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The iFinancial Group is looking for highly motivated individuals with experience originating equipment lease transactions . We offer a relaxed work environment, provide leads and offer above industry standard commission. Call Todd Clark 888-852-5155 x223 Ten years providing financing nationwide |
Friday, April 24, 2009
Mystery Writer Sue Taylor Grafton born April 24, 1940 Louisville, Kentucky; best known for her detective series female private investigator named Kinsey Millhone who lives in Santa Teresa, California: "A" Is for Alibi, written and set in 1982.Her latest book, "T" Is for Trespass, was released in December 2007. |
Headlines---
Classified Ads---Controller
$40 Million Fraud/Leasing Founder Assets Frozen
Unbelievable Bulletin Board Complaint –Up-Date
Open Letter to Brokers/Salesmen/Funders et. al.
by Christopher Menkin
Classified ads---Help Wanted
OFC Capital Downsizes
Microfinancial/TimePayment Profits Down
Cartoon---I wonder
How Remote Lease/Financing Education is Working
by Scott Wheeler
Goodbye Solo/Earth/Frost/Nixon
JCVD/The Hairdresser's Husband
Fernando's View by Fernando F. Croce
MLFI Shows Continued Decline in New Business
GATX 1t quarter net income of $27.6 million
Lakeland Reduces Leasing Portfolio
First Security Group Has $1.3 Million Loss
Official: Evans Bancorp exits leasing business
GATX Q1 profit declines, backs 2009 outlook
CIT might have losses until 2010
Paulson threatened to oust BofA CEO
SunTrust posts $815M loss in 1Q
Wells Profit is Vanishing
Home sales drop 3 percent in March
U.S. Map of Unemployment
Freddie Official Spoke of Resigning
News Briefs---
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California Nuts Brief---
Sports Briefs---
"Gimme that Wine"
Today's Top Event in History
This Day in American History
Basketball Poem
SuDoku
Daily Puzzle
GasBuddy
Weather, USA or specific area
Traffic Live----
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Classified Ads---Controller
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Boca Raton, FL CPA w/ Sarbanes Oxley/ 15 years management exp. as CFO/ Controller/5 yrs w/ PWC Extensive exp providing accounting/ tax guidance for the equipment lease industry. Willing to relocate. Email: bltushin@hotmail.com |
| Chicago, IL experienced in lease accounting, operations, management, and Sarbanes-Oxley. Seeking position with equipment lessor. Would consider contract assignments or relocating. Email: leasecontroller@comcast.net |
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Southeastern, MI Controller & Management experience w/ equip lessors &broker. MBA, CPA w/ extensive accounting, management, securitization experience with public and private companies. Willing to relocate. Email: Leasebusiness@aol.com |
For a full listing of all “job wanted” ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm
To place a free “job wanted” Leasing News ad:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm
ELFA Career Center: Job Seekers ( free ):
http://careers.elfaonline.org/search.cfm
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$40 Million Fraud/Leasing Founder Assets Frozen
Benny Judah works the phones in his office at Excel Financial Co.
The Security Exchange Commission has frozen the assets and accused 50 year old Benny Judah of Lubbock, Texas of selling some $40 million in unregistered securities between January 2006 and March 2009 for use in his company Excel Lease Fund Inc. dba Excel Financial Leasing, but using the funds for “day trading.”
The complaint filed in US District Court Northern District of Texas on April 21st that through Excel Financial Leasing, he sought to raise $50 million to fund Excel's equipment-leasing business, investments as well as retire debentures which are typically funds raised by a company that pay a fixed interest rate secured through company assets. His circular proclaimed he had over 4500 leases with receivables from the leases at $15 million earning 19.8%. The complaint claims the leases are "fictitious."
There is no rating by the Better Business Bureau, and a leasing web site was not found, nor does the company appear to be a member of any leasing association.
After the funds were frozen, Judah petitioned the court to obtain $25,000 as a retainer for his attorneys Michael H. Carper and Robert N. Nebb of the Law Offices of Michael H. Carper, P.C. U.S. Judge Sam R Cummings granted the request.
Excel CEO Benny Judah, left, discusses business with Excel Travel president Allan Judah.
A web site states there were 15 employees at Excel and the company started in 1985
http://www.manta.com/coms2/dnbcompany_jmvjmt
In 2001, Judah was ordered to pay a $50,000 civil penalty following allegations he and his company, Excel Leasing, sold $32 million in unregistered securities to investors nationwide between 1987 and 2000. The settlement was made without admitting or denying any wrongdoing.
Copy of April 21 SEC Complaint:
http://leasingnews.org/PDF/Judah_Complaint_PDF.pdf
2001 SEC Case:
http://www.sec.gov/litigation/litreleases/lr16882.htm
Lubockonline.com story "Strive to Excel"
http://www.lubbockonline.com/direct/business/1197/pg10.htm
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Unbelievable Bulletin Board Complaint –Up-Date
The issue of a lease contract with a $1.00 purchase option on the face next to the monthly payment, the original proposal showing the same monthly payment and $1.00 purchase option, but a “fair market value” then twelve month “Evergreen Clause” being enacted because the party did not give 180 notice regarding the exercise of the residual ( although he did mail in a $1.00 with the last month's payment) has been resolved.
The president of the company wrote a letter of apology to the lessee, including in the letter a “bill of sale” as well as a $25 Starbucks card.
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Open Letter to Brokers/Salesmen/Funders et. al.
by Christopher Menkin
This is more directed to those in sales whether direct or indirect, captive, independent, corporate.
Your company may be angry with this advice, but you should keep a signed copy of the lease you consummated with your customer. If you ever have intentions of asking for repeat business from the customer or the vendor involved, this document is important. If you leave your present company, you will not have an pportunity to bring this document unless you have your own private copy.
At least, make a copy of the residual.
If there is an issue about the purchase option, you might wind up being a hero. You can earn your customers loyalty by looking out for them.
You should note six months from the date you guess the lease payments will terminate in your own personal calendar, whether it is Palm Pilot, Microsoft, ACT, Advantage. You should then make sure you call your client to remind them to send a letter to the original name on the lease contract that they want to exercise the purchase option or residual. Don't let them fall into the 180 day trap.
I also recommend that the party collecting the payments also be notified. Often lease companies are sold or the lease is sold, and in some instances it can be the third or fourth company actually collecting the stream of payments.
If it is a company that has made the Leasing News Complaint Bulletin Board, not only telephone but send a certified return receipt request letter.
I also recommend the lessee count the payments, as paperwork may be lost, numbers changed, and customers who have been burned actually make copies of the checks they sent to keep track ( some even copies of lease payments that have cleared the bank.) Leasing News has received complaints about many such instances happening more often than you will guess.
The also applies to brokers or lessors sharing residuals as without a specific letter such as Allegiant or Financial Pacific provide, you might find yourself arguing with GE that they are not the owners of the equipment or can sell it for $1.00 to the lessee.
Perhaps the most controversial thing you can do as an independent, (and I recommend as an employee, too, as it is good business: confirm with the lessee that they have received signed contracts back from the leasing company. In almost all the complaints Leasing News has received, the lessee never has signed contracts from the Leasing Company, only their originals that were sent to them. Some have signed contracts, but not complete, particularly the purchase option letter. It is lost or missing on purpose. Why not take care of this while all the information is fresh.
You might wait three months as an excuse to contact the customer again. Often, the lessee is not aware that they have the document missing. If not there, the lessee should request it from the leasing company (not you.) This applies not only to small employee companies, but large corporations and attorney offices ( yes, they rarely even read the contract and often let someone in the office file it without even reviewing what was sent---if they were representing their client, they would, but their own office.
Never, CPA's included. I know from 37 years experience with a large following of attorney offices from San Francisco to Carmel/Monterey.
One of the problems that may occur is that the company assigned does not have the residual letter, or says it was not required when they took over the lease. Or they may want you to contact the original lessor and not get involved. Believe me, if you default in the lease, they will not only come after you but the equipment as well.
If you are unable to obtain a signed copy of the lease, especially the purchase option, or if the document sent is not signed by you, you should seek legal advice. Contact Leasing News for an attorney who is experienced and is willing to seek remedy with a leasing company ( many will not, as they may be representing the company in their area.)
You also may want the lessee to consider opening an escrow account, putting the payments into that, if the leasing company balks at providing the paperwork. While it may affect your credit rating, that can be corrected, if you prove your point. Once the lease payments are paid, the one collecting them is no longer involved in what the residual will be.
The time to resolve what the purchase option is should be sooner than later, definitely not after all the payments have been made.
If you don't take care of your customer, someone else will.
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Classified ads---Help Wanted
Credit Syndicator / Funding Specialist
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Credit Syndicator Full time opening for the right team player with heavy structured transaction experience. Click here for description. Funding Specialist Full time opening for the right team player with heavy structured transaction experience. Click here for description.
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LEASING ACCOUNT EXECUTIVE
Seeking an experienced Leasing Professional who has: Home State Leasing Corporation, a subsidiary of Home State Bank, N.A., has been serving the needs of our clients since 1915.
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Sales
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The iFinancial Group is looking for highly motivated individuals with experience originating equipment lease transactions . We offer a relaxed work environment, provide leads and offer above industry standard commission. Call Todd Clark 888-852-5155 x223 Ten years providing financing nationwide |
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Like selling vendor programs and large transactions? CLICK HERE to find out how to have fun again. |
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OFC Capital Downsizes
Add to the latest list in downsizing OFC Capital Corporation, Roswell, Georgia, part of the MidCountry Financial Corporation, who are involved in several financial enterprises, including MidCountry Bank.
Reportedly eight people have been let go at OFS, two salesmen are now doing collections, and others are commission only. One of the ones laid-off is Ron Lear, well-known to Leasing News readers from his work at PFF Bank as well as on the board of now National Equipment Leasing Association.
He is keeping his office in Southern California, where he has worked out of for 15 years, primarily with working with smaller banks and equipment leasing brokers searching for lines or homes for larger lease transactions. He may be reached at 714-960-7837 or at LearLease@Gmail.com.
OFC Capital lists on their web site ( http://www.ofccap.com/history.php ) many of the larger transactions they have made and perhaps their customers best tell the story:
Northern Leasing Systems, Inc.
$14,428,081
Northern Capital Associates VIII, L.P.
Micro Ticket Portfolio
$28,661,692
Allegiant Partners, Inc.
Small Ticket Portfolio
$11,858,946
Allegiant Partners Inc.
$4,696,362
Lease Equity Appreciation Fund I, L.P.
Small Ticket Portfolio
$16,735,442
Axis Capital, Inc.
Small Ticket Portfolio
$11,858,946
Vencore Solutions
Venture Capital Lease Portfolio
$10,613,533
Preferred Capital
Small Ticket Portfolio
$35,400,208
LEAF Asset Management
$6,716,634
Bush Truck Leasing, Inc.
$4,476,905
Radiance Capital LLC
$3,978,610
Office Depot, Inc.
Printing Centers Equipment
$13,621,000
Textron Financial Corporation
Machine Tool Portfolio
$21,902,224
MidCounty Financial:
http://www.midcountryfinancial.com/90484.html
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Microfinancial/TimePayment Profits Down
by Christopher Menkin
Microfinancial, Woburn, Massachusetts, parent of TimePayment, self-proclaimed specialists in the microticket size leases reports first quarter profit was $600,000 compared to $1.55 million the first quarter of 2008.
The consolidated balance she shows Cash was down, $2,109,000 March 31,2009 compared to year-end 2008 $5,047,000. Provisions for credit losses was increased from $3,357,000 to $5,453,000.
Readers tell Leasing News that Timepayment showing signs of credit tightening and other observations, not confirmed.
Many are concerned as this marketplace is drying up as losses to margins are reportedly deteriorating.
The president of Microfinancial is bullish on his company:
" During the first quarter, we processed over 15,500 applications for over $114 million, an increase of approximately 7% and 13% respectively over the first quarter of 2008. On an application dollar basis, our approval rates declined to 47% in the first quarter from 48% for the same period a year ago," said Richard Latour, President and Chief Executive Officer. "In addition, we approved 340 new vendors bringing our total vendor count to approximately 3,800. We believe that our conservative leverage ratio, strong cash flow, and availability under our revolving line of credit provide us with the opportunity to continue to grow a well diversified portfolio.”
"Revenue for the quarter ended March 31, 2009 was $10.9 million compared to $9.2 million in the first quarter of 2008 as expected declines in rental income and service contracts during the quarter were more than offset by growth in lease revenues. Income on leases was $6.8 million, up $1.9 million from the same period last year and rental income was $2.2 million, down $0.6 million from March 31, 2008. Other revenue components contributed $1.9 million for the quarter, up $0.3 million from the same period last year."
SEC 8K Filing:
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How Remote Lease/Financing Education is Working
by Scott Wheeler
Scott Wheeler is the former President of The Equipment Leasing Company (ELC) in Sparks, Maryland, a subsidiary of Sandy Spring Bank. He originally joined ELC in 1989. He has over twenty-six years of leasing experience and an Executive Masters in Business Administration. He has written several "Sales makes it Happen" for Leasing News plus has started a series of Webinair training sessions.
Leasing News thought it would be interesting to readers to learn how the Webinar training sessions work and the feed back he has gotten.
Over the past two months Wheeler Business Consulting LLC has hosted seven remote learning sessions. The experience has been exciting and somewhat surprising. I have to admit that at first I was apprehensive. I prescribe to the in-person training as being most effective; because the interaction between the presenter and participant is so very important. There is no substitute for eye to eye contact to demonstrate whether or not you are making your point; and tangent discussions can facilitate the best learning experiences. However, I was constantly being asked to provide quick, inexpensive mini sessions with content for lease/finance originators and the remote web based training was and is the best solution.
The concept is to provide a weekly sales meeting format to individuals with a wide variety of different experiences. To date there have been over 100 participants involved in the webinars. We have covered a wide variety of topics. The weekly format allows individuals to participate on all subjects or just those which they have the most interest. The individuals who have joined all of the weekly sessions have gained the most and have witnessed my growth as I have become more comfortable with the format and technology. Each participant can view my power point via the internet and can listen to my presentation either through their computer or via a telephone line.
At the end of my presentation there is time for questions and answers. Most individuals have felt more comfortable following up with me after the session with questions, comments and suggestions. I am delighted to have the opportunity to have these conversations afterward to answer specific situations and challenges.
The webinars have given me the opportunity to be engaged with many different types of individuals in our industry; from the one man shop to the thirty person independent lessor. Individuals and companies are looking to redefine their positions in the market.
There is no doubt that many individuals are looking for that magical solution. They want me to provide them with that “ONE BIG SOLUTION” that if they try will increase their business immediately. Unfortunately, I don't have, nor do I believe any of us have possession of that single button. However, knowledge is the answer to most challenges. Many need to revisit the basics and I am happy to encourage everyone, no matter their years of experience to make sure they are constantly strengthening their fundamental selling and lease/financing skills. In addition, we all need to address the next steps we are willing to take to ensure we are properly prepared for the “New Economy”.
The old means by which we have marketed ourselves are not, nor will they be effective in the future. Therefore, we all need to redefine ourselves and explore new techniques for the future. Because of the diverse group of participants, it is difficult to customize the material for a specific company; however, the webinars have caused participants to think differently about their business and to implement new means to solicit business for the long term.
Several participants have admitted they are cutting expenses and that training and education line items are usually the first to be eliminated. They go on to admit that in today's environment training and education are more important than any other time; and that in reality now is the best time to invest in their future success. The webinars have provided an inexpensive means to connect to an educational channel within the comfort of you own office. I have been asked to create additional sessions, to repeat the sessions I have already hosted, and to supplement the webinars with in-person visits and seminars. I plan to continue the webinars as one of the offering of Wheeler Business Consulting LCC. The webinars are held every Wednesday at 1:00pm Eastern Time to accommodate individuals from coast to coast.
Please feel free to contact Scott Wheeler with any suggestions or potential topics to be covered in future webinars.
scott@wheelerbusinessconsulting.com or 410-877-0428.
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Fernando's View
By Fernando F. Croce
In theaters, “Goodbye Solo” pulls at the heartstrings while “Earth” fills the eyes. New DVDs include the engaging sparring of “Frost/Nixon,” and a forgotten action star's intriguing comeback in “JCVD.”
In Theaters:
Goodbye Solo (Roadside Attractions): Solo ( Souléymane Sy Savané) is a cheerful family man from Senegal trying to make it in North Carolina by driving a taxi cab. William (Red West) is a life-hardened, aged local who has little hope in dreams and even less patience with the enthusiasm of someone like Solo. It's difficult to imagine a more unlikely pair of protagonists, yet once brought together over the course of a long drive to the mountains, the two men gradually develop an understanding of each other's sets of values, and true friendship blossoms. Warmly acted and directed with a keen eye for surprising humanity by Ramin Bahrani, this is a deeply moving, at times unexpectedly funny, and ultimately hopeful look at human connection in difficult times.
Earth (Disneynature): Audiences who were moved and tickled by the natural wonders of “March of the Penguins” will want to try this eye-filling, family-friendly documentary from Disneynature, which takes a global look at all the discoveries still to be made in our planet. Not restricting itself to just one zone or climate, the film travels to such extremes as the North Pole and the Kalahari Desert. In between, there are glimpses of elephants searching for water, lions enforcing their territory, and polar bears protecting their young. Without resorting to special effects, filmmakers Alastair Fothergill and Mark Linfield take viewers on a glorious tour of Earth's least seen corners, weaving together a fascinating mosaic of wild life in all its forms.
New on DVD:
Frost/Nixon (Universal): Following the Watergate scandal, former President Richard Nixon (excellently played by Frank Langella) becomes an exiled ogre hoping for a comeback. He gets his chance in 1977, when lightweight British talk show host David Frost (Michael Sheen) offers to do a series of interviews with him. Frost, however, is out to get an admission of guilt from the politician, and what was originally supposed to be a puff piece quickly becomes a tug of war between the two men. Langella and Sheen give terrific performances in this adaptation of Peter Morgan's acclaimed play, with sturdy support from Kevin Bacon, Oliver Platt and Sam Rockwell. Snappy and frequently absorbing, it's director Ron Howard's best film in years.
JCVD (Peace Arch): The initials stand for Jean-Claude Van Damme, the once famous action-star who's since his heyday become a staple of direct-to-video junk. Judging from this ingenious satire, however, he deserves better material than what he's been doing. Playing himself (or, rather, a comically washed-up version of himself), Van Damme finds himself broke, braving family problems, and losing what few roles he gets to fellow ‘90s muscle-head Steven Segal. While on his way back to his native Brussels, however, he's kidnapped and becomes once again part of the spotlight. A sharp look at celebrities, media, and comeback kids, the film mocks action movies while being quite exciting, and, best of all, it reveals Van Damme as a deft comic actor.
The Hairdresser's Husband (Severin): A charmer from 1990 finally receiving its DVD release, this French comedy-drama turns an unlikely premise into an engaging and provocative romance. As a boy, Antoine developed a huge crush on the local hairdresser. Now grown old (and played by the marvelously basset hound-faced Jean Rochefort), he's obsessed with cutting hair and vows to make one of the hairdressers in his neighborhood his wife. He sets his sights on the much younger Mathilde (Anna Galiena), but can their relationship survive their differences? Always unexpected and intimate, this film by acclaimed director Patrice Leconte (“Monsieur Hire,” “Man on the Train”) is guaranteed to surprise and delight viewers looking for more offbeat humor. With subtitles.
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### Press Release #############################
MLFI Shows Continued Decline in New Business Volume for March;
Demand Drops in 1Q 2009
Washington, DC,— The Equipment Leasing and Finance Association's (ELFA) Monthly Leasing and Finance Index (MLFI-25 ), which reports economic activity for the $650 billion equipment finance sector, showed overall new business volume for March declined by 30 percent when compared to the same period in 2008. For the first quarter of 2009, new business volume declined by 31 percent as compared to the first quarter of 2008.
New business volume contracted by 17 percent in the fourth quarter of 2008, year over year (revised). Month-to-month new business volume increased 42.4 percent from February to March, from $3.3 billion to $4.7 billion.
The MLFI-25 is the only index that reflects capex, or the volume of commercial equipment financed in the U.S. The MLFI-25 is a financial indicator that complements other relevant economic indices, including the monthly durable goods report produced by the U.S. Department of Commerce, which reflects new orders for manufactured durable goods, and the Institute for Supply Management Index, which reports economic activity in the manufacturing sector. Together with the MLFI-25 these reports provide a complete picture of the status of productive assets in the U.S. economy: equipment produced, acquired and financed.
The MLFI-25 reported receivables over 30 days increased to 5.0 percent as compared to 4.5 percent in February.
Charge-offs increased to 2.21 percent from 1.74 percent in the prior month and more than doubled March 2008 losses.
Credit approvals dropped to 64.3 percent from 64.7 percent. Forty-seven percent of participant companies reported that fewer transactions were submitted for approval during the month, due to tightening underwriting standards and lower demand.
Total headcount for equipment finance companies showed a slight decline in March (0.95%).
Hon. Kenneth E. Bentsen, Jr.
“The contraction in the nation's economy is clearly being felt in the commercial sector as both new business volume numbers and Member company reports indicate a decided slowdown in demand for investment in capital goods,” said ELFA president, Kenneth E. Bentsen, Jr. “The combination of slack demand and tighter underwriting standards put a damper on the U.S. equipment finance market in the first quarter, following on a decline that began in the prior quarter,” Bentsen said.
William H. Verhelle
Bill Verhelle, CEO of First American Equipment Finance in Fairport, NY and Immediate Past Chairman of the ELFA commented on the MLFI data. "The magnitude of the first quarter decline in US business capital equipment financing activity (more than 30 percent on a seasonally adjusted basis) may indicate that a big pull-back in business equipment spending is now compounding the ongoing consumer spending decline,” said Verhelle.
First American Equipment Finance is a participant in the MLFI survey. “Until the fourth quarter of 2008, MLFI data indicated that the recession had not slowed capital equipment acquisitions. U.S. businesses now appear to be dramatically cutting equipment acquisitions,” Verhelle said.
About the ELFA's MLFI-25
The MLFI index is released globally at 9:00 a.m. Eastern time from Washington, D.C. each month, on the day before the U.S. Department of Commerce releases the durable goods report. More information on the Monthly Leasing and Finance Index, including methodology and participants is available below and at
http://www.elfaonline.org/ind/research/MLFI/
MLFI-25 Methodology
The ELFA produces the MLFI-25 survey to help member organizations achieve competitive advantage by providing them with leading-edge research and benchmarking information to support strategic business decision making.
The MLFI-25 is a barometer of the trends in U.S. capital equipment investment. Five components are included in the survey: new business volume (originations), aging of receivables, charge-offs, credit approval ratios, (approved vs. submitted) and headcount for the equipment finance business.
The MLFI-25 measures monthly commercial equipment lease and loan activity as reported by participating ELFA member equipment finance companies representing a cross section of the equipment finance sector, including small ticket, middle-market, large ticket, bank, captive and independent leasing and finance companies. Based on hard survey data, the responses mirror the economic activity of the broader equipment finance sector and current business conditions nationally.
The results of each MLFI-25 are posted on the ELFA website. ELFA is the premier source for statistics and analyses concerning the equipment finance sector. Please visit http://www.elfaonline.org/ind/research/ for additional information.
ELFA MLFI-25 Participants
ADP Credit Corporation
Bank of America
Bank of the West
Canon Financial Services
Caterpillar Financial Services Corporation
CIT
De Lage Landen Financial Services
Dell Financial Services
Fifth Third Bank
First American Equipment Finance
GreatAmerica
Hitachi Credit America
HP Financial Services
John Deere Credit Corporation
Key Equipment Finance
Marlin Leasing Corporation
National City Commercial Corp.
RBS Asset Finance
Regions Equipment Finance
Siemens Financial Services
Susquehanna Commercial Finance, Inc.
US Bancorp
Tygris Vendor Finance
Verizon Capital Corp
Volvo Financial Services
Wells Fargo Equipment Finance
About the ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $650 billion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its over 700 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers.
For more information, please visit www.elfaonline.org
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(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)
### Press Release ############################
GATX Corporation Reports 2009 First Quarter Results
CHICAGO---- GATX Corporation (NYSE:GMT) reported 2009 first quarter net income of $27.6 million compared to net income of $51.8 million in the first quarter of 2008. The 2009 first quarter results include a negative after-tax fair-value adjustment of $11.6 million and the 2008 first quarter results include a $6.8 million share after-tax benefit from the reversal of tax reserves.
“We entered the year anticipating considerable challenges in our markets and operating conditions have been consistent with our expectations,” said Brian A. Kenney, president and chief executive officer of GATX. “In Rail, our customers are seeing decreased demand for their products and certain customers are operating under increasing financial stress. Consequently, there is pressure on fleet utilization and lease rates. Our North American fleet utilization was 96.5% at the end of the first quarter, down from 97.9% at year end and renewal lease rates on railcars in GATX's Lease Price Index (LPI) declined 5.5%. Fortunately, the steps we took in recent years to position GATX for a downturn are helping us manage through these difficult market conditions.
“As expected, the environment in Marine is also challenging. In Specialty, charter rates at the marine joint ventures declined significantly in the fourth quarter of 2008, and while they have increased in some markets, they remain weak compared to recent years. American Steamship Company (ASC) recently commenced its sailing season, and it is clear that continued idling of steel manufacturing capacity on the Great Lakes will result in significantly lower iron ore shipments during the year.”
Mr. Kenney concluded, “Our 2009 full-year earnings estimate remains unchanged, excluding fair-value adjustments as noted above. There is increased downside variability to the estimate due to a variety of uncontrollable factors, which were noted in our 2008 year-end press release, including the price of scrap steel and other assets and increased financing costs that most companies face when accessing today's capital markets. While the environment is volatile and difficult to predict, we remain focused on utilizing this uncertainty to strengthen our position in the market.”
Full Press Report Here:
http://ir.gatx.com/phoenix.zhtml?c=70051&p=irol-newsArticle&ID=1279840&highlight=
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#### Press Release #############################
Lakeland Reduces Leasing Portfolio
OAK RIDGE, N.J., -- Lakeland Bancorp, Inc. (Nasdaq: LBAI - News) reported first quarter Net Income of $3.2 million as compared to $5.5 million for the same period of 2008. Diluted earnings per common share of $0.11 for the first quarter of 2009 compared to diluted earnings per common share of $0.24 for the same period last year. Return on Average Assets was 0.48% and Return on Average Common Equity was 5.76% for the first quarter of 2009.
" The first quarter results were adversely impacted by a $6.4 million provision for loan and lease losses compared to a $1.3 million provision for the same period last year. The current quarter's provision included $5.8 million allocated to leasing loans, which compared to $433,000 for the same period last year.
Thomas J. Shara, Lakeland Bancorp's President and CEO said, "We continue to reduce our leasing portfolio which has declined 11% in the first quarter and now represents 13.6% of the loan portfolio. Excluding the leasing runoff, total loans grew 7.5% on an annualized basis. We also continue to benefit from an improved net interest margin. Net interest margin at 3.80% was 11 basis points higher than the fourth quarter of 2008, and 18 basis points higher than the same period last year. In addition, during the first quarter of 2009, we received $59.0 million from the U.S. Treasury under the Capital Purchase Program, which increased our total risk-based capital ratio to 14.58% at March 31, 2009."
Full report:
http://finance.yahoo.com/news/Lakeland-Bancorp-Reports-prnews-15016779.html?.v=1
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#### Press Release ############################
First Security Group Has $1.3 Million Loss For First Quarter
First Security Group, Inc. (Nasdaq: FSGI), Thursday reported a net loss available to common shareholders of $1.3 million, or $0.08 for the first quarter of 2009, compared to the net loss available to common shareholders of $3.3 million, or $0.21 for the fourth quarter of 2008.
First Security maintained an elevated provision for loan and lease losses in recognition of the recession and its effect on consumers, businesses and real estate builders and developers. The provision for the first quarter of 2009 was $5.0 million, compared to $8.7 million in the fourth quarter of 2008, and $1.2 million in the first quarter of 2008.
Highlights of the quarter's performance included:
Capital: First Security's tangible equity ratio improved from 9.20 percent at December 31, 2008, to 11.69 percent at March 31, 2009, as a result of a $33 million preferred stock capital investment from the U.S. Treasury in January 2009. First Security remains firmly above the industry threshold for well-capitalized banks.
Allowance for Loan and Lease Losses:First Security strengthened its allowance from 1.72 percent of total loans and leases to 2.02 percent, as of December 31, 2008, and March 31, 2009, respectively, through provision building.
Full Press Release:
http://www.chattanoogan.com/articles/article_149587.asp
### Press Release ##############################
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to help support the growth of Lease Police )
News Briefs----
Evans Bancorp to cut leasing business
(First reported in Leasing News April 17)
http://www.buffalonews.com/145/story/648657.html
GATX Q1 profit declines, backs 2009 outlook
http://uk.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUKBNG36455920090423
CIT might have losses until 2010
http://www.nytimes.com/2009/04/24/business/24cit.html
Paulson threatened to oust BofA CEO if he pulled out
http://www.marketwatch.com/news/story/paulson-threatened-lewis-seal-merrill/story.aspx?
guid=%7B44D09600-944A-4A04-8AB9-919E166E0AF4%7D&dist=msr_9
SunTrust posts $815M loss in 1Q
http://www.ajc.com/business/content/business/stories/2009/04/23/suntrust_earnings.html
Wells Profit is Vanishing
http://www.nypost.com/seven/04232009/business/wells_profit_is_vanishing_165729.htm
Home sales drop 3 percent in March
http://www.upi.com/Business_News/2009/04/23/Home-sales-drop-3-percent-in-March/UPI-49521240506115/
U.S. Map of Unemployment
http://www.nytimes.com/interactive/2009/03/03/us/20090303_LEONHARDT.html?ref=business
Freddie Official Spoke of Resigning
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/22/AR2009042201185.html
Cardholders stunned by huge rate hikes, slashed credit limits
http://www.chicagotribune.com/business/chi-fri-credit-card-consumers-apr24,0,6514874.story
U.S. Said to Seek a Chrysler Plan for Bankruptcy
http://www.nytimes.com/2009/04/24/business/24chrysler.html?_r=1&hp
Bucking Recession, Amazon Profits Jump 24%
http://www.internetnews.com/bus-news/article.php/3817046/Bucking+Recession+Amazon+Profits+Jump+24.htm
Netflix profit rises as subscribers increase, costs decline
http://www.marketwatch.com/news/story/netflix-profit-rises-company-lifts/story.aspx?guid=%7BCD
27F458-9CF2-425E-824D-BC8E66E73412%7D&dist=msr_1
Jay Leno misses first "Tonight Show" in 17 years
http://www.contracostatimes.com/top-stories/ci_12211119?nclick_check=1
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You May have Missed---
Saratoga couple devastated by theft of dog from their front yard
http://www.mercurynews.com/breakingnews/ci_12212337
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Sports Briefs----
Ducks blank Sharks again, take 3-1 series lead
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/04/21/sports/s221206D42.DTL
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California Nuts Briefs---
AG Jerry Brown sues Wells Fargo for $1.5 billion
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/04/23/MNOI177TVN.DTL
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“Gimme that Wine”
Recession prompts layoffs at Sonoma-Cutrer, Fetzer
http://www.pressdemocrat.com/article/20090422/ARTICLES/904229877/1350?Title=
Recession-prompts-layoffs-at-Sonoma-Cutrer-Fetzer
Will wine on tap gain in popularity?
http://www.heraldtribune.com/article/20090422/ARTICLE/904219925/2104/FEATURES?Title=
Will-wine-on-tap-gain-in-popularity-
Setting the Benchmark for Winery Tasting Room Research: An Emerging Region Gets a Global Perspective
http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/
04-22-2009/0005011027&EDATE=
Pinot Noir's Regional Pedigree
http://wine.appellationamerica.com/wine-review/695/Pinot-Pedigree.html
Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/
US/International Wine Events
http://www.localwineevents.com/
Winery Atlas
http://www.carterhouse.com/atlas/\
Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
http://www.liv-ex.com/
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Today's Top Event in History
1962-the first coast-to-coast telecast by satellite was made by the Massachusetts Institute of Technology's Lincoln Laboratory field station at Camp Parks, Ca., transmitted airwaves to the two-year-old orbiting balloon Echo I, which bounced them back to earth. They were received at Millstone Hill, Westford, MA. the pictures were of poor quality but were recognizable.
[headlines]
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This Day in American History
| 1766-Robert Bailey Thomas, founder and editor of The Farmer's Almanac (first issue for 1793) was born at Grafton, MA. Thomas died May 19, 1846, while working on the 1847 edition. NBA Finals Champions This Date 1963 Boston Celtics 2001-Paul Orfalea (53), founder of Kinko's copy store chain, gave a $8.5 million donation to San Francisco City College to support child care. |
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Basketball Poem
REAL BASKETBALL STARS Rachel Ann Roskey, Canada I Grab My Jersey And My Shoes I Put On My T-Shirt And Throw On My Shorts I Am Going To Play With My Basketball Team I Practice My Lay-ups, Dribbling And Shot Now I Went In A Little Cocky, Because We Began To Lose So As I Became Angry, Also A One Man Team Half Time Came And My Coach Told Us To Bring It In We Pulled It Together, And We Became A Squad There Was 5 Seconds Left, It Was A Tied Game She Tested For That Lay-up And Did Miss That Was Two Years Ago And I Have Learned One Thing |
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The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
http://leasingnews.org/Soduku/soduko-main.htm
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How to play:
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Refresh for current date:
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