Jump to content

  •  

Welcome to JetNation.com


Sign In  Log in with Facebook Log in with Twitter

Create Account
Welcome to JetNation.com, your home for New York Jets talk. We are an independent site, which means we aren't affiliated with the NY Jets or SNY. The opinions here are never censored. We want you to join in on the conversation, but don't worry this is a simple and FREE process. Be apart of JetNation.com by signing in or creating an account. When you create an account, you can also opt to use your existing Facebook or Twitter login.
  • Start new topics and reply to others
  • Subscribe to topics and forums to get email updates
  • Get your own profile page and make new friends
  • Send personal messages to other members.
Also be sure to check us out on Facebook and Twitter.
 
Guest Message by DevFuse

Photo
- - - - -

A word to the wise on PSL's


  • Please log in to reply
80 replies to this topic

#51 Maxman

Maxman

    Mr. Jet Nation

  • Administrators
  • 59,049 posts
  • LocationJN Server Room

Posted 13 March 2013 - 08:45 AM

Of course it effects your credit.  You entered into a contract to pay off a note and if you default that is a huge black mark on your credit rating.  I don't know how old you are, but mortgages are tough enough to get with good credit, good luck with a default on your record. Basically, the cost of defaulting will be higher than the cost of a PSL.  The big question is how hard the Jets pursue this.  From a legal perspective they win hands down, but it will be a public relations nightmare.

What if you took tickets out in the name of a PSL that you own for a fan site that you run. How would that impact a person who was in that situation?

Totally hypothetical situation that I am throwing out there btw. I don't know anyone in that situation. :)
  • 0

The largest independent community of NY Jets fans on the web. Visit our blog, Facebook page and Twitter.


#52 jerseyboyisback

jerseyboyisback

    Advanced Member

  • Members
  • PipPipPip
  • 55 posts

Posted 13 March 2013 - 09:02 AM

I just spoke with a manager they said it WILL NOT affect my credit if I default!  They may or may not go after you for the remaining balance!


  • 0

#53 jerseyboyisback

jerseyboyisback

    Advanced Member

  • Members
  • PipPipPip
  • 55 posts

Posted 13 March 2013 - 09:16 AM

Of course it effects your credit.  You entered into a contract to pay off a note and if you default that is a huge black mark on your credit rating.  I don't know how old you are, but mortgages are tough enough to get with good credit, good luck with a default on your record. Basically, the cost of defaulting will be higher than the cost of a PSL.  The big question is how hard the Jets pursue this.  From a legal perspective they win hands down, but it will be a public relations nightmare.    

 

forgot to quote you see above!


  • 0

#54 Green DNA

Green DNA

    PSL Hypocrite

  • Members
  • 10,636 posts
  • LocationSection 205A

Posted 13 March 2013 - 12:30 PM

What if you took tickets out in the name of a PSL that you own for a fan site that you run. How would that impact a person who was in that situation?

Totally hypothetical situation that I am throwing out there btw. I don't know anyone in that situation. :)

Hypothetically speaking, you, I mean they should have swabbed someones back porch in order to get press passes and then the hypothetical PSL would have been unnecessary. 


  • 1

#55 Maxman

Maxman

    Mr. Jet Nation

  • Administrators
  • 59,049 posts
  • LocationJN Server Room

Posted 13 March 2013 - 11:24 PM

Hypothetically speaking, you, I mean they should have swabbed someones back porch in order to get press passes and then the hypothetical PSL would have been unnecessary. 

 

I thought that ship had sailed, then I realized that ship actually sank.


  • 0

The largest independent community of NY Jets fans on the web. Visit our blog, Facebook page and Twitter.


#56 Bugg

Bugg

    Of counsel whack job

  • Members
  • 15,085 posts

Posted 14 March 2013 - 07:59 AM

I just spoke with a manager they said it WILL NOT affect my credit if I default!  They may or may not go after you for the remaining balance!

Think if you apply for a mortgage or a car loan and explain the situation nobody is going to be all that upset about a PSL default.And any NFL team that goes after it's fans for specific performance on a PSL contract is going to face an epic sheetstorm of bad PR.


Edited by Bugg, 14 March 2013 - 08:01 AM.

  • 0
Objective-Santa Clara, California

Super Bowl 50-February 7th, 2015

#57 Lil Bit Special

Lil Bit Special

    pumba lookin ass- Chris Ivory

  • Members
  • 23,152 posts

Posted 14 March 2013 - 10:10 AM

Think if you apply for a mortgage or a car loan and explain the situation nobody is going to be all that upset about a PSL default.And any NFL team that goes after it's fans for specific performance on a PSL contract is going to face an epic sheetstorm of bad PR.

 

 

I dont think they will face an epic sh*t storm of bad PR.  There are lots of people who believe you signed up for a PSL, you deserve whatever crap happens to you if you reneg on the contract.  Thats whats wrong with people...  they dont want to be taken at  their word and want to weasel out of their contract because theyre unhappy the team sucks. They dont want to be held accountable for what they do.  And when they dont get their way??  Whine to the media that the big bad Jets want their money.


  • 0
 photo c82dba5d-cef7-4044-a308-6f6302c7ad1c.jpg

#58 Bugg

Bugg

    Of counsel whack job

  • Members
  • 15,085 posts

Posted 14 March 2013 - 10:16 AM

I dont think they will face an epic sh*t storm of bad PR.  There are lots of people who believe you signed up for a PSL, you deserve whatever crap happens to you if you reneg on the contract.  Thats whats wrong with people...  they dont want to be taken at  their word and want to weasel out of their contract because theyre unhappy the team sucks. They dont want to be held accountable for what they do.  And when they dont get their way??  Whine to the media that the big bad Jets want their money.

Suing your own  fans wlll be a really bad media story, even worse if you're cutting players and salary with a crappy 2013 season on the way.  Most people simply won't pay another dime and don't expect to get anything back. It  was a scam in favor of the Jets form the beginning.


  • 0
Objective-Santa Clara, California

Super Bowl 50-February 7th, 2015

#59 Bleedin Green

Bleedin Green

    SuperTwat

  • Members
  • 21,635 posts

Posted 14 March 2013 - 10:24 AM

I dont think they will face an epic sh*t storm of bad PR.  There are lots of people who believe you signed up for a PSL, you deserve whatever crap happens to you if you reneg on the contract.  Thats whats wrong with people...  they dont want to be taken at  their word and want to weasel out of their contract because theyre unhappy the team sucks. They dont want to be held accountable for what they do.  And when they dont get their way??  Whine to the media that the big bad Jets want their money.

 

Yeah, the Jets could easily get away with it if they really wanted to and the media wouldn't care less.  Those who bought PSL's entered into a contract and failing to pay it is no different than anyone who refuses to pay their car payment or their mortgage.  In those cases the banks aren't exactly like "oh, you don't want to pay for this anymore?  ok, we understand, don't sweat it."  When you consider how much more important those things are to people's lives, the Jets have even less reason to give their customers leeway than anyone handing out loans for essentials like that.  There was nothing driving anyone to buy a PSL outside of their own desire to have it, it was and is a pure luxury.  It sucks for those people that they chose to make what they now consider to be a bad investment, but that was still their decision.


  • 0
By day he's the (not so) mild-mannered Bleedin Green, but by night...

TL;DR

#60 skunkbudz

skunkbudz

    New Kid On The Block

  • Members
  • 6 posts

Posted 01 July 2013 - 10:14 AM

I dont think they will face an epic sh*t storm of bad PR.  There are lots of people who believe you signed up for a PSL, you deserve whatever crap happens to you if you reneg on the contract.  Thats whats wrong with people...  they dont want to be taken at  their word and want to weasel out of their contract because theyre unhappy the team sucks. They dont want to be held accountable for what they do.  And when they dont get their way??  Whine to the media that the big bad Jets want their money.

 

I hear what you are saying but I am not trying to weasel out of my contract. I did sign up for a contract and I should fulfill it. That being said, the people that gave me my mortgage don't frisk me as I enter my house, yell at me for walking the wrong way on my sidewalk or parking in a particular spot, and they don't threaten me when I'm late on a payment. In fact when I was having trouble paying some years back they called me and asked me sincerely what they could do to help me retain the mortgage with them and arrangements were made. I am paying the Jets and their staff for the privilege of treating me like a jerk, like they own me. On top of that they are playing some incredibly horrible football and these tickets are worth almost nothing.

 

Anyway, I'm stuck with a hard decision here. I would like to keep my PSL's as I do like going to the games but I can go to the same 5 games for a quarter of the price off of stub hub. For people wondering what the Jets stance is on this, here is an excerpt from the letter I received last week, with tomorrow being my cutoff date for defaulting.

 

As you have not made payment, this letter serves as Jets Stadium Development's ("JSD") notice of default ....if you do not cure this default by making payment withen ten days of the date of this letter, your rights under the Agreement will terminate, in which case:

  • JSD will retain all monies you have paid to date related to your PSL
  • Your obligation to pay the outstanding balance of the PSL and any liability under the Club Seat License Agreement shall be accelerated, making the full outstanding balance immediately due and payable, which JSD intends to fully enforce and collect
  • YOU WILL HAVE NO FURTHER RIGHTS UNDER THE AGREEMENT (i.e., you will not have the right to purchase tickets to Jets games at MetLife Stadium); and
  • JSD will have no further obligation to you for the above referenced account

 

So, take the money I've paid so far, sue for the remaining balance, and ban me from buying Jets tickets....awesome.


  • 0

#61 Sperm Edwards

Sperm Edwards

    Penis

  • Moderators
  • 28,893 posts

Posted 01 July 2013 - 10:47 AM

Why don't you guys just try to get kicked out of the stadium (during the season; not now of course)?

 

There must be a list of items in your agreement with JSD whereby you lose your PSL.  Nonpayment is of course one of them, but that will mess up your credit.  If you misbehave - like flipping off the security people - that may be enough so they opt out of the contract.  That may - may - leave your credit intact because you aren't defaulting on payment (even though you are still breaching terms of the agreement: behavioral terms).  

 

Check to see if there are any things that will get you kicked out of the stadium - and therefore/thereby kicked out of your PSL - but are not enough to get arrested.  

 

I haven't seen the agreement, and it's possible they accounted for this, but it's also possible they overlooked a loophole.


  • 1

JetNation.com
 

 

 


#62 Bugg

Bugg

    Of counsel whack job

  • Members
  • 15,085 posts

Posted 01 July 2013 - 10:48 AM

I hear what you are saying but I am not trying to weasel out of my contract. I did sign up for a contract and I should fulfill it. That being said, the people that gave me my mortgage don't frisk me as I enter my house, yell at me for walking the wrong way on my sidewalk or parking in a particular spot, and they don't threaten me when I'm late on a payment. In fact when I was having trouble paying some years back they called me and asked me sincerely what they could do to help me retain the mortgage with them and arrangements were made. I am paying the Jets and their staff for the privilege of treating me like a jerk, like they own me. On top of that they are playing some incredibly horrible football and these tickets are worth almost nothing.

 

Anyway, I'm stuck with a hard decision here. I would like to keep my PSL's as I do like going to the games but I can go to the same 5 games for a quarter of the price off of stub hub. For people wondering what the Jets stance is on this, here is an excerpt from the letter I received last week, with tomorrow being my cutoff date for defaulting.

 

As you have not made payment, this letter serves as Jets Stadium Development's ("JSD") notice of default ....if you do not cure this default by making payment withen ten days of the date of this letter, your rights under the Agreement will terminate, in which case:

  • JSD will retain all monies you have paid to date related to your PSL
  • Your obligation to pay the outstanding balance of the PSL and any liability under the Club Seat License Agreement shall be accelerated, making the full outstanding balance immediately due and payable, which JSD intends to fully enforce and collect
  • YOU WILL HAVE NO FURTHER RIGHTS UNDER THE AGREEMENT (i.e., you will not have the right to purchase tickets to Jets games at MetLife Stadium); and
  • JSD will have no further obligation to you for the above referenced account

 

So, take the money I've paid so far, sue for the remaining balance, and ban me from buying Jets tickets....awesome.

We were told that they COULD demand payment, but that they would not at this time sue us. Can say one difference is we made clear 2 of the 3 people in our party had homes damaged in Sandy and as such (along with your very accurate bill of complaints) going to Jets games was no longer a priority and in many ways a pointless expense at a time of great financial difficulty(the words "rebuild" and "supplementary insurance application"-oh,joy!) The rep my friend spoke to was sympathetic and mentioned his sister was also has  serious damage to here home from Sandy. That statute of limitations, which has not been waived in the contract, gives them 2.5 years to sue you in most states from the date of breach. There's nothing legally stopping the Jets from doing it, but if they sue hundreds(thousands?) of their own fans, the PR would be disasterous. IT WOULD BE UNPRECEDENTED FOR ANY FRANCHISE TO SUE IT'S OWN FANS. We were not told we could be precluded from ever purchasing Jets tickets ever again, which seems pretty out there and practically unenforceable.


Edited by Bugg, 01 July 2013 - 10:49 AM.

  • 0
Objective-Santa Clara, California

Super Bowl 50-February 7th, 2015

#63 Sperm Edwards

Sperm Edwards

    Penis

  • Moderators
  • 28,893 posts

Posted 01 July 2013 - 10:52 AM

We were told that they COULD demand payment, but that they would not at this time sue us. Can say one difference is we made clear 2 of the 3 people in our party had homes damaged in Sandy and as such (along with your very accurate bill of complaints) going to Jets games was no longer a priority and in many ways a pointless expense at a time of great financial difficulty(the words "rebuild" and "supplementary insurance application"-oh,joy!) The rep my friend spoke to was sympathetic and mentioned his sister was also has  serious damage to here home from Sandy. That statute of limitations, which has not been waived in the contract, gives them 2.5 years to sue you in most states from the date of breach. There's nothing legally stopping the Jets from doing it, but if they sue hundreds(thousands?) of their own fans, the PR would be disasterous. IT WOULD BE UNPRECEDENTED FOR ANY FRANCHISE TO SUE IT'S OWN FANS. We were not told we could be precluded from ever purchasing Jets tickets ever again, which seems pretty out there and practically unenforceable.

 

I read it as you would no longer have the RIGHT to purchase tickets (a right which the PSL provides), not that you would be banned from purchasing tickets.

 

But you're a lawyer and I'm sure have read a contract or two in your years; is there anything in your agreement that could get you out of it as I outlined in the post above yours?

 

(If there is I'll take the post down and PM the unhappy people here before the team sees my post, hehehe)


  • 0

JetNation.com
 

 

 


#64 Bugg

Bugg

    Of counsel whack job

  • Members
  • 15,085 posts

Posted 01 July 2013 - 11:17 AM

I read it as you would no longer have the RIGHT to purchase tickets (a right which the PSL provides), not that you would be banned from purchasing tickets.

 

But you're a lawyer and I'm sure have read a contract or two in your years; is there anything in your agreement that could get you out of it as I outlined in the post above yours?

 

(If there is I'll take the post down and PM the unhappy people here before the team sees my post, hehehe)

Was aware we could no longer buy our tickets, but thought perhaps the Jets were now going to refuse future ticket orders form some list of former PSL holders.

 

You cannot get out of it. But realistically very unlikely the Jets would take the step to sue customers. If they did, want to see them go through the expense and headache of the media covering that. They may try to get default judgments and sell them to credit colelction people. But still thye would have to go through the motions of serving you with a court date and giving you the option of defending yourself. PSL does have "binding arbitration" language but the default still has to be litigated.


  • 0
Objective-Santa Clara, California

Super Bowl 50-February 7th, 2015

#65 jgb

jgb

    Darksider

  • Members
  • 5,365 posts

Posted 01 July 2013 - 12:27 PM

everyone called me an ahole when me and my old man said buying psl's was dumb


  • 0

#66 Sperm Edwards

Sperm Edwards

    Penis

  • Moderators
  • 28,893 posts

Posted 01 July 2013 - 12:52 PM

I read it as you would no longer have the RIGHT to purchase tickets (a right which the PSL provides), not that you would be banned from purchasing tickets.

 

But you're a lawyer and I'm sure have read a contract or two in your years; is there anything in your agreement that could get you out of it as I outlined in the post above yours?

 

(If there is I'll take the post down and PM the unhappy people here before the team sees my post, hehehe)

 

What about what I outlined above (post #61)? Surely a dick like you could manage to get yourself kicked out of the stadium, but do so without getting arrested.  Don't they then "take away" your PSL from you as a punishment?


  • 0

JetNation.com
 

 

 


#67 gEYno

gEYno

    2013-2014 & 2014-2015 JN Captain & VIP Member

  • Members
  • 17,926 posts

Posted 01 July 2013 - 01:03 PM

everyone called me an ahole when me and my old man said buying psl's was dumb

 

Must have been lonely on that island with 90% of JetNation posters.


  • 2

reset_buttonjpgscaled500_zps740f8923.jpg


#68 skunkbudz

skunkbudz

    New Kid On The Block

  • Members
  • 6 posts

Posted 01 July 2013 - 01:39 PM

I don't think the media coverage is going to be as bad or hurtful as everyone thinks and I have no doubt that the second not taking action cost them more then suing the defaulters, we will be sued.

 

Oh, and as far as getting myself kicked out, how do you know I won't be forced to pay off the rest of my PSL in the same manner?


Edited by skunkbudz, 01 July 2013 - 01:41 PM.

  • 0

#69 slats

slats

    9 5/8" hands

  • Moderators
  • 20,018 posts
  • LocationAcross the Universe

Posted 01 July 2013 - 03:54 PM

Must have been lonely on that island with 90% of JetNation posters.


Haha! The Jets went from having a 10 year waiting list to purchase tickets to having to cold call anyone who bought a Jets' cap in the last ten years to attempt to sell out the stadium. But yeah, all Jet fans but two thought PSL's were an awesome idea.
  • 0
back in my room
wish you were dead
you bawl like the baby
in Eraserhead

#70 denden29

denden29

    Practice Squad Player

  • Members
  • 439 posts

Posted 01 July 2013 - 06:44 PM

 IT WOULD BE UNPRECEDENTED FOR ANY FRANCHISE TO SUE IT'S OWN FANS. We were not told we could be precluded from ever purchasing Jets tickets ever again, which seems pretty out there and practically unenforceable.

Unfortunately lots of teams have sued their fans over tickets but as of now the Jets have never done so:

 

http://consumerist.c...nto-bankruptcy/

 

http://www.huffingto...-_n_276158.html


  • 0

#71 Apache 51

Apache 51

    LET'S KILL THEM ALL

  • Members
  • 790 posts
  • Locationthe right end of a Browning 12 gauge in Morris Co., NJ with Nick on my left and Rex on my right.

Posted 01 July 2013 - 07:50 PM

Here's some advice to the PSL holders who are are sorry they got themselves into the mess, can't afford the tix any more, are sick of the increases in the PSL seat ticket costs, sick of paying full price for pre-season games, are pissed that the Jets decided to sell upper bowl seats for only $50 bucks; killing the value of YOUR tickets or just regret ever making the decision in the first place...

There is NO resale market for Jets PSLs. This is a life sentence! So if you want to get out of your PSL and you're thinking that you'll just pay it off and put it up for sale... think again... ain't no one out there to buy em! Take a look at the independent website Stadium PSL Exchange under NY Jets... http://www.stadiumps...-sale/1134.html

There are 388 listings for Jets PSL's. NOT 388 seats, 388 listings (only 2 other teams have more listings out there), most with 2 seats some with 4 to 6 seats. So there's around 1200 seats out there that fans are tryng to dump. Many are asking a fraction of the original cost. This is only THREE years in!! Just think how the number will increase in a few more years!

So, here's my advice... the key is if you're on a 15 year payment plan, this could work for you. If on a 15 year plan, you still have a large outstanding balance. Example, if you have 2500 PSL seats, your outstanding balance is $1910. Odds are that your balance well exceeds the market prices for seats in your location. My advice in this case is simple... WALK AWAY!, Default on the payments. Unauthorize any future credit card or ACH payments. You'll be better off. The loss you're taking will pay for itself on the savings you'll have on the pre-season tix for the next three years alone. In this case, it would be extremely hard to sell a 2500 PSL on the open market for 1900.

If you're worried about what will happen if you default on your future payments, this is what the Jets have on their website in writing...

What happens if I do not purchase my season tickets or complete my PSL payments?
If you default on your obligations under the PSL Agreement or Club Seat Agreement, Jets Stadium Development LLC will have the rights listed in the default provisions of those agreements, which include forfeiture of your PSL and all monies you have paid for that PSL up to that point. This means you will no longer have the right to buy season tickets for those seats for that season or any future season. Jets Stadium Development LLC then will have the right to resell your PSL with no obligation to you as the former PSL holder.


I usually wouldn't post something like this, but I have my reasons... the Jets ticket folks have wronged me and I'm fed up. Once they have you in deep with the PSL, you're F***KED and they treat you like a piece Sh*t! The more I think about it, the more I realize how poor a decison it is on our part to invest in PSL's in the 1st place. Now's your chance to get out before it's too late! Good Luck!

Are you from NY?


  • 0

    sis-boom-bah_zps0dca82ce.jpg


#72 flgreen

flgreen

    3rd Year Veteran

  • Members
  • 17,559 posts

Posted 01 July 2013 - 08:17 PM

I think they are going to have to do something to the contracts that default or they will lose all their PSL's.

 

A certain amount of people are going to be test dummies and default this year.  If they are siting here this time next year, going nan nan na nan nan.  The Jets go 4-12, the rest of the proud holders, with tons of cheaper tickets on the market, are going to default.

 

Jets aren't going to let that happen


  • 0

#73 Lil Bit Special

Lil Bit Special

    pumba lookin ass- Chris Ivory

  • Members
  • 23,152 posts

Posted 01 July 2013 - 08:27 PM

everyone called me an ahole when me and my old man said buying psl's was dumb

 

 

I dont think calling you an ahole had anything to do with psl's.

 

:happy0071:


  • 0
 photo c82dba5d-cef7-4044-a308-6f6302c7ad1c.jpg

#74 Lil Bit Special

Lil Bit Special

    pumba lookin ass- Chris Ivory

  • Members
  • 23,152 posts

Posted 01 July 2013 - 08:27 PM

Must have been lonely on that island with 90% of JetNation posters.

 

 

:rl:


  • 0
 photo c82dba5d-cef7-4044-a308-6f6302c7ad1c.jpg

#75 Lil Bit Special

Lil Bit Special

    pumba lookin ass- Chris Ivory

  • Members
  • 23,152 posts

Posted 01 July 2013 - 08:28 PM

Unfortunately lots of teams have sued their fans over tickets but as of now the Jets have never done so:

 

http://consumerist.c...nto-bankruptcy/

 

http://www.huffingto...-_n_276158.html

 

 

but where was the bad press??? I mean this is barely any bad press, and everyone hates Daniel Snyder!

 

I guess that would only happen in NY.   :-)


Edited by Lil Bit Special, 01 July 2013 - 08:29 PM.

  • 0
 photo c82dba5d-cef7-4044-a308-6f6302c7ad1c.jpg




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users