have WM+A or Travelshare status.

At one time, renting credits, with the same expiration date as you annual credits messed up the credit shuffle. I don't know if they ever fixed that.

You are limited to rent in and out 2 times your annual credits. Sometimes you are at your max and you forget and credits, which you are counting on, doesn't show up.

While you are able to rent credits, you are not able to transfer the housekeeping tokens with them. While you are probably still getting a good deal, you will want to factor in the housekeeping fees on your eventual reservation.

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 PostPosted: Sat 13 Jun 2020 5:20 am   
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Joined: Wed 21 Jul 2004 4:51 pm
Posts: 15905
Location: California
Welcome to WMOwners.com!

There’s an “ introduce yourself” thread if you’d like to tell us a little about how you decided upon WorldMark, and how you found us. What area do you live in? What’s your closest resort?

The Rental of credits is a great benefit to both parties.

We’re in the San Francisco East Bay Area.

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 PostPosted: Wed 17 Jun 2020 2:56 pm   

Joined: Fri 12 Jun 2020 12:25 pm
Posts: 7
@atom
Thank you for the detailed response. That's a lot of things that I hadn't considered. haha.

@javanite
Thank you for the welcome. I'll have to make my way over there and do that.

@all
I am definitely confused about the timing of points. For instance, could I rent points today and then book something 13 months out with them tomorrow? Is it possible that they would expire during that 13 months? I bought my membership second hand and I'm definitely not as educated as I probably should be on the rules. Is there a resource that you might suggest?

Honestly, at this point, I'm having trouble just using what I have. I've already had 2 separate weeks this summer get cancelled (the previous owner had two year's worth of points), rescheduled them, and received a phone call that one of them will be cancelled (don't know which one yet...) So frustrating!

Thanks again!


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 PostPosted: Wed 17 Jun 2020 4:47 pm   

Joined: Fri 27 May 2005 6:15 am
Posts: 3746
oliveiracj6 wrote:

@all
I am definitely confused about the timing of points. For instance, could I rent points today and then book something 13 months out with them tomorrow? Is it possible that they would expire during that 13 months? I bought my membership second hand and I'm definitely not as educated as I probably should be on the rules. Is there a resource that you might suggest?

Honestly, at this point, I'm having trouble just using what I have. I've already had 2 separate weeks this summer get cancelled (the previous owner had two year's worth of points), rescheduled them, and received a phone call that one of them will be cancelled (don't know which one yet...) So frustrating!

Thanks again!


Credits are good for 2 years from when they were awarded. That stays with the credits so any you rent in will have different expiration dates than the ones you have in your account. Expired credits can be kept in a reservation for 13 months which extends the useful life of your credits for another year. You can't transfer expired credits from another owner.

There is a lot to learn. The best way is to just dive in. Ask questions as you go along and we can coach you through the process.
With all the cancellations, a lot of owners will be looking to book a lot of vacations. If you see something you might want, book it. You can always cancel later, but that time may disappear.

Sue

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 PostPosted: Wed 17 Jun 2020 5:58 pm   
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Joined: Wed 21 Jul 2004 4:51 pm
Posts: 15905
Location: California
The credits in your account most likely have the same expiration month.
Credits have a 25 month life. 2 years plus all the way to the last day of the anniversary month.

If you have credits expiring in Aug 2020, you may use them through Aug 2021, as long as they stay "locked up" in a reservation. If that reservation needs to be cancelled, do it during business hours, and immediately rebook the credits into another reservation (even if it is a dummy.)

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 PostPosted: Fri 19 Jun 2020 11:16 am   

Joined: Thu 13 May 2010 2:59 pm
Posts: 23
Location: Vancouver Island, BC
Is there a WM fee for the transfer of rental credits? Can't remember..? Thx!

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 PostPosted: Fri 19 Jun 2020 11:41 am   

Joined: Tue 06 May 2014 2:12 pm
Posts: 2126
Location: Salem, Oregon
mambo#5 wrote:
Is there a WM fee for the transfer of rental credits? Can't remember..? Thx!


No. Not yet. I assume the online form will be used.

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