Hi amitharazi,
Thank you for an interesting question about New York City's medallion taxicabs.
Cost to buy a Taxi Medallion in NYC...
New York City Taxi & Limousine Commission - Frequently Asked Questions
About Costs and Financing:
http://www.nyc.gov/html/tlc/medallion/html/faq/costs.shtml
What are the up-front costs of purchasing a medallion?
The total up-front costs for purchasing a medallion are approximately
$55,460. The average down payment for purchasing the medallion is
$50,000. It costs an average of $1,400 for a 2-year license and fees.
It also costs an average of $4,060 to convert the car to a taxicab,
which is also known as the "hack-up fee", and for the medallion tin
itself.
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I do not have enough money to cover the entire cost of the medallion.
What options do I have if I am interested in financing my medallion?
You can meet with a TLC-approved lender in order to finance your
medallion. We have a list of lenders and brokers on this website. They
can answer any financing questions you may have.
*****
How much money must a person have to get a secure financing to
purchase a medallion?
You must work with a lender to secure financing. The amount of
financing that you can get depends on each lender and your financial
history. The amount of money that each person will need to secure
financing varies person to person.
*****
What is the average income of a medallion owner and what are the
annual costs of owning and operating a medallion?
The average income of an owner/driver is $49,532 per year. The gross
revenue of an owner is approximately $90,747 and the operating
expenses per year are approximately $41,215. To see a detailed cost
and revenue analysis, please refer to the charts in the section
entitled, "Background Information-Financing and Expenses". Please
remember that these numbers are estimated and may be subject to change
if there is a fare increase.
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Who can buy one...
New York City Taxi & Limousine Commission - Frequently Asked Questions
About Licensing Procedures:
http://www.nyc.gov/html/tlc/medallion/html/faq/licensing.shtml
What are the qualifications for medallion ownership?
You must be at least 18 years of age for corporate ownership and 19
years of age for individual ownership. You must be a citizen or
permanent resident of the United States. You cannot have been
convicted of any serious crimes and must comply with all TLC rules and
pay all required fees.
*****
If I am interested in an Individual Owner Medallion, do I have to have
a hack license in order to bid?
You must have a TLC hack license in order to bid for an individual
owner medallion. If you are buying one medallion with two or more
people, at least one of the partners must have a TLC hack license.
*****
What do you need to get a Taxi license?
See the licensee section of our website.
http://www.nyc.gov/html/tlc/html/industry/get_license.shtml
You can find Frequently Asked Questions for our licensees here and
also forms and information for obtaining a hack license. Please call
(212) 852-4636 for all licensing questions.
*****
Can an individual owner hire a driver to drive his taxicab
An owner may hire drivers to drive the taxicab, but the owner still
must complete his 210 9-hour shifts each year. As long as this
requirement is completed, the owner may lease the car out. All drivers
must be licensed by the Taxi and Limousine Commission.
*****
If I put another driver on the vehicle, will my insurance rate go up?
Your insurance will go up if you put another driver on the car. The
amount that it will go up will depend on the driving records of the
drivers.
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Where can I get one...
What are the locations and hours at all of your facilities?
http://www.nyc.gov/html/tlc/html/industry/faq_ind.shtml#1
Long Island City Licensing Facility: 32-02 Queens Boulevard, Long
Island City, New York, 11101 on the second floor. The Driver Licensing
Department is open 8:00 am to 4:00 PM, Monday through Friday,
excluding holidays for all Driver transactions. Owner and base
transactions are conducted between the hours of 8:00 am and 3:30 PM.
Office of Judgement Enforcement: 32-02 Queens Boulevard, Long Island
City, New York, 11101 on the third floor. The office is open 8:00 am
to 5:00 PM, Monday through Friday, excluding holidays.
Long Island City Adjudications: 32-02 Queens Boulevard, Long Island
City, New York, 11101 on the third floor. The department is open from
8:00 am to 4:00 PM, Monday through Friday, excluding holidays. All
representative sand attorneys will be permitted to enter the building
as long as hearings are being conducted.
Staten Island Licensing Facility: 1893 Richmond Terrace, Staten
Island, New York, 10302. The facility is open from 8:00am to 4:00pm,
Monday, Tuesday, and Thursday and by appointment only, excluding
holidays. Please call (718) 815-3734 or (718) 815-3735 for
appointments.
Staten Island Adjudications Facility: 1893 Richmond Terrace, Staten
Island, New York, 10302. It is open 8:00 am to 4:00 PM, Wednesday, and
Friday, excluding holidays.
Legal Department: 40 Rector Street, New York, New York, 10006 on the
fifth floor. The department is open 9:00 am to 5:00 PM, Monday through
Friday, excluding holidays, by appointment only. Please call (212)
676-1135 for appointments.
Consumer Relations Department: 40 Rector Street, New York, New York,
10006 on the eighth floor. The department is open from 8:30 am to 4:30
PM, Monday through Friday, excluding holidays.
Safety and Emissions: 24-55 BQE West, Woodside, New York, 11377. The
facility is open from 6:00 am to 3:30 PM Monday through Friday,
excluding holidays. All initial inspections stop at 12:00 PM, all used
inspections stop at 1:00 PM, and all hack-up stops at 2:00 PM.
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I picked out several pages for you to browse for more information at:
Background Informaton - Fleets, Non-Fleet Corporate and Independent Operators
http://www.nyc.gov/html/tlc/medallion/html/background/types_owner.shtml
Ownership Requirements:
http://www.nyc.gov/html/tlc/medallion/html/ownership/main.shtml
Financing
http://www.nyc.gov/html/tlc/medallion/html/financing/main.shtml
What's New
http://www.nyc.gov/html/tlc/html/home/home.shtml
Medallion Sale Information:
http://www.nyc.gov/html/tlc/medallion/html/home/home.shtml
If you would like to add yourself to the Medallion Sale mailing list,
please check the appropriate box below, enter your e-mail address, and
click "Submit". This is the best way to make sure that you receive
up-to-date information on our upcoming sales!
http://www.nyc.gov/html/tlc/medallion/html/contact/main.shtml
Vehicles
http://www.nyc.gov/html/tlc/medallion/html/approved/main.shtml
Click on links for:
Taxi Vehicles
Alternative Fuel Taxis
Accessible Taxis
Auction Procedures
http://www.nyc.gov/html/tlc/medallion/html/auction/main.shtml
On this page you'll see links on the left-hand side of the page:
http://www.nyc.gov/html/tlc/html/home/home.shtml
When you click on each link you'll be taken to another page which
gives you the availablity to check out more information regarding the
subject:
About TLC
Passenger Information
Industry Information
TLC News
Employment Opportunities
FAQ
Contact / Visit TLC
New York City Taxi & Limousine Commision - Medallion Sales Information:
http://www.nyc.gov/html/tlc/medallion/html/faq/general.shtml
Please call (212) 852-4636 for all licensing questions.
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Best regards,
tlspiegel |
