First, Taxi Services has to make certain that drivers and medallion holders meet some basic criteria. (Sellers, for instance, have to be disabled or at least 70 years old; and buyers have to be on the waiting list and been working for 4 out of the last 5 years.) Then, Taxi Services has to put the would-be participants through a somewhat complex selection process.
The oldest drivers and those with disabilities will be given preference as sellers.
The buyers will be chosen primarily by their position on the waiting list.
Taxi Services will also try to match up buyers and sellers from the same color schemes so that cab companies don't lose medallions.
As soon as the 100 wanna-be buyers are matched up with the 100 sellers, Hayashi will send out an application package. This could be as early as today, meaning that some of the letters could arrive as early as Thursday or Friday.
Then the prospective buyer-driver will be need to schedule a medallion hearing with the SFMTA to see if he or she officially qualifies as a buyer.
Once qualified as a buyer, the driver then will have to turn in a Taxi Medallion Loan Package to a qualified bank or credit union to see if she or he qualifies for a loan.
As consortium of lenders led by the Montauk Credit Union of New York City and the San Francisco Federal Credit Union as already been approved by the SFMTA.
Rebecca Lytle of the San Francisco Credit Union suggests that drivers schedule their appointments with the loan companies soon after their appointments with the SFMTA so that the process can be completed ASAP.
As I mentioned in last weeks post, Sellers and Buyers, the medallions will be sold on a first come, first serve basis. Those who jump through the hoops the fastest, will be the first to sell or buy.
You can contact the appropriate people at:
SFMTA: (415) 701-4400.
San Francisco Federal Credit Union: (415) 359-2977.
Montauk Credit Union of New York: (212) 989-5200.
As soon as the 100 wanna-be buyers are matched up with the 100 sellers, Hayashi will send out an application package. This could be as early as today, meaning that some of the letters could arrive as early as Thursday or Friday.
Then the prospective buyer-driver will be need to schedule a medallion hearing with the SFMTA to see if he or she officially qualifies as a buyer.
Once qualified as a buyer, the driver then will have to turn in a Taxi Medallion Loan Package to a qualified bank or credit union to see if she or he qualifies for a loan.
As consortium of lenders led by the Montauk Credit Union of New York City and the San Francisco Federal Credit Union as already been approved by the SFMTA.
Rebecca Lytle of the San Francisco Credit Union suggests that drivers schedule their appointments with the loan companies soon after their appointments with the SFMTA so that the process can be completed ASAP.
As I mentioned in last weeks post, Sellers and Buyers, the medallions will be sold on a first come, first serve basis. Those who jump through the hoops the fastest, will be the first to sell or buy.
You can contact the appropriate people at:
SFMTA: (415) 701-4400.
San Francisco Federal Credit Union: (415) 359-2977.
Montauk Credit Union of New York: (212) 989-5200.
since about half of all drivers work at either YCC or Luxor they sure are in the catbird seat compared to small companies.
ReplyDeleteWe can't even mail prospects a letter explaining any benifits of a smaller co. to a buyer because we are not allowed the names and addresses. Luxor pays $1800 and metro pays $2300 plus gate discounts but who ever heard of Metro?
Richard Hybels
Hi Richard,
ReplyDeleteWhy can't you mail a letter? I keep getting letter from American and National promising promises and asking me to move.
Oh - I see this is a different subject.
I think it would be something to take up with Director Hayashi.
This is the old anonymous number 1 again. Despite your thoughts on who I might have been which were misplaced I would like to officially admit that I was very very wrong. It appears there are many drivers willing to buy under the program. I did not think what would be the case.
ReplyDeleteAgain, I was wrong, very wrong.
I wouldn't buy if I were one of them for the strictly business and risk management issues I mentioned before, but that is just my opinion.
The real test now will be in three years when the refinancing occurs. With luck, and I sincerely hope this is the case, comparable interest rates will remain available.
BTW, you conflated me with another anonymous poster and believed I was making up multiple identities. That was not the case. I simply have my reasons for remaining anonymous, none of which are insidious or have anything to do with anything in the cab business.
Hi Anonymous 1,
ReplyDeleteSince you aren't making a personal attack, you can say whatever you like.
Crocker