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Thread: PSL/Club Seat Default Letter

  1. #21
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    Quote Originally Posted by DDNYjets View Post
    Let me preface this by saying that I think PSLs are a terrible practice and I feel sorry for anyone that has fallen on hard times and can no longer afford them. I hope this wasn't the case for you. And I think the Jets should work with people that have fallen on hard times.

    But I have a problem with the rest of the people that are just walking away. Nobody put a gun to anyones head forcing them to buy them and if you didn't think the team was going to have a few lean years then you are a fool. And those people deserve what they get.
    I kind of agree with this. It sucks and it's unfortunate. It's bad that it would have to come to this, but it's not unlike any other contract someone enters into. A PSL purchaser has to read the contract and plan to make the payments. Is a letter like this all that surprising? Would someone be shocked if they stopped making lease payments on their car for 5 months and then one day walked outside and saw the car getting towed away by the dealership?

    PSLs suck, there's no other way to put it, but when you decide to buy one I think you have to plan to fulfill the deal. Rather than buying a higher priced PSL, I bought at the more moderate Mezzanine Level so that I could pay in full immediately. I didn't want to pay interest and who wants something like a car/mortgage payment hanging over their heads for football tickets? But that's just me.

    On a related note, I contacted a Jets Sales Rep the other day just for sh!ts and giggles to ask about making a "lateral move" (staying at the same $4k Mezz price level, same number of seats, etc.) to a different seat location (row/section). He told me that those types of requests would start being taken in about 3 weeks. It's possible that the above letter, the 10 days to resolve those situations, and then a few days to re-inventory the seats would set the Jets up to handle these kinds of requests. We'll see...

  2. #22
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    Quote Originally Posted by FlagmanL11 View Post
    Its like a foreclosure, and the Bank, AKA the Jets will now own the PSL's and sell them for whatever they want. to a degree not a bad deal for the Jets if the seats get resold.
    No, not a bad deal for the Jets - of course, they would prefer you pay your bills, as they don't want to go to the time and expense to collect - but to Paulies point, the guy who is defaulting doesn't just walk away, he's on the hook for the whole amount plus 9%. Payable immediately. That could impact your ability to pay your mortgage. Thus the "lose your house" comment.

  3. #23
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    Quote Originally Posted by bigdanNJ View Post
    my buddy got a letter like that last year. never responded to it. nothing has been done to his credit report. they just keep telling himto make the payments, and he keeps throwing the crap out.
    Your buddy sounds brilliant. This could very well catch up to him. If it does, he could be in deep doo doo.

  4. #24
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    Quote Originally Posted by jetstream23 View Post
    I kind of agree with this. It sucks and it's unfortunate. It's bad that it would have to come to this, but it's not unlike any other contract someone enters into. A PSL purchaser has to read the contract and plan to make the payments. Is a letter like this all that surprising? Would someone be shocked if they stopped making lease payments on their car for 5 months and then one day walked outside and saw the car getting towed away by the dealership?

    PSLs suck, there's no other way to put it, but when you decide to buy one I think you have to plan to fulfill the deal. Rather than buying a higher priced PSL, I bought at the more moderate Mezzanine Level so that I could pay in full immediately. I didn't want to pay interest and who wants something like a car/mortgage payment hanging over their heads for football tickets? But that's just me.

    On a related note, I contacted a Jets Sales Rep the other day just for sh!ts and giggles to ask about making a "lateral move" (staying at the same $4k Mezz price level, same number of seats, etc.) to a different seat location (row/section). He told me that those types of requests would start being taken in about 3 weeks. It's possible that the above letter, the 10 days to resolve those situations, and then a few days to re-inventory the seats would set the Jets up to handle these kinds of requests. We'll see...
    That's exactly it - you don't pay your mortgage, you get letters, then they take your house. you don't pay the car payment, you get letters, then they take your car.

    This is just another step before going to collections and taking your seats back. Its not surprising at all.

  5. #25
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    You're wrong. I got the letter after I already paid for my season tix. I am fully paid up and still go the letter because I paid for my seats late, I guess? I am fully paid for my PSL, angry but paid.


    Quote Originally Posted by sg3 View Post
    Not sure I get all the surprise. This letter isn't addressed to those who told the Jets they don't want tickets this season. It's addressed to deadbeats who never made last November's payment.

    You sign a legal contract, you stop paying, you.should probably expect a judgment as a foregone conclusion.

    There are people whose financial situation has changed and can't afford payments for an obvious luxury like tickets and license fee instalments, of course. But there are plenty of places to sell them off, recover a part of your cost and transfer your license to another party...the honest and ethical way.

    Those that stiffed their contract obligations last fall and still went to games deserve no sympathy as I see it

  6. #26
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    But hey...you'll always have the escalator memories.

  7. #27
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    Quote Originally Posted by Jets337 View Post
    Cutting and pasting this from another message board. Just wondering if anyone else got this.

    Jets Stadium Development LLC (“JSD”) has made repeated attempts to collect payment of amounts due under your Personal Seat License Agreement (the “Agreement”), including an invoice by mail and reminders by telephone and/or e-mail. As you have not made payment in response to those efforts, this letter serves as JSD’s notice of default, pursuant to Section 9 of the Agreement. Section 9 provides that if you do not cure this default by making payment within ten (10) 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 (including any deposit);
    Your obligation to pay the outstanding balance of the PSL and any liability under the Club Seat License Agreement (if your PSL relates to Club Seats) 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(s).

    If your Agreement relates to Club Seats, your Club Seat License Agreement also will terminate automatically, and you will remain liable to JSD for the Club Seat License Fees, pursuant to Section 9 of the Club Seat License Agreement.

    You may cure this default by making a payment at newyorkjets.com/myjetsaccount, over the phone or by sending a check to the address below, in all events within ten (10) days of the date of this letter. If you have recently made a payment towards your PSL account, please contact a New York Jets Client Relations Representative at (800) 469-JETS (5387) to ensure receipt of payment and that your account is in good standing.

    JSD expressly reserves any other rights and remedies that it may have in the enforcement of the Agreement and, if applicable, your Club Seat License Agreement.

    Sincerely,
    i think they would lose a court battle for the club seat if it came to that.

    the agreement was first of all way too one sided. second of all, they have not kept many parts of their agreement - from parking passes, to the views from the brochure etc.

    i think you are going to see a lot more people walking away from the club seats.

  8. #28
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    What's the difference between club and non club psl agreements?

  9. #29
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    The Jets can say whatever they'd like. If they go after any fan they'll look awful and it will be a P.R. nightmare, which is the last thing the organization needs at this point.

    Hasn't happened and won't happen.

    There's nothing for anyone walking away to worry about. What the hell could the Jets honestly do aside from bringing someone to court and asking for the remainder of the PSL money? Good luck. That'll go over well.

    There would be a huge lawsuit against the Jets from thousands of fans in 10 minutes.

    All that will happen is that people like this will lose the money they've already put into the PSL's/tickets and they'll lose the tickets. That's it. Nothing more.
    Last edited by 124; 06-19-2013 at 10:01 PM.

  10. #30
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    I disagree

    I think the deadbeats that got a free ride last season (using their tickets but not paying their PSL payment in November should be ready for a default judgment

    And before I get attacked for my lack of sympathy for those who may have lost their jobs or had some other financial setback, there are 400 different outlets available for an individual really in such a bind to sell his or her PSL on the secondary market, probably for a loss, but transferring it to another STH and thus no longer being in default on your PSL

    They are not the group that this letter is addressed at. It is those who paid their deposit and not much more and failed to make the legally required payment last November and have taken no actions to sell or transfer their PSL thinking that they will continue to skate by without fulfilling a signed contract

    not that sympathetic a group

  11. #31
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    Quote Originally Posted by DDNYjets View Post
    Let me preface this by saying that I think PSLs are a terrible practice and I feel sorry for anyone that has fallen on hard times and can no longer afford them. I hope this wasn't the case for you. And I think the Jets should work with people that have fallen on hard times.

    But I have a problem with the rest of the people that are just walking away. Nobody put a gun to anyones head forcing them to buy them and if you didn't think the team was going to have a few lean years then you are a fool. And those people deserve what they get.
    I sit in the upper deck. Someone posted this letter they got on another message board.

  12. #32
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    The problem in today's society is people think they can just walk away from their debt. I never took on a PSL because I was not confident I could keep paying it every year so I took the upper deck. A lot of people saw this as they could sell their tickets for 3 times face value every single week and break even on preseason. They did well their first couple of years but now it's not so easy. I don't feel sorry for them because when you buy something like a PSL you need to know what you are getting yourself into.

  13. #33
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    Quote Originally Posted by 124 View Post
    The Jets can say whatever they'd like. If they go after any fan they'll look awful and it will be a P.R. nightmare, which is the last thing the organization needs at this point.

    Hasn't happened and won't happen.

    There's nothing for anyone walking away to worry about. What the hell could the Jets honestly do aside from bringing someone to court and asking for the remainder of the PSL money? Good luck. That'll go over well.

    There would be a huge lawsuit against the Jets from thousands of fans in 10 minutes.

    All that will happen is that people like this will lose the money they've already put into the PSL's/tickets and they'll lose the tickets. That's it. Nothing more.
    They'll wait 'til after The SB so they don't have protesters with signs for the world to see.

  14. #34
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    Quote Originally Posted by Jets337 View Post
    The problem in today's society is people think they can just walk away from their debt. I never took on a PSL because I was not confident I could keep paying it every year so I took the upper deck. A lot of people saw this as they could sell their tickets for 3 times face value every single week and break even on preseason. They did well their first couple of years but now it's not so easy. I don't feel sorry for them because when you buy something like a PSL you need to know what you are getting yourself into.
    That's the society we live in. The amount of people who have simply stopped paying their mortgages and are getting away with it temporarily because of overburdened banks is ridiculous. They have no long-term awareness though. It'll catch up eventually, and then they're boned.

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    Jun-13 4 Lower Level End Zone 148 47 -- $1,500 $375

    Bottom line main reason people are defaulting Jets let folks put zero down and then do 15 year payments combined with a high interest rate and fact folks at this stage have little equity.

    I looked on line at the PSL resale site and the last four LLEZ PSLs sold for $1,500 for ALL four. That is $375 Each.

    Granted these are sucky PSLs but did anyone really expect 10K PSLs would fall 85% in value AFTER the original price was cut in half in just three years?

    Club Seats are a HUGE problem. Think about it someone defaults on decent Lower Goal Line seats which only have a $130 ticket price Jets can throw them on stub hub and most likely get above face for every regular season game. Someone with Coaches Club seats defaults and now Jets are trying to sell preseason games with a $700 face, good luck with. Jets will have no choice but to pursue Club seats owners. Folks committed to buying those seats for life of stadium. The cheap club seats 5k and 7.5K seats we may see folks paying off PSL then dropping seats. Who in their right mind is buying row 10 club seats with a $295 ticket when row one UD sideline has seats for sale at $125 with no PSL.

  16. #36
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    Quote Originally Posted by FlagmanL11 View Post
    Not going to lose your house, just will have to forfit the right to the seats and the Jets get to resell them as if they were never owned. Pay the PSL, keep the seats... IOMA - "Its only money Alice":...
    No. The Jets also get to sue you for the full amount of the PSL.

  17. #37
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    Quote Originally Posted by Jets337 View Post
    The problem in today's society is people think they can just walk away from their debt. I never took on a PSL because I was not confident I could keep paying it every year so I took the upper deck. A lot of people saw this as they could sell their tickets for 3 times face value every single week and break even on preseason. They did well their first couple of years but now it's not so easy. I don't feel sorry for them because when you buy something like a PSL you need to know what you are getting yourself into.
    Buckle-up b.c it is only getting worse.

  18. #38
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    Quote Originally Posted by doggin94it View Post
    No. The Jets also get to sue you for the full amount of the PSL.
    but they won't. And if they resell them, the Jets make out like bandits by keeping the defaulting party's deposits and payments to date.

  19. #39
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    Quote Originally Posted by doggin94it View Post
    No. The Jets also get to sue you for the full amount of the PSL.
    Not exactly true, but close.

    The Jets will take ownership of the PSL, and try to sell it - or, at least establish a fair market value for it.

    They would then be able to sue to original PSL owner for the difference between the amount in the original signed agreement and the FMV.

    Think of it as if you sold me a car for $10,000 and trusted me to pay you for it later (loaned me the money). I never paid you, and you took the car back - but now it was only worth $6,000.

    You wouldn't be able to recoup $10,000 from me, just the $4,000 that you actually suffered in damages as a result of me defaulting on the loan you gave me.

    So, PSL owners won't be on the hook for the entire amount they financed, just the difference between the original sales price and the current fair market value of the PSL. (Which is declining rapidly)

  20. #40
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    Quote Originally Posted by Dcat View Post
    but they won't. And if they resell them, the Jets make out like bandits by keeping the defaulting party's deposits and payments to date.
    Jets are entitled per their contract to sue if you default for entire amount, plus a 9% late fee plus legal fees and still can sell PSLs again to a new party for full price without refunding any monies to original PSL purchasers.

    Granted a cheap PSL owner by a middle class long term season ticket holder you may not want to do it.

    But a corporate entity who owns expensive PSLs, damm right you should try to collect

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