Archives---August 18, 2004
Leasing Institute of America Enters Fray

With the faculty of Sudhir Amembal, Loni L. Lowder, Charles E. Brazier, CLP, Jason Smith, General Manger, and Joe Bonanno, Esq., with $30,000 you can take part in the “Five Day Leasing School” to participate in “Stage One...The Executive Lease Broker Program...the most in-depth curriculum and training program available on the market for business professionals interest in entering the commercial equipment lease brokerage business.”

Stage 2: “Six Month Coaching Program-as participant in the Executive Leasing Broker Training Program they will complete a bi-weekly prescheduled 30-minutes sales training session to discuss the prior week’s activities and progress...”

Stage 3: “A lifetime of Support—Upon completion of the six month coaching Hotline at no additional charge for the life of their business.
The Coaching Hotline will provide the trainee to have access to the necessary information to grow their business for years to come.

---including “Access to the underwriter’s database that will help the lease brokers pair their deals to a funding source.”

In an introductory letter from Sudhir P. Amembal, Senior Faculty:
“In order to encourage you to refer candidates to our program, we are offering a $10,000 referral fee to you for each student that
completes our course through December 2004.”

“Why an Equipment Lease Brokerage Is a Great Business

“No major equipment needs!

“No inventory!

“Few or no employees!

“Virtually every business is a prospective client!

“Suppliers competing for your business!

“Perfect economic conditions! US Businesses have been putting off equipment purchases for the past three years during the economic downturn. Companies are desperately in need of equipment upgrades, additions and replacements. Most economic indicators show the economy is beginning its rebound; be ready because we are about to enter what will be historically known as "the good old days of equipment leasing"!

“Residual income! As you are learning the business you are building a business. Lessees, borrowers, vendors, and bankers are all in need of a good finance professional they can trust! And with ongoing support, you will learn to structure transactions with renewable income.”

Testimonials
http://www.leasingnews.org/Pages/LIA_testimonials.htm

There also is a money back guarantee, according to Loni Lowder.

TODAY
Leasing Schools/Franchisors

Full List:
http://www.leasingnews.org/Conscious-Top%20Stories/School-Franchisors.htm

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Classified Ads---Sales

(These ads are “free” to those seeking employment
or looking to improve their position)

Free Posting for those seeking employment in Leasing:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

All “free” categories “job wanted” ads:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

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Updated

No Longer taking Broker/Discounting Business
plus Leasing Companies Out of Business

Companies with an * are no longer in business. The others are companies that were taking broker business, but announced that they no longer are accepting broker business. Many have also down-sized or are managing an existing portfolio.

More details are available in this list by company name:

http://www.leasingnews.org/list_alpha_new.htm

*ABCO Leasing Inc., Bothell, WA
*ACC Capital, Midvale, Utah (lenders running off portfolio residuals, Leasing News receiving Evergreen non-notification complaints, demanding 12 more monthly payments)
Advantage Business Capital, Lake Oswego, Oregon
AEL Financial, Buffalo Grove, Illinois
(No longer taking new broker business) 
Alliance Financial, Syracuse, New York
*Alternative Capital, Apollo Beach, Florida 
*AMC Funding, Charlotte, North Carolina
American Bank Leasing, Alpharetta, Georgia
*American Equipment Finance, Warren, New Jersey
Balboa Capital, Irvine, Ca
Bank of the West Leasing Indirect, San Ramon, California
    (Require high volume, successful brokers only) 
*Bank Midwest Leasing, Overland Park, KS 
Bankers Healthcare Group, Weston, FL
*Blackstone Equipment Financing, Orange, California 
*CapitalSource Healthcare Finance, Chevy Chase, Maryland
*CapNet, Los Angeles, California
*C and J Leasing Corp, Des Moines, Iowa
*Carlton Financial Corporation, Wayzata, Minnesota
*Chase Industries, Inc., Grand Rapids, Michigan 
*Chesterfield Financial, Chesterfield, Missouri
CHG-MERIDIAN U.S. Finance, Ltd, Woodland Hills, CA
(Sales Management focuses very selectively on certain brokers.) 
*Churchill Group/Churchill Leasing, Jericho, NY
CIT Group (limited)
Columbia Bank Leasing, Tacoma, WA
*Columbia Equipment Finance, Danville, California 
Commercial Equipment Lease, Eugene, Oregon 
Concord Financial Services, Long Beach, California
*Court Square, Malvern, Pennsylvania
*Creative Capital Leasing Group, LLC, San Diego, CA
Crossroads Equipment Lease & Finance, Rancho Cucamonga, Ca 
Direct Capital, Portsmouth, New Hampshire
Diversified Financial Service, Omaha, NE
Dolsen Leasing, Bellevue/Yakima, Washington
Equipment Finance Partners, a division of Altec, Birmingham, Alabama 
Evans National Leasing, Inc., Hamburg, NY
Enterprise Funding, Grand Rapids, Michigan
* Evergreen Leasing, South Elgin, Illinois
*Excel Financial Leasing, Lubbock Texas
*First Corp.(IFC subsidiary), Morton Grove, Illinois
First Federal Financial Services, Inc., Menomonee Falls, Wisconsin
First Republic Bank, San Francisco, CA
Frontier Capital, Teaneck New Jersey 
*GCR Capital, Safety Harbor, Florida 
GE Capital, Conn (limited)
Global Funding LLC., Clearwater, FL
*Greystone, Burlington, MA
*Heritage Pacific Leasing, Fresno, CA
*Hillcrest Bank Leasing, Overland Park, KS (Parent bank sold)
Huntington Equipment Finance, Vendor Finance Group, Bellevue, Washington
*IFC Credit Corp., Morton Grove, Illinois
Irwin Financial (Irwin Union Bank), Columbus, Indiana 
Irwin Union Bank, F.S.B. (Louisville, Kentucky)
Lakeland Bank, Montville, NJ
LaSalle Systems Leasing
*Latitude Equipment Leasing, Marlton, New Jersey 
*Leaf Specialty Finance, Columbia, South Carolina
*LEAF Third Party Funding, Santa Barbara, Ca.
Lombard, part of Royal Bank of Scotland, worldwide
Marlin Business Services, Mount Laurel, NJ (accepting no new brokers, they may have opened for a select fee, but no more at this time, they say.)
M&T Credit (Bank)
*MericapCredit, Lisle, Illinois
*Meridian Healthcare Finance, San Diego, California 
Merrill Lynch Financial
Midwest Leasing Group, Livonia, Minnesota
National City, Cleveland, Ohio
*Navigator (Pentech subsidiary) San Diego, California
OFC Capital, Roswell, Georgia
Old National Bank, Evansville, Illinois
Pentech Financial, Campbell, CA
*PFF Bancorp, Inc, Pomona, CA
Pinnacle Business Finance, Fife, Washington
*Pioneer Capital Corporation, Addison, Texas
PredictiFund, a subsidiary of Capital Access Network, Inc
Popular Finance, St. Louis, Missouri
Puget Sound Leasing, Seattle, Washington 
Radiance-Capital, Tacoma, WA
Rational Technology Solutions, Rolling Meadows, IL
*Reliant National Finance, Jacksonville, Florida
Sandy Springs, Olney, MD
* Securities Equipment Lsg. (SEL, Inc.), Glendora, CA 
Sovereign Bank, Melville, New York
Specialty Funding, Albuquerque, NM
*Studebaker-Worthington Leasing, Corp., Jerico, NY
(part of sale from Main Street Bank to Ascentium Capital) 
Sun Trust Equipment Finance & Leasing, Baltimore, Maryland 
*SunBridge Capital, Mission, Kansas
Suncoast Equipment Funding Corp., Tampa, Florida
TCF Equipment Finance, Minnetonka, Minnesota 
TechLease, Morgan Hill, California
*Tennessee Commerce Bank, Franklin, Tennessee 
Textron Financial
*Triad Leasing & Financial, Inc., Boise, Idaho
*TriStar Capital, Santa Ana, California 
*Union Capital Partners, Midvale, Utah
US Bank, Manifest Funding, Marshall, Minnesota
(new requirement: large yearly funding) 
US Bank, Middle-Market, Portland, Oregon 
Velocity Financial Group, Rosemont, Illinois
VenCore, Portland, Oregon (former company Len Ludwig)
*Vision Capital, San Diego, California
Wachovia Bank Leasing
*Washington Mutual Financial
Western Bank, Devils Lake, ND
*Westover Financial, Inc., Santa Ana, California

(Note: Should a company policy have changed, please contact kitmenkin@leasingnews.org)

Funders looking for new Brokers:
http://www.leasingnews.org/Funders_Only/New_Broker.htm

((Please click on ad to learn more))
(Leasing News provides this ad “gratis” as a meant
to help support the growth of Lease Police)

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Top Stories August 11--August 15
Opened Most by Readers of Leasing News

(1) Bad Guys: Companies who utilize Evergreen Clauses
for Extra Lease Payments
http://leasingnews.org/archives/Aug2014/8_15.htm#bad

(2) Guarantor Loses Claim re: Lessor Overpayment
to Vendor for $100,000 Kickback to Lessee
By Tom McCurnin, Leasing News Legal Editor
http://leasingnews.org/archives/Aug2014/8_15.htm#guarantor

(3) Robin McLaurin Williams
July 21, 1951 ---August 11, 2014
http://leasingnews.org/archives/Aug2014/8_13.htm#robin

(4) 1997--Pictures from the Past
Leasing Icon Fred Van Etten
http://leasingnews.org/archives/Aug2014/8_11.htm#pictures

(T) (5) Archives---August 15, 2000
38 Leasing Companies Major Changes
http://leasingnews.org/archives/Aug2014/8_15.htm#archives

(T) (5) Leasing 102 by Mr. Terry Winders, CLP
Differences of Sales/Finance Contracts and Leasing Contracts
http://leasingnews.org/archives/Aug2014/8_11.htm#late

(7) Late Fees
By Tom McCurnin Leasing News Legal Editor
http://leasingnews.org/archives/Aug2014/8_11.htm#late

(8) Déjà vu on Proposed Lease Accounting Changes
by Christopher Menkin
http://leasingnews.org/archives/Aug2014/8_11.htm#dejavu

(9) The Good Guys: Companies who notify lessee
in advance of lease expiration
http://leasingnews.org/archives/Aug2014/8_13.htm#good

(10) Sales Makes it Happen by Steve Chriest
Myth of the Sales Personality
http://leasingnews.org/archives/Aug2014/8_13.htm#myth

(11) New Hires—Promotions in the Leasing Industry
http://leasingnews.org/archives/Aug2014/8_15.htm#hires

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Thank you, 
Leasing News Editorial

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Leasing 102
by Mr. Terry Winders, CLP

Down Payments

I am questioned many times why a down payment or a trade-in is not allowed on leases. The IRS set some rules in 1955 to determine which party to a lease has the right to capital recovery benefits called depreciation. The main objective of the rule (55-540) was to determine the “intent” of the parties to the lease. One of the requirements was to determine if the lessor acted as an owner or a lender. An owner would not allow anyone to pay for part of the equipment cost.

One of the determining facts to determine intent was if the lessee gained an “equity” interest in the leased equipment. This would come from a reduction in the lessor’s cost because of a down payment or a reduction from a trade-in value. On occasion, it may also come from a discount of the equipment cost that only would be allowed to the lessee.

Usually we have handled the cash from a down payment or the value of the trade-in by converting it to a security deposit or advanced payments. It cannot be used to reduce the selling price. If it is allowed, under an IRS audit, the chances are the transaction will be judged a “non-lease” and the lessee will be not be allowed to use the lease payments as an expense and the lessor will not be allowed to use the depreciation. The lessee will be allowed to use the depreciation.

If disallowed, the transaction will also become an Article 9 lease intended as a security. On occasion, when a down payment is involved, the lessor includes a paragraph in the lease to guarantee the lessor’s yield by increasing the rent to compensate for the lost tax depreciation. Therefore, the lessee is taking the risk of the tax position.

In bankruptcy proceedings, the tax position is not considered, only the legal issues are important. There is no requirement or rule judging the down payment in the legal requirement, but it depends on the bankruptcy judge to determine if the lease qualifies as an Article 2A lease or an Article 9 loan.

Some lessors try to use a prepaid purchase option to mask the down payment amount because it allows the lessor to use the cash to lower the use of the equipment, which means the lessee gets the advantage of a lower cost. Some believe this gets around the equity issue; however, the fact that the equipment has been presold to the lessee means the equipment has been sold for a bargain and it disqualified under both tax and legal rules.

Just because there is a down payment does not mean you should not make the lease, but just remember that it is an Article 9 transaction, and you must file the UCC-1 within the twenty day PMSI (Purchase
Money Security Interest) requirement.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty-five years and can be reached at terrywinders11@yahoo.com  or  502-649-0448

He invites your questions and queries.

Previous #102 Columns: http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)

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I was fired, how do I handle this in my job search?”
Career Crossroad---By Emily Fitzpatrick/RII

Question: “I was fired, how do I handle this in my job search?”

Answer: If you were laid off as part of general work force reduction, be straightforward and keep your answer short and to the point. If you have been terminated with cause, this is a difficult question to answer. Like it or not, termination with cause is usually justified – most managers do not fire an employee for the heck of it. Though difficult, make sure you are forthcoming in your response. This is very important. 

Having been fired does create instant doubt in the mind of the interviewer and greatly increases the chances of your references being checked. First, call the person who fired you, find out why it happened and learn what he/she would say about you today.  The goal is to clear the air, do not be antagonistic. When calling make sure you relay that you appreciated what he/she had to do and that you learned from the experience. Further the conversation by explaining you are in a job search and that the stigma of being fired will affect your chances of employment. Ask if they would agree to use the term “resigned” rather “fired” by appealing to this person’s humanity.  
Whatever you do, do not advertise the fact that you were fired. If asked, be straightforward and package the reason in the best possible light, e.g. I was having some personal problems at that time and I let this issues affect my work. Additionally, if there are turnover figures of your previous employer, this will minimize the stigma, e.g. “five other people were let go this quarter.”  Don’t over explain.  Try to remain positive in your interview. Note:  If you lie about anything, especially where and when you worked, what you did, etc… you will at some point be caught. There are significant expenses involved with hiring someone to perform – so companies will take the time to check out references; the higher up the ladder, the more intensive the scrutiny. So make sure you are honest in your answers to any interview question, no matter how difficult it may appear to you.

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone:  954-885-9241
Cell:  954-612-0567
emily@riirecruit.com
Invite me to Connect on LinkedIn
www.linkedin.com/pub/emily-fitzpatrick/4/671/76
Also follow us on Twitter #RIIINFO

Career Crossroads Previous Columns
http://www.leasingnews.org/Conscious-Top%20Stories/crossroad.html

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Leasing Industry Help Wanted
 

Collector, Atlanta, GA Experienced, calling 11-90 day delinquent customers, assisting Asset Re-marketer with delinquency reporting, weekly reporting to home office. Sales, Chicago, Atlanta Work out of main office and satellite. Heavy phone sales calling on both independent dealers and end users (cold/warm calling), marketing, weekly reporting to management. Outside territorial salespeople will also be considered. Contact: Michael Testa 312-881-3133 mtesta@secondcityleasing.com www.secondcityleasing.com Financing for Commercial Truck & Trailer, Exotic, High Line, Vintage & Classic Automobiles, Taxi, Livery & Paratransit

Leasing Operations Manager San Antonio, Texas Leadership role in building a team focused on credit, documentation and funding functions for a dynamic high growth business operating in both captive and non- captive lift truck markets. Click here for full description. Contact: Monet Pitts, HR Manager mpitts@minercorp.com flexxrl.com Quality Controlled Material Handling Equipment Rent, Finance, or Lease up to 84 months, Maintenace, too.

For information on placing a help wanted ad, please click here:
http://www.leasingnews.org/Classified/Hwanted/Hwanted-post.htm 
Please see our Job Wanted section for possible new employees.

Lawsuit Over ACH Loan Payments Ruled Illegal
Now Headed for Trial
By Tom McCurnin
Leasing News Legal Editor

Conditioning Loans on ACH Agreements Is Ruled Illegal By Federal Court.  This Practice is Common Among Many Equipment Lessors. 

O”Donovan v CashCall 3:08-cv-03174-MEJ (USDC Northern District of California 2008).

Can a lender condition the extension of credit on the borrower’s agreement to ACH the loan payments from its account?  A Federal judge in the Northern District has ruled that the practice, common in some leasing circles, is illegal.  The facts follow.

Cashcall is a national lender providing high risk, high interest sub-prime loans to consumers with low credit scores.  The interest rates vary but are generally between 50-135%.  Cashcall conditions the loan on the requirement that the borrowers check a box and provide account numbers for the purposes of a weekly ACH sweep of their account.  Cashcall made 135,288 loans with interest rates over 100%.  Cashcall has a 45% default rate.  Cashcall has very low credit standards in order to increase the pool of borrowers and spread the risk among a larger class. 

Krista O’Donovan is one of three class action borrowers who were forced to pay high interest loans through ACH transactions.

The Class Action lawsuit makes five allegations:

• First, the Electronic Funds Transfer Act and its corresponding regulatory framework, called Reg. E, require lenders to disclose a particular day of the month on which the ACH will occur.  Cashcall made numerous ACH debits during the month without such disclosures. 

• Second, EFTA and Reg. E prohibit conditioning the extension of credit to an executed ACH agreement.  Cashcall would refuse to extend credit unless the borrower executed an ACH agreement. 

• Third, the loan agreements were alleged to contain waivers of certain rights under California’s Consumer Legal Remedies Act and the Rosenthal Act relative to legal notices prior to collection. 

• Fourth, Cashcall collectors allegedly made threatening phone calls to borrowers and their families.

• Finally, the plaintiffs alleged that the interest rates were unconscionable. 

The Court certified the matter as a class action.  Both O’Donovan and Cashcall filed competing summary judgments.  Plaintiff O’Donovan moved for summary judgment on the issue of conditioning credit on an ACH agreement (called a “conditioning agreement”) and Defendant Cashcall moved for summary judgment that the loans’ interest rate were not, as a matter of law, unconscionable.

The trial court denied Cashcall’s motion for summary judgment and granted Plaintiff O’Donovan’s motion for summary judgment on the conditioning agreement.  The case now heads for trial over the unresolved issues at a date to be set later this month.  The salient points are discussed below:

• The Conditioning Agreement.  Plaintiff O’Donovan was absolutely correct that the EFTA and Regulation E prohibit conditioning a loan on an ACH agreement.  Under EFTA’s provisions, section 1693k(1) and Reg E (12 CFR § 205), such contractual conditioning is clearly illegal.  Cashcall parsed the words of the statute, essentially arguing that the borrower could cancel the ACH agreement at any time, so the ACH agreement was essentially unenforceable.  There is not a lot of law on the subject matter, one scant case from last year, but that case, a South Dakota federal decision, reached the conclusion that making the ACH agreement revocable does not cure the violation.  Thus, the trial court granted Plaintiff O’Donovan’s motion for summary judgment and Cashcall will be liable to the class for the various statutory penalties, to be decided at trial. 

• High Interest Loans May Be Unconscionable.  Whether a high interest loan is unconscionable is a legal beauty contest; in other words, a court knows it when it sees it, and it has to be pretty obvious.  There are two requirements for a loan covenant to be unconscionable: a procedural prong (“take it or leave it” loan terms) and a substantive prong (“shock the conscience” terms).  Procedural unconscionability is easily proved in most contracts, so the question became whether 100% interest loans are per se unconscionable.  The trial court ruled that they were not per se illegal, but reserved the issue for trial.  Some of the issues the trial court will consider will be a cost-price analysis of Cashcall’s loans (high default rate justifies high interest rate), the value-harm analysis (whether the value of the loan outweighed the cost for the borrower) and finally Cashcall’s profit structure for such loans.  Thus, the trial court refused to decide the issue until the trial, a victory for Plaintiff O’Donovan. 

What are the lessons here for equipment lessors that use ACH agreements?

First, understand that the EFTA in general, and this case in particular, concerns consumer loans, not business loans.  So readers should not panic.  That said, much law begins in the consumer venue and spills over to a commercial context, so conditioning a lease on an ACH agreement may not be the smartest business practice.  How about offering two price structures, one for an ACH agreement and other price for a lease without such an option? 

Second, high interest loans over 50% are always going to raise eyebrows.  My understanding is that at least in New Jersey, such loans are flat out illegal.  While such high interest loans are generally not prevalent in equipment leasing, I certainly have represented such clients in hard money transactions.  The court recognized the fact that such high interest terms are to be viewed in context of other common business practices.  The court also noted that a 100% loan is not per se unconscionable, citing the legality of a 100% markup for retail goods. 

Third, if a reader is in this line of business, and wants to hold to its guns on these issues, keep good records and justify the business decisions with data.  You might need such data in court. 

The bottom line to this decision is that conditioning an obligation on an ACH agreement is inherently suspect and a clear violation under law for consumer transactions.  It is probably not the best commercial business model, either.  

Cashcall FAC Complaint
http://www.leasingnews.org/logos/nacha40_2014.jpg

Cashcall FAC Order
http://www.leasingnews.org/PDF/CashcallFACOrder_2014.pdf

Tom McCurnin is a partner at Barton, Klugman & Oetting
in Los Angeles, California.

Tom McCurnin
Barton, Klugman & Oetting
350 South Grand Ave.
Suite 2200
Los Angeles, CA 90071
Direct Phone: (213) 617-6129
Cell (213) 268-8291
Email: tmccurnin@bkolaw.com
Visit our web site at www.bkolaw.com

Previous Tom McCurnin Articles:
http://www.leasingnews.org/Conscious-Top%20Stories/leasing_cases.html

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Fed Payments Panel Recommends Replacing ACH
By Ian Kar, Bankinnovation.net

It seems ACH is too slow even for some bankers.

Payments in the US lag behind much of the world and many Americans inside and outside of the financial services community would like to move their money more quickly. The Federal Reserve agrees, and convened a roundtable that determined the only way to make payments faster would be to develop a completely new system.

In a roundtable discussion convened on June 3 and 4, 50 participants broadly agreed that the way to faster payments is to ditch the antiquated ACH infrastructure and start over fresh.

Easier said than done. This viewpoint is hardly new, and faces considerable challenges from entrenched players, but it is significant that the group recommending ditching ACH was dominated by bankers.

The Federal Reserve payments roundtable took place in June to determine whether or not consumers and businesses would benefit from a faster payments system, analyzing payments initiatives from other countries, and determining the best option to upgrade the U.S. payments system. The summary from the event, published this week, states that the “majority agreed that building new infrastructure is the best approach” and that “attendees” referred to their own experiences building off of older legacy systems and added that a new system would be “cleaner, less problematic, more flexible, and potentially more secure.”

Out of the 50 attendees, 25 were from financial institutions, which was the most represented group. The “technology solutions provider/process” group came in second with 9 members on the roundtable and “payment network operators” had 8 members. There was only 1 regulator.

The roundtable determined that only five potential use cases, or 12% of the total payments market, would benefit from a faster payment system. However, there was some dissent from members. Some thought that POS “shouldn’t be ignored,” while others cited “latent demand,” which is “unforeseen applications…that will materialize once a faster payments solution is in place” as another potential use case. The five use cases cited by the roundtable were the following:

-B2B payments, like just-in-time supplier payments
-B2P payments, like insurance claims, legal settlements, and temporary employee wages
-P2P transfers, like rent repayment to roommates
-P2B payments, like emergency bill payments

Feedback from the public indicated to the roundtable and the Federal Reserve that respondents were looking for “ubiquitous participation, confirmation of good funds, and speedy payment settlement and delivery of information” — problems that the Federal Reserve thinks can only be solved by a new payment system. Businesses were interested in having funds available quickly, while consumers were more eager for faster debiting. But, still, there was a consensus — 69% of consumers and 75% of businesses preferred instant or one-hour payment speeds.

A complete revamp of the U.S. payment system is unlikely however, with the roundtable advocating a new “single item clearing” as opposed to a new system for all payments, which is the “ideal…option.” But with high costs, investments in existing legacy systems, and the length of such a project, building a new system to support all payments is seen as a potential longer-term goal. Other options, like upgrading ACH or ATM/PIN debit systems, were deemed too limiting or fragmented to be realistic. (NACHA, the organization that manages the ACH network, has a stated goal of “same-day settlement of funds” and tends to deride faster payment methods.)

The Federal Reserve held a series of town hall meetings that concluded in June (Simple co-founder Shamir Karkal attended in San Francisco and wrote a post about it.) It looks like the next step is to “prepare and share a roadmap.” We’ve reached out to the Federal Reserve to ask about progress and will update the post when they respond. Upgrading current payment systems is definitely on the docket for the Federal Reserve, and it seems like the best way to achieve that is by starting from the ground up.

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)
 

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LeaseTeam Reorganizes Executive Management

LeaseTeam, a 25 year finance and leasing accounting software provider, has realigned its executive management with the announced
purpose “enable it to continue capitalizing on the success of ASPIRE by placing an even greater focus on its customer-centric approach to operational excellence and providing progressive solutions to the equipment finance industry,” said Russ Hallberg, Chairman and Chief Executive Officer.

“These changes strengthen our leadership team by aligning them with specific areas of focus. We’ve had tremendous success with ASPIRE; our complete end-to-end lease and loan management solution, and we’ve just begun to tap into its potential. The new alignment of our executive team will position us to best capitalize on the strategic and operational opportunities in the years ahead.”

Russ Hallberg, Co-Founder, was promoted to CEO/Chairman. Previously, he was President, May, 1989.  Prior to 1989, he was Senior Tax Manager with public account firm Seim, Johnson, Sestak & Quist. His began his career in the public accounting section in 1979. Education: University of Nebraska at Omaha, BSBA, Accounting  (1974 – 1979)
www.linkedin.com/pub/hallberg-russ/5/242/8b4

Randy Haug, Co-Founder. was promoted from Senior Vice-President, to Executive Vice-President and Vice-Chairman.  Prior to joining Lease
Team in 1989, he was Regional Director of Sales and Marketing for
Lease Solutions.  He began his career in leasing in 1985 and technology sales in 19789.  He is past president of the National Equipment Finance Association. Member of the Equipment Leasing and Finance Association (ELFA) Executive Board Member of the Eastern Association of Equipment Lessors (EAEL) Former Board Member of the United Association of Equipment Lessors (UAEL) Chairperson of The UAEL Communications Committee (UAEL) Member of the Canadian Finance and Leasing Association (CFLA) Board of Trustees member of the Equipment Leasing and Finance Foundation (ELFF).  Education: University of Nebraska at Omaha, BSBA, Accounting (1974-1979)
www.linkedin.com/pub/randy-haug/5/202/b10

Dan O’Malley was promoted to President/Chief Operating Officer.   He joined the firm as a Programmer in 2000, was promoted to Vice-President-Software Development, September, 2008. Prior to LeaseTeam, he was a Programmer, Cinmar (1999-2000). Education: Miami University BS, Management Information Systems (1996–1999).       
www.linkedin.com/in/danomaha

Jeff Van Slyke was promoted to EVP & Chief Business Development   He originally joined the firm June, 1994; then left to become Controller, Technology Credit Corporation (December, 1996–March, 2000); Director of Finance, Novellus Systems, Inc. (March, 2002–April, 2004). Rejoined LeaseTeam as Product Manager, April, 2004; Manager, April, 2004, then became Vice President, March, 2006. Education: University of Nebraska at Omaha, MBA (2006–2008). University of Nebraska-Lincoln, BA, Accounting (1989-1993).
www.linkedin.com/pub/jeff-van-slyke/1/2a2/501

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)

Monday, Oct. 6 NVLA Charity Golf Event
Rosyln Harbor, New York

The National Vehicle Leasing Association holds an annual golf event honoring colleagues and dear friends who were instrumental to the association and the vehicle leasing industry. All are invited to attend this event hosted by the NY/NJ/CT chapters of the NVLA. The event includes lunch, golf, cocktail reception, dinner and raffle. All proceeds from the raffle will be donated to the Winthrop University Hospital Cancer Center for Kids.

Show your support for the industry and a great cause, join us October 6th at the Engineers Country Club in Roslyn Harbor, New York. Unable to attend, your company can still have a presence through sponsorships that are available.

More Information Here:
http://www.nvla.org/pdf/2014_NVLA_Golf_Eventopt.pdf

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

November 5, 2014
Latin American Leasing &
Operation Forum
The Alta Group
Intercontinental Hotel Doral
Miami, Florida

Wednesday November 5th the Latin American Legal and Operations Forum will give participants access to the latest advances in the legal and operational practices in the industry. It will be an excellent opportunity to learn about the laws and regulations of leasing in different countries of the Americas.

The event will be simultaneously translated in English and Spanish.

Information:
http://www.thealtaconferencias.com/?task=view_event&event_id=9

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

November 7, 2014
XII Latin American Leasing Conference
The Alta Group
Intercontinental Hotel Doral
Miami, Florida

Thursday 6th to Friday 7th the XII Latin American Leasing Conference will be held.  This will provide participants insights regarding developments in the professional practice of the leading rental companies in the Americas.  The conference will also showcase best practices leasing companies and finance teams are now utilizing in strategic planning and implementation of funding strategies as well as risk and asset management.

The event will be simultaneously translated in English and Spanish.

Information:
http://www.thealtaconferencias.com/index.php/
component/eventbooking/

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Bill Gates ALS Ice Bucket Challenge

German Shepherd
Plattsmouth, Nebraska  Adopt-a-Dog

Sammy
Male
Young Adult
Compatibility: Good w/ Most Dogs, Good w/ Most Cats, Good w/ Kids and Adults
Personality: Average Energy, Submissive
Health:  Neutered, Vaccinations Current

 " Very nice indoor/outdoor german shephard. Likes to run loose as we have acreage but a large fenced yard may work. Very non-confrontational but most people won't get out of their cars unless they know him as he looks scary. Farm would be great. We are moving to a rented condo in Florida due to my husbands job and condo does not allow dogs. He sleeps in our room every night but we let him out during the day while we are at work and neighbors know him and deny any problems except he used to run along fenced pasture next door and horse runs with him, but no longer does this as our neighbor turned on electric fence and we believe he got zapped.

Contact:
Rochelle Dale 402-298-7469-home 402-990-3973

Nebraska Dog Rescue
RescueMe.Org

Adopt a Pet
http://www.adoptapet.com/

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Leasing Attorneys

Birmingham, Alabama The lawyers of Marks & Associates, P.C. have over 30 years experience in dealing with virtually every type of equipment financing and are recognized throughout the industry for prompt, practical solutions and exemplary service. They offer cost-conscious, effective lease enforcement and good counsel.  Email: Barry@leaselawyer.com Website: www.leaselawyers.com	California, National: city: Riverside  Ellen Stern - get results, reasonable pricing; numerous industry contacts, nearly 30 yrs exp.in SoCal, 20 yrs equip.: CFL license specialist, documentation, work-outs, litigated collections, recoveries; deal-maker.  Email: leaselaw@msn.com
Kenneth C. Greene California & Nevada Leasing and Financial consultant, active in several leasing associations, as well as involved in music and film productioncin LA.  Mention "Leasing News" for a free consultation. 818.575.9095 Skype: 424.235.1658 ken@kengreenelaw.com	Connecticut, Southern New England:  EVANS, FELDMAN & BOYER, LLC Collections, litigation, documentation, portfolio sales and financing, bankruptcy. We represent many of the national and local leasing companies doing business in this state. Past chairman EAEL legal committee. Competitive rates.  email: rcfeldman@snet.net
Los Angeles/Santa Monica Hemar & Associates, Attorneys at Law Specialists in legal assistance, including debt collection, equipment recovery, litigation for 35 years. Fluent in Spanish.  Tel: 310-829-1948  email: phemar@hemar.com
Los Angeles, Southern CA  Seasoned attorney representing secured creditors in auto finance and truck/equipment lease industry.  Bankruptcy and State Court litigation.   Vincent V. Frounjian (818) 990-0605or email: vvf@pacbell.net.	Encino, California: Statewide “ELFA”  Hemar, Rousso & Heald, LLP 30 yr excellent reputation Lessor representation commercial litigation, debt collection, and bankruptcy. Call Stephen E. Jenkins Esq (818) 501-3800
Los Angeles, Statewide: CA.     "ELFA" Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly cbasis. email:RGarwacki@prodigy.net	Los Angeles, Statewide: CA      "ELFA" Practice limited to collections, bankruptcy and problem accounts resolution. Decades of experience. 10-lawyer firm dedicated to serving you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email: rrcohn@aol.com
Los Angeles- Statewide, CA Lawyer specializing in banking and leasing issues statewide. Documents and litigation.  Tom McCurnin, Barton, Klugman & Oetting. Voice: (213) 617-6129  Cell:(213) 268-8291 Email:  tmccurnin@bkolaw.com	California & National Paul Bent – More than 35 years experience in all forms of equipment leasing, secured lending, and asset based transactions. Financial analysis, deal structuring, contract negotiations, documentation, private dispute resolution, expert witness services. (562) 426-1000. www.paulbentlaw.com
Illinois Trabaris, P.C.: Finance attorney with 24 years’ experience with transactional, documentation, secured financing and workouts/restructurings.  Kevin Trabaris.  Phone:  847-205-4377.  Email:kevin@trabaris.com Website: www.trabaris.com.   Blog: www.trabaris.com/info/blog/	Law Firm - Service, Dallas, TX. "ELFA" Mayer regularly practices in leasing, secured financing, project development and finance and corporate finance.  email: dmayer@pattonboggs.com Website: www.pattonboggs.com
Massachusetts (collection/litigation coast to coast)  Modern Law Group focuses its practice on collections, lease enforcement and asset recovery. For the past five years, our attorneys have helped clients recover millions of dollars. We are able to cover your needs coast to coast. Email phone 617-855-9085www.modernlawgroup.com	Michael J. Witt, experienced bank, finance, and leasing attorney, also conducts Portfolio Audits. Previously he was Managing Counsel, Wells Fargo & Co. (May, 2003 – September, 2008); Senior Vice President & General Counsel, Advanta Business Services (May, 1988 – June, 1997) Tel: (515) 223-2352 Cell: (515) 868-1067 E-mail: witt-legal@outlook.com  Web: www.witt-legal.com
National:  The OMEGA Network Group-nationwide legal representation of small and mid ticket equipment lessors-flat fee bankruptcy & replevin, contingent collection,  billable litigation (704-969-3280) tong_92@yahoo.com	National: Coston & Rademacher: Business attorneys serving the lease-finance industry since 1980. Transactional, documentation, corporate/finance, workouts, litigation, bankruptcy, portfolio management. Chicago-based national practice. Jim Coston, CLP (Members: ELFA, NEFA).  email: Jcoston@costonlaw.com Website:www.costonlaw.com
St. Louis County , MO. - statewide:  Schultz & Associates LLP., collections, negotiation, and litigation. Also register and pursue recovery on foreign judgments. Contingency and reasonable hourly rates.  Ronald J. Eisenberg, Esq. (636) 537-4645 x108  reisenberg@sl-lawyers.com www.sl-lawyers.com	NJ,De,Pa: Specializing in leased equipment/secured transactions. Collections, replevins/workouts reasonable rates. Sergio Scuteri/Capehart & Scratchard, PAsscuteri@capehart.com / www.capehart.com
New York and New Jersey Peretore & Peretore, P.C. documentation, portfolio purchase & sale, replevin, workouts, litigation, collection, bankruptcy.  Aggressive. Over 25 years experience.www.peretore.com	Thousand Oaks, California:  Statewide coverage Spiwak & Iezza, LLP 20+ years experience,Representing Lessors banks in both State/ Federal Courts/ all aspects of commercial leasing litigation. Nick Iezza 805-777-1175 niezza@spiwakandiezza.com

News Briefs----

C&I Leasing to deepen investment in marine services, fleet management
http://businessdayonline.com/2014/08/ci-leasing-to-deepen-investment-in-marine-services-fleet-management/#.U--HVId0y7I

JPMorgan is betting $100 million on Detroit. Can it leverage a lot more?
http://www.washingtonpost.com/news/storyline/wp/2014/08/15/jpmorgan-is-betting-100-million-on-detroit-can-it-leverage-a-lot-more/

San Diego’s Taxi-Turned-Uber Drivers Get A New Lease On Life
http://www.kpbs.org/news/2014/aug/15/san-diegos-taxi-turned-uber-drivers-get-new-lease-/

Despite TV everywhere pushes, most Americans still prefer the TV set
http://www.rapidtvnews.com/2014081634931/despite-tv-everywhere-pushes-most-americans-still-prefer-the-tv-set.html

‘Meet the Press’ Pays Tribute to Ousted Moderator David Gregory
$4 million to be silent about leaving NBC
https://tv.yahoo.com/news/meet-press-pays-tribute-fired-moderator-david-gregory-154200054.html    

‘Ice Bucket Challenge’ Has Raised Millions for ALS Association
http://www.nytimes.com/2014/08/18/business/ice-bucket-challenge-has-raised-millions-for-als-association.html?ref=business

Collector, Atlanta, GA Experienced, calling 11-90 day delinquent customers, assisting Asset Re-marketer with delinquency reporting, weekly reporting to home office. Sales, Chicago, Atlanta Work out of main office and satellite. Heavy phone sales calling on both independent dealers and end users (cold/warm calling), marketing, weekly reporting to management. Outside territorial salespeople will also be considered. Contact: Michael Testa 312-881-3133 mtesta@secondcityleasing.com www.secondcityleasing.com Financing for Commercial Truck & Trailer, Exotic, High Line, Vintage & Classic Automobiles, Taxi, Livery & Paratransit

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--You May Have Missed It

Infographic: Everything You Need to Know about Millennial Consumer
http://www.adweek.com/news/technology/here-everything-you-need-know-about-millennial-consumer-159139

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SparkPeople--Live Healthier and Longer

Do's and Don'ts of Goal Setting
Key Pieces to the Puzzle
http://www.sparkpeople.com/resource/motivation_articles.asp?id=124

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Baseball Poem

A Baseball Game (Free verse)

 
The ump showed up early.
Sharply dressed
His pants, meticulously creased.
His gold watch glinting in the 4 o'clock
End of March southern California sun.
He held a sour look
It was his first line of defense.

The manager of the Astros
Was what you might call
An easy going type.
A long-time bachelor, and a slob to boot.
He always had a quick sly grin
Popped his gum unceasingly.
His face like an old first-baseman's glove;
Tanned brown with wear,
The stitching undone,
Staggeringly wrinkled from so much daily use.

He strolled over to home,
Tugging at the bottom of his extra-large shirt
Which barely covered the expanse of his girth,
Slapped the ump on the back
and announced that the teams
were a little behind getting the field ready
and could we start the game at a quarter past?

The ump looked at his watch without saying a word
Held up his right hand for a moment,
Then brought it down like an ax,
"Play Ball!" he shouted

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Sports Briefs----

Jeff Gordon prevails in NASCAR race at Michigan
http://www.latimes.com/sports/la-sp-nascar-michigan-race-20140818-story.html

Colts find a way to lose unplanned doubleheader
http://sports.yahoo.com/news/colts-way-lose-unplanned-doubleheader-224644152--nfl.html

49ers blanked in Levi's Stadium debut
http://www.mercurynews.com/49ers/ci_26354508/49ers-blanked-levis-stadium-debut

Killion to Levi's Stadium - 1 hour, 18 minutes driving from Mill Valley
http://www.sfgate.com/news/article/Killion-to-Levi-s-Stadium-1-hour-18-minutes-5694392.php

Preseason Wind-Down? Not for a Giants Offense That Needs a Lot of Work
http://www.nytimes.com/2014/08/18/sports/football/preseason-wind-down-not-for-a-giants-offense-that-needs-a-lot-of-work.html?ref=sports&_r=0

The Cavaliers have built quality depth around LeBron James
http://www.sbnation.com/nba/2014/8/17/6026943/cleveland-cavaliers-depth-lebron-james-shawn-marion

Chip Kelly open to trade offers for Mark Sanchez
http://www.csnphilly.com/football-philadelphia-eagles/chip-kelly-open-trade-offers-mark-sanchez?p=ya5nbcs&ocid=yahoo

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California Nuts Briefs---

Pepsi throws party after defeat of Soda labeling bill
http://www.sacbee.com/2014/08/17/6633523/big-business-wins-capitol-food.html

California may waive environmental laws for Tesla
http://www.upi.com/Business_News/2014/08/12/California-may-waive-environmental-laws-for-Tesla/7811407872136/?spt=sec&or=bn

California Drought: Bay Area loses billions of gallons to leaky pipes
http://www.contracostatimes.com/news/ci_26350963/california-drought-bay-area-loses-billions-gallons-leaky

Lake Tahoe-area property sells for $1.6 million – all in bitcoins
http://www.sacbee.com/2014/08/15/6632401/lake-tahoe-area-property-sells.html

Q&A: John Williams, president of the Federal Reserve in San Francisco
http://www.mercurynews.com/business/ci_26344198/conversation-john-williams-president-federal-reserve-bank-san

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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

Business booms for custom crush wineries in Sonoma County
http://www.pressdemocrat.com/business/2525345-181/business-booms-for-custom-crush

Wine drone put to work in US
http://www.thedrinksbusiness.com/2014/08/wine-drone-put-to-work-in-us/

Business booms for custom crush wineries in Sonoma County
http://www.pressdemocrat.com/business/2525345-181/business-booms-for-custom-crush

Napa News Cheat Sheet
http://www.modernluxury.com/san-francisco/story/napa-news-cheat-sheet

Free Mobile Wine Program
http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

US/International Wine Events
http://www.localwineevents.com/

Winery Atlas
http://www.carterhouse.com/atlas/\

Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm