Wednesday, April 2, 2008
Headlines--- Classified ads---Sales Manager ######## surrounding the article denotes it is a “press release”
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For a full listing of all “job wanted” ads, please go to: To place a free “job wanted” ad here, please go to: -------------------------------------------------------------- Lease Police---Now Gathering Repossession and Write-off Data
In addition to an alert system, the data Lease Police is collecting includes "early terminations." This has value as LeasePolice has introduced an algorithm which includes write-offs and early terminations into its new "Vendor Score". A Vendor Report can rate the vendor from 1 to 100 and give historical performance information on how the vendor's leases have performed. The score is very sensitive to repossessions in the first year of a lease. Lease Police records and collates write-off data of equipment sellers by many different means including name of the company, phone number, addresses, individuals owners, etc... By utilizing this information, users can now identify vendors which produce leases which result in high repossessions and write-offs. "It is our history that most of the frauds come from the sellers of the equipment, and furthermore, we believe that even in non-fraudulent transactions the vendor component is 40% responsible for a successful transaction", Lease Police Chief Bernie Boettigheimer told Leasing News." Many lessors do not check out the vendor thoroughly or the equipment may be too small for a Dun & Bradstreet or PayNet report, since both are expensive. Our reports will uncover poor vendor performance in a very inexpensive, quick report. "We have 3,000 repossession records now, and shortly it will jump to 5,000 as five new additional funders/subscribers are beginning to report and provide information regarding their early terminations, " he said. We currently have data on 10,000 vendors and we hope to reach 20,000 vendors by the end of the year. We expect to continue the extended free trial in order to continue to build the database, and further tweak our systems to increase its usefulness to our users." The value of this system is to rate and verify vendors not just for fraud, but to examine their transactional history. This allows the user to avoid vendors who experience a high number of write-offs. The Lease Police Vendor Score, like a credit bureau score, will allow users to instantly spot vendors who fit the overall high risk profile we have identified. "Our Early Unsatisfactory Termination' data base is growing," Boettigheimer explains. "As our early termination database grows, the quality of our reports should rise immeasurably and become more useful in its predictions." The main thrust of the program is aggregate vendor performance information on industry wide basis and expose trends and relationships on vendors that otherwise would not have been apparent. The no charge period on all inquires has been extended to June 30, 2008. For more information, please contact: Bernie Boettigheimer, CLP
-------------------------------------------------------------- PFF expects $120 Million loss
PFF Bancorp, Rancho Cucamonga, California, who supplies both direct and indirect financing for the leasing industry, expects a $120 million plus loss for its March 31, 2008 quarter...In the good news, PFF announces its subsidiary, Diversified Builder Services, Inc. ("DBS") has completed the sale of substantially its entire loan portfolio. Their stock turned slightly up on the good news:
“The risk profile of this portfolio was significantly greater than that of the Bank's loan portfolio, with second trust deeds and unsecured loans comprising a significant portion of the portfolio. As part of its overall risk reduction strategy, the Company undertook an accelerated disposition program that included negotiated payoffs and principal reductions, culminating in the sale of substantially all remaining loans in a single transaction on March 31, 2008. DBS recorded a provision for loan losses of approximately $48 million in the March quarter, reflecting the write-downs associated with the expedited disposition of the portfolio. The proceeds from the payoffs, principal reductions and sale of the portfolio, together with refunds of prior year income taxes arising from the carry back of net operating losses, will be utilized by the Company principally to retire short-term debt." "On March 26, 2008, at the request of the Office of Thrift Supervision (the "OTS"), the Company's Board of Directors passed a resolution requiring, among other things, that the Company obtain the OTS's non-objection prior to declaring or paying any dividends or permitting the Company or its subsidiaries (other than the Bank) to incur or rollover any debt. The Company had previously announced the suspension of the Company's cash dividend in January 2008 due to the uncertainty surrounding the timing of the recovery in residential real estate and the impact of credit on the Company's operating results. The resolution also states that the Company will reduce the level of problem assets at DBS, which has been addressed with the expedited disposition program described above. "The Company's bank subsidiary, PFF Bank & Trust (the "Bank"), is continuing its process of completing a comprehensive quarterly review of its loan portfolio, including the updating of appraisals on properties securing loans that have been previously identified as classified or criticized. This review will not be completed for several more weeks. However, based upon preliminary results of this review, the Company believes that the Bank's provision for loan and lease losses for the quarter ended March 31, 2008, may exceed $120 million. The provision is attributable principally to the residential construction and land segments of the Bank's portfolio, and reflects changes in the valuation allowances assigned to previously criticized or classified assets as a result of reductions in collateral values based upon updated appraisals, and to a lesser extent, the identification of additional problem credits and the migration of previously identified criticized or classified assets within classification categories. "The Company currently expects to complete its review of the Bank's loan portfolio and issue a press release announcing its results of operations for the quarter and year ended March 31, 2008 in early May 2008."
-------------------------------------------------------------- Marlin Business Service Stock
You had to ask? Dow Jones was up 391.47 on Tuesday. Marlin last trade was $7.40. The 52 week range is $7.53 - $24.29. . It appears investors don't have much confidence in the move to an industrial bank, including working capital plans. Stock may best be described as being in the toilet. -------------------------------------------------------------- CIT holding its own despite wall street news
The 52 week range: $6.45 - $61.47. Today's Range: $12.00 - $13.03. Close: $12.97 It appears CIT vendors are looking elsewhere, afraid from media reports. What ever happened to loyalty? You mean you are only as good as your last deal? It seems almost two years ago, April 26, 2006, New York Mayor Michael R. Bloomberg and Jeffrey M. Peek, Chairman and CEO of CIT dedicated "CIT Global Headquarters" at 505 Fifth Avenue and 42nd Street, New York. The 300,000 square foot, 28-story glass-encased office tower was designed by architects Kohn Pedersen Fox Associates. It may soon be available for sub-lease.
-------------------------------------------------------------- FTC files to halt class action settlement
Leasing News reported attorneys concerned about class action settlements and funds available as the FTC-IFC Credit, Morton Grove, Illinois bench trial moves to April 28, 2008 at 9:30 a.m. before United States District Court, Northern District of Illinois Magistrate Judge Jeffrey Cole. "FTC respectfully moves for leave to intervene or, in the alternative, to participate as amicus curiae for purposes of filing the Objection to Proposed Settlement Agreement being lodged with this motion. The FTC respectfully requests that if its motion to intervene or participate as amicus is granted, its Objection be timely filed, on or before March 31, 2008. The FTC also respectfully requests permission to speak at the fairness hearing in this matter on April 18, 2008. Copy of FTC filing: IFC Credit continues to press for settlements -------------------------------------------------------------- Sales makes it Happen—by Linda P. Kester
“Lease Platform Review” Here is an idea to help your lessees, it's called a Begin by asking yourself the question: What are the biggest mistakes lessees are making?
I suggest that you meet with your lessees (either on the phone or face-to-face) and offer to review the lease they have with your company, then offer to help with their other leases. The intention is to go beyond reacting to a customer's problems. Anticipate problems before they occur. Try to understand your customer's situation so you can make recommendations that will be valuable to them in the future. Another idea is to write a short article entitled "The Biggest Mistakes Lessees Make". Send it out to your prospects and you will be truly helping your customers. The goal is not to act like a salesperson. No one wants to buy from a person who is interested in selling them something. We want to buy from people who are concerned with what is best for us. I'm concerned with what is best for you. Give the Lease Platform Review a try, it will help your lessees. Linda Kester helps leasing companies obtain more volume. For more information please visit Sales Makes it Happen articles:
-------------------------------------------------------------- Lease Platform Review---Expanded by Christopher Menkin • Are they not getting their purchase option in writing? This is the number one complaint that Leasing News receives, more than advance rental or deposits not returned. Often the proposal contains the residual, but the lease contract has a different residual. It is also not uncommon that the salesman "said" one thing, but the contract was "different," which the lessee did not realize until the end (or the salesman said to "ignore” Fair Market Value as it is 10%---or worse, really "Fair Market Value." It is also common for a lessee to have a copy of a residual page of a contract, but not signed by the lessor. There are also complaints that they either never received a residual or purchase option, or if they did, it is lost as well as the actual lease contract itself. In some instances, the broker has kept a copy and helped the lessee. It is not unusual for a lease to be sold and/or re-sold more than once. Each time, less and less paperwork is forwarded, so a funder at the end believes it is "fair market value" or "10%," when the lessee believes it is $1.00. This purchase option problem occurs in both large, small, and also banks that wind up receiving the stream of payments and believe they are entitled to a residual. Protect your lessee by making sure a "residual" letter is signed and received in advance. If you are a broker, keep a copy of the contract so you can help your lessee at the end. They will stay with you as you will "protect" them • Are they not aware of when their lease ends? One of the most active practices in both small and middle-sized tickets is the "Evergreen Lease," which requires the lessee to inform the lessor they wish to exercise their purpose option, even if $1.00. Even when an invoice with the number of payments made is supplied, often a 36 month contract winds up 48 payments as the lessee often does not count the payments made, particularly a problem if the lease is sold to other parties. It is recommended that lessees not only count the payments made, but put a photocopy of the check in a folder (better yet, a photocopy of the front and backside of the check after it is cashed.) Lessees who have been burned do this. Several leasing companies offer to split extra lease payments with brokers, and often the higher commission at the beginning is because it is a Evergreen contract or "Fair Market Value" residual, especially on collateral that has good value at the end of the original term. As a broker, put in a calendar a few months before you think the term ends, and contact the lessee and the original funder, too, to make aware the lessee is to notify the lessor. You will keep a customer for a long time if you show you want to protect them. Better yet, understand the funders "extra payment" procedures regarding charging for payoffs, insurance lapses, termination fees, and if you ask your lessee to let you know any changes, or if they have any questions, to utilize your services---even if you were the direct salesman and are at a new company. Customers will follow you if you go the extra distance to be concerned about the lease you were involved in arranging. • Do they have too many leases spread out among different lessors? This is how extra payments occur, when the lessee gets confused in the selling of a lease, or getting double billing for a short period from two entities. It happens more than you suspect. Many catch it at the end and it becomes part of the "Evergreen Clause." If you are a direct salesman or a broker, providing service by keeping in contact with your customer will insure repeat business. • Are they missing out on tax advantages? Don't sell a "true lease" or what appears to be a non-capital lease to a customer who will discover at the end of the year they would prefer to declare the depreciation. Their accountant or IRS may discover that you misrepresented what was "best" for them and certainly you have lost a customer, and perhaps even the vendor, especially if your vendor gets more than one complaint about your "service." Often higher commissions are earned or lessors present a lower monthly payment as they will be taking the depreciation or charging a higher residual at the end. An early payoff figure may bring this to light before the end of the term, or more importantly, you not only will wind up losing the customer, but might be in a law suit, and certainly your vendor will not be happy with you when he finds out you were taking of yourself over his client. The key to building up your income is repeat business. Who funds the transaction is not the deciding factor, but who has the lessees best interest and follows through to protect the relationship of providing value. -------------------------------------------------------------- Leasing Association Events-Meetings Open to All
Thursday, April 3, 2008 -----------------------------------------------------------------------
Friday, May 16, 2008 ----------------------------------------------------------------------
Eastern Association of Equipment Lessors
----------------------------------------------------------------------- To view Leasing Association Conferences in 2007, please click here.
-------------------------------------------------------------- Leasing Industry Help Wanted Collector
Document Processor
Senior Credit Analyst
-------------------------------------------------------------- ***Announcement***************************************** Advantage Software Users Can Now Instantly
Pioneer Capital Corporation and Preferred Business Solutions (the maker of Advantage Software) are pleased to announce that all Advantage Software Users can now automatically send applications directly into Pioneer's order system (ZapLease). Advantage Software is one of the leading software programs and is widely used by brokers nationwide. Brokers who currently have Advantage software should call Preferred Business Solutions to get an update for their program which will enable them to send transactions to Pioneer with the push of a single button! For more information on Pioneer visit www.PioneerFunding.com (800) 521-1308 For more information on Advantage Software visit www.pbs4u.com (866) 352-8665 *******Announcement************************************* -------------------------------------------------------------- Bob Teichman, CLP,
Bob Teichman, CLP, joined the Leasing News Advisory Board July 7, 2000. He was actually involved in the "perception" of the newsletter before this date, making many contributions before we went “on line.” He still does. He is also a statesman, as evidenced at his activities as well as his reporting on leasing association conferences and events representing Leasing News. Throughout the years of his service, he would get calls from those in the leasing industry with complaints or observations that evidently they did not want to talk directly to the editor. He doesn't use the e-mail on these, but calls on the telephone. He has been a very good friend for almost thirty-five years. Bob was appointed chairman May 8, 2005. In up-dating the advisory boards' biography, Leasing News asked each advisor to answer four questions. Here is our chairman's response: 1. What is the biggest issue you face in your business? The biggest challenge is, and always has been, to keep the business fresh and exciting. In my 45 years in leasing I learned that it is critical to be flexible and willing to change the business model to suit changing times and conditions. And to have fun while you are doing it. 2. What advice would you give to a young person entering the business today? Learn, learn, learn. Leasing is a great business. You can make money and enjoy yourself. But even though some skills are transferable from other fields, you have to acquire the specialized skills that make leasing creative and entrepreneurial. 3. To what do you attribute your success? Persistence, flexibility and a genuine love of the business (or else I would not have lasted for 45 years!) I still have fun and, yes, each day I learn something new. And most days there are some interesting problems to solve. 4. What is one big thing that you hope to do before you die? Lose 50 pounds!
Bob Teichman, CLP, was born in New York City. After attending the High School of Music & Art and the New York College of Music, he received his undergraduate degree from Columbia College. “I studied music for a lot of years. I even played piano professionally while in college (local 802, American Federation of Musicians, James C. Petrillo presiding!), “he added. “I have kept up my interest in music by singing in a local chorus for the past 24 years. There are about 100 of us and we give concerts several times a year, mostly pre-20th century composers like Bach, Haydn, Mozart, Beethoven. But we do get away from the 18th and 19th centuries. At a recent concert we performed 15th and 20th century music.” He pursued his graduate studies in Geneva, Switzerland. "50 years ago, when I was a graduate student in Geneva, I met my wife Patricia," he wrote. "She was working at the UN and she and I were members of a group of expatriates- Americans, British, Russians, Swedes, mid-Easteners- who all hung around the same cafes. "It was the late 1950's and Switzerland was affordable for students like me. The ski slopes were close and most of the rest of Europe was less than a days drive away. "But sooner or later reality sets in. We were married in New York and came to California in the early 1960's, driving cross-country in a 1957 Bristol sedan my father had picked up on one of his many trips. The car had right-hand drive, so it was real challenge maneuvering on the two-lane roads (yeah, they were paved; it was the middle of the 20th, not the 19th, century.) Still, it was an adventure when we had car trouble on a couple of occasions. "Patty is an avid gardener and an excellent watercolorist. The two interests coincide in her botanical paintings. Here is an example of a flower from our garden:
"We spend our vacations at a small and very primitive cabin in the Sierra backcountry. Summers only; the roads aren't plowed in the winter. Nice country in summer, though. Pines, firs, granite outcrops, streams, meadows. Also coyotes, bears and deer. We don't bother them, they don't bother us. A bear did chew on my neighbor's cabin. Probably liked the taste of the wood stain. "Thanks for your friendship over all these years. After having been in the leasing business for almost 45 years, I really appreciate all the wonderful people I have met, and the lasting friendships I have formed. I still enjoy the business immensely. There is always something new around the corner." Bob started in automotive leasing in 1963 in sales, then moved into equipment leasing in the late 1960's. For over 20 years he provided funding for leasing companies as an officer of both bank and non-bank lenders. Along the way, he started several successful leasing companies. His company, Teichman Financial Training, located in Sausalito, California, was founded in 1998 and provides lease education and consulting services to lessors, funders, brokers, government and international agencies, and other members of the financial community. He is active in the United Association of Equipment Leasing (“UAEL”), having served on its Board of Directors for four years. For three years he was the Chairman of their Education Committee with responsibility for the Certification Program and Educational Programs. He was also a member of other committees including the Standards Committee. Bob is a frequent speaker at leasing industry events, and has written articles for UAEL's Newsline and other industry publications. He is a co-author of the Certified Leasing Professional's Handbook. He currently serves as President of the Certified Leasing Professional Foundation Board, plus serves as Chairman of the Education Committee. He is also a member of the National Association of Equipment Leasing Brokers. Editorial from Bob: ELFA Conference report: Sales makes it Happen article: --------------------------------------------------------------- Alter Moneta Hires New U.S. Syndications Manager
BUFFALO, NY.—Alter Moneta’s is pleased to announce the appointment of Steven Vannucci as U.S. Syndications Manager. Vannucci is responsible for U.S. Capital Markets activities, both buying and selling equipment finance transactions. “Steven has already started out of the gate buying and selling deals,” commented Mark Lempko, US general manager. “His prowess in understanding and securing clients is perfectly aligned with our goal of further expanding the Capital Market function within Alter Moneta.” Prior to joining Alter Moneta, Vannucci most recently worked as vice president for national accounts syndication buy desk activities at M&I Equipment Finance Company. His 21 year career in syndications management, included tenures with Lease Plan U.S.A., Inc., CIT, and GE Commercial Equipment Finance. Vannucci came to Alter Moneta because of the strength of its strategic business plan and the long term growth it will provide. He states, “It takes a solid infrastructure and a strong direct originations culture to provide success in the Capital Market arena. Alter Moneta’s management has a proven track record of ensuring both while providing the guidance for long term growth.” He received his Bachelor and Master’s degree of business administration, finance at the University of Wisconsin. He will be located out of our Duluth, Georgia satellite office at 3235 Satellite Blvd., Building 400, Suite 300. About Alter Moneta Alter Moneta, established in 1998, is one of the fastest growing independent financial services firms in North America, with significant market presence in both Canada and the United States. The company provides funds to purchase or lease new and used revenue producing equipment for middle-market firms in trucking, warehousing, construction, passenger transport, manufacturing and waste management industries. Through its Vendor Finance Group, Alter Moneta also provides financing programs for manufacturers and dealers. Its Lutex subsidiary in Quebec provides auto-leasing services. For more information visit www.altermoneta.com. ### Press Release ###########################
News Briefs---- UBS to Write Down Another $19 Billion Feds release subprime maps (url included) Omni Financial delays filing, expects "substantial lost" Willis Lease Closes Private Placement of $233 Million CoActiv Capital Partners Launches Construction & Industrial Division Economy dents new-car sales Mortgage defaults force Denver exodus ---------------------------------------------------------------
You May have Missed--- Superhacker convicted of international cyber crime http://www.nzherald.co.nz/section/story.cfm?c_id=5&objectid=10501518 ----------------------------------------------------------------
“Gimme that Wine” After the leap: His celebrated winery sold, Warren Winiarski ponders his legacy - and his next move The Taste of Cool in a Pinot Noir --by Eric Asimov Major wine importer detained in China International tin capsule prices soar Wine Prices by vintage ----------------------------------------------------------------
Calendar Events This Day Argentina: Malvinas Day International children’s Book Day National Day of Hope Pascua Florida Day Peanut Butter And Jelly Day Reconciliation Day Saint feast Days
http://www.catholic.org/saints/f_day/apr.php ----------------------------------------------------------------
Fried chicken is the most popular meal ordered in sit-down restaurants in the US. The next in popularity are: roast beef, spaghetti, turkey, baked ham, and fried shrimp.
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Today's Top Event in History 1829-the Bank deposit insurance law was enacted in the state of New York, assessing banks one-half percent of capital stock until 3 percent was set aside " ...for the benefit of the creditors. Banks, their officers, and their servants were required to be examined under oath at least once every four months. [headlines]
This Day in American History 1513- Juan Ponce de Leon discovered Florida, landing at the site that became the city of St. Augustine. He claimed the land for the King of Spain. In 1521, he returned to Florida in an effort to establish a Spanish colony on the island. However, hostile Native Americans attacked his expedition soon after landing, and the party retreated to Cuba, where Ponce de Leon died from a mortal wound suffered during the battle. Successful Spanish colonization of the peninsula finally began at St. Augustine in 1565, and in 1819 the territory passed into U.S. control under the terms of the Florida Purchase Treaty between Spain and the United States. NCAA Basketball Champions This Day 1984---Georgetown -------------------------------------------------------------- Spring Poem Written in early spring by William Wadsworth I heard a thousand blended notes To her fair works did Nature link Through primrose tufts, in that sweet bower, The birds around me hopp'd and played, The budding twigs spread out their fan If this belief from heaven be sent, -------------------------------------------------------------- SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? http://leasingnews.org/Soduku/soduko-main.htm -------------------------------------------------------------- Daily Puzzle How to play: Refresh for current date: --------------------------------------------------------------
http://www.gasbuddy.com/ -------------------------------------------------------------- Provence, France-Vacation http://le-monastier.site.voila.fr/ -------------------------------------------------------------- News on Line---Internet Newspapers Houston, Texas -------------------------------- |
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