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Pictures from the Past---1995---Jim McCommon

    Classified Ads--Jobs Wanted---65 total

        Economic Events This Week

            Taylor Imbedded "Stayin' Alive Through '05!"

                CIT/ Business Resource Store New Franchisees

                    GATX Announces Quarterly Dividend

                        ORIX's Earnings Fall 25%

                    Negative Outlook/Consumer Finance Companies

                "It's Jobs" Economist tells business writers


        Key Names Lee

    Leasing Partners Names Sales Crew

Odds and Ends---Thursday

    CIT Announces 1st Qtr Up plus Improved Credit


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


This edition is also available in an “up-grade” format, html, where you may

click on the headlines to go to the story, plus is also in this “new” format

posted daily on our


Pictures from the Past---1995---Jim McCommon,jim-ed_conference.jpg


“Was it Aristotle or Jim McCommon who said “Knowledge of the future

will bring success in your endeavors.”

Winter, 1995, Western Association of Equipment Leasing Newsline



" I was trying to remember what this was from...actually it was a

promotion piece for the UAEL Spring Education Conference in Denver, 1995. It

was a great conference, one that focused exclusively on the impact

technology would have on the industry.


Little did we know the selected theme, 'A view of the past, A vision of the future' would be prophetic. There were so many technology decisions to be made at the time that it was difficult to see where many would lead.


"We've all found now that there was magic in our FedEx and Fax relationships

with our customers, we've just changed the delivery systems to e-mail and



The basic method of delivering our product has changed, but the changes

we were making never included a clear vision that the same technology would

enable a small company adopt the advantages of the large and the large

companies to adopt the advantages of the small. While uncertainty surrounded

the direction technology would take us, the result has been that our

industry is better able to deal with the customer the way they want to be

treated. We're more responsive, and as a result more competitive.


"The Spring association conferences are a gathering of the survivors of this



The next national meeting is next week (UAEL, Spring Educational Conference in Rancho Mirage, California May 1-4, 2003). Airfares to Palm Springs are cheap now and I would encourage everyone who has an interest in how the survivors view the future to attend.


There has been a great attempt made in the last few months to differentiate industry associations, an argument that goes nowhere, and frankly has very little to

do with survival.


We need to associate with those in whom we have the most

common interest and confidence.


Criticize if you have the time, but go to a conference! Rancho Mirage is as good as any. The next great challenges are probably going to be regulatory rather than technological. We all need to be involved."



Jim McCommon CLP

425 827-7345

425 827-6386 (F)


(Mark McQuitty, Preferred Lease/CapitalWerks, will be covering the event for

Leasing News. )






Classified Ads--Jobs Wanted---65 total


Asset Management: Chicago, IL. MBA, 15+ years exp. Long history of success in maximizing residual position through outstanding negotiation skills & lease contract management. Third party remarketing, forecasting etc...



Asset Management: Houston, TX. 10+ yrs. Dealer F&I exp., 20+ yrs. exp. Dealer level selling, managing, reporting, appraising, specifications writing, Light,Med.,Hvy Trucks/ Trailers, Const.,Oilfield, Specialized Equip.. Strong exp. Recon., salvage & Logistics. email:


Asset Management: Jacksonville, FL. 15+ yrs of diversified Comm.Equip.Fin. Equip Generalist, ASA "Cradle-to-Grave," Sr. Management, creative negotiating, presentation and analytical skills. Open to domestic/global travel/relocation.


Asset Management: Redmond, WA 10+ years experience with Small/Middle Market portfolio's. Managed all aspects of Asset Management including residual setting, inspections, repossessions, remarketing& eol negotiations.


Collector: Lakeland, Fl. 12 yrs. experience, including repossessions, skip-tracing, charge- offs, excellent computer and customer service skills. Looking for a growing company in central Fl.



65 Job Wanted Ads:


(These ads are free to those looking for employment: )







Economic Events This Week


April 28


Personal Income: March

ELA Large Ticket Conference

Four Seasons Resort & Club, Irving (Dallas), TX.


April 29


Consumer Confidence: April

-- Labor Department reports on employment cost index, first quarter.

ELA Large Ticket Conference

Four Seasons Resort & Club, Irving (Dallas), TX.


April 30


-- Federal Reserve Chairman Alan Greenspan testifies before the House Financial Services Committee on monetary policy.


May 1


U.S. Productivity: 1st Quarter

Construction Spending: March

Weekly Jobless Claims

ACC Free Leasing Conference

Rancho Las Palmas Marriott, Rancho Mirage, CA

UAEL Spring Education Conference

Marriott's Rancho Las Palmas Resort and Spa

Rancho Mirage, CA


May 2


Unemployment April

Factory Orders: March

U.S. Productivity:1st Quarter

Construction Spending: March

Weekly Jobless Claims

UAEL Spring Education Conference

Marriott's Rancho Las Palmas Resort and Spa

Rancho Mirage, CA





Taylor Imbedded "Stayin' Alive Through '05!"



Equipment Leasing Association Large Ticket Conference

April 27-29, 2003

Las Colinas Four Seasons Resort & Club

Irving (Dallas), Texas


"The ELA Large Ticket Conference has become the premier event for large ticket equipment lessors. Through the high quality sessions and the extensive networking opportunities, attendees will be better positioned for "Stayin' Alive Through '05"...and beyond!


"Who Should Attend

Transaction-oriented people: lessors who provide financing to large, capital-intensive users of equipment; debt and equity sources; advisors; project finance specialists; attorneys and accountants specializing in large ticket transactions."


Covering the conference for Leasing News---Jeff Taylor, best known as the author of the hit: "Leasing in a Tough Economy"



Irving, Texas:


It is now Sunday afternoon 3:00 P.M. Dallas Time. Took me 3 hours to fly from Salt Lake City to Dallas. Took me ½ hour to get my bags, pick-up my rental car (tried Thrifty this time) and find the hotel. Could not afford to stay at the Conference Hotel, Four Seasons. They quoted me a discount rate of $270 plus tax per night. Leasing News put me on a budget, including Denny’s for breakfast.


Found a nice new hotel near the airport, called Amerisuites. Large bedroom, refrigerator, free breakfast, free phone service for $45/night. Feels great. Wanted to use the treadmill at the small workout room but decided to write this article instead. I'll just workout later or tomorrow. Okay, Chief?


It is now 4:00 P.M. and the opening reception is 2 hours from now. More than 300 people have registered, including Presidents of Leasing Companies, Investment Bankers, Pricing Experts, Legal Experts, and Insurance Experts.


As I mentioned in my last article (ELA Captive Conference), ELA has moved towards a new conference format - education in the morning, Golf in the afternoon and Food/wine in the evening. This time they have also added "After Hours Cigars and Cordials".


Considering that I am trying to cut down my intake of alcohol, it will be real interesting to see how I handle cigars without the masking effect of alcohol. Will I cough? Get sick? Turn mauve? Maybe my report to Leasing News readers will

be better than before. You’ll find out tomorrow, Chief.


This conference promises to be a show stopper. On tap is Robert Crandall, former CEO and Chairman of American Airlines. Given the recent toppling of their current CEO, Carty, due to his hiding Deferred Executive Compensation through a guaranteed trust while demanding wage concessions from the Unions, it will be interesting to see the types of questions he will be asked.


Stay tuned.



Jeffrey Taylor is the best selling author of “Leasing in a Tough Economy”

and well-known lease accountant, educator, “trainer” and writer.





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


CIT Small Business Lending Announces National Relationship With the Business
Resource Store


LIVINGSTON, N.J., -- CIT Small Business

Lending Corporation, the nation's #1 SBA lender for the past three years and a

subsidiary of CIT Group Inc. (NYSE: CIT) today announced a national

relationship with The Business Resource Store. CIT will provide The Business

Resource Store with access to nationwide financing for their clients, along

with marketing support to reach new clients and monthly reporting services to

track the success of the relationship. The alliance will result in the

creation and expansion of small businesses across the U.S. and reflects CIT's

ongoing commitment to job development, growth and economic stability in the

small business community.

"The Business Resource Store provides an invaluable service for

individuals looking for financing to start their own franchise business,"

commented David Bell, national account manager for CIT Small Business Lending.

"Their experience and knowledge of the franchising industry and their ability

to identify borrowers that fit both SBA and CIT guidelines puts them among the

best in the industry."

"Our focus on franchises is a direct result of the continued high success

rate of businesses in that arena," said Don Steele, president and CEO, The

Business Resource Store. "Partnering with the leading SBA lender and the best

franchise lender in the nation is a great opportunity for us to expand our

services and continue to grow our business."


About The Business Resource Store

The Business Resource Store is a provider of specialized financing

solutions to small to mid-sized companies in the U.S. Services include loans,

revolving lines, equipment leases, receivable, inventory, and purchase order

financing, SBA loans, letters of credit, business credit cards and mortgage

loans. The company's website is


About CIT Small Business Lending Corporation

CIT Small Business Lending Corporation offers Small Business

Administration (SBA) loans to finance business acquisitions, owner-occupied

real estate purchases and franchise start-ups through a network of field

representatives. The nation's #1 SBA lender, CIT Small Business Lending has

been designated a "Preferred Lender" by the SBA and can provide quick credit

decisions and loan closings. The company's website and online SBA loan

application are located at


About CIT

CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance

company, provides clients with financing and leasing products and advisory

services. Founded in 1908, CIT has nearly $50 billion in assets under

management and possesses the financial resources, industry expertise and

product knowledge to serve the needs of clients across approximately 30

industries. CIT, a Fortune 500 company, holds leading positions in vendor

financing, U.S. factoring, equipment and transportation financing, Small

Business Administration loans, and asset-based and credit-secured lending.

CIT, with its principal offices in New York City and Livingston, New Jersey

has approximately 6,000 employees in locations throughout North America,

Europe, Latin and South America, and the Pacific Rim. For more information,






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


GATX Corporation (ticker: GMT, exchange: New York Stock Exchange) News Release




GATX Announces Quarterly Dividend


CHICAGO, / -- The board of directors of GATX Corporation (NYSE: GMT) today declared a quarterly dividend of $0.32 per common share, payable June 30, 2003, to shareholders of record on June 13, 2003.


The board also declared a quarterly dividend of $0.625 per share on the $2.50 preferred stock, payable June 1, 2003, to shareholders of record on May 15, 2003.


The common and preferred dividends declared today are unchanged from the previous quarter.

GATX Corporation Reports First Quarter Results


For the 2003 first quarter, GATX reported net income of $1.8 million or $.04 per diluted share. The 2003 first quarter results include an $11 million after-tax, or $.22 per diluted share, loss provision related to the company's air portfolio. In the 2002 first quarter, GATX reported a net loss of $9.8 million or $.20 per diluted share. The 2002 first quarter results included a $34.9 million, or $.72 per diluted share, goodwill impairment charge related to the adoption of SFAS 142.


Ronald H. Zech, chairman and president of GATX, stated, "Results in the 2003 first quarter reflect continued uncertainty and softness in our core markets. In Rail, however, we experienced increased fleet utilization and customer order activity. While this is a positive development, the competitive pressure on lease rates continues.


"The air industry experienced another difficult quarter, with the effects of the Iraq war and SARS outbreak combining to present carriers with significant additional operating challenges. During the quarter we recorded an $11 million after-tax loss provision related to a carrier bankruptcy filing. While pressure in our air business continues, we have made progress on several fronts: we have now placed all six of our scheduled 2003 new aircraft deliveries; our owned fleet is 99% utilized; and our 2003 aircraft renewals are nearly complete.


"At the beginning of the year we indicated that we expected 2003 earnings to be in the range of $1.30 per diluted share absent a material change in operating conditions or air-related charges. Based on these assumptions, and excluding the 2003 first quarter air-related loss provision, our expectations are unchanged."




GATX Rail reported 2003 first quarter income of $9.6 million compared to a $16.9 million loss in the prior year period and income of $6.3 million in the 2002 fourth quarter. The 2002 first quarter results included the aforementioned goodwill impairment charge. GATX Rail's utilization, lease renewal and assignment activity, and new car placements all were above expectations during the first quarter. Lease rate pricing, however, remains weak in this market.


GATX Rail's North American fleet totals 106,000 cars, and utilization of this fleet was 92% at the end of the first quarter, up from 90% at the end of first quarter 2002 and 91% at the end of 2002. The increase in utilization reflects positive activity among GATX Rail's customer base, an increase in the active car count, and a continuation of planned car scrapping.


North American manufacturing capacity utilization, as reported by the Federal Reserve, was 75%, flat with the prior quarter and prior year period. Industry-wide chemical shipments were up 4% in the quarter compared to the prior year period, although the growth in comparable shipments slowed in March.




Financial Services reported a 2003 first quarter loss of $1.2 million compared to income of $7.0 million in the prior year period and a loss of $31.1 million in the 2002 fourth quarter. The 2003 first quarter results reflect continued weakness in Financial Services' core air and technology markets, and an $11 million after-tax loss provision related to one air carrier. The loss provision fully covers a note receivable from Air Canada, which recently filed for bankruptcy. The note is related to a previously restructured lease.


GATX has made available an updated version of its air presentation at . Key points in the presentation include fleet utilization of 99%, placement or letters of intent on all six 2003 scheduled new aircraft deliveries, and placement or letters of intent on five of the eight 2003 scheduled existing lease renewals.


Investment volume for the first quarter totaled $201 million compared to $308 million in the prior year period. The reduction in 2003 volume is primarily a result of fewer new aircraft deliveries and lower progress payments compared to 2002.


Remarketing income, comprised of both gains on asset sales and residual sharing fees, was $10.2 million in the first quarter compared to $7.6 million in the prior year period. Gains were primarily concentrated in GATX's specialty portfolio.




At the end of the 2003 first quarter, the allowance for losses was 8.4% of reservable assets compared to 6.4% in the prior year period and 6.6% at the end of 2002. The increase in the loss provision is primarily related to the air-related provision taken in the 2003 first quarter.


Net charge-offs and impairments totaled $7.9 million during the 2003 first quarter, or 0.4% of average total assets on an annualized basis. In the prior year period, net charge-offs and impairments totaled $22.1 million (1.2%).


Non-performing leases and loans at the end of the 2003 first quarter totaled $163.5 million, or 5.7% of Financial Services' investments, compared to $101.7 million (3.5%) at the end of the prior year period and $94.9 million (3.3%) at the end of 2002. The increase in non-performing leases and loans is primarily related to placing the Air Canada note and one A320 aircraft on non- performing status during renegotiation.




GATX Corporation (NYSE: GMT) is a specialized finance and leasing company combining asset knowledge and services, structuring expertise, partnering and risk capital to provide business solutions to customers and partners worldwide. GATX specializes in railcar and locomotive leasing, aircraft operating leasing, and information technology leasing.



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




ORIX's Earnings Fall 25% in the Year Ended March 31, 2003



TOKYO--ORIX Corporation (TSE: 8591; NYSE: IX), a leading integrated financial services provider, today announced that it had incurred a loss in the fourth quarter (January 1 to March 31, 2003) of the fiscal year ended March 31, 2003 of 4,969 million yen (US$41 million(a)), compared with a profit of 10,971 million yen in the same period of the previous fiscal year, while net income for the fiscal year was 30,243 million yen (US$252 million(a)), a drop of 25 percent compared with the previous fiscal year.


Operations overall continued to perform well in Japan, with strong growth in the real estate-related finance segment and consumer card loan operations, while earnings from operations in Asia and Oceania also increased. However, the write-downs of long-lived assets that included a golf course in the second quarter and office buildings, hotels, golf courses and other real estate assets in the fourth quarter totaling 50,682 million yen (US$422 million(a)) held down earnings for the year.




ORIX Corporation

Corporate Communications, +81-3-5419-5102

Fax: +81-3-5419-5901



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


Negative Outlook for U.S. Consumer Finance Companies; Fitch



NEW YORK--Fitch Ratings is maintaining its negative rating outlook on U.S. consumer finance companies in 2003, although the pace of negative rating actions is expected to slow, as rating outlooks are becoming more stable, according to a new report published this week by the rating agency titled 'U.S. Consumer Finance: A Light at the End of the Rating Tunnel in 2003'. Consumer lenders have adapted to the weaker economy in a number of ways, but, even with these added measures, Fitch expects consumer lenders to remain challenged in 2003.


Fitch's rating outlook for the consumer finance sector remains negative, reflecting economic uncertainties and challenging capital markets,' said Christopher Wolfe, director, Fitch Ratings. 'During 2003, Fitch will continue to focus on a lenders' abilities to adapt to changing economic and funding environments, with a focus on managing liquidity, credit quality and capital.'


An important issue confronting consumer lenders is striking an appropriate balance in the capital structure between unsecured debt and debt secured through asset-backed securitizations (ABS). In Fitch's view, some companies have become too reliant on securitization, while others have yet to access the market. The new report examines alternative financial management options, including whole loans and retail note programs.


In addition to an examination of consumer macroeconomic trends and a detail of key credit rating issues for consumer lenders, the new report offers analysis on the separate sectors that these companies represent, including residential mortgage, auto finance and leasing and credit cards.


The consumer finance universe includes a diverse set of companies, and individual company outlooks should be predictive of future rating actions,' said Wolfe. 'Consumer lenders with strong balance sheets and solid sources of liquidity are well-positioned to maintain current ratings, while thinly capitalized companies with modest access to liquidity will struggle during 2003.'



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


"It's Jobs" Economist tells business writers


Meeting in Cambridge, Massachusetts Sunday, Economic Policy Institute President Lawrence Mishel told the Society of American Business Editors and Writers annual conference the economy suffers from "too few jobs;" business writers are focusing too much on gross domestic product...and even if it grows 2.4 percent this year, it is not enough.


Depending on the part of the country, where unemployment is anywhere from 5 to 8 percent, household income has been dropping for four consecutive quarters.


''Unless employment starts growing, President Bush will be the first president since Hoover to preside over an actual decline in employment,'' Mishel said in a speech that also criticized the president's economic policy for doing to little to help the economy this year.


Unemployment numbers are modest because some people stop searching for jobs or accept ''underemployment'' to earn a paycheck, he said.


The U.S. economy would have to create 140,000 jobs per month between now and the 2004 election to return to the employment levels of 2000. But even that would simply absorb workers entering the labor force; to move the unemployment figure below 5 percent would require 210,000 new jobs per month. (New York alone lost 300,000 jobs since September 11)


''(That) seems especially unlikely given the preference of this administration for back- loaded tax cuts,'' Mishel said.


Current estimates put GDP growth at 2.4 percent this year. Fishel that simply isn't enough growth to reduce unemployment and reverse the decline in household income.


That, he said, would require a short-term stimulus package. He said the administration's proposal to cut the dividend tax would do little to spur jobs in the short run.


''They care about long-term growth, not short-term growth,'' he said.


Instead, he suggested spending $175 billion or more to return money to lower- income taxpayers, provide fiscal relief to states or build and renovate schools which he suggested could create 1.5 million new jobs.


The $79 billion bill to fund the reconstruction of Iraq should provide some bonus, he said, adding perhaps 0.4 percent to GDP this year and accounting for 15 percent of its growth.


Despite the swift end to the war in Iraq, Fishel said, it did little to solve underlying economic problems related to the wage and labor issues that most families care about.


''Those who are trying to tell us that the problem with the economy is war are distracting us from the more fundamental problems that need to be addressed here,'' Mishel said.











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







SUPERIOR, CO, Key Equipment Finance, one of the nation's

largest bank-affiliated equipment financing companies, announced that

Charles D. Lee has been named vice president, global business development.

In this role, Lee is responsible for identifying new vendor clients and

developing vendor programs for Key Equipment Finance and its domestic and

international operations. His office is located at Key Equipment Finance's

world headquarters just outside Boulder, Colorado.


"Charles has been an executive in the vendor leasing business for nearly 20

years," said Paul A. Larkins, president and chief executive officer, Key

Equipment Finance. "His depth of industry knowledge and experience will

propel Key to the next level of success."


Prior to joining Key, Lee served as senior vice president, director of

sales and marketing, for Fleet Capital Leasing, Global Vendor Finance, in

Troy, Michigan. He has also held senior positions at Heller Financial

Leasing Inc. and Dana Commercial Credit. In addition, Lee served as past

chairman of the Equipment Leasing Association (ELA) Vendor Program Business

Council Steering Committee.


Charles Lee earned his bachelor of arts degree from the University of

Minnesota (Minneapolis) and his master of business administration in

finance and marketing from the University of St. Thomas in St. Paul,



Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides

business-to-business equipment financing solutions to businesses of many

types and sizes. They focus on four distinct markets:

· businesses of all sizes in the U.S. and Canada (from small business

to large corporate);

· equipment manufacturers, distributors and value-added resellers


· federal, provincial, state and local governments as well as other

public sector organizations; and

· lease advisory services for manufacturers' captive leasing and

finance companies.


Headquartered outside Boulder, Colorado, Key Equipment Finance oversees an

$8 billion equipment portfolio with annual originations of approximately $3

billion. The company has major management and operations bases in Toronto,

Ontario; Albany, New York; London, England; and Sydney, Australia. The

company, which operates in 25 countries and employs more than 600 people

worldwide, has been in the equipment financing business for nearly 30

years. Additional information regarding Key Equipment Finance, its products

and services can be obtained online at


Cleveland-based KeyCorp is one of the nation's largest bank-based financial

services companies, with assets of approximately $85 billion. Key companies

provide investment management, retail and commercial banking, retirement,

consumer finance, and investment banking products and services to

individuals and companies throughout the United States and, for certain

businesses, internationally. The company's businesses deliver their

products and services through KeyCenters and offices; a network of

approximately 2,400 ATMs; telephone banking centers (1.800.KEY2YOU); and a

Web site,, that provides account access and financial products 24

hours a day.

# # #


Lisa A. Miller, Corporate Development

Key Equipment Finance


P.O. Box 1865

Albany NY 12201-1865

Phone: (518) 257-8235

Fax: (518) 257-8821




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


Leasing Partners Names Sales Crew


Leasing Partners Capital, Inc. (LPC) of Wayne, New Jersey would like to announce the addition of several new members to its team.


Laurie Folkes has joined the team as a Territory Manager. In addition to holding management positions at Eastman Kodak, Digital Equipment and Sun Microsystems, Laurie was most recently the principal of LJE Capital Funding, LLC. He has a BS degree in Biochemistry from the University of New Hampshire and an MBA in Finance and Marketing from The University of Southern New Hampshire. Laurie resides in South Orange, NJ.


Roger Medvin has joined the team as a Territory Manager. For the last five years, Roger has been in the equipment leasing business with American Express Business Finance and LINC Monex Leasing out of Houston, TX. Previously, Roger held sales and advertising positions with numerous radio and TV stations. Roger holds a BA degree in Communications from Northeastern University in Boston, MA, and resides in Houston, TX.


Randi Hochstadter has joined the team as a Lease Administrator. Randi had been with our sister company, Resource Communications, Inc. (RCI) upon graduating from high school and was given an opportunity to learn new things with LPC. Randi resides in New Jersey.


Peter Pellack has joined the team as Vendor Manager. Peter attended William Paterson College in Wayne, NJ and was previously with American Express Small Business Service for a couple of years after being in the automobile industry for 12 years. Peter resides with his wife and daughter in New Jersey.


Beverly Del Mastro has joined the team as a Territory Manager, specializing in Home Health Care and DME. Previously, Beverly was with International Harvestor Credit Corp., Avco Financial, Delta Leasing and Middle States Capital Corp. She brings 29 years of experience with her. Beverly resides in Naples, FL.


Debbie Brannen has joined the team as a Territory Manager and Special Programs Manager for the home health care business and the Xerox Vendor program. Debbie was with Prudential Financial in their IT dept. for 22 years before entering the leasing business with Middle states Capital Corp. in 1999. Debbie resides in New Jersey.


Kirsten Brannen has joined the team as a Territory Manager, specializing in photographic and graphic arts equipment. Kirsten is a recent graduate of the School of Visual Arts in New York City. Kirsten resides in New Jersey.


Leasing Partners Capital is a lessor in the small-to-lower-middle market equipment leasing industry. LPC is growing quickly and is still looking to add another 15-20 Territory Managers nationwide by the end of 2003.


Bruce Larsen

National Sales Manager

Leasing Partners Capital, Inc.

Phone: 877-333-5864



Leasing Partners Capital, Inc.


Home office: Branch office:

1211 Hamburg Turnpike 661 E. Burnsville Parkway

Wayne New Jersey Burnsville, MN 55337

Phone: (800) 848-7210 Phone: (877) 333-5864

Fax: (908) 234-9286 Fax: (952) 890-5103




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





Please send to a colleague as we are trying to build our readership. Two

version: one free, the other $49.95 per year.




Odds and Ends---Thursday


Affiliated Corporate Services, Inc.

(972) 221-7335


Affiliated Corporate Services, Inc. Announces Joint Venture Discussion =

with the Heritage Companies


By the way, you sent it to our old Jonestown, Texas office. Will you please change your records as well as alert your readers that ACSI no longer has that office open and that the Jonestown address, phone and fax numbers are not active. Our expansion and some really exciting forthcoming news requires that I spend

100% of my time in our Lewisville headquarters.


Affiliated Corporate Services, Inc (ACSI) is pleased to confirm that discussions are underway with John Otto of the Heritage Companies to form a new joint venture between the companies. (John Otto is a principal underwriter to

Centerpoint Financial, Denver, Colorado and Pentech Financial, Campbell, California, among others. editor )


You may print, according to Rick Galtelli, CEO of ACSI, "a joint venture combining both our resources would be a formidable force in the equipment leasing industry".


Although no details are available at this time and a

definitive written agreement has not been reached, discussions are occurring and a formal announcement will be forthcoming.


James R. Lahti, CLP

Affiliated Corporate Services, Inc.=20

1550 Waters Ridge Road, Lewisville, TX 75057

972-221-7335, Fax: 972-221-7336


May 14,2002:


BancPartners Texas Office

Warren Hawkins, president of BancPartners, closed the Lewisville, Texas

office and moved it to Austin, Texas.

“Steve Logan has made arrangements with the Texas Independent Bankers

Association, who has 600 customers with 900 banks, “ he explained.

“Steve has signed twelve banks to date. It takes three to six months to make

this work.

“Jim Lahti was great with brokers, and great to work with, “ he added.” But

we do best with community banks. Our program is with community

banks. Working with brokers was not our niche... I wish Jim and

Rick Gatelli the best as they understand that marketplace.

“We did over thirty million last year, “ Hawkins said. “ We will do

over thirty-eight million, maybe more, by specializing in community

banks. This is what we do best, and that’s what we want to stick with.”

Jim Lahti and Rick Gatelli have gone back to their old stomping grounds

as Affiliated Corporate Leasing Services.



June 4, 2001



First Commerce Leasing now BancPartners

Six months into its merger with a Dallas firm, First Commerce Leasing Inc. has dropped that name in favor of BancPartners Leasing. At the end of 2000, First Commerce merged with Dallas-based Affiliated Corporate Services Inc. through a stock exchange deal expected to increase the combined company's volume by as much as 30 percent this year.

At the time, Jim Lahti said both businesses would continue operating under their respective names but would be owned by a new entity, First Commerce Holdings Inc. First Commerce largely retained its name but continued to promote its private-label leasing program, BancPartners Leasing. All of its operations -- led by president Warren Hawkins -- now share the BancPartners name.

BancPartners executive assistant Melissa Wright says the change became official June 1. "All of our ads have been changed," she says. This month, BancPartners added five new employees with more than 70 years of combined professional experience, including a lead generation officer and a credit manager.

"We're working hard to grow," Wright says. BancPartners Leasing provides master lease lines of credit, from $25,000 to $5 million, to a variety of industries in Alabama and Tennessee. Hawkins has projected a 2001 lease volume of more than $25 million. Headquartered in the Dallas suburb of Lewisville, ACSI specializes in small-ticket commercial equipment financing for small and mid-sized businesses.

During the last four years, ACSI originated more than $36 million in equipment leases and projects as much as $16 million in 2001. In the Feb. 9, 2001, edition of BBJ, Hawkins said the merger would give First Commerce a strong presence in the Dallas area and provide growth opportunities for its BancPartners Leasing division. BancPartners enjoys partnerships with eight Alabama banks and five in Tennessee, through which the company acts as the banks' leasing division via outsourcing arrangements. "There's a dynamic banking market in Central Texas that we're pursuing," Hawkins said.



January 26,2001:


Affiliated Corporate Services Merges With First Commerce Leasing


Affiliated Corporate Services, (ACSI) a Lewisville, Texas-based leasing company, has merged with First Commerce Leasing of Birmingham, Alabama, according to ACSI's Chairman, Richard A. Galtelli.


Both companies will continue to operate under their established names, but will be owned by a new entity, First Commerce Holdings.


ACSI Chairman and CEO Richard A. Galtelli and President James R. Lahti will continue in their current positions. Warren Hawkins of First Commerce will serve as president of the holding company and will continue as president of First Commerce Leasing. The move is considered to strengthen both entities as each party is bringing to the table what will help each other in this marketplace.


ACSI, established in 1982, will continue to specialize in providing small-ticket commercial equipment financing to small and mid-size businesses, according to the principals. ACSI has reportedly originated more than $40 million in equipment leases over the last four years, and is expected to originate $18 million to $20 million during its current fiscal year with the merger. They are also reportedly one of the largest super brokers in the Southwest.


Mr. Galtelli has been very active on the world wide web for a considerable time and considered an integral reason for the success of Affiliated Leasing. Mr. Lahti is past-president of the United Equipment Leasing Association and active at conferences with the National Association of Equipment Lease Brokers. He is very popular. He is a very well-known Dallas Cowboy fan, too.


Founded in 1983, First Commerce Leasing provides master lease lines of credit ranging from $25,000 to $5 million to a variety of industries in Alabama and Tennessee, resulting in an expected $35 million in business during it current fiscal year. The company also offers a customized, private-label leasing program to small community banks in Alabama and Tennessee under the name BancPartners Leasing




How M & C Leasing Made it: 50 Years in the Leasing Industry


Buffalo, NY, -- The key to longevity has been constant evaluation of

existing markets, the ability to create innovative programs and identify new

potential industries in response to an ever changing economic climate. M & C

opened its doors in 1953 leasing used vehicles to business customers in the

local market.


In the early 1960's competition grew in the auto leasing

industry and profit margins were squeezed. Recognizing the commercial

customers need for capital to acquire equipment, profit potential, and lack

of competition M & C entered the equipment leasing industry exclusively. As

the 1980's approached local success shifted focus to national potential and

the medical field (primarily home healthcare). Participation in tradeshows

and development of vendor relations sparked expansion into all 50 states.


The customer base grew and so did their desire for additional equipment

(other than medical) to satisfy office and warehouse needs.


In the mid 1990's there was a down turn in the home health care industry. The search for a new growing industry rich in discretionary income began. The golf

industry was the answer. Key partnerships created by innovative programs

such as leasing golf balls led to success within the industry


. In 2000 the desire to continue expansion and the industry need for funding sources prompted the opening of M & C Leasing Broker Services.


In 2003 M & C has expanded its broker services division with the introduction of a new referral program.


About M & C Leasing Co, Inc.


M & C Leasing is a small-ticket national funding source focusing on vendor /

broker relationships and end-user direct marketing in all industries

including restaurant and home health care.


Patrick Gallo

Lease Consultant


M & C Leasing Co, Inc.

1050 Union Road Suite 2

West Seneca, NY 14224

(P) 800 416-9080 Ext. 103

(F) 716 873-1002








Likes the Up-Grade/HTML version



As an extremely busy professional involved in consulting

services, I have to read a lot of material everyday to keep

up with new things, events, and information in general in

order to better service my clients. Reading Leasing News is

a part of my day's routine, and has been since it's

inception. The new HTML version is worth the money, and

more, in time savings to me! I am able to scan the contents

of the day's issue, pick what I need to read, go directly,

via the links, to a page on the Web, and basically get

"caught up" in faster time. Time really is money when you

are selling services (vs. products). Kit, keep up the good

work, whether we agree with what you say or not, at least

there is a forum available that does inform easily and with

regularity. Leasing News sounds better than a laxative! :)


Jon S. Haas, CLP

The Triad Group - Servicing the Equipment Leasing Industry

for over 13 years!

Office: (386)860-6537

Fax: (386)860-7374

For information:




A free seminar hosted by Loni Lowder? Is he trying to sell his books? Either way, I'm going to attend, even though I am currently in an asset management position I would like to eventually get into the sales arena.


Thanks for mentioning it in the newsletter.


( Name With Held )


( Leasing News has received several responses, from people who will be

driving two to three hours just to attend this free conference May 1 in

Rancho Mirage, California. The speaker is excellent. He was formerly with Amembal, went on his own, started a leasing company. It is good public relations for his company, and it is very good for those who attend. A win-win situation.

If Kate Hamilton is not available at ext 213, try Marci Slagel at ext. 209:

800-409-5008 to confirm your “free” registration.)



Here is a very fast T1 connection, available in many areas, for $295

a month plus loop charge, which is $300 in our area. There is a $599

installation charge, which I believe covers the T1 modem. The

requirement is a two year contract, but $595 a month for a T1

connection is a pretty good price.


Call Jess at 800-838-0148 and he can see if your location will

work . No sales pitch. He has to find out if your address will

work for the T1 connection.





Is that $2.00 wine available in New York??


Thank you-

Cynthia Pullis

North Shore Leasing

Phone: 631-754-7769 Fax: 631-754-1547


Trader Joe's does not accept mail orders, but they are located

in New York.


Here are their locations:


By the way, New York is one of the states that does not accept wine from

other states ( you can ship “out of” but not “to,” as I have purchased

wine from New York wineries many times. New York is a big producer,

and the Reislings, Kosher, and organic wines are especially good. editor )




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



CIT Announces First Quarter Net Income of $0.60 EPS And Improved Credit




* First quarter net income of $127.0 million - diluted EPS of $0.60

* Lower delinquent and non-performing loans - second consecutive

quarterly decline

* Charge-offs decline over 25% from the prior quarter


NEW YORK, -- CIT Group Inc. (NYSE: CIT)

today reported net income of $127.0 million, $0.60 diluted earnings per share,

for the quarter ended March 31, 2003, compared to $141.3 million, or $0.67

diluted earnings per share for the prior quarter. The reduction in net income

from the prior quarter reflects lower interest margin and other revenue, the

effects of which were partially mitigated by lower charge-offs and reduced

operating expenses.


"I am pleased with the progress in asset quality. Leading indicators are

improving and charge-offs are down substantially," said Albert R. Gamper, Jr.,

Chairman, President and CEO. "Asset growth was respectable for the quarter,

however, we continue to experience margin decline, partially the result of our

decision to maintain excess liquidity in this environment."


Financial Highlights:


Portfolio and Managed Assets

Total financing and leasing portfolio assets grew to $37.1 billion at

March 31, 2003, up from $35.9 billion at December 31, 2002 and $33.9 billion

at March 31, 2002. Growth for the quarter was driven by the Commercial

Finance segment, as Business Credit (asset-based lending) and Commercial

Services (factoring) grew 8.4% and 7.6%, respectively, from December 31, 2002,

as customers increased their borrowing levels under existing credit

facilities. These trends were also influenced by seasonal factors.


Additionally, home equity receivables grew in the Specialty Finance segment.

Origination volume, excluding factoring, was down 12% and 5% from last

quarter and the prior year quarter. Volume increases from last quarter in the

Specialty Finance - commercial segment (particularly the vendor programs) were

offset by declines in the Business Credit unit and the Equipment Financing and

Leasing segment.


Managed assets increased $1.1 billion to $47.5 billion, up from $46.4

billion last quarter, as securitized receivables declined slightly from

December 31, 2002, partially offsetting our on-balance sheet growth. The

liquidating portfolios (owner-operator trucking, franchise, manufactured

housing, recreational vehicle and inventory finance loans) declined to

$1.28 billion from $1.34 billion at December 31, 2002 and $1.98 billion at

March 31, 2002. Managed assets were $48.1 billion at March 31, 2002.


Net Finance and Risk Adjusted Margins


Net finance margin, at 3.63% of average earning assets for the current

quarter, declined from 4.34% during the prior quarter. The decline primarily

reflects the following factors: the continuation of higher funding costs

associated with our term funding initiatives and excess liquidity position,

coupled with lower cost debt maturities; lower fees due to lower origination

volume and reduced rental rates on the aerospace portfolio.


Risk adjusted margin (net finance margin after provision for credit

losses) declined to $210.7 million or 2.44%, from $221.0 million or 2.70% last

quarter, as the decline in net finance margin was in part offset by reduced



Credit Quality

Total 60+ day owned delinquencies declined to $971 million (3.39% of

finance receivables) at March 31, 2003, from $1.001 billion (3.63%) at

December 31, 2002 and $1.158 billion (3.90%) at March 31, 2002, marking the

second consecutive quarterly decrease in delinquencies. The improvement from

the prior quarter was led by reductions in the Commercial Finance and

Structured Finance segments. Managed 60+ day delinquencies decreased to

$1.361 billion (3.38% of managed financial assets) at March 31, 2003 from

$1.396 billion (3.55%) at December 31, 2002, and $1.680 billion (4.09%) at

March 31, 2002.

Non-performing assets have decreased for two consecutive quarters.

Non-performing assets were $1.006 billion, 3.51% of finance receivables, down

from $1.086 billion, 3.93%, at December 31, 2002 and up slightly from

$988.4 million, 3.32%, at March 31, 2002. The reduction for the quarter was

largely in the commercial aerospace portfolio, as aircraft securing United

Airlines receivables on non-accrual last quarter were placed under short-term

operating leases. This reduction was in part offset by the placement of Air

Canada assets on non-accrual status following its bankruptcy announcement.

At March 31, 2003, seven commercial aircraft were off lease, down from

nine at December 31, 2002, as three aircraft were remarketed and one lease

terminated during the quarter. Of the inventory at quarter end, there are

signed leases or letters of intent on four of the aircraft.

The competitive local exchange carrier ("CLEC") portion of the

telecommunications portfolio totaled approximately $238.0 million at March 31,

2003, of which $59.0 million was on non-accrual status, down from comparative

December 31, 2002 balances of $262.3 million and $92.9 million, respectively.

Total specific telecommunication reserves were $139.8 million at March 31,


Total charge-offs during the March quarter were $114.3 million (1.61%),

including $13.8 million of telecommunication loan charge-offs, compared to

$154.5 million (2.32%) during the prior quarter. The tables that follow

detail charge-offs for the current and prior quarters by segment, both in

amount and as a percentage of average finance receivables. In addition to

total amounts, charge-offs relating to the liquidating and telecommunications

portfolios are also presented to provide enhanced analysis.


Charge-offs: ($ millions) Quarter Ended March 31, 2003


Total Liquidating Before

& Telecom Liquidating/


Equipment Financing

& Leasing $39.9 2.07% $8.4 6.48% $31.5 1.76%

Specialty Finance -

commercial 31.0 1.73% 0.4 8.65% 30.6 1.71%

Commercial Finance 16.6 0.80% -- -- 16.6 0.80%

Structured Finance 13.8 1.90% 13.8 8.23% -- --

Total Commercial Segments 101.3 1.55% 22.6 7.48% 78.7 1.27%

Specialty Finance -

consumer 13.0 2.36% 6.4 3.09% 6.6 1.92%

Total $114.3 1.61% $29.0 5.70% $85.3 1.30%



Charge-offs: ($ in millions) Quarter Ended December 31, 2002


Total Liquidating Before

& Telecom Liquidating/


Equipment Financing

& Leasing $71.1 3.23% $13.3 9.25% $57.8 2.81%

Specialty Finance -

commercial 23.2 1.55% 2.0 36.36% 21.2 1.42%

Commercial Finance 33.5 1.92% -- -- 33.5 1.92%

Structured Finance 15.5 2.24% 15.5 8.75% -- --

Total Commercial Segments 143.3 2.33% 30.8 9.44% 112.5 1.93%

Specialty Finance -

consumer 11.2 2.24% 5.1 2.42% 6.1 2.11%

Total $154.5 2.32% $35.9 6.68% $118.6 1.94%


Total telecommunication and liquidating charge-offs were down $6.9 million

from last quarter, largely in the trucking and franchise portfolios. Before

liquidating portfolio charge-offs and telecommunication charge-offs covered by

specific 2002 reserving actions, charge-offs were $85.3 million (1.30% of

average finance receivables) for the current quarter, down from $118.6 million

(1.94%) last quarter. The improvement from last quarter primarily reflects

declines in both the Equipment Financing and Business Credit units, partially

offset by higher Specialty Finance - Commercial charge-offs this quarter,

which included higher losses in the small business loan and leasing units.

These small business loan and leasing units were transferred from Equipment

Financing to Specialty Finance during the quarter. The Equipment Financing

trend reflected lower charge-offs in the construction and industrial equipment

businesses, while the Business Credit improvement followed a number of large

write-offs during the prior quarter in connection with concluding several loan


Total reserves for credit losses were $757.0 million (2.64% of finance

receivables) at March 31 2003, compared to $760.8 million (2.75%) at December

31, 2002 and $554.9 million (2.11%) at March 31, 2002. The reserve reduction

during the quarter was primarily the result of $13.8 million in

telecommunication loan charge-offs that were applied to the specific

telecommunication reserve. At March 31, 2003, the reserve for credit losses,

before the telecommunication ($139.8 million) and Argentine reserves ($135.0

million), was $482.2 million (1.74% of finance receivables), versus

$472.2 million (1.77%) at December 31, 2002. Additionally, the dollar amount

of reserves related to loan impairment (as defined under SFAS 114) included in

the above reserve balances totaled approximately $136 million at March 31,

2003, down from $157 million at December 31, 2002.


Other Revenue

For the quarter, other revenue totaled $235.5 million, down from

$257.1 million for the quarter ended December 31, 2002, reflecting lower fees

and other income and reduced factoring revenues. These declines, which were

largely in the Commercial Finance and Structured Finance segments, were in

part offset by increased equipment sale gains, primarily in the Specialty

Finance - Commercial unit. Securitization gains during the current quarter

totaled $30.7 million, 14.4% of pretax income, on volume of $1,237 million,

compared to $30.5 million, 12.9% of pretax income, on volume of $1,189 million

during the prior quarter.


Salaries and General Operating Expenses

Salaries and general operating expenses were $233.6 million for the

quarter, down from $242.1 million for the December 2002 quarter. The decrease

from last quarter was primarily the result of lower legal, repossession and

collection expenses. Salaries and general operating expenses were 2.08% of

average managed assets during the quarter, versus 2.18% for the prior quarter.

The efficiency ratio for the quarter (salaries and general operating expenses

divided by operating margin, excluding provision for credit losses) was 42.5%

as compared to 39.6% in the prior quarter, reflecting lower revenues in the

current quarter.

Headcount was 5,845 at March 31, 2003 compared to 5,835 at December 31,

2002 and 6,230 at March 31, 2002.


Funding and Liquidity

Attractive pricing and strong demand for our commercial paper program

continued for the quarter. Our emphasis on term funding during the quarter

resulted in commercial paper outstandings of $4.5 billion, down from

$5.0 billion at December 31, 2002. At March 31, 2003, $5.7 billion of bank

lines were available, which represented 128% backup liquidity of commercial

paper outstanding.

Bank line borrowings were $1.3 billion at March 31, 2003, down from

$2.1 billion at December 31, 2002 as an additional $800 million was repaid,

including a $300 million Canadian facility, which expired in March.

Term-debt issued during the quarter totaled $4.4 billion, and consisted of

a $1.0 billion three-year, fixed-rate global issue, $2.6 billion in

variable-rate medium-term notes and $0.8 billion in retail issues.

Securitization volume was $1.2 billion, essentially unchanged from the prior


Cash and equivalents were $2.0 billion at March 31, 2003, as excess

liquidity was maintained during the quarter. Though essentially unchanged

from December 31, 2002, average cash balances were above the prior quarter, as

excess liquidity was maintained to pre-fund certain debt maturities this

quarter. The level of liquidity remained well in excess of historical



Capitalization and Leverage

The ratio of tangible equity to managed assets was 10.42% as of March 31,

2003, compared to 10.44% as of December 31, 2002 and 9.14% in the prior year

quarter. The return on tangible equity was 11.0%, compared to 12.7% for the

prior quarter.



Full Press Release with financial statements at:,+2003


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





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