Please help, can't decide, and totally confused!

[Disney Spaz]

Okay here is the situation. DS is graduating a year early from high school and wants DVC desperatley as grad/18th b-day gift from family. He won't be 18 til next February so we have about 10 months before we buy. We are looking at around 160 points and adding 150 pts at KT when they open. Now here are the parts I need help with.
1) The contract will be in mine and DS name, then when KT becomes available I want to buy into KT in just my name w/o DS and then he has the original contract. Can this be done or do both people on the original contract need to be on any additional contracts?
2) DS loves AKL and WL. He cannot pick between the two. I have read the AKV vs WLV thread and we are still stuck. Any personal experiences/suggestions appriciated.
3) What UY should we get? Right now we plan on going every other year, 8-9nights at Christmas, 7 nights end of May and 4 nights in the Fall around MNSSHP or MVMCP. The Christmas and May trips are the most important so what is the best UY for us?
Sorry for the spelling. I am hoping to have made a decision by his graduation on May 30th so the family and I can create a gift basket with the resort theme. Thanks for your help.

 

[Chuck S]

Add-on contracts must be titled the same as the original contract. Your only option would be to buy a new KT contract at whatever the minimum number of points is set to to buy in at that time. It would be a completely separate membership.

As your son is 18 yo, I would go for the AKV membership, as it will expire in 2057, WVL expires in 2042, and no extension has been announced, though it may be in the future. Please be careful when titling memberships in th names of children, especialy given the current economy. If the unforeseen happens, and your son has financil problem in the future, the membership would be considered an asset under bankruptcy proceedings, even if he didn't contribute anything to the purchase. If you are going to finince the purchase, I would not put his name on it, then after it is paid off, I would gift the entire membership to him. It will cost a little bit to have it re-deeded, but it would certainly be safer in todays uncertain financial times.

 

[vicki_c]

And may I just add what a nice parent you are!

 

[bookwormde]

If you are picking UY for cancellation reasons then April, September and October would work for you under the current banking policy.

bookwormde

 

[FLYNZ4]

If you are picking UY for cancellation reasons then April, September and October would work for you under the current banking policy.

bookwormde

September would be the only UY that would cover all 3 desired travel periods. Anything after May 1st (and until Sept 1) would be not bankable... but those would be holding anyway since it is within 30 days of the May vacation.

/Jim

 

[Disney Spaz]

Thank you FLYNZ4 and bookwormde for the infomation. I think I wiil look for a September UY. I tried doing the math that had been posted and I was just not getting it.
vicki_c thanks, we had started talking about a car but then we went to WDW this past Easter and did the DVC tour and DS was hooked. DGrandpa had talked to DS about getting him a new car but once we were back DS said he didn't relly want or need a car right now, he can walk to his college campus. So I talked to a few of his friends and they loved to DVC idea.
Chuck S we were not planning on financing it at all but I may take your advice and deed it in my name only until he graduates from college and has a secure job. If I deeded it in my name only would I then be allowed to purchase into KT in only my name at 150 pts at KT and then give DS the AKV w/o giving him KT since AKV would be the original contract?
Thanks again for all the help

 

[Chuck S]

If I deeded it in my name only would I then be allowed to purchase into KT in only my name at 150 pts at KT and then give DS the AKV w/o giving him KT since AKV would be the original contract?

Yes, you can. You'll have to submit it to Disney for their Right of First Refusal, but since you are gifting it to immediate family, you should receive an automatic waiver. Remember that even though it is immediate family, any pending reservation you may have will be cancelled at the time the deed is transferred to your DS.

 

[Disney Spaz]

Cool thanks.

 

[bookwormde]

FLYNZ4

That (30 day holding account) is why I use 3 months after reservation dates instead of 4 months

bookwormde