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Thread: PSL/Club Seat Default Letter

  1. #61
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    Quote Originally Posted by sg3 View Post
    nice idea but unfortunately for this pipe dream, the majority of the non-club PSL seats are fully paid for. And an even larger majority of those STHS are happy with the seats they have and glad they were able to afford to obtain them. In my example, I languished in the horrible UD of GS for 27 years but was able to afford the luxury of moving to terrific LSL seats at Met Life that I look forward to sitting in each football season. Unless you are speaking about the rear end of Mezz B, you would find that most of the season ticket holders are happy with what they got.

    As to the cost, thankfully I could afford it and have paid off two of my licenses in full and have 2 payments remaining on the third. I think my situation is more the rule than the exception to the rule.
    A lot of people financed their PSLs. While I don't think PSLs are going away I do think the way they are handled will change. I do not see as many teams trying to offer their own financing like how the Jets did it.

  2. #62
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    I financed mine but quickly realized that those interest rates in this market were, shall we say, not a wise financial decision. Paid two of my three off and am one payment ahead on the third

  3. #63
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    Quote Originally Posted by sg3 View Post
    I financed mine but quickly realized that those interest rates in this market were, shall we say, not a wise financial decision. Paid two of my three off and am one payment ahead on the third
    1st mistake...buying a psl
    2nd mistake...financing it
    3rd mistake ...buying a psl

    Paying anything off still doesn't make you look any smarter zippy

  4. #64
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    Of course, enjoy 331, I'll stick with my great seats

  5. #65
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    Quote Originally Posted by Alkrotraz View Post
    In secondary market I highly agree. Not in primary where they sold for 10K. I thought that high row on the aisle 142 seat by 140 was a great deal at $5,500 and still a good deal at its current price of $6,500 at its original $10,000 price how can you defend and asset that fell 45% in value in 36 months.
    you are a smart guy and clearly think thru these issues.

    maybe people just don't care.

    i bought my PSL with the full intention of mentally writing off the 15k that i spent.

    your brainpower is probably better served than trying to see if you can save a 1k on a psl.

  6. #66
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    Quote Originally Posted by sg3 View Post
    nice idea but unfortunately for this pipe dream, the majority of the non-club PSL seats are fully paid for. And an even larger majority of those STHS are happy with the seats they have and glad they were able to afford to obtain them. In my example, I languished in the horrible UD of GS for 27 years but was able to afford the luxury of moving to terrific LSL seats at Met Life that I look forward to sitting in each football season. Unless you are speaking about the rear end of Mezz B, you would find that most of the season ticket holders are happy with what they got.

    As to the cost, thankfully I could afford it and have paid off two of my licenses in full and have 2 payments remaining on the third. I think my situation is more the rule than the exception to the rule.
    Don't get me wrong. I have no dog in this fight. I go to games very infrequently and am happy to spend large on good tickets when I do. But I find the concept of paying for the right to pay, and having that be a depreciating asset that will be worthless in 30 or so years when the stadium is gone, a financially horrible system for fans. I'm glad you and others are happy with it, but I still think it's a bad system.

    Put it this way. I have no sympathy for those who bought them in bad faith and never made payments, but the idea of the club financing these at high rates almost guarantees there will be defaults. It just sets up a very bad situation with teams suing fans and that's clearly not what football is supposed to be about.

  7. #67
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    Quote Originally Posted by Alkrotraz View Post
    In secondary market I highly agree. Not in primary where they sold for 10K. I thought that high row on the aisle 142 seat by 140 was a great deal at $5,500 and still a good deal at its current price of $6,500 at its original $10,000 price how can you defend and asset that fell 45% in value in 36 months.
    I think you me and a couple others here are the only ones interested in those psls. I looked again the other day and those seats were only viewed like 170 times, and at least 10 of those were from me.

    I actually tried the contact seller option a couple times but haven't gotten a reply. I was offering to trade seats (mine are the same but 6 seats off aisle) while giving him some cash and paying any fees. I think that's a fair offer and we can debate the amount (how much is 10 feet worth?), but never got a response.

    Seller if you're out there shoot me a note
    Last edited by Cornfed; 06-22-2013 at 12:31 PM.

  8. #68
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    Quote Originally Posted by Jets337 View Post
    A lot of people financed their PSLs. While I don't think PSLs are going away I do think the way they are handled will change. I do not see as many teams trying to offer their own financing like how the Jets did it.
    It's poetic justice. The PSL fee wasn't enough for Woody. He wanted to get a piece of the lending action charging a greater rate of interest than most banks.

    The Jets and Mets are in a race to the bottom in business accumen. It's comical. At least the Mets were defrauded. The Jets just make bad decision after bad decision.

  9. #69
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    Quote Originally Posted by Traitor Jay & the Woodies View Post
    It's poetic justice. The PSL fee wasn't enough for Woody. He wanted to get a piece of the lending action charging a greater rate of interest than most banks.

    The Jets and Mets are in a race to the bottom in business accumen. It's comical. At least the Mets were defrauded. The Jets just make bad decision after bad decision.
    I believe that those were the rates that the Jets' lenders required them to charge PSL purchasers who wanted to finance through the Jets without credit checks. It was either that or no financing via the Jets. Giants passed.

  10. #70
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    Quote Originally Posted by batman10023 View Post
    you are a smart guy and clearly think thru these issues.

    maybe people just don't care.

    i bought my PSL with the full intention of mentally writing off the 15k that i spent.

    your brainpower is probably better served than trying to see if you can save a 1k on a psl.
    Thanks this is a hobby for me. I only own two PSLs I bought outright at get go and since I thought they were a bad investment but at same time I wanted them anyhow I hounded the Jets again and again and again till they gave me great seats which I plan on owning till they tear down stadium and never selling. I do find the whole think amazing. Selling all PSls in a section at same price is like selling all Stocks at same price. Imagine if NYSE sold Apple, Goldman, RiteAid and Crazy Eddie stock all at same price and then the uproar when folks try to sell and find out 95% of folks overpaid cause NYSE priced them all as if they were Google stock.

    The financing rate I heard was similar to rate Sclapers pay when they buy tickets in bulk. They dont mind paying 8% cause they buy a boat load of season tickets and sell them off over 3-6 months. But 8% over 15 years is crazy.

    I am off to Beach after lunch

  11. #71
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    Quote Originally Posted by Traitor Jay & the Woodies View Post
    It's poetic justice. The PSL fee wasn't enough for Woody. He wanted to get a piece of the lending action charging a greater rate of interest than most banks.

    The Jets and Mets are in a race to the bottom in business accumen. It's comical. At least the Mets were defrauded. The Jets just make bad decision after bad decision.
    Quote Originally Posted by Dcat View Post
    I believe that those were the rates that the Jets' lenders required them to charge PSL purchasers who wanted to finance through the Jets without credit checks. It was either that or no financing via the Jets. Giants passed.
    It's not like the Jets had a choice in the matter. It was either to allow this financing scheme or to have a half empty stadium. The Giants passed because they didn't need to do this. The Jets did.

    Just more evidence of what a clusterf*ck this whole stadium situation is and the destructive affect it is having on the whole organization.

  12. #72
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    Quote Originally Posted by Queens Jet Fan View Post
    It's not like the Jets had a choice in the matter. It was either to allow this financing scheme or to have a half empty stadium. The Giants passed because they didn't need to do this. The Jets did.

    Just more evidence of what a clusterf*ck this whole stadium situation is and the destructive affect it is having on the whole organization.
    Agree on your clusterf*ck assessment but disagree on the Jets not having a choice.

    If the reason you're financing PSLs is because you think you'll have a half empty stadium if you don't - you should automatically know your pricing does not reflect demand for the product.

    The piece of the financing was greed, not perceived necessity. It's compounded stupidity in that this all happened AFTER the financial crisis while people are walking away from underwater mortgages. If people are more than happy walking away from their homes, how hard is it to walk away from a PSL?

    The geniuses that orchestrated all this - Jay Cross and Thad Sheeley - are long gone. It shouldn't be a surprise that people who blew the WSS are the ones responsible for the current debacle as well. In a way, I feel bad for Woody. He really surrounded himself with the wrong people.

  13. #73
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    Another stadium thread and here comes Queens Zippy the Chimp right on cue blaming everything including the Iraq Wae on that evil Woody who didn't build a stadium in the car salvage dumps of Corona.

    Quick question Zip... speaking of clusterf***ks....have they been able to remove those Mafia body dumping salvage yards yet or would the Jets still be waiting for that to happen so they could begin building Queens Zipcode Fan Stadium within walking distance of your tenament???

  14. #74
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    Quote Originally Posted by Traitor Jay & the Woodies View Post
    Agree on your clusterf*ck assessment but disagree on the Jets not having a choice.

    If the reason you're financing PSLs is because you think you'll have a half empty stadium if you don't - you should automatically know your pricing does not reflect demand for the product.

    The piece of the financing was greed, not perceived necessity. It's compounded stupidity in that this all happened AFTER the financial crisis while people are walking away from underwater mortgages. If people are more than happy walking away from their homes, how hard is it to walk away from a PSL?

    The geniuses that orchestrated all this - Jay Cross and Thad Sheeley - are long gone. It shouldn't be a surprise that people who blew the WSS are the ones responsible for the current debacle as well. In a way, I feel bad for Woody. He really surrounded himself with the wrong people.
    I know we talked through much of this years ago. The motivated searcher could go find it in that epic stadium thread. When we realized there were no credit checks involved in the financing process, several of us posted that of course there would be lots of defaults. As you said, if folks can walk away from a mortgage, they can walk from PSLs. With the mortgage, there may have been questionable amounts of credit given, but at least there was *some* analysis of the buyers' credit. With PSLs, there was none. Also, a house is a freaking house. You have to move there, mow the lawn, etc. There's likely at least *some* level of responsibility for most buyers. With Jets seats, you probably had lots of young possible buyers, really aggressive salesmen, good Jets play, the excitement of a new stadium, misinformation from the Jets that the only options were PSLs when there were non-PSL seats available, etc, etc. Of course there would be defaults, and the Jets must have known this.

    Sorry that was a bit of a rant, and yeah we discussed this years ago when the process was just starting.

  15. #75
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    the jets have been making bad decisions for the last 44 yrs.


    Quote Originally Posted by Traitor Jay & the Woodies View Post
    It's poetic justice. The PSL fee wasn't enough for Woody. He wanted to get a piece of the lending action charging a greater rate of interest than most banks.

    The Jets and Mets are in a race to the bottom in business accumen. It's comical. At least the Mets were defrauded. The Jets just make bad decision after bad decision.

  16. #76
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    Quote Originally Posted by bigdanNJ View Post
    the jets have been making bad decisions for the last 44 yrs.
    go root for your giants, you'd be much happier

  17. #77
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    funny stuff

    everytime somebody starts a stadium thread, the same old tired rehash returns


    lock

    dump


    the stadium is built

    55000 PSL holders are in their seats and mostly happy

    no more stupid stadium threads, thank you

  18. #78
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    Quote Originally Posted by sg3 View Post
    Another stadium thread and here comes Queens Zippy the Chimp right on cue blaming everything including the Iraq Wae on that evil Woody who didn't build a stadium in the car salvage dumps of Corona.

    Quick question Zip... speaking of clusterf***ks....have they been able to remove those Mafia body dumping salvage yards yet or would the Jets still be waiting for that to happen so they could begin building Queens Zipcode Fan Stadium within walking distance of your tenament???
    Jezis, what the hell is your problem?

  19. #79
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    Quote Originally Posted by bigdanNJ View Post
    the jets have been making bad decisions for the last 44 yrs.
    thanks for your input. Useless. As usual. Spare us in the future. Please.

  20. #80
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    Quote Originally Posted by shakin318 View Post
    Jezis, what the hell is your problem?
    Why does every thread on this board end with a mod asking this guy what his problem is? Never seen a grown man (I think he is), whine like this guy does on the internet.

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