I've personally never met a group of people more prone to gossip than cab drivers. Furthermore, few of their rumors turn out to be true. So, when some taxi drivers at the California Public Utilities Commission (CPUC) hearing yesterday claimed that the San Francisco Federal Credit Union (SFFCU) was no longer loaning money to drivers to purchase medallions, I was doubtful.
Carl McMacmurdo, the President of the Medallion Holders Association, who was also at the CPUC meeting, shared my skepticism. We decided to walk a couple of blocks over to the credit union and talk about the subject to Senior Vice President & Chief Lending Officer Rebecca Lytle.
Miss Lytle was on vacation but her Executive Assistant of Lending, Hanh K Ha was gracious enough to speak with us.
She wishes to issue this statement.
“San Francisco Federal Credit Union is making taxi
medallion loans. Since the program started 5 years ago, we have never
stopped taking applications or making loans to drivers who want to
purchase a taxi medallion. “
So Ed, what does that mean? It's ok to become a slave to the MTA, Banks, Cab companies, etc and put yourself in an early grave for what? A 50 dollar a day job with no benefits of any kind. It gets worse all the time, wounded pigeons looking for crumbs and leftovers. No future of any kind. Most owners are under some illusion that there medallions are still worth something, what? I ask you, Ed.
ReplyDeleteed this is clearly death of an industry the cpuc and sf mta have abandoned us. the cab company owners refuse to share the pain with meaninful gate reduction. the medallion system is imploding (nyc as the barometer ) uber has convinced most of the public it is cheaper hence they sadly speak with their smartphones . as a staunch supporter of flywheel perhaps they possess 5% of the sf taxi app market. to your credit you sold your medallion , but hansu kim is prophetic about our not too soon fate. hey ed if you can muster and glean some positives in our future please clue me in; i only have 30 yrs experience !!!
ReplyDeleteplease sir , what does this constitute a pyrrhic victory ?
ReplyDeleteWhat it means is that we are still in business. Nothing more nothing less. I was merely commenting upon a rumor being spread by drivers who want things to be even worse than they are.
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