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The Value of Taxi Medallions "Credit News 24"

What is the value of taxi medallions in New York City and Chicago?

The recent 8-K filing by Medallion Financial on March 7 provides some guidance.

Medallion Financial wrote:

"[W]e have reduced the estimated value of New York City unrestricted medallion collateral to $500,000 for individual medallions and to $550,000 for corporate medallions, and reduced Chicago medallions to $60,000."

This would suggest that the estimated value for New York City taxi medallions are down approximately 50 percent from their peak in 2014 and the estimated value for Chicago taxi medallions are down about 80 percent from their peak.

Medallion Financial further stated:

"For non-performing medallion loans and the owned Chicago medallions, we have taken unrealized depreciation adjustments in accordance with these estimated collateral values."

The financial filings by publicly traded banks will provide insights into what will probably occur at credit unions with exposure to taxi medallion loans.


Title : The Value of Taxi Medallions "Credit News 24"
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