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Kit Menkin Leasing News

supplies businesses and consumers with information about the leasing industry. We have independent, unbiased, accurate, and fair news about leasing. Feel free to browse our site and learn everything you need to about leasing.

Wednesday, April 2, 2003



Pictures from the Past---1991---WAEL Past Presidents

    Classified Ad----Help Wanted-Chase Industries

        Microfinancial Files 15 Day Filing Extension

            Leasing Association Membership Dramatically Down

            --by Christopher Menkin

                “Why I won't Join a Leasing Association”

                --by Name With Held

                    Lessors Network Closes 2003 Membership Season

                        Operation Just Cause Yellow Ribbon Campaign

                    Lease Plus---Accounting Software

                Only 28 Days Until UAEL's Spring Educational Conference

            Edwin C. Siegel, Ltd Advertisement

        Bonds to Fund Car-Value Guarantees

    Senators Want Permanent Tax Free Internet

US Markets, Inc Signs Captive Capital

    De Lage Landen names Rita Di Martino EVP & COO

        News Briefs---

            Sports Briefs---


This Border ##### Denotes Press Release (Not Written By Leasing News)



Pictures from the Past---1991---WAEL Past Presidents


“Pictured here is some of the Western Association of Equipment Leasing

Past President who were honored during special recognition ceremonies in commemoration of WAEL’s Fifteenth Anniversary---the Crystal Celebration.

Conference Chairman Peter Eaton, CLP, First National Leasing Corporation(center) joins Past Presidents (l to r) Jim Possehl, CLP, President Republic Financial Corporation(1989), President Steve Dunham, Leasing Associates (WAEL’s first President—1974); Bob Jacobson, III, CLP, Consultant (1984 president); Eaton (1994 president); Ted Parker, CLP, LSA West Capital Corporation (1986 President): and Steve Head, Interbank Leasing Corporation (1977 President).”





Classified Ad----Help Wanted—

We’re repeating this from yesterday. The first six stories were “April Fools.”

Several readers thought they were “real.” We are not going to re-print their

questions and comments, but the Chase Industries classified ad was real---

not one of the April Fool’s stories with pictures that we reported yesterday.



Sales National: Medical & IT Equipment- Plus. Seeking professionals w/solid book of business & strong work ethics. Exceptional support, commissions & expenses. Email: UAEL EAEL 800-968-5000”

About Chase Industries, incorporated in 1993, currently has six regional offices throughout the United States. We work to provide a straightforward - honest approach to offering the best financial services to our vendors and their customers - without all the surprises.




Microfinancial Files 15 Day Filing Extension


Microfiancial/Leasecomm, who specialized in micro leases from $500 to

$10,000 for its 10K Filing.


The stock chart says it all:


Recent stories include:





Leasing Association Membership Dramatically Down --


by Christopher Menkin


The Equipment Leasing Association membership today is 722, compared

to year-end 2002 of 862; United Association of Equipment Leasing

now at 222, from 368 at year-end 2002.


The National Association of Equipment Leasing Brokers state they

will have numbers the end of April.


The Eastern Association of Equipment Lessors is getting ready for

their Spring Conference in Washington, DC., and the Association

of Government Leasing and Finance was not available. Leaseurope

will be issuing new membership numbers soon.


“At this time, ELA has 722 paid members in our database.”


Amy Miller Holmes

Vice President, Communications

Equipment Leasing Association

4301 N. Fairfax Drive, Suite 550

Arlington, VA 22203

703.516.8367; Fax: 703.527.2649;


Visit to find a leasing partner today


United Association of Equipment Leasing:


“As of March 31, 2003 we have 222 members and approximately 100 carry over

memberships, but we will have a final to date number well prior to our

Spring Educational Conference. It is still to be determined whether we

print a hard copy membership directory or do as ELA does and provide

printing of our membership directory online.”


(The total then is 222 members, 100 are basically new members carried

over from when they joined last year.)



Jessica Roell


78120 Calle Estado, Suite #201

La Quinta, CA 92253

(760) 564-2227 x21

(760) 564-2206 fax


National Association of Equipment Broker President Bob Bell:


“Thank you for your inquiry as to our membership. A membership count at the

present time would not fairly and accurately reflect our membership. Let me

explain. Firstly, we just completed our annual conference and there were

quite a few first time non member attendees who indicated a strong interest

in joining. Those membership packets went out on Friday. Secondly, we have

gone to a calendar year membership. We had planned to suspend membership

privileges for non renewals in February, but we didn't cut them off until

just last week. I think that may get the attention of some who have just

put sending in their dues on the back burner. Thirdly, in the next week or

so we will be sending out a new "member benefits" promotion highlighting

many of our benefits such as $7.95 pre paid overnight, $2.00 credit reports,

.04 long distance, Business Credit USA reports for a buck, free access to

legal advice, and online documentation are but a few. The savings in

prepaid overnight and credit reports alone will more than cover the $295.00

annual dues.


“The membership committee tells me we will have an accurate count by the end

of April and I will shoot it over to you.


“Kit, thanks again for your support of the NAELB.”



Bob Bell, CLP

President – NAELB



At this time, most leasing associations will write off non-renewals from their roster, but may continue to on “possible renewals.” They may be given

to directors for a “special call” or if their objection is known why they are

not renewing, other efforts may be utilized.


In the meantime, new members are sought to make up the “deficit.” Several years ago a retention record of 70% to 75% was “acceptable.” The current

UAEL retention rate (by their own figures) is 30%. If you do not include

the 100 from last year, the loss is still high at 40%, which includes new members who signed up in 2003.


After losing executive director Ray Williams, ph.d.,cae, this association has been downsizing its operation, from conference manager Joannie Dalton, to last

year moving its office from Oakland, California to La Quinta, California, where

the CEO Joe Woodley lives nearby. Then president Bob Fisher declared it

was a “cost effective” move. Services, regional meetings, and even

the conferences are not what they used to be. For instance, the May 1-4 Spring Conference in Rancho Mirage, Southern California, as of Monday had 84 attendees signed up including 11 spouses, according to Jessica Roell.


The date for the holding the hotel room was up yesterday, April 1, and the early bird rate will expire April 10th. It should be noted that many sign up late, but it looks like the UAEL Conference will not reach the NAELB Conference of 209

held two weekends ago in Chicago. Exhibitors may be disappointed.


The conference numbers are significant as donations, sponsorship, exhibitors, and registration fees make up a good portion of an associations gross income ( and net profit.) There is no secret that UAEL is hurting in this economy, and the person who may feel it the most will be next year’s president attorney Jim Costen of

Chicago, Illinois (he is vice-president and usually succeeds to the

presidency) along with the 2004 board of directors.


The ELA over 16% drop in membership may be attributed to raising the minimum

dues to $2,200. After a “cost analysis” by a select committee, the ELA board took their recommendation and decided it was not cost effective to price their membership as low as they have had in the past. They redefined their

role, adjusting their mission to serve their members and the leasing



The Capital Hill visit is still very popular, and there seem to be more ELA activities and events than last year. The up-coming April 9-10 Funding

Exhibition is approaching 500 paid registrations and the 42 funding exhibitors

were sold old a long time ago, according to Sally Maloney, vice-president of

Meetings and Conventions for ELA.


ELA is still first for its membership and does not promote non-members attending,

in fact, limits such an attendee to one conference/meeting per year.


Two years ago several of the leasing associations meet at the EAEL-UAEL joint

conference in Las Vegas to promote future “joint” conferences, sharing of funds,

and policies of “non-member” attendance ( for instance, UAEL Spring Conference

$695 Before April 10—early bird, then $796 and non-member: $1,195/$1,395 after April 10.)


A dichotomy exists between direction of ELA and that of the National Association of Equipment Leasing Brokers, who are most likely continuing to expand, with broker membership at $295. They also have lower conference costs. Those that attended the last one were very satisfied. It is easy to see that former active UAEL members are now very active in NAELB, serving on the conference committees, workshops, and ELA is becoming more active, efficient, productive, with fewer members with their higher minimum membership cost.


There is talk that many members of UAEL would like to go back to its original

format ( Western Association of Equipment Lessors.) Talk concerning a merger

of UAEL and EAEL has been going on for years, except the goal and mission

of EAEL that fact it has been a regional association with 67% in the Northeast (NY, NJ, MA, CT), an additional 5% in PA and MD, and the remainder in 25 states and Puerto Rico. One important distinction in EAEL membership recruitment is that they openly do not solicit Brokers/ Lessors west of the Mississippi River. They also have a different membership cost. It also

appears EAEL is comfortable with its numbers, whereas UAEL had

aspirations to become a national leasing association to equal or surpass ELA.


NAELB is really no competition for ELA, where their main thrust is the equipment leasing broker, where funders may join, but not vote in elections or other issues. The broker dues are $295 which include their “listserve” where members communicate with each other on who is taking what type of

lease and who to stay away from. If you were a leasing broker, this would be a “must join organization,” whether you are new to the business or been around a long time. A different personality than the other leasing associations with very high espirit des corps.



As important, what Leasing News has written about many times is that

many belong to two associations, or three, and there are perhaps fifty or

more who belong to all four of the main associations ( such as Lease Plus

or Edwin C. Segal,Ltd.)


It appears ELA has found itself ( again,) NAELB is headed in the right

direction, and EAEL is comfortable with itself, but where is the direction

of UAEL who at one time had many active regional chairman and committees,

in constant touch with all the members.


There then is a hard core. At this writing, it appears UAEL will survive even with 200 members. What 2004 will bring is a good as guess as anyone’s. The economy and cutting back on all expenses surely is a major factor to less members.. The first six month figures of all the associations will give a better look at the

obvious trend.


Leasing News welcomes all comments regarding the value and direction

of equipment leasing associations, which we actively support with announcements

and other promotions---no other electronic newspaper does this except for

the associations themselves.





“Why I won’t Join a Leasing Association---“


by Name With Held


Then there is the group, I call the “do nothings.” Here is a comment from

one in response to one of our “get involved—just don’t sit there” diatribes.

This person runs a leasing company and is a lessor/discounter. You would

most likely know his name::


>Are we that self-centered and lazy that we don't give a d****?


Kit, This email is in response to your question and about you being appalled by the limited enrollment in the secondary leasing associations. Here are ten reasons why I am not:


1. If you have experience with the EAEL, you will be familiar with the

clique that controlled it for many years. It was run for the benefit of a

few and had directors that were chosen to lead the organization because

everyone else was just too busy.


2. Most of these association "meetings" are just disguised "vacations"

focused around golf or beaches or dining. I prefer to arrange my own

vacations with my family.


3. The NAELB seemed like a nice organization where you attend the meetings

and listen to members complaining that funding source "A" holds up funding's

"just because the A/R check was from a different checking account then the

one used for the approval". They find this shocking and too "picky" of the

funding source. I didn't find participation beneficial.


4. . I have also been privy to association members talking about how to "get

around" funding source guidelines to get approvals at association meetings.

The lack of funding sources today reflects that attitude to a large degree.

Some people just don't want to be associated with people like these.


5. I have found the old WAEL was mostly a good group of people but as I am

on the East coast that Org wasn't feasible to continue with.


6. I find participating in President Circles, round tables etc... put on by

the funding sources enough contact with others in this trade with which to

share ideas. I also have others in the leasing industry I can contact

directly and discuss issues that would effect our businesses. Perhaps

others do as well.


7. I find the funding sources provide guidelines relating to their

interpretation of the laws and their chosen business model and you must

operate within those guidelines. That is the first level of education in

this industry. The key is to know the difference between the different

sources guidelines/business model and solicit business that "fits" these

specific guidelines. The management of the leasing concern should be the

leader this way.


8. Many of us have children that participate in theatre, sports,

educational, religious etc... organizations. Many of us have chosen to

coach, manage, fundraise etc... for these organizations and support the

needs of children and the community.


9. Some of us participate in town committees or business or non-profit

organizations within our local community, as you did with the Chamber.


10.. There is only so much time in the day. You commit a great deal of your

time to this newsletter, which is wonderful that you are able to do what you

get enjoyment from, but perhaps you don't volunteer at your local elementary

school teaching children how to read or use a computer or coaching a Little

League baseball team or as a Scout leader or school committee member etc...

as some others have chosen to do.


To find it "appalling" that some choose to spend their time in pursuit of

what they feel is beneficial to society or their family instead of what you

feel is important for them to do is short sighted, IMO. (An opinion you are

entitled to of course.)


I am responding to you, in depth, as you questioned whether people are lazy

or self-centered by not participating in leasing organizations or perhaps in

not responding to your comments. Please realize that some people, myself

included, would not want to potentially offend you by voicing a different

opinion then yours on a subject you seem to have a strong opinion on.


I would also not want to demean, in anyway, your efforts in the publication

of your newsletter which I appreciate receiving.


My experience with leasing associations has been less then satisfactory.

This is why I do not participate in them any longer. It is not that I am

lazy or self-centered, nor I expect, are the many others who choose to avoid

them for their own reasons.


I hope this private communication provides some insight to a different

opinion and helps you understand a different position.


(name with held)




### announcement #################################################


Lessors Network Closes 2003 Membership Season

Atlanta, GA - Membership in the Lessors Network became even more exclusive today as the private network confirmed closing the 2003 membership season early. Open enrollment for the 2004 membership season is not scheduled to begin until September 1, 2003.

This is the first time the Lessors Network, an ABF network for corporate and public finance professionals, has closed membership during a membership season. The reason has to do with the organization's policy to limit attendance to invitation only networking events.

In order to greatly enhance networking benefits for an exclusive group of professionals in the asset based finance markets, the Lessors Network issues a limited number of invitations to theme specific events held through out the year. Lessors Network members are guaranteed priority access; therefore, the total number of members during any membership season must also be restricted.

About The Lessors Network

The Lessors Network is a privately managed asset based finance network of corporate and public finance professionals.

Web Site Address -



### announcement #################################################




Operation Just Cause Yellow Ribbon Campaign


All it takes is to wear a yellow ribbon or display it on your flag pole or front door.





Lease Plus---Accounting Software


(This is part of the section we are building on leasing accounting software)


“Thank you for mentioning our name to *******. I personally appreciate

your recommendation of our software.


“We don't normally say to much to the press, sort of keep our nose to the

grind stone and keep working hard for our clients, our new business, and

try to stay active within the industry associations and networking

opportunities. I actually feel the marketplace is coming back somewhat as

we are pretty busy right now. You've got to work really hard, and deals are

taking longer to do, but I don't think things are all that doom and gloom

out there. The best advise I can give is keep at it everyday and good things

will happen. Basically have to get out there and stay active, and really do

a great job of servicing your client base and people will recommend you. You

earn your reputation by your actions not by just printing it or saying it.


“As far as the times are concerned. These are extraordinary times, but the

best way to get through them is to believe in your country and yourself.

Sure its tough right now, but we all can get through this if we go out every

day and work hard toward reaching our goals. Our service men and women are

doing it everyday for us, that's for sure.


“The Equipment Leasing business will be back again someday soon, and stronger

than ever. Sure some are no longer going to be with us, but then some

deserved to be gone anyway. The marketplace has a way of cleansing itself,

and we have seen that in the last few years. In the mean time its up to each

one of us to make our way through this. I'm actually looking forward to the



“The best to you and your business. Appreciate all you do for the industry.”


Best regards,


Randy Haug

Sr. Vice President

LeaseTeam, Inc.

(800)531-5086 x 1014



Put the Power of LeasePlusTM to Work for Your Small Business

and Gain the Competitive Edge of a

Secure, High-Performance, Reliable Leasing System

Developed by Leasing Experts


Survival of the fittest is not about being the biggest; it’s about being

smart, swift and agile to adapt to a myriad of changes.




Reliable. LeasePlusTM is a proven, reliable system used by more than 300 leasing companies throughout North America for asset management, lease accounting, portfolio servicing and report generation for internal decision-making and funding sources.


Cost-effective. Application Hosting (ASP) of LeasePlus means that there’s no upfront investments of hardware or IT personnel - because we take care of your leasing technology infrastructure: from beginning to end so that your organization can focus time, energy, and resources on your core competencies—what sets your business apart from your competition. Ideal for small to medium-sized businesses aiming to reduce operations costs, LeasePlus ASP subscriptions are available for one low monthly fee. Now you can take advantage of Lease Booking, Lease Rewrite, Lease Renewal, Lease Templates, Lease Terminations, Lease Payoffs, Equipment Sales, Asset Management, Lease Earnings and more.


Secure. All LeaseTeam hosted applications are managed in a timely, professional manner from a 24-hour professional data center - so you won’t compromise on bandwidth, redundancy or security. Why take unnecessary risks with your mission critical applications when you opt for confidence in a trusted provider of data confidentiality, internal controls, physical security, and service and data availability.




How do you manage data throughout your organization?


Are you able to provide your funding sources and internal decision-makers with real-time reporting and accurate decision-making tools?


What is your cost of operating inefficiently?


In the past, small leasing companies and brokers weren’t required to possess cutting edge technology because their competition didn’t mandate it. That has all changed thanks to companies like LeaseTeam who have “leveled the playing field” for the small to mid-ticket lessor and broker. With LeaseTeam’s aggressive, competitive pricing – there's never been a better time to consider LeaseTeam hosting services with the fully integrated LeasePlusTM and Lease Sales ManagerTM products.



Agile and SCALABLE to Your Business


Extreme Flexibility. LeasePlus offers unparalleled integrated flexibility when handling your lease portfolio or full asset management. Whether you’re managing a small portfolio or a line of credit, LeasePlus automates and simplifies your billing, collection, servicing, amortization, and discounting. It provides full sales and use tax compliance, an automated buy-out calculator and records general ledger entries resulting from your leases. With application hosting, you only purchase what you need. You benefit from all of the necessary functionality to suit your needs as a small to mid-sized lessor or broker without being locked into a system you may outgrow in a year or two. As you grow, so can your LeasePlus access and functionality. If you want to be able to be able to capitalize on new opportunities as they arise – remain agile by partnering with a technology solutions provider that thrives on change and possesses the ability to leverage that change to your advantage.





Benefits of the LeasePlus and Lease Sales Manager ASP:


  • Gain access to full LeasePlus and Lease Sales Manager functionality that scales with business growth—especially for small and mid-ticket lessors and brokers.
  • Gain advantages with funding sources with enhanced reporting and decision-making tools.
  • Level the “leasing playing field” with “equal to or better” technology and functionality.
  • No need for information technology staff augmentation.
  • Ensure data security and integrity through an external service provider.
  • Gain industry visibility for investing in a secure, high-performance, reliable leasing system.
  • Start with LeasePlus and add on Lease Sales Manager later, which is seamlessly integrated, and allows you to compete in front-end, sales-focused eCommerce.


LeasePlus and Lease Sales Manager are both available, separately or as part of the end-to end “Suite of Success” for one low monthly subscription fee.


If you’d prefer a LeasePlus in-house system over ASP hosted services, LeaseTeam is offering small to mid-tikcet lessors and brokers “byte-sized” pricing that allows you to license a system that suits your unique needs – without “byting” off more than you can chew.


There's never been a better time to consider LeasePlus and Lease Sales Manager products by LeaseTeam, Inc. For the past 14 years, LeaseTeam has been satisfying small to mid ticket lessors and brokers with integrated software solutions, outstanding support, and a full range of on-going consulting, training, and account management services.


Now is your opportunity to benefit from LeaseTeam’s expertise with a leasing solution that suits your business.


Call a LeaseTeam Business Development Manager today at 800-531-5086 and learn how state-of-the-art “weapons of the trade” can make a critical difference to your bottom line. In an economy of Survival of the Fittest, your company’s survival may be depending upon it.


LeaseTeam, Inc. is a proud member of the ELA, EAEL, UAEL and NAELB.



**** announcement ************************************************************

Reminder *


Only 28 Days Until UAEL's Spring Educational Conference


Times are tough - Learn how you can truly work to be partners, avoid fraud, and still do business. Mutual protection Techniques with UAEL's Legal University - Thomas Mulally, Esq. and Andy Alper, Esq.


Jessica Roell


 **** announcement ************************************************************









Business Tip of the Month


Financial Tip of the Month


Tax Tip of the Week




Edwin C. Siegel, Ltd

3400 Dundee Road, Suite 180

Northbrook, Il 60062

Are you drowning in the hassles of your lease portfolio?

Call Nancy Geary, CPA, CLP, Jay Dahl, CPA, CLP

or Shari Lipski, CLP at 1-800-826-7070, visit our website


or come visit us at:

NAELB—March 20-23rd-Oak Brook, Illinois

EAEL---April 3rd-6th-Washington,DC

ELA---April 9th-10th, Chicago, Illinois

UAEL---May 1st—4th, Rancho Mirage, CA







Bonds to Fund Car-Value Guarantees




A Marlton, N.J., company is developing a securitization program that would supply the cash it needs to write more guarantees on the residual values of cars and trucks.


The resulting bonds would ultimately be backed by cash that the 10-year-old outfit, Autobuyback, sets aside when it sells its unique pledges to consumers who buy and lease new and used automobiles. Autobuyback is currently discussing the novel plan with prospective underwriters, although it hasn't hired any yet, said chairman John J. Burkey.


While the initiative is still in the early planning stages, the targeted cashflows are fairly friendly from a securitization standpoint. When a consumer takes out a loan or lease through a participating lender, Autobuyback agrees to buy the car after a certain period for a pre-determined amount that decreases over time. At inception, Autobuyback - which charges a fee of about $200 per contract - makes a bank deposit equal to the car's projected residual value to ensure that it will have the cash on hand to purchase the vehicle. The bank returns the money, plus interest, to Autobuyback when the buyer decides to sell the car to the firm, or when the loan or lease term expires.


After customers purchase residual-value protection from Autobuyback, the firm can generate income in one of two ways. If the company buys back a car at the end of a finance agreement, it sells the vehicle to a used-car dealer - usually at a profit. Alternatively, if a client chooses to hold on to a vehicle, the company gets to keep the cash it originally set aside. In either case, the funds could be used to make payments to bondholders.


Autobuyback is aiming to complete its first securitization in July. If all goes well, it expects to complete a $100 million issue every few months, either through term offerings or commercial-paper conduits.


Because banks hold Autobuyback's deposits, the resulting paper would depend on the institutions' credit ratings, as opposed to the creditworthiness of the consumers. "Investors are secured by the credit of the bank. It's really clean paper," Burkey said.


In most cases, the banks holding Autobuyback's deposits are the same institutions that write the related loans and leases. The banks choose to participate in the program for a couple of reasons. Among them: Lessors dread the idea of seeking buyers for cars whose lease terms have expired - and they're often vexed by the process of determining the vehicles' residual values, especially for securitized leases. Autobuyback's guarantees allow them to bypass those hassles.


Autobuyback makes its money by charging fees for its service, and through sales of used cars. Because the firm often sells the cars for more than the values it guarantees for consumers, the program has been profitable so far, Burkey said. The firm uses a proprietary method to predict residual values.


For the past six years or so, the company has been using on-balance-sheet mechanisms to fund its guarantees, which it had been selling through participating dealers. More recently, it established relationships with banks and specialty-finance shops - a strategy that it expects to result in added business in the coming months. By securitizing, it would get the cash necessary to set aside for new guarantees.


Burkey expects to write guarantees on 8,000 to 10,000 vehicles per month in the near future, although he declined to specify the current volume.



Autobuyback is also working with investment banks to come up with a separate securitization model for companies that lease large fleets of vehicles to corporate customers. The lessors would offer their own bonds, with Autobuyback's guarantees acting as credit enhancement. Likewise, banks that finance cars for consumers could use the guarantees to prop up their deals.




Senators Want Permanent Tax Free Internet


By Roy Mark


(note: both Oregon and Montana have no state sales tax; )


U.S. Senators Ron Wyden (D-Ore.)- and Conrad Burns (R-Mont.) joined Rep. Christopher Cox (R-

Calif.) Monday to underscore their efforts to support legislation to indefinitely extend the existing moratorium on new and discriminatory Internet taxes.


The current moratorium on Internet taxes -- including taxes on Internet access, multiple-state taxation of a single item bought online, and discriminatory taxes that treat Internet purchases differently than other types of sales -- is set to expire in November.


Wyden and Cox sponsored the original three-year moratorium in 1998. It was extended for another two years in 2001 on legislation sponsored by Wyden and Cox and the two have again filed bills (H.R. 49 and S. 51) to keep the Internet tax free.


This time, they hope to make the moratorium permanent.


"This moratorium makes sure e-tailers have an equal shot at success in today's economy, and I believe they should be protected once and for all from unfair taxes that threaten their survival," said Wyden. "States have never proven theyve been injured by their inability to discriminate against online sellers, and e-commerce has grown exponentially under the protection of the Cox-Wyden law. It's time to make this ban permanent."


Businesses and organizations throwing their weight behind the Wyden-Cox legislation includes E-Bay!, the Direct Marketing Association, Federated Department Stores, Software and Information Industry Association, U.S. Internet Industry Association, Software Finance and Tax Executives Council, Information Technology Association of America, and the American Electronics Association.


"With the current state of the economy, it's important we uphold commonsense tax laws that are fair to businesses," said Burns. "I know how hard it is to stay above water right now, and it's unreasonable to burden businesses and organizations with taxes that drag them under. This moratorium puts e-businesses on a much more level playing field, and I believe it is time to make it permanent."


If a permanent moratorium is passed by Congress, it would not, in all probability, apply to the growing movement to enforce sales taxes on Internet sales.


Currently, sales and use taxes are owed on all online transactions, but states are prohibited from requiring remote sellers to collect and remit those levies. A 1992 U.S. Supreme Court decision said states can only require sellers that have a physical presence or "nexus" in the same state as the consumer to collect so-called use taxes.


The court ruled that the current patchwork of roughly 7,500 taxing jurisdictions across the country is too complex and burdensome for online retailers to charge and collect sales taxes. In order to collect the taxes, the court ruled, states would need to first simplify the existing system.


In November, representatives from 32 states approved model legislation designed to create a system to tax Web sales. Spearheaded by the National Governors Association (NGA), the Streamlined Sales Tax Project (SSTP) would require participating states to have only one tax rate for personal property or services effective by the end of 2005. Included in those services would be online sales.


The coalition of states voted to require participating state and local governments to have only one statewide tax rate by 2006 for each type of product taxed.


The NGA launched the STTP in 2000 with the long-term goal of presenting Congress and the courts with a system that would allow the states to collect sales taxes on online sales and catalogue purchases.





##### Press Release ###############################################



US Markets, Inc Signs Captive Capital


(King of Prussia, PA, -- Captive Capital Corporation, f.k.a. eMarket Capital (, announced that U.S. Markets, Incorporated will use its “Dealer Focused” managed on-line/off-line financing platform to help facilitate financing for their customer purchases.


The new program will be called USM Financing and can be found at


U.S. Markets General Manager, Pete Mastro said, "With this service, we are now able to offer financing to our customers for purchases or long-term leases through a network of financial institutions managed by Captive Capital. We expect that this relationship with Captive Capital will help to improve sales this year."


U.S. Markets, Inc., located in Elmhurst, IL, has been in the wholesale aerial lift business for over ten years. With a fleet of over 1100 machines that consists of aerial scissor lifts, boom lifts, high-reach forklifts and under bridge access platforms, U.S. Markets, Inc. can service its customers on multiple levels at the same time.


"Captive Capital is happy to add U.S. Markets to our ever expanding customer base, said Jeffrey Whitcomb, VP- Program Management, “ Our unique model is flexible enough to help both small and large companies offer a private-label financing solution to their customers.”


"A dealer can now provide both its sales force and customers with a quick, simple process when financing equipment purchases. Customers get access to lenders and the information necessary to choose the best deal for their business. The dealer can accumulate a database of valuable sales and management information that they can use to predict sales and better manage inventory”, said Whitcomb.


Captive Capital backs up the ease and convenience of its online application process with outstanding customer service. Real people work directly with dealers and customers to ensure that transactions close smoothly. While the deal information is web-based, the entire process can be done off-line via fax. Captive Capital makes it easy for the customer, dealer principal and the sales force to secure the best deal in a manner suited to their business process and preference.


How Captive Capital Works


Captive Capital creates, hosts and manages private-label financing programs that help companies like U.S. Markets, Inc. close more deals by making all types of financing available to their customers. Captive Capital establishes a customized financing Web site for each participating vendor partner. Each Web site is operated under the partner’s brand name and includes a limited number of lenders who are experienced in equipment financing and who collectively can cater to a broad range of credit risks and types.


Customers fill out a single off-line or on-line application, and through Captive Capital's patent-pending Web-based process, receive offers from those appropriate lenders. Offers are submitted to the customer in a format that simplifies the process of making an intelligent business decision. Lenders pay a below-market origination fee only when they complete a deal through one of the Programs.


The service targets capital equipment purchases from $5,000 to $5 million. Transactions in this range represent over 50 percent of the overall market, which analysts expect to grow 5 to 8 percent a year.


For more information about Captive Capital, go to the company's Web site at, or telephone 800-994-4369 or 800-994-4942.


Sites of Reference:



Richard Matosky

Captive Capital Corporation

Phone Number: 610-354-8820 x 230

Fax Number: 610-354-8835




### Press Release #################################################


De Lage Landen Financial Services names Rita Di Martino EVP & Chief Operating Officer


WAYNE, Pa., -- De Lage Landen Financial Services, a leading international provider of high quality asset-based financing products, has named Rita

Di Martino to the position of Executive Vice President and Chief Operating Officer.


She will report directly to Ronald Slaats, Chairman of the Americas Division of De Lage Landen International B.V., and serve as a member of the Senior Leadership Team.

In her new capacity, Di Martino will provide oversight and direction to De Lage Landen’s Shared Services Departments from a strategic and tactical, as well as a day-to-day operations standpoint.

These departments encompass the Facilities Services, Finance, Human Resources, Information Technology, Legal, and Operations functions, including Collections and Portfolio Management, Litigation & Recovery, Contract Management and Account Services.

Previously, Di Martino served as Senior Vice President, Chief Information Officer, Group Manager – Operations & Technology for Fleet Capital Leasing in Providence, RI, where she held a series of progressively more responsible positions in her 11 years with the company.


Prior to joining Fleet, she held a number of finance positions. Di Martino is a Magna Cum Laude graduate of Boston College with a Bachelor of Science degree in Biology and Bachelor of Arts degree in Psychology. She also holds a Master of Business Administration degree in Finance and MIS from Boston College.


De Lage Landen Financial Services is part of De Lage Landen International B.V., an international provider of high-quality asset-based financing products. The company, headquartered in Eindhoven (the Netherlands), is a wholly owned subsidiary of the Dutch Rabobank Group that has been rated AAA by the major rating agencies Moody’s and Standard & Poor’s.


With offices and joint ventures in 20 countries throughout Europe, the Americas, Australia and New Zealand, De Lage Landen specializes in asset financing and vendor finance programs internationally, with a focus on the following industries: Agriculture and Food, Healthcare, IT, Materials Handling and Construction Equipment, Office Equipment, Telecom and Bank Outsourcing. Domestically, the company concentrates on a broad range of leasing and trade finance products.


In 2002 De Lage Landen grew its net profit to $94 million and its balance sheet to $11.5 billion in assets.



Ted Radomile

De Lage Landen Financial Services

Phone Number: 610 386 5830

Fax Number: 610 386 5840





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