buying small contract as a gift

Discussion in 'Purchasing DVC' started by kristytru, Jun 4, 2013.

  1. kristytru

    kristytru A dream is a wish your heart makes...

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    We are CONSIDERING buying a small contract for my son for his graduation. His goal is to work for Disney and will be applying for the college program next semester. Our plan is to pay the dues for a set amount of time. We would put both my son's and my husband's name on the contract, so if at any point he does not wish to take over the dues payments, it would be ours. Looking for any advice or warnings on this idea as well as the best place to get a small contract since they seem to be "snatched up" so quickly.
    popcorn::
     
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  3. OKW Lover

    OKW Lover Retired and living 2 miles from The Castle. DIS Lifetime Sponsor

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    A couple downsides to this plan:
    • If his name is on the deed then he is responsible for ongoing Member Fees
    • If his name is on the deed then it is his asset for college tuition assistance purposes
     
  4. chalee94

    chalee94 <font color=green>I thought all sand was ground up

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    also, he could probably swing a cheaper upfront price for the contract if you waited till he was a disney employee.
     
  5. disneynutz

    disneynutz DIS Veteran DIS Lifetime Sponsor

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    People who work for Disney see and live behind the curtain. For many, the last thing that they want to do is to stay there on vacation.

    :earsboy: Bill
     
  6. JWG

    JWG DIS Veteran

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    Direct purchase yes. Compared to resale not so sure. Employee purhcases also carry different and more strict rules of use/sale.

    If I were doing, I'd by resale and let them decide if they like it enough to want to cruise and such. If so, they can add-on on their own.

    Nice of you! Wish my parents had done this for my college graduation. We took the tour my Junior year and they bought in my Senior year. Would have been a nice surprise. No real complaint, they let us use their points, and still do, even after we've purchased our own.
     
  7. iluvthsgam

    iluvthsgam Mouseketeer DVC Gold

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    My wife was a CP from 2005-2009. Her parents owed at VB before that, but sold VB and bought SSR direct while she was working there with her cast discount. There are no restrictions on the deed, it is no different than any other purchase and my wife didn't even have to be on the deed. Now, don't know if anything has changed since that time frame, but at that time there were no restrictions.
     
  8. collections

    collections Mouseketeer

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    When is he graduating from college?
     
  9. ELMC

    ELMC DIS Veteran

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    It's a very nice sentiment, and I know you said that you would pay for the maintenance fees for awhile. But I'm wondering if it's the best idea to start him off with a gift that comes with an annual payment of maintenance fees every year for the next 30+ years. I would think that if he were just starting off he would want something that produces income, not takes it away.
     
  10. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    There are restrictions on usage and sales for CM currently, I'm not sure how this applies to former CM though.
     
  11. Kidanifan08

    Kidanifan08 DIS Veteran

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    Sounds to me that YOU want a small contact! You could always buy something for yourself and make your son an associate. Then you could set up a system that the user of the points covers the maintenance. Then, a gratuitous transfer when he is ready is not very hard to do.
     
  12. lodge

    lodge DIS Veteran

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    Go for it.... very generous gift!
     
  13. iluvthsgam

    iluvthsgam Mouseketeer DVC Gold

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    Restrictions on usage? I could understand trying to turn around and sell for a profit, but what are they doing to restrict usage? My in-laws never had a problem or were never told there were usage restrictions.
     
  14. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    I'm not the expert on this subject, I'm just aware that DVD some years ago instituted restrictions and that the CM had to sign off on them to get the discount. Basically no renting and must resell to DVD directly IIRC, maybe recent or current CM can be more specific and more accurate. I'm not sure how these apply to contracts bought before the restrictions were in place but I'd bet that renting from those contracts while a CM would be prohibited by the code of conduct if the CM name were still on the contract.
     
  15. iluvthsgam

    iluvthsgam Mouseketeer DVC Gold

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    hmmm interesting. thanks. they bought over 7 years ago so I don't know if this applies to them, but I don't think so. I doubt my wife would even remember if she signed anything like that and I looked again at the deed and there is nothing on the deed.
     
  16. Missyrose

    Missyrose DIS Veteran

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    I'm with ELMC on this one. If he's just starting out in the world, it might be a good while until he A) has enough vacation time to make good use of a DVC contract and B) Enough cash for the MFs and travel costs.
     
  17. collections

    collections Mouseketeer

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    I found this posting on DVCNews which references castmember restrictions and discounts on DVC purchases.

    http://www.dvcnews.com/index.php/dvc-program/financial/1898-cast-member-discount-increases
     
  18. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    I'm pretty sure that it was in place 7 years ago.
     
  19. iluvthsgam

    iluvthsgam Mouseketeer DVC Gold

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    hmmm interesting. Don't really know if they had to or not.
     
  20. Dean

    Dean DIS Veteran<br><a href="http://www.wdwinfo.com/dis

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    I found posts back to 2008 talking about CM restrictions in a historical sense. Better to check if it might apply.
     

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