Three Steps for Medallion Owner-drivers

Step 1: Take the Owner-Drivers Survey

As we campaign in this post-COVID economy to bring down loans to no more than $125,000 and refinanced at no more than $900 per month, we need data to keep up the pressure on the lenders and the city and to assess our strategies. This is critical. After you complete this Intake, make sure to tell others.

Take the survey

Step 2: Join Friday 7pm Zoom Calls

Join us on Zoom every Friday to get the latest updates, meet others who also have a loan with your lender, and strategize toward victory. You can join by video, or watch the meeting but have your video off. If you do not have Zoom on your phone or computer, you can just call in like a conference call and join.

RSVP for Zoom Link

Step 3: Join our Actions in the Streets

Since July, we have been holding non-stop massive protests. We have shut down the Brooklyn Bridge; took over Marblegate, Aspire, N.Y. Credit Union, PenFed Credit Union and more. Our protests will continue to raise our voices and ring the alarm on the urgency of our fight. TO BE HEARD, YOU HAVE TO BE SEEN!

See Past Actions

Times Square GAP.jpeg — Medallion Debt Crisis: Get the Facts

We Paid Our Share

Between 2002 to 2012, the City of New York made $850 Million from medallion sales and transaction fees.
Between 2009 to 2019, my fellow drivers and I turned in over $800 Million in taxes to support the MTA.

We Move NYC

Before the unregulated entry of UberLyft, yellow cabs served close to half a million per day. People like me gave our blood, sweat and tears to building our city.
13,000 yellow cabs moved the same number of passengers that it took UberLyft to use 80K+ cars to move.
By 2020, we were supposed to become 50% wheel-chair accessible, one of the biggest accessible fleets in a major global city.
Yellow cabs were central to the development of NYC. Street hails keep the city moving faster.

It's Now or Never.

If we do not win debt forgiveness, owner-drivers will not be able to survive. And if owner-drivers fall, so will this whole industry.
25,000 yellow cab drivers will lose their jobs in the middle of a pandemic. Another 10,000 workers and individuals employed or connected to this industry will lose their livelihoods.
This is a humanitarian crisis in the making: joblessness, housing foreclosures, lack of food, life long debt.
Out of 6,000 individual owners, 1,200 are over the age of 62. Don't fail our seniors who gave their whole lives to serving this city.
Our proposal would require the City or Federal government to put aside only $75M to spend OVER A 20 YEAR PERIOD. We believe there is very small chance that the city will even have to spend any of this.

We Didn't Cause the Crisis. But Our Proposal Can Fix It.

The New York Times Pulitzer Prize winning investigation found that the city, state and federal agencies overpriced the medallion so they could make money off us. In 2014, they set the opening bid for the medallion at $850,000. They then allowed in Uber and Lyft unregulated and we were up against 10K cars vs. 80K cars within 2 years; regulated meter vs. unregulated and venture capital subsidized. The same officials then went to work for UberLyft. Banks no longer allowed to lend in housing market after 2008 were allowed to lend to us. Why? In 2020, after all the injustices, the National Credit Union Administration sold our loans to a hedge fund for a reported average $80K per loan, but we are still being expected to pay our balance. Click here to read the New York Times expose, which includes the stories of our member owner-drivers.

Resources for Owner-Drivers

Handling Calls from Lenders

Lenders and their servicers – the companies they contract to collect the payments – are going to keep calling and asking for payments.

Answer the calls.
Tell them your situation if you cannot make a payment: if you have no income because there is not enough work out there; if you tried to work but were not able to make enough; if you cannot work because you had COVID, or are high-risk, or were quarantined because your family or roommate had COVID.
Whatever your situation is, you should not be afraid to say it to them directly.
Provide copies of your GPS print outs to show lack of work. But do not give your password or username. If you have given it already, you should consider changing it to protect your right to privacy.
Remind them that you are a NYTWA member and we are fighting for one solution for all. Our plan the city to be a guarantor on new loans at $125,000 would give lenders the utmost security in collecting on the loans. Remind them that we are asking for them to join us and call on the city or federal government to act as a guarantor.
Remember: if during the pandemic, the lender gave you a "payment holiday" that means they gave you permission to not pay at this time. It is not same as defaulting on a payment.
Stay in touch with us about who is your lender so we can connect you to other borrowers. and also if the lender makes you an offer.

TLC Vehicle Retirement Extension Application

If your taxi is up for retirement, we can write a cover letter for you and email your application to the TLC. Please bring in these documents at least 40 days before the expiration date.

Latest Tax Filing
Medallion Loan statement (to show cost)
Credit Card bills
Latest Personal Bank Account statement
Latest TLC Inspection Record
Year to Date Bookings log from the vendor(s)
Any other documents which evidence economic hardship
Other examples: Medical Bills and Doctor’s Letter