I am totally against walking away from PSL payments, but the Jets did not ask for any social security numbers. If you moved and changed your phone number(s) I'm not sure how they would find you, but I'm guess that would be the collection agency's problem.
i couldnt agree more, it makes it that much harder for those of us who do what we are supposed to do and pay our fucking bills. understand what we can and cant afford and arent greedy.
Jets reps are telling people in order to sell PSLs they will not go after you if you walk away. The reps should no be doing this. I agree you should not walk away but if reps are pushing remaining seats no money down no psl payment till 2011 by telling people if they don't like it just dont renew next year and then sue the people the Jets are at fault. Plus seats remaining have a higher probability of being worth significantly less in secondary and have no down payment Crappier seat less skin in game is ripe for walking away first bad season. Guy in row one who put down 20% is not givng up seats for a few bad seasons, guy last row in middle of aisle with no money down is walking away.
Binding Agreement. By signing the Confirmation, Licensee affirmatively has indicated its agreement to, the terms and conditions of this PSL Agreement. click the bottom of the page for PSL agreement http://www.newjetsstadium.com/home.php
Who cares what they "tell' you ?? They have been making shit up for 18 months. Unless they specifically spell it out in the contract..and you get a lawyer to review the language..their "word" is meaningless. About as meaningless as telling people to form LLCs for the purpose of committing fraud.
Weren't they also saying PSL's are a great 'investment'....these are sales people telling you what they want you to hear
Written contracts cannot be changed with oral statements. They have to be ammended in writing. Also, most oral preliminary agreements are worthless too, unless written into the contract and agreed to. So yeah, I don't understand the emphasis on "what the rep told me." The other thing I don't understand is the notion that lesser priced PSLs won't be as aggressively pursued as higher priced ones. Does anyone think the legal department at the NY Jets is going to say, "Oh, we won't turn this one over to collection, it's only the $4,000 PSL. We will, however, go after the "7,500 PSL." I mean, come on. Some of these posters assume the Jets' lawyers were born on a pickle farm.
Didn't people need to fill out a credit application to finance their PSLs? (ie provide social security number, detailed financial info., etc...)
I was reading that both the Jets and Giants have 25 year leases. After 15, 20 and 25 years either of those team can walk away from the lease to build a new stadium. So lets say you decided to get a $10,000 psl and you want to pay it off over 15 years. After year 14 the Jets announce they will be building their own new stadium. What happens to the $10k you just burned plus interest? Do you now have to buy a new psl just for the honor of having seats in the new stadium in 2025?
Not at all. No application, credit check or anything. You could feasibly give a fake name. However, you would need to give a real address otherwise you wouldn't receive the tickets when they're sent out.
In short...You have to buy a new PSL if they do anything below to the Stadium Lease, or Ground Lease amended, restated, modified, supplemented, extended or assigned from time to time, and any and all amendments thereto. Upon the expiration or termination of the Ground Lease or the Stadium Lease for any reason, this PSL Agreement shall terminate as of such date.
I can't imagine why any sane person would sign up for a psl. I would lend them the money but at a good rate and get that money back when the psl agreement is terminated. But to just give a team 20,000 towards construction costs is just totally insane. Not to mention how much freaking money they are making from the 222 luxury boxes. $750,000 to $1,000,000 a year to lease a luxury box. You may have to even pay for tickets to each event as well. Once the stadium is up and running and they start having 20 football games, college football games, soccer games, concerts etc... They will be making so much money off this stadium.
The scalpers all do it in LLC or fake company names. You do not have to use your real name. The scalpers then use money orders to pay for tickets. Then your just either use the electronic tickets or PO box for hardcopy tickets. I could care less about doing that. But scalpers buying 10 15K PSLs are doing it. They need tickets to sell and they can't be on hook and don't want to front money. Jets are hoping Jets stay good and scalpers make payments long enough so my the time they turn bad they have enough skin in game not to walk away.
contract mentions it is enforceable under payment of first psl fee. Dicey if they people walk away before making any PSL payment
The major point with all this is, how the hell are the Jets going to move the rest of their PSLs? Sports writers and even TV stations are beginning to smell disaster and are climbing all over this story like flies on shit. PSL tickets being sold in various venues for face or below. PSL holders not even attempting to recoup at least some of their PSL "investment" or cover the two preseason games. When potential buyers get wind of this via the NY media, how likely are they going to be to buy that PSL in Row 31 on the expensive side of a section, knowing damn well they can go online whenever they want to and avoid the PSL and 2 worthless preseasons altogether?
Go for it dude. I may make my run next week if I have time. I'm going to call the Jets first and see if I can get in to look at my seats.
Thos PSLs going below face are not what you think they are. I was offered four in a Mezz A corner row one. Guy paid 16K and was willing to sell them to me for 15k. Maybe less. But he wanted me to sign a contract saying I would buy them from him for 15k then start making his PSL payments until he can transfer them to me then I had to pay transfer fee and then if PSLs tank he will try to enforce contract for 15k but if PSLs soar I have to worry about him honoring his contract. Also when time came in a year or two to pay 15k there is no financing so I have to come up with whole 15k at one. Scheme only works if PSLs price does not move much as you will have to worry about hiring a lawyer to enforce contract. Plus Jets claim they can void a psl if you sell it before the date in contract. Jets are making it hard to have a secondary until they are done selling. Today only 8% of car buyers pay cash the rest need financing. PSLs cost is as much as a car, you eliminate 92% of buyers without financing. I don't trust woody myself. Laugh as you may but on the advice of many a long suffering Jet fan I am the last 7 games and my parking now.
