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A word to the wise on PSL's


AlToon88
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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.stadiumpsl.com/new-york-jets-psl-s-for-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!

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Furthrer, the IRS DOES NOT consider the PSL an investment vehicle. If it loses value when you walk away or sell it, you cannot claim that as a capital loss as you can with investments like stocks or real estate that are realized losses.

Woody, f___king us all again.

As I type this, with the PSL bill due November 1st, we are considering strongly walking away.

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But won't a half empty stadium will look bad when the Jets host all those home playoff games?

That was the most ridiculous part of the argument. The money you save by not buying 2 preseason games in one season alone, will be enough to cover the costs above face value for any playoff game you wanted to go to. If they existed, of course.

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That was the most ridiculous part of the argument. The money you save by not buying 2 preseason games in one season alone, will be enough to cover the costs above face value for any playoff game you wanted to go to. If they existed, of course.

This was the exact argument we used not to buy PSL's, and give up our season tickets that had been in our family for 30 plus years.

It has turned out to be a very wise decision.

Not only did we not pay the PSL, but we don't buy preseason, and we have gotten many of the games below face value.

Plus, when they are 5-9 we can chose not to buy tix for freezing games in late December.

Now with the savings, I have no problem paying a big premium when we get a home playoff game every 15 years if we are lucky.

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My seats are epic and the good memories outweigh the bad, I'm happy and not dumb enough to judge a long term plan on 3 years.

3 years?? Try 40 years, Pal! You must be mistaking this team with the other NY team. Don't you know that this has been virtually the same team the past 40 years???

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Jets did not use dynamic pricing in pricing PSL sections like the Yankees or Nets do. For instance.section 142 10K PSL row one seat one on the 28 yard line right by 20K PSLs was priced the same as last row in section 142 10K PSL on ten yard line by lower priced 7.5K PSLs.

In secondary marrket of course tons of PSLs will sink in value as must owners paid too much in first place.

In the 142 example, most likely Jets Underpriced 1/3 of seats, correctly priced 1/3 of seats and Overpriced 1/3 of seats. Hence in 142 you dont see people within ten seats of aisle by 140 or in first ten rows walking away. But folks within ten seats of 143 in high rows or high rows dead in middle may walk away.

Why is that? Look at secondary market prices. In a given section I see rows 1-5 and aisle seats near higher priced sections regularly go for $100 above face on stubhub. Meanwhile junky back row seats in the middle once you factor in stubhub fees and preseason, you paid for a PSL for the right to the worst seats in stadium and right to lose money.

Did anyone in their right mind think LLEZ dead center middle of aisle seats at dripline with folks from Mezz A spilling Beer on their heads would be a money maker, Yet those rows sold out. Did anyone think last row TC corners one seat from LLEZ seats wtih a PSL that was like 60% less would be a money maker, nope none did. Mezz Clubs were a crazy PSL, in old stadium hard to sell those seats at $115 and now that ticket prices have tripled with a PSL who wants it.

Bottom line majority of people I know who are super super happy with their PSLs are folks in LLEZ, LLTC, LGL or LSL who bought pre-price cut. They picked out best 5% of seats in section and since sections were overpriced had their pick. They got extremely lucky when jets retroactively reduced prices.

But that is screwed up part Luck played such a factor, folks who bought in Mezz A, LLEZ corners, LL prime got screwed with price reductions. They wasted their senority buying seats in sections like that. Remember, LLEZ corners and Mezz A corners were the hot seats to pick when LGL was 10K and LSL was 15k with a much higher ticket price. They redued the ticket prices in LGL and LSL at same time as PSL. Friend I tailgate with bought six seats in LGL in first three rows right next to LSL, right on aisle starting ten yard line.

He was kicking himself as he bought them when they were 10K psls and a $145 ticket. When prices got reduced to 7.5K and $130 he got bailed out. He can sell games for like $300 each. Ten yard line row 3 aisle seats with a $130 ticket price he joked I could sell them all day long. He laughs that row 4 UD prime behind him had a ticket only $5 bucks less and is like 60 rows behind him.

Jets issue was you cant sell best 10% of seats to 100% of people. PSL reps worked hard to sell them all. Really it is just the bottom 5% of seats that are god awful and those are the ones that will default.

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What you're all forgetting is that this is a "personal seat license". Which means you personally are licensed to sit in it. So long as you aren't trying to sit in it when Giants fan also has a "personal seat license" to the same seat. Or when there's a concert or a...SUPERBOWL! and the tickets to your personally licensed seats are sold on the open market without your notification. Otherwise you have a personal seat license which people who buy tickets game by game don't have. So those guys are actually unlicensed spectators. Which, if you ask me, makes them deportable.

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That was the most ridiculous part of the argument. The money you save by not buying 2 preseason games in one season alone, will be enough to cover the costs above face value for any playoff game you wanted to go to. If they existed, of course.

I am not disagreeing with you. But if the Jets were to have a good season, a real big 13 and 3 kind of season with two home playoff games and a Super Bowl win...the fees for that year (tickets to 8 games and 2 playoff games) would be more than the same seat with a PSL for the year with the preseason.

But that would be a one year loss. And that exact scenario I described has never happened, lol. So I am not waiting up for it.

Me? I am a creature of habit so I am happy with my $2,500 PSL because having the same seats each week is important to me.

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