Source: Bloomberg Capital One Financial Corp. indicated that over 80% of its $690 million in loans for tax medallions could default. According to Capital One, it believes that over 50% of its borrowers will not be able to repay their taxi medallion loans in full. This is not just the case for Capital One, many financial services companies that offer loans to consumers to purchase taxi medallion loans are also realizing they may not be able to recoup a bulk of their loans. BankUnited also indicated that close to 60% of its loans backed by tax medallions were at risk. Medallion Financial Corp. Medallion Financial Corp. stated in its third quarter 2016 financial results press release that it’s maintaining its medallion loans, but still lost $3.6 million in its medallion lending business, in 2016. Medallion Financial’s medallion loans that were 90 days or more past due were nearly 20%, compared to 13.5% in the second quarter of 2016. If more medallion loans become delinquent, it could lead to default, potentially hurting MFIN’s earnings and revenues.
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