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A DOV lease (DOV = driver-owned vehicle) is a weekly lease of a yellow taxi medallion that comes with a deal to buy the car from the medallion owner, the agent, or a business connected to them. TLC calls it a "Standard Medallion Lease Cap including Long Term Vehicle Lease/Conditional Purchase" (rule 58-21(c)(4)). In one sentence: you rent the medallion and pay the car off over time until it is yours.
The numbers that define it
Rule text read October 12, 2026. If the owner receives Taxi Improvement Fund payments for an accessible taxi, the weekly lease must include a $77 credit to you for the four-year period.
What the weekly payment must already include
Under 58-21(c)(4)(v): use of the medallion; TLC and DMV fees (except TLC inspection fees); the insurance required by rule 58-13; credit card fees; all car purchase and finance costs and sales tax; the Commercial Motor Vehicle Tax; and up to 3 drivers on the lease if the drivers ask. Optional extras the owner may offer but can't force on you: collision coverage up to $50 a week, with a deductible of up to $250.
Where you'll see it
On the DOV Taxicab Driver Bill of Rights poster that agents who lease medallions to DOV drivers must post. Its table shows the $952 or $994 medallion lease and $275 vehicle purchase, and lists "Alternate Fuel" as the higher row (poster). The rule ties the higher cap to qualifying hybrid cars, not to the medallion class.
Example
You sign a DOV lease for a standard (non-hybrid) car at the cap: $952 + $275 = $1,227 a week. The $275 part adds up to $42,900 after 156 weekly payments (our arithmetic, assuming no missed weeks). At that point you can ask for the title, and the owner may no longer charge the vehicle part.
Related terms
Medallion-only lease (you bring your own car) · taxi lease caps (shift and weekly caps for fleet cabs) · how many drivers can share a lease. Full guide: DOV taxi lease-to-own. New to yellow cabs? Start with how to start driving a yellow taxi. More on the medallions hub.
Frequently asked questions
What does DOV mean?
Driver-Owned Vehicle. In a DOV lease you lease the medallion and buy the car under a conditional purchase from the medallion owner, the agent, or a business tied to them. TLC rule 58-21(c)(4) covers it.
What is the most a DOV lease can cost?
$952 a week for the medallion ($994 if the car is a qualifying hybrid), plus up to $275 a week for the car. Total car payments can't go over $42,900.
When do I own the car?
Title must pass to you, if you ask, once all vehicle financing costs are paid. After that the owner can't keep charging the $275 vehicle part of the cap.
Can the owner ask for a deposit?
Yes, a refundable deposit of up to $5,000, paid at the start or in scheduled payments. The owner may not accept more than that (58-21(e)(4)(iv)).
Sources
Last reviewed against the official sources on .
- TLC Rule Book, Chapter 58 (58-21 leasing) nyc.gov
- TLC: DOV Taxicab Driver Bill of Rights (poster) nyc.gov
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TLC Help is not a law firm and is not affiliated with the NYC Taxi & Limousine Commission or OATH. Explanations on this site are general information, not legal advice. Legal representation is provided by independent attorneys and OATH-registered representatives in our network.