Friday, June 4, 2010

Help in Qualifying for a Loan

I'm turning this post over to Rebecca Lytle of the San Francisco Federal Credit Union.
To all those considering a medallion purchase:
The feedback I’m getting from many potential medallion purchasers is that they either feel overwhelmed by the process or have decided erroneously that they don’t qualify for a loan. I would like to get the word out to all applicants who meet the SFMTA driving qualifications to call the credit union for an orientation and free confidential evaluation. Please don’t jump to a premature conclusion that you won’t qualify for a loan.
We have had the opportunity already to talk with many about his or her specific questions and concerns. We’ve been able to provide the information others have needed to make a well informed decisions about their medallion purchases. There are lots of questions and misinformation floating around right now. You need accurate information to help you make the decision that is best for you. Let us assist you.
Please keep in mind the credit union wants to help you qualify for the loan; and, even if you don’t qualify today there are steps you may be able to take which will make it possible for you to qualify at a later date. We will help you understand exactly what it is that you may need to do to qualify for a loan. Don’t feel like you have to sort thru the loan application packet on your own. We are available to help you.
All of those who recently received a letter from the SFMTA informing you of your eligibility to purchase a medallion are invited to a Town Hall Meeting next Monday, June 7th, from 4 – 7 PM at One South Van Ness, 2ndFloor Atrium, San Francisco. SFMTA should have sent you an invitation to this meeting last Friday. If not, come anyway.
The intention of this meeting is to provide a forum to answer questions regarding the purchase of medallions, the loan application process and the medallion application process. I encourage all of you to attend this meeting.
I also invite all of you to call or come in and talk with us at the Credit Union. We are here to help you achieve your medallion purchase.

Please call Kenny, Tony or me at 415-359-2977 or email us at

Respectfully, Rebecca

Rebecca Reynolds Lytle
Vice President of Lending
San Francisco Federal Credit Union


  1. Hi Crocker,

    Do you know if you submit an application to buy a medallion, get approved but then get turned down by the bank if your name is taken off the waiting list for a free one in the future?



  2. Your name would not be taken off the waiting list unless you actually bought the medallion.

  3. Thanks Crocker,