Instead of flying to Florida with his folks, Kevin ends up alone in New York, where he gets a hotel room with his dad's credit card—despite problems from a clerk and meddling bellboy. But when Kevin runs into his old nemeses, the Wet Bandits, he's determined to foil their plans to rob a toy store on Christmas Eve.

Bill Dancer and his young companion Curly Sue are the classic homeless folks with hearts of gold. Their scams are aimed not at turning a profit, but at getting enough to eat. When they scam the rich and beautiful Grey Ellison into believing she backed her Mercedes into Bill, they're only hoping for a free meal. But Grey is touched, and over the objections of her snotty fiancé.