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NYC Taxi medallion owners killing selves all over the place
Poast new message in this thread
Date: March 24th, 2018 9:11 PM Author: Sickened Nursing Home https://nypost.com/2018/03/24/ride-sharing-apps-are-driving-nyc-cabbies-into-financial-ruin/
Suckers paid a million bucks for a now near worthless medallion. That said, I'm sorely tempted to start buying up medallions at $180k a pop....
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Date: March 24th, 2018 9:18 PM Author: Sickened Nursing Home Who wants to go in on some medallions with me? Any brave bros want to trade in bitcoin BS for a license to rent a cab to Habib? (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680351) |
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Date: March 24th, 2018 9:30 PM Author: Rebellious pocket flask son of senegal You’d have to be a full blown retard. Oh wait... (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680438) |
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Date: March 24th, 2018 9:32 PM Author: Sickened Nursing Home Hedge and PE funds and shit have been buying up entire auction lots at all the auctions in the last few years. That's the only reason they are at 180k and not zero. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680455) |
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Date: March 24th, 2018 9:52 PM Author: haunting private investor So what's your investment thesis? (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680565) |
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Date: March 24th, 2018 10:02 PM Author: Insanely creepy laser beams temple Czar will put yankee Uber pigdogs to death when Red Dawn. Blood of filthy ride share imperialists running in street will be testament to glory of socialism. Soviet genius triumph yet again
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Date: March 24th, 2018 10:04 PM Author: Rebellious pocket flask son of senegal (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680621) |
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Date: March 24th, 2018 10:25 PM Author: Walnut dragon If this were an evan39 post it’d get 39 bumps (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680750) |
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Date: March 25th, 2018 2:52 AM Author: brilliant judgmental trailer park (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682070) |
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Date: March 25th, 2018 8:51 AM Author: mahogany stead (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682471) |
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Date: May 19th, 2019 8:00 PM Author: Aphrodisiac Useless Brakes Associate (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#38258044) |
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Date: March 25th, 2018 5:13 AM Author: Sickened Nursing Home The City likes taking in $180k for a TTT medallion more than it likes Uber faggots and ultimately will be forced to crack down on Uber and then your $180k medallion will become a $500k medallion. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682256) |
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Date: March 25th, 2018 1:50 PM Author: Rebellious pocket flask son of senegal Imagine trying to explain to a monkey how retarded ARE Reptile is. Literally could not be done. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35684067) |
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Date: March 25th, 2018 1:59 PM Author: glassy theater stage lol (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35684110) |
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Date: March 24th, 2018 9:21 PM Author: Slippery fragrant gas station new version Maybe they can take an Uber back to where they came from (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680367) |
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Date: March 24th, 2018 9:24 PM Author: Nofapping brindle whorehouse mental disorder They have to go back! (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680395) |
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Date: March 24th, 2018 9:43 PM Author: fiercely-loyal business firm psychic (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680516) |
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Date: March 24th, 2018 9:41 PM Author: haunting private investor On what terms are the medallions financed? (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680507) |
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Date: March 24th, 2018 10:20 PM Author: Slippery fragrant gas station new version whatever the Gambinos say they are (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680719) |
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Date: March 25th, 2018 5:53 AM Author: razzle chartreuse locale marketing idea that whole system seems like a yuge scam (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682268) |
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Date: March 24th, 2018 9:42 PM Author: haunting private investor They can't net $35k through Uber? (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680510) |
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Date: March 24th, 2018 9:44 PM Author: talented sanctuary water buffalo not with the 2 star rating they'd inevitably have (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680519) |
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Date: March 24th, 2018 10:51 PM Author: anal faggot firefighter theatre (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680900) |
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Date: March 24th, 2018 9:49 PM Author: hairraiser newt NY libs just let the workers get crushed here by GC? (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680546) |
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Date: March 24th, 2018 9:51 PM Author: Sickened Nursing Home Anything to save $4 on a trip, bro. Libs don't actually care if Habib killself. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680562) |
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Date: March 24th, 2018 9:51 PM Author: haunting private investor I feel bad for people who play by the rules and get fucked.
But the medallion system is retarded. Government licenses shouldn't be transferable assets.
If the city needs to limit taxi traffic, it can tax rides. |
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Date: March 24th, 2018 9:56 PM Author: Misunderstood Sandwich Address (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680580) |
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Date: March 24th, 2018 10:03 PM Author: Insanely creepy laser beams temple (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680614) |
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Date: March 24th, 2018 10:03 PM Author: talented sanctuary water buffalo (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680615) |
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Date: March 25th, 2018 1:00 AM Author: Provocative center (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35681622) |
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Date: March 25th, 2018 1:01 AM Author: Bipolar School Cafeteria (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35681627) |
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Date: May 19th, 2019 8:30 PM Author: Submissive diverse mad-dog skullcap nowag Isn't the medallion system effectively the same as the city slapping a taxi tax on all taxi rides and then issuing a non-recourse bond that is secured solely by the taxi tax receipts? (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#38258149) |
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Date: March 24th, 2018 10:18 PM Author: Sapphire Glittery Pit Deer Antler What's the big deal with dischargeable debt? Just file for bankruptcy. It's practically free money and your record gets wiped after like 7 years. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680707) |
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Date: March 24th, 2018 10:24 PM Author: haunting private investor Losing a down payment and your hope for a future probably doesn't feel good.
I doubt the medallions were financed 100% and without personal liability. |
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Date: March 24th, 2018 10:25 PM Author: Sapphire Glittery Pit Deer Antler Just fraudulently transfer your assets to your mother, wait some reasonable time period, and file for bankruptcy. I doubt many of these guys own real estate either - just withdraw cash and give it to your mother to hold on for you.
We have students with hundreds of thousands of debt with no chance for dischargeability and no future...like BOO HOO these guys have dischargeable business debt. |
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Date: March 24th, 2018 10:35 PM Author: charcoal arousing shrine Dude the asset "look back" provisions on discharging debt are really really long. My mom wanted to sign over our family home to me and discharge CC debt. I could tell right away that wasn't going to fly in bankruptcy court and are resident XO legal eagles confirmed that for me. Would have been raped just on fines alone. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680812) |
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Date: March 25th, 2018 12:23 AM Author: Swollen senate (Dumbass) (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35681433) |
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Date: March 25th, 2018 12:58 AM Author: charcoal arousing shrine No I'm a guy whose mother still has her house and got 40% of her credit card balance as free money after taxes because she did a settlement the right way. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35681618) |
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Date: March 25th, 2018 1:59 PM Author: Rebellious pocket flask son of senegal (Pumo who hates his mother) (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35684114) |
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Date: March 24th, 2018 10:19 PM Author: Sapphire Glittery Pit Deer Antler I much prefer taking yellow cabs than Ubers - Uber drivers often have no idea where they are going. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680713) |
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Date: March 24th, 2018 10:28 PM Author: massive opaque stage roast beef Yellow cabs have those fucking TV's in them blaring as soon as you get in. Uber is what's up. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680765) |
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Date: March 24th, 2018 10:29 PM Author: Sapphire Glittery Pit Deer Antler Uber drivers are generally awful though - no idea where they are going; drive too slow. I much prefer yellow cab guys (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680770) |
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Date: March 25th, 2018 12:47 AM Author: Cobalt Rough-skinned Jew Regret Maybe you are very young. Like 19 or something. Anyone that remembers what these cabbies were like before Uber would never ever want to go back to the old system.
Actually this is hinted in the story itself. Where one of them reminisces about the old days where people would fight over cabs. Yeah, these guys had it real good. And they took full advantage of it. Doing whatever the fuck they wanted.
Nah, fuck these guys. If I could I'd go laugh at their funerals after they killedself. |
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Date: March 25th, 2018 1:13 AM Author: anal faggot firefighter theatre this is true. and this is despite the fact that they worked for tips. just pure shit human beings that gave you the cold shoulder, talked shit to you and about you, asked for cash so they could pocket it themselves, and if you didnt pay by cash made it seem like you killed their mother, and just treated you like dogshit. these are turds and they would fuck you in the ass if they could. dont feel pity for them, be glad they are offing themselves. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35681672) |
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Date: March 25th, 2018 2:51 AM Author: Mewling bright state national security agency (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682066) |
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Date: March 25th, 2018 3:30 AM Author: mildly autistic charismatic hall (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682160) |
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Date: March 25th, 2018 3:50 PM Author: tripping vigorous fat ankles (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35684955) |
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Date: March 25th, 2018 2:49 AM Author: Stirring unhinged friendly grandma (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682057) |
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Date: March 25th, 2018 3:49 PM Author: tripping vigorous fat ankles (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35684947) |
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Date: March 24th, 2018 10:27 PM Author: massive opaque stage roast beef Yeah, just buy a magical 'medallion' on CREDIT assuming it will go up in value forever via governmental regulation, and then BORROW against this 'medallion' to fund your entire life/retirement.
Tiny violin for these bros. |
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Date: March 24th, 2018 10:50 PM Author: anal faggot firefighter theatre bernard looking snazzy. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35680892) |
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Date: March 25th, 2018 12:56 AM Author: out-of-control orange nibblets gaming laptop story seems odd.
why would they pay a million dollars to drive a cab that makes 50k or so a year?
and how is going from 50k to 35k making them bankrupt...? that's not a drastic change.
this story doesn't add up. |
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Date: March 25th, 2018 12:57 AM Author: Cobalt Rough-skinned Jew Regret no shit. the numbers are false obviously. this is what they claim to make on their tax returns. The actual take is probably double. Cabbies do not report everything they make. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35681614) |
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Date: March 25th, 2018 12:59 AM Author: out-of-control orange nibblets gaming laptop so we are supposed to feel sorry for scammers? nope. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35681621) |
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Date: March 25th, 2018 2:32 AM Author: Mewling bright state national security agency (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682010) |
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Date: March 25th, 2018 6:50 AM Author: 180 Round Eye They would have sold the license later friend (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682314) |
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Date: March 25th, 2018 7:05 AM Author: Sickened Nursing Home That's not how it works. A medallion holder usually doesnt even drive the car. A medallion holder rents out the car. 50k in rents on a million dollar investment is 5% per year. That's a solid rate of return. Better than bonds. Better than most real estate. They dont drive the damn things normally. When they do drive the cab and own the medallion they were making like $100k a year. The rent rate have been cut in half. The fares are harder to get too. The guys who made $100k are now making $60k and cant pay their mortgages and shit. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682319) |
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Date: March 25th, 2018 2:31 AM Author: fuchsia parlour oh ok so let’s go back to the system where we riders lay billions of dollars extra per year for worse cars, worse service, and asshole drivers (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682003) |
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Date: March 25th, 2018 3:28 AM Author: Mewling bright state national security agency I despise uber with a passion. NYC cab drivers (at least back in 00s to 2010) are 10x worse. after living in nyc for a couple years, I stopped pretending to even respect them.
artificial barrier to entry industries are always filled with shit, and for NYC medallions that was literally true. |
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Date: March 25th, 2018 3:37 AM Author: Stirring unhinged friendly grandma (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682166) |
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Date: March 25th, 2018 3:39 AM Author: filthy box office really tough guy (guy who "respected" cab drivers at some point in his life) (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682170) |
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Date: March 25th, 2018 1:55 PM Author: Saffron Public Bath Party Of The First Part You don’t respect members of the human race as a default? (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35684095) |
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Date: March 25th, 2018 3:53 PM Author: tripping vigorous fat ankles it's libs flame (that libs certainly don't abide by) that people deserve respect simply for existing (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35684974) |
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Date: March 25th, 2018 4:25 AM Author: topaz fantasy-prone hospital foreskin "This perfect financial storm has many cabbies — mostly immigrants with few career options — silently suffering, or seeking exits like bankruptcy, or worse."
I fail to see how this is a problem |
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Date: March 25th, 2018 4:58 AM Author: fuchsia parlour libs: bring in MOAR talentless immigrants (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682249) |
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Date: March 25th, 2018 5:11 AM Author: Sickened Nursing Home That's the ultimate joke. There are zero fucking jobs in this city for skill-less people. They've obliterated retail jobs with the internet and slowly letting in Costco and Target into NYC. Then they obliterated cab driving jobs to the point where these faggots make minimum wage in the second most expensive city in the country. Then they invite in a bazillion immigrants who have no degrees in anything. Just do watch these faggots shoot themselves in front of City Hall. Sound social policy. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682255) |
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Date: March 25th, 2018 5:13 AM Author: fuchsia parlour (((they))) (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35682257) |
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Date: March 25th, 2018 11:40 AM Author: tripping vigorous fat ankles Couldn't have happened to a more miserable group of fucks. I've noticed that cabbies have recently changed their tune and aren't acting like the pos cock suckers they are anymore. They used to be much more rude, tried to argue when you told them you're paying by cc etc. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35683154) |
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Date: March 25th, 2018 12:10 PM Author: Cobalt Rough-skinned Jew Regret My guess is that may be a reason why no one is willing to act. They pissed off everyone. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35683321) |
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Date: March 25th, 2018 1:06 PM Author: magenta coiffed ratface Fuck these guys. Scum of the earth. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35683687) |
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Date: March 25th, 2018 1:07 PM Author: histrionic translucent parlor It's a hell of a trade if something turns around (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#35683697) |
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Date: May 19th, 2019 7:35 PM Author: haunting private investor ‘They Were Conned’: How Reckless Loans Devastated a Generation of Taxi Drivers
https://www.nytimes.com/2019/05/19/nyregion/nyc-taxis-medallions-suicides.html |
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Date: May 19th, 2019 8:03 PM Author: Stirring unhinged friendly grandma “The part that wasn’t fair was the guy who’s buying is an immigrant, maybe someone who couldn’t speak English. They were conned.”
they didnt know what a $1.7M loan meant? if so fuck them |
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Date: May 19th, 2019 8:11 PM Author: Stirring unhinged friendly grandma Dozens of industry veterans said Mr. Murstein and his father, Alvin, were among those who helped to move the industry to less conservative lending practices. The industry veterans said the Mursteins, as well as others, started saying medallion values would always rise and used that idea to focus on lending to lower-income drivers, which was riskier but more profitable.
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Date: May 19th, 2019 8:15 PM Author: Stirring unhinged friendly grandma Evgeny Freidman, a brash Russian immigrant who owned so many medallions that some called him “The Taxi King,” said he purposefully overpaid for medallions sold at city auctions. He reasoned that the higher prices would become the industry standard, making the medallions he already owned worth more. Mr. Freidman, who was partners with Michael Cohen, President Trump’s former lawyer, disclosed the plan in a 2012 speech at Yeshiva University. He recently pleaded guilty to felony tax fraud. He declined to comment. (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#38258115) |
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Date: May 19th, 2019 8:00 PM Author: Avocado Space Ceo Oh no some opportunistic third world Muslim and Indian immigrants didn't get rich off America. So much a tragedy! (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#38258040) |
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Date: May 19th, 2019 8:07 PM Author: haunting private investor https://i.ibb.co/0yDfwMd/murstein.jpg (http://www.autoadmit.com/thread.php?thread_id=3928094&forum_id=2#38258079) |