From Daily News:
A credit union that specializes in financing the yellow-taxi business is squeezing cab drivers and their families whose pieces of the American Dream were wrecked by competition from app-based car services.
Melrose Credit Union is bringing new frustration and fear to cabbies whose lowered earnings leave them underwater on loans that rely on their once-valuable medallions as collateral.
Eddie Cobos, 49, of Queens Village, recounted the calls his 70-year-old mother, Amanda, received about their $2,400-a-month payments for the medallion she inherited from her husband, Stanley, who died in 2010.
“She was getting calls from Melrose to go to work or do what you need to do to make that payment,” Cobos said.
“It’s not that good — we still struggle with Melrose,” Amanda Cobos said.
Because it loaned so much money to cabbies, Melrose took a big financial hit after the city let ride-hailing apps like Uber and Lyft cut into the street hails that are the exclusive right of the yellow-taxi business.