Giving up PSL's?

seanymac · 10-01-2012, 04:02 PM

I bought the PSL's last year and chose the 15 year financing. What happens if I stop paying the PSL and just give up the money I have paid and tickets for the future? Im just curious if you can just back out of the contract.

EternalChampion · 10-01-2012, 04:04 PM

Quote:

Originally Posted by seanymac

I bought the PSL's last year and chose the 15 year financing. What happens if I stop paying the PSL and just give up the money I have paid and tickets for the future? Im just curious if you can just back out of the contract.

Umm, I really doubt they'd let you keep sitting in the seats if you did that.

Apache 51 · 10-01-2012, 04:04 PM

Quote:

Originally Posted by seanymac

I bought the PSL's last year and chose the 15 year financing. What happens if I stop paying the PSL and just give up the money I have paid and tickets for the future? Im just curious if you can just back out of the contract.

You should have a copy of the contract, read it.

baldnuts1 · 10-01-2012, 04:04 PM

Yup just walk away. I did this year. Tickets are cheaper on stubhub when I want to go to the game.

Dimitri_0515 · 10-01-2012, 04:06 PM

I believe they'd just ban you from buying again. I can deal with that.

chirorob · 10-01-2012, 04:08 PM

People yelled at me last year.

Keep the PSL money. Buy a huge TV and some nice speakers. Stub Hub any games you want to go to. Woody can suck it.

Digetydog · 10-01-2012, 04:09 PM

Quote:

Originally Posted by seanymac

I bought the PSL's last year and chose the 15 year financing. What happens if I stop paying the PSL and just give up the money I have paid and tickets for the future? Im just curious if you can just back out of the contract.

If you read the contract, they can try to collect the balance from you. Will they? Who knows?

If you have 2 $2500 PSL, I would bet they ignore you.
If you have 4 $20K PSL's, I would bet they go after you.
If lots of people try it, the odds that they will go after you will go up b/c of the hit to Woody's pocket.

BTW - the Cowboys did go after defaulting PSL owners.

Dimitri_0515 · 10-01-2012, 04:10 PM

It says you'd be reported to the "legal department". What's the worse that can happen?

crasherino · 10-01-2012, 04:11 PM

Quote:

Originally Posted by seanymac

I bought the PSL's last year and chose the 15 year financing. What happens if I stop paying the PSL and just give up the money I have paid and tickets for the future? Im just curious if you can just back out of the contract.

I haven't read an entire PSL agreement, but considering you have a contract to pay the PSL, they very likely can come after you for the entire amount. Its probably unlikely that they will, but I have a feeling that the PSL Agreement is fairly iron clad in that regard. The reality is is that they'll probably just take possession of the tickets again and attempt to resell the PSL to someone else.

But, if walking away from the PSL becomes standard practice, the Jets may very well hire some 3rd party (collection agency/law firm) to go after the PSL Holders who breach their contracts. If they can't resell the PSL and get stuck with the tix, that's a lotta fazoole they're eating.

Nike · 10-01-2012, 04:11 PM

my attorney is looking into it as we speak.

jets80 · 10-01-2012, 04:14 PM

You should be able to sue Woodie for fraud..

baldnuts1 · 10-01-2012, 04:14 PM

Quote:

Originally Posted by Digetydog

If you read the contract, they can try to collect the balance from you. Will they? Who knows?

If you have 2 $2500 PSL, I would bet they ignore you.
If you have 4 $20K PSL's, I would bet they go after you.
If lots of people try it, the odds that they will go after you will go up b/c of the hit to Woody's pocket.

BTW - the Cowboys did go after defaulting PSL owners.

Last April I called and gave up mine. I was on the payment plan so I didn't lose much. The guy I spoke with said legally they can come after me but they haven't gone after a single person yet.

eaglenj · 10-01-2012, 04:18 PM

They can absolutely go after you, but its like any debt collection situation, it might not be worth it for them to do so.

The problem will come about if there are huge numbers of defaults, which if the season continues like it could now, will happen. If you stop paying, the tickets become the property of the jets, and if they cant resell the PSL or resell the individual game ticket, woody will have to "buy" it to avoid a blackout.

The team has been able to avoid blackouts now because most of the unsold seats are the cheaper ones in the UD and they lowered the price so that in the event they need to buy them in the blackout scenario, its cheaper.

If woody needs to starty buying lower level seats, its a real problem.

Nike · 10-01-2012, 04:21 PM

i will sell them to whoever wants to buy them. years past i only sold to jets fans. if i can recoup the loss in a write off business loss im considering walking away after this season.

Alkrotraz · 10-01-2012, 04:40 PM

Quote:

Originally Posted by Nike

i will sell them to whoever wants to buy them. years past i only sold to jets fans. if i can recoup the loss in a write off business loss im considering walking away after this season.

Only folks who did zero down on 15 year plan are big walkaway risks.

Guys near me all put down 20% back pre-price cuts the sideline.

Think about it, LGL 10K a psl requiring 20% down. Those folks are about to make their fourth payment. When they lowered the price and lowered the amount required down those folks did not get a penny back. They got their balance reduced.

Entire LL EZ and Mez B which was a last second price cut. Pretty much anyone who bought when it was 5K cant walk away as they nearly paid it off.

I told the Jets when they called me to buy more PSLs recently on a cold call. I am interested in only seats near me where owner defaulted and I can pick up the remaining loan with zero down. Jets laughed at me. Who knows maybe that should be way to go. I dont mind if team sucks picking up a few psls at 50% off but I dont understand how Jets think there are people who will still pay full price. Stadium has a 30 year life span and 10% of PSL is used up.

Alkrotraz · 10-01-2012, 04:44 PM

Quote:

Originally Posted by Nike

i will sell them to whoever wants to buy them. years past i only sold to jets fans. if i can recoup the loss in a write off business loss im considering walking away after this season.

NFL ticket exchange and stubhub you cant control who buys it. Every Jet fan I know who wanted season tickets has season tickets and Jets fans are cheap.

Look at the sea of red at sundays game. Every Jet fan who could not make it put it on stub hub or NFL ticket exchange and 90% of buyers were 49ers.

I have 4 season tickets. Guess what I needed five tickets as taking whole family. Sold my four on stubhub. Looked over to see who was in my seats. Guess what two smiling 49ers and two miserable Jet fans. I kinda wish all four seats went to 49er fans after seeing that nightmare.

Sadly Jet fans are short sighted. Texans tickets are almost at $40 bucks in UD and that is a Monday night game against a 4-0 team when we are tied for first place with nice weather in forecast.

patman · 10-01-2012, 04:51 PM

Sar will buy them, investment gold.

Sorry, wrong of me to make light of a real issue. PR wise it will be a disaster to take "former" PSL owners to court. The team will probably take them resell as a "short sale" and just charge you the remainder. The jets want the PSL money but they also want the repeat sales of season tickets even more.

Does anyone know what the psls have been going for in the resell market?

Alkrotraz · 10-01-2012, 05:02 PM

Quote:

Originally Posted by patman

Sar will buy them, investment gold.

Sorry, wrong of me to make light of a real issue. PR wise it will be a disaster to take "former" PSL owners to court. The team will probably take them resell as a "short sale" and just charge you the remainder. The jets want the PSL money but they also want the repeat sales of season tickets even more.

Does anyone know what the psls have been going for in the resell market?

Location Location Location. Go to sites like seasonticketrights.com and you will see dynamic pricing in full effect.

Remember Jets used non dynamic pricing to sell PSLs.

For example lets use Section 142 as an example. Row One, Seat One on the aisle closets to the 50 and right by PSLs priced at double sold for 10K by Jets. Meanwhile Last row jammed in middle or last row on Aisle by LGL or seat right next to lower entrance where everyone spills and stands in front of you all sold for same price of 10K.

In secondary, they can range from 8k to 15k. Mostly based on seat location. Most of people thinking of walking away bought last which ment they put zero down took 15 year financing on some of the worst seats.

Fireman Ed wont default on his PSL but the guy in the middle row dead center in LL EZ right on dripline who put nothing down might.

Nike · 10-01-2012, 05:06 PM

i just got my first offer for monday nights tix. $1500 for the 4 with the parking pass.

Dimitri_0515 · 10-01-2012, 05:09 PM

Quote:

Originally Posted by Nike

i just got my first offer for monday nights tix. $1500 for the 4 with the parking pass.

From where?

10-01-2012, 04:02 PM	#1
seanymac Waterboy Join Date: Oct 2007 Posts: 6	Giving up PSL's? I bought the PSL's last year and chose the 15 year financing. What happens if I stop paying the PSL and just give up the money I have paid and tickets for the future? Im just curious if you can just back out of the contract.

10-01-2012, 04:04 PM	#4
baldnuts1 Thirsty! Jets Insider VIP Join Date: Aug 2005 Location: Boca Raton, FL / Surrendered my PSL's biatches Posts: 155	Yup just walk away. I did this year. Tickets are cheaper on stubhub when I want to go to the game.

10-01-2012, 04:06 PM	#5
Dimitri_0515 Banned Join Date: Jun 2007 Posts: 11,182	I believe they'd just ban you from buying again. I can deal with that.

10-01-2012, 04:08 PM	#6
chirorob Draft the best available player. All Pro Join Date: Dec 2005 Location: In transit Posts: 5,804	People yelled at me last year. Keep the PSL money. Buy a huge TV and some nice speakers. Stub Hub any games you want to go to. Woody can suck it.

10-01-2012, 04:10 PM	#8
Dimitri_0515 Banned Join Date: Jun 2007 Posts: 11,182	It says you'd be reported to the "legal department". What's the worse that can happen?

10-01-2012, 04:11 PM	#10
Nike Fix it or sell it Woody! Banned Join Date: Aug 2012 Posts: 3,386	my attorney is looking into it as we speak.

10-01-2012, 04:14 PM	#11
jets80 All League Join Date: Apr 2003 Location: Cocoa Beach, Fl Posts: 3,212	You should be able to sue Woodie for fraud..

10-01-2012, 04:18 PM	#13
eaglenj All League Join Date: May 2005 Posts: 3,839	They can absolutely go after you, but its like any debt collection situation, it might not be worth it for them to do so. The problem will come about if there are huge numbers of defaults, which if the season continues like it could now, will happen. If you stop paying, the tickets become the property of the jets, and if they cant resell the PSL or resell the individual game ticket, woody will have to "buy" it to avoid a blackout. The team has been able to avoid blackouts now because most of the unsold seats are the cheaper ones in the UD and they lowered the price so that in the event they need to buy them in the blackout scenario, its cheaper. If woody needs to starty buying lower level seats, its a real problem.

10-01-2012, 04:21 PM	#14
Nike Fix it or sell it Woody! Banned Join Date: Aug 2012 Posts: 3,386	i will sell them to whoever wants to buy them. years past i only sold to jets fans. if i can recoup the loss in a write off business loss im considering walking away after this season.

10-01-2012, 04:51 PM	#17
patman happy to be here All Pro Join Date: Apr 2003 Posts: 7,160	Sar will buy them, investment gold. Sorry, wrong of me to make light of a real issue. PR wise it will be a disaster to take "former" PSL owners to court. The team will probably take them resell as a "short sale" and just charge you the remainder. The jets want the PSL money but they also want the repeat sales of season tickets even more. Does anyone know what the psls have been going for in the resell market?

10-01-2012, 05:06 PM	#19
Nike Fix it or sell it Woody! Banned Join Date: Aug 2012 Posts: 3,386	i just got my first offer for monday nights tix. $1500 for the 4 with the parking pass.