Medallion Sales Update

For those of you who are unable to attend the Taxi Advisory Council (TAC) meetings, here are the current statistics on the Medallion Sales Pilot Program, issued by Michael Harris, Investigations and Regulatory Affairs of the San Francisco Municipal Transportation Agency (SFMTA).  The TAC meetings are held on the 2nd and 4th Monday of each month at 1 South Vanness Ave in the atrium on the second floor.  Taxi drivers are encouraged to attend these meetings and participate in public comment.  

Here are numbers released as of March 20, 2012.

Total Number of Medallion Sales
235
SFMTA Sales to Buyers: ($250,000 each, less
5% = 237,500) (57)
$13,537,500.00
Seller to Buyer, 15% Sale Price to SFMTA: (15% of $250,000 = $37,500 each) (178)
$6,675,000.00
5% Sale Price to Drivers' Fund: (5% of $250,000 = $12,500 each) (235)
$2,935,500.00
Total Funds Deposited:
$23,150,000.00

Taxi Wrap Fund Balance:  $102,630.00

MEDALLION SALES PILOT PROGRAM STATISTICS UP TO C.O.B. March 20, 2012.

MEDALLION TRANSFERS
Medallion Holder to New Buyer:
178
SFMTA Held Medallion to New Buyer:
57
Medallions to List Since Last Report List: 1, To Date
54

MEDALLION SELLERS QUALIFICATIONS
Medallion Sellers Over 65 Years of Age:
114
Medallion Sellers Less than 65 with Permanent Disability:
65
Total:
179

Revoked/Surrendered Medallion Inventory - 3

 SAN FRANCISCO FEDERAL CREDIT UNION:  

Taxi Medallion Sales Pilot Program Qualified Lender Summary As Of March 31, 2011.
Summary of Total Activity Since Program launch on August 4, 2010


Number of Medallion Loan Applications Submitted

Total
% Of Total
Number Approved:
79
98.8%
Number Declined:
0
0.0%
Number Withdrawn:
1
1.3%

Total

80
100%
Number of Applications in Process:
23


Total Finalized Medallion Sales Financed:
Total
% Of Total
Number of Sales Finalized That Required Financing:
65

Total Funds Disbursed to SFMTA:
$6.450,000
39.7%
Total Funds Disbursed to Medallion Sellers:
$9,800,000
60.3%

Total

$16,250,000
100%
Total Loan Fees Paid to Lender:
$33,675


Down Payment Assistance:
Total
% Of Total
Borrowers With 20% Cash Down Payment:
49
75.4%
Borrowers Needing Down Payment Assistance:
16
24.6%

Total

65
100%
Total Amount of Down Payment Assistance:
$537,500

Average Down Payment Assistance Amount:
$33,594


Pilot Program Medallions By Color Scheme:
Number
% Of Total
Arrow/Black & White Checker
4
6.2%
Bay Cab
6
9.2%
DeSoto
4
6.2%
Luxor
12
18.5%
National/Veterans
2
3.1%
Regents
3
4.6%
Royal
2
3.1%
San Francisco
2
3.1%
Town
8
12.3%
Yellow
22
33.8%

Total Number of Medallions

45
100%



Total Gas and Gate Leases
28
43.1%
Total Owner/Operator (Affiliate) Leases
37
56.9%

Total Leases

65
100%


FOR QUESTIONS CONCERNING THIS REPORT, PLEASE CONTACT:

Rebecca Reynolds Lytle, Vice President of Lending
San Francisco Federal Credit Union
770 Golden Gate Ave., San Francisco, CA. 94102
(415) 359-2926

No comments:

Post a Comment

Before commenting, please scroll to the top of this page and review the "Comments & Submissions" section for guidelines and policies.

To report abusive comments, send email to this address: 1johnhan@earthlink.net, or call or text the blog's administrator at...
(415) 571-1574.