Thousands of cab drivers are on the brink of bankruptcy because of predatory lending. What is the emotional toll of having the worst debt in America — and knowing just how screwed you got by the city?
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“Sometimes I curse myself; I spent almost a million dollars to buy this ride.”
Watch Next: What it likes to be an Uber driver in a city you can't afford to live in – http://bit.ly/2x1ayE4
Trying to constantly screw riders over probably had something to do with it. Which of course is directly related too screwing drivers. That system is done….game over. Now it's like watching the days Blockbuster video trying to hang on after they turned down the opportunity to buy Netflix. Yello cab is an old nickel and dime model when everyone else is streaming.
Just default on the medallion, Go thru bankruptcy court. Get debt free and restart from scratch
It’s hard to be a cab driver. Everyone wants to ride for free. Any of y’all willing to take less pay? Every customer wants a discount. Also everyone thinks being a cab driver is like what they see in the movies. Customers think they can treat drivers like shit. They usually work 12 hours a day 5 days a week minimum. Its one of the most dangerous jobs , I know nobody cares. Just wanted to let y’all know. Let Uber and lift have it. You hear those drivers complaining too. They are working for peanuts. Let them run their personal cars into the ground. At least with a cab the money stays local and not some big corporations . Have fun with that surge. Uber here charges $75 bucks for a normal 12 dollar ride on a busy time. So who is getting screwed.
What the heck is a Medalion. Maybe they should have explained that.
There should have been a law that these medallions could not trade hands above “face value.” These are not investments and never should have been treated any other way than permission from government to operate a taxi.
Ho poor corrupt taxi drivers. Thinking you could join the force of government to fleece us and got bit in the end
The world is corrupt! How about we hang them greedy Jewish bankers on Wall Street!
modern slavery!
They invested because of greed now we have to feel bad for them. Same will happen with trucking industry
Then, maybe….Ya'll should've invested in 2 more career choices 1st? Oh but wait, hold up! Ya'll thought coming to Rrrrmerica, getting a D.L. and a Medallion was for Life?! You kidding me right? Ya'll knew who your Master for life would be but you did dream big though!…GTFOOH!!!?
Your nightmare is your children's dreams, their dreams belong to the government taxed and all, Welcome to the real "America" ????
Yep he bought his Medallion in 1990 and he said he refinance he borrowed against it over and over and over until he build up a debt of half a million dollars it's his own fault
Now the taxi drivers that are working are going to purposely try to run up that meter
Dude's been driving for 35 years and he still owes $500,000 he borrowed against his medallion
Well in California the last time I took a taxi was in 2015 and I paid 20 something dollars to go 7 miles in the middle of the night straight shot that would cost me like 10 bucks now 5 years later gas more expensive and yet the ride is cheaper through Uber but at the same time over doesn't take care of the needs of its drivers and runs the vehicles of someone else into the ground but like other people have said as taxi drivers were sheisty motherfukers and if you didn't watch him they would drive all over town and say oh this is the right way when there's obviously a better faster way and then let that meter just run run run