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NEW YORK TAXI CAB MEDALLION OWNER WITH A LOAN. THE BANK

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I NEED HELP, I'M...

I NEED HELP, I'M A NEW YORK TAXI CAB MEDALLION OWNER WITH A LOAN. THE BANK FAILED TO RENEW MY LOAN ON MATURITY AND SOLD THE LOAN TO CAPITAL ONE BANK WHO HAS REPOSSED MY MEDALLION AND HAS SENT ME A LETTER TO AUCTION IT ON 5TH DECEMBER 2017. I NEED HELP TO STOP THIS AND GET MY MEDALLION BACK

Accountant's Assistant: Has anything been filed or reported?

NO

Submitted: 6 months ago.Category: Tax
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12/1/2017
Tax Professional: JustAnswer, Accountant replied 6 months ago
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Tax Professional: Lev, Tax Advisor replied 6 months ago
Lev
Lev, Tax Advisor
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Satisfied Customers: 32,985
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The ONLY way to stop the auction woudl be to find another loan provider who agree to provide a loan.

However New York City taxi medallion are much lower now because of Uber and other competitors...

So - that might be better NOT to refinance - but to re-purchase your own medallion at the auction.

Thus you might want to discuss with potential lenders the option to finance such repurchase.

The prices of all the sales ranged from $150,000 to $450,000 per medallion.

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Tax Professional: Lev, Tax Advisor replied 6 months ago
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