November, 2015 -The List
—History of Leasing from 1998

Capital One Commercial Leasing, McLean, Virginia (11/15)
Confirmed—Capital One Equipment Finance Corp. Exiting the Marketplace – and Why
http://leasingnews.org/archives/Nov2015/11_30.htm#confirmed

On Deck, New York, New York (11/15) OnDeck Generates $11 Billion in Economic Impact and 74,000 Jobs Nationwide
http://leasingnews.org/archives/Nov2015/11_18.htm#ondeck

Northern Leasing Systems, New York City (11/15) Attorney Finds 33,000 Northern Leasing Lawsuits Legal Experts Say the Business are Victims of a scam
http://www.nbcconnecticut.com/troubleshooters/Small-Businesses-Suffer-Financial-Ruin-From-Credit-Card-Equipment-341322682.html

Marlin Leasing, Mount Laurel, NJ (11/15) Marlin Cites Third Quarter Net and Originations   Announces Thrust into Commercial Truck and Specialty Vehicles
http://leasingnews.org/archives/Nov2015/11_04.htm#marlin    

First American Equipment Finance, Fairport, NY (11/15) RBC Completes Acquisition of City National, Parent of First American Equipment Finance
http://leasingnews.org/archives/Nov2015/11_04.htm#rbc

Ascentium Capital, Kingwood, Texas (11/15) Ascentium Capital Announces $281 Million Securitization, Fourth Securitization
http://leasingnews.org/archives/Nov2015/11_04.htm#fourth

Chronological List
http://www.leasingnews.org/list_chron_new.htm

History - Alphabetical by Company
http://www.leasingnews.org/list_alpha_new.htm

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(Terry retired January 1, 2015. For the last year, to honor him and his many years of writing for readers of Leasing News, his columns that are still meaningful have been reprinted. Many of his previous columns
are still current today. Here is March 7, 2011.)

Obtaining Vendor Business

One of the main sources of business for leasing business is from a vendor or manufacturer of equipment. The recent trend has been more to emphasize seeking such business rather than calling on directly on prospects in person, by internet, mail, telephone, or even soliciting business supplied by independent leasing brokers.

By utilizing a vendor, it accomplishes two major things: acceptance of your involvement, and perhaps as important, contacting the customer at the time they are obtaining equipment instead of calling on the end users and hoping they are in the market for lease financing. However, a long term relationship with a vendor or manufacturer requires a lot of hard work. Established vendors with multiple offices and long time being established are the most difficult to obtain. Even the smaller vendors, new to the field, want a lot, even ask for referral fees and expect the leasing expert to jump through a lot of hoops and take a lot of risks, plus get every deal approved. New salesmen sometimes go overboard and accept week credits to worm into a new vendor. This rarely works and becomes a “lose-lose” proposition. The oldest first words are often, “If you can do this deal, I’ll give you all my business.”

The best way to win a vendor is to bring them some leads, and if you have business from a current customer, be sure to deliver the check when the deal is funded. It will make you certainly welcome to speak to the sales manager or owner of the dealership.

If you have done some business with a vendor and want to establish a more permanent relationship, you might want to make it formal. It will then become more difficult for a new person delivering a check to steal from you.

Most lessors have some limitations from rates, territory, or credit requirements so it is wise to be up front about them so the vendor knows when to look elsewhere for funding. Problems arise and cool a vendor relationship when a lessor promises that he can do more that is possible and fails to perform. Most vendors understand that weak credits require a modification of the lease arrangements, but they get very angry when turndowns take a long time. It’s always best to be upfront.

In today’s world a fast turndown is almost as good as an approval. Slow turndowns are like starting a fire and watching it grow out of control. Many lessors know that a weak credit is going to require enhancements or vendor support so it may make sense to address the shortcomings before too much time, energy and money is spent looking for a miracle, especially in today’s marketplace.

It is so hard to find vendors in this market that we tend to go to extremes to try and make the vendor use our services. However, there is a reality and there are bad vendors just like there are bad customers so you need to check out the vendors you want to do business with and keep a sharp eye out for fraud. Make sure the vendor is in good graces with the manufacturer and his local bank. Make sure that the equipment is supported by the vendor and the manufacturer. Does it have a good reputation in the marketplace and check the guidebooks to see how much a two or three year old piece of their equipment is selling for to see how much its value falls off. The faster a piece of equipment is devalued has a lot to do with its quality. Leasing poor quality equipment is like trying to walk across quicksand. It will get you in the end.

It’s also a good idea to have knowledge about your vendor’s product so you not only can discuss promote it with your prospective lessee, but also promote its use and benefit to your credit manager.  All you really need to do well is have three to four good vendors sending you business and building up your repeat customer portfolio.

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

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Asset-Based Capital Conference Jan 26 -27
Commercial Finance Association

Jan 26 - Jan 27
Commercial Finance Association
Asset-Based Capital Conference 2016
Four Seasons Hotel
Las Vegas, Nevada

Agenda
http://community.cfa.com/abcc2016/agenda

Register
http://community.cfa.com/abcc2016/home

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Skip Tracers Held to be Collector for Purposes
of Fair Debt Collection Practices Act

By Tom McCurnin
Leasing News Legal Editor

Skip Tracers Have Traditionally Been Under the Radar.  Case Holds That Skip Tracer Which Indirectly Assists in the Collection of a Debt Are Collectors and Liable for Violations of the FDCPA

Shannon v Windsor Equity Group  2014 WL 977899 (S.D. Cal. 2014)

Skip tracers have been largely immune from the threats of lawsuits under the Fair Debt Collection Practices Act, due mainly to the fact that they act behind the scenes. However, in today’s case, the skip tracer, in an effort to locate a late model Cadillac Escalade, actually telephoned the individuals who were in possession of the vehicle, making repeated and annoying calls to the individuals at their employment, even when asked to stop. The court held that the skip tracer, when he or she actually communicates with the debtor, has become an indirect collector of the account and is liable for violations of the FDCPA. The facts follow.

Ina Bragg financed a late model Cadillac and ultimately loaned it to Shaun Shannon. Windsor Equity Group was is a “loan servicing company” based in Dallas, Texas and provides auxiliary services to lenders such as skip tracing, repossession, and remarketing services. One of Windsor’s agents, Patrick Cannon, in an effort to locate and repossess the vehicle, contacted both Bragg and Shannon. Cannon allegedly made a series of phone calls to Shannon’s employment and was told that he could not take personal phone calls.  Cannon also allegedly contacted Shannon’s co-workers. Mr. Cannon then responded by yelling, and using profanities and threats that he would “make sure” that Mr. Shannon would get fired, arrested, and sued. Pretty over the top.

Shannon sued Windsor for violations of the Fair Debt Collections Practices Act (FDCPA) and Windsor argued in a motion for summary judgment, that it was not a debt collector, and was merely a skip tracer. Shannon argued that the abusive calls made Windsor a debt collector, whether or not Windsor’s agent demanded money from Shannon. 

The Court held that although guidance regarding this issue is sparse, if an entity has engaged in indirect debt collection activities, it may be considered a collector. Indirect debt collection ranges from litigating and filing warrants on behalf of creditors to simply retrieving phone numbers for creditors and debt-collection agencies. The Court held that taking an active role such as repeated phone calls to the borrower or the person to whom the car was loaned makes the skip tracer a collector for purposes of the FDCPA. 

Therefore the Court denied Windsor’s motion for summary judgment.  The borrower won, and the skip tracer lost. The case will now proceed to trial.

What are the lessons here?

First, for those readers engaged in equipment recovery or skip tracing, placing calls to the borrower will inject you into the Fair Debt Collection Practices Act, if the obligation is a consumer debt. 

Second, I was a little surprised at the alleged conduct of the skip tracer. I realize these guys are hired to be aggressive, and the job is frustrating.  That is no excuse for not acting professionally. Hopefully, there is another side to this story, and the calls were recorded and the skip tracer didn’t say any of that stuff.

The bottom line is that equipment lessors must realize that they can be drawn into the FDCPA through their vendors. 

Shannon v Windsor Equity Group Inc.
http://www.leasingnews.org/PDF/ShannonvWindsor2015.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

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

Credit/Collections #102 by Ben Carlile

Annual Employee Reviews are Toast!

Yes, you heard that right! There is a slow-growing movement to eliminate the annual employee performance review in the workplace. Here is a partial list of companies that have recently made structural changes to their review processes:

Why
Why did these entities change their review procedures? For these organizations, the once-per-year meetings no longer address the real-time challenges they face in their businesses. The nature of work is changing and the pace of business is accelerating. These days, workplace assignments often change throughout the year as more companies accomplish their goals through a series of projects and ever-changing teams. The old command-and-control hierarchies have given way to more flexible and collaborative matrix-style organizations where employees have multiple reporting lines and cross-functional responsibilities.

In many workplaces, the annual review is a charade-like process that still involves tedious, time-consuming paperwork, limiting and uninspiring software, irrelevant evaluation criteria, and simplistic quota-driven employee rankings. This annual or semi-annual routine is often dreaded by both rater and ratee. Managers hate doing such formal catch-up reviews−especially during a busy year-end period−and many employees experience substantial trepidation, loss of morale and disengagement−hardly the best recipe for inspiring high-level creativity and breakthrough performance.

Research shows that annual reviews are far from objective as their content often has more to do with the rater than the ratee. One such study was conducted by Maynard for the Journal of Applied Psychology in 2000. Their inquiry−which examined the ratings of 4,492 managers−showed that up to 62% of the variance in ratings was due to the individual raters’ personal incentives, recent memories and unconscious biases … and only 25% was due to actual differences in ratee performance. The management research firm, CEB, found that two-thirds of employees who receive the highest scores are not actually the organization’s highest performers. According to Brian Kropp, an HR practice leader at CEB, “Employees that do best in legacy performance management systems tend to be the employees that are the most narcissistic and self-promoting” not necessarily the highest performing employees in their roles.

And the costs add up. Deloitte was spending 2 million hours per year on employee evaluations. CEB estimates that an average manager spends up to 200 hours per year on performance review activities−almost $3,500 per employee. Thus, the annual review process can be costly in terms of misspent management time, loss of employee productivity and the opportunity cost of not retaining and promoting the best performers. Annual reviews have simply not produced a good return on investment for many firms. So many companies are asking, “How do we get the most value out of the time and money we’re spending on employee management?”.

A Better Way
Companies are answering that question by experimenting with various techniques. Some see their review process as basically sound so they are making small changes and training their managers to execute more effectively. Others, such as Deloitte, have replaced the annual review with a brief exercise in which managers respond to four succinct statements at the conclusion of every project. These are future-focused assertions such as "Given what I know of this person’s performance, I would always want him or her on my team". On a five-point scale, managers rate how much they agree with each statement.

Alternatively, Adobe’s new practice involves the manager and employee sitting on the same side of the table, setting mutual expectations together. Feedback flows in both directions. Regular informal check-ins happen throughout the year.

It is unlikely that there is a “one size that fits all” solution that works well for all entities and for all departments within each entity. Company culture, operations, and goals play a large role in determining what an organization will do. That said, there are some common themes that have appealed to many firms that are looking for a better way:

1. Create a workplace culture that values feedback and encourages clear communication. In your organization, are you consistently encouraged to be respectfully candid about performance issues, whether speaking upward, downward, or sideways? Are processes transparent and expectations clear? These attributes allow groups to be nimble and effective in meeting changing demands. And many Millennials see these values as essential for them to be engaged and do their best work.
   
2. Provide frequent and timely feedback. Research shows that frequency and consistency are crucial. Connection, then direction. This helps employees understand their goals, feel valued and appreciate being part of the team. Managers get a better idea of employees’ capabilities and how they can help employees do their best. Problems and opportunities are identified on a real-time basis, allowing for quicker course changes and better results.
   
3. Make it more positive than negative. Make it more forward-looking than backward-looking. Be less judgmental. Coach more than criticize. Develop employee strengths instead of focusing on weaknesses. Motivate and incent team collaboration rather than positioning employees against each other.
   
4. Use technology and data appropriately. Future performance will be measured with massive amounts of data and specialized algorithms. While those may provide opportunities for more timely and objective evaluations, they are not substitutes for the influence of a great organization culture and the power of a talented and wise leader to inspire high performance in employees and teams.

Ben Carlile
bencarlile9@gmail.com
www.linkedin.com/in/bencarlile
415.209.3271

Credit and Collections 102 Previous Articles
http://www.leasingnews.org/Conscious-Top%20Stories/credit_collections102.htm

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Best Movies of 2015

As the year winds down and movie lovers eagerly look forward to more discoveries in 2016, let us take a moment to look back at ten exceptional 2015 releases. Check Netflix for their availability.

About Elly: Made before his Oscar-winning "A Separation" but only released this year, Iranian director Asghar Farhadi's multilayered ensemble drama charts the personal intrigues of three vacationing couples. Ranging from seasoned to newly married, the characters go on a picnic that goes from breezy to urgent over the course of a couple of days. With an eye for telling human interaction and mounting intensity, Farhadi crafts a dense, incisive character study that's also a gripping tale of suspense.

The Assassin: Taiwanese master Hou Hsiao-hsien returns to the screen for the first time in nearly a decade with this visually intoxicating martial-arts drama. Set in China during the 9th-century Tang Dynasty, the story follows the winding journey of a deadly young assassin whose latest mission assigns her with eliminating out her own cousin. Though the flashes of swordplay suggest “Crouching Tiger, Hidden Dragon,” the meditative Hou is less interested in action and intrigue than in moments of intricate, exquisite beauty.

Blackhat: A specialist in bringing bold, stylistic imagination to action movies, Michael Mann enters the cyber age in this terrific global thriller. As its plot bounces around the world following a young computer mastermind (Chris Hemsworth) working with the FBI to track down a mysterious, deadly hacker, the film combines startling visual confrontations with flashes of surprising delicacy, mingling slickness and poignancy the way only Mann can. One of the year's most purely thrilling releases.

Bridge of Spies: Continuing his engrossing look at America's past, Steven Spielberg shifts his focus to the Cold War in this beautifully crafted, fact-based drama. Tom Hanks stars as a New York lawyer recruited by the CIA as a negotiator in political negotiations involving a captured Russian spy (Mark Rylance). Working from a script co-written by the Coen Brothers, Spielberg weaves a consistently absorbing account of human lives tangled in a volatile international scene much like our own today.

The Duke of Burgundy: Peter Strickland examines an unusual relationship in this provocative, stylish drama. Unfolding mostly in a sumptuous country home, the film traces the ups and downs in the intense bond between a haughty lecturer with an interest in insects and her seemingly shy housekeeper. Slowly and tantalizingly, the boundary-pushing games and rituals they play are revealed, hinting at the fierce pull between the characters. With frankness, delicacy, and healthy doses of dry humor, Strickland paints on a mesmerizing canvas of desire.

Hard to Be a God: The final film completed by the late director Aleksei German, this one-of-a-kind Russian sci-fi epic is the final film takes viewers to a faraway planet that resembles a harsh medieval land. Chronicling the misadventures of a batch of scientists from Earth conducting a study, the story burrows deeper and deeper into a mesmerizingly bizarre world. The result is an unforgettably visceral universe mixing past and future in a vision worthy of Russian sci-fi classics like "Solaris" or "Stalker."

The Hateful Eight: Quentin Tarantino gathers many of his favorite actors and sharpens his trademark provocative dialogue for this viciously entertaining blend of Western and whodunit. When a group of bilious strangers (played to the hilt by the likes of Samuel L. Jackson, Kurt Russell and Jennifer Jason Leigh) are stranded in a snow-bound chalet in the Old West, all bets are off on who will be left standing at the end. Brutal as it often is, this is a masterfully assembled genre piece that doubles as an acidic American broken mirror.

Jafar Panahi's Taxi: Being officially forbidden from making movies by the government hasn't kept Jafar Panahi from being one of Iran's most vital directors, as evidenced in this reflexive mix of documentary and drama that takes place entirely inside a taxi. As Panahi himself occupies the driver's seat and rides around Tehran, he comes into contact with a wide array of residents. Expanding the claustrophobic setting with insight and humor, he uses his camera as a gesture of defiance in a mosaic of outrage, revelation and, ultimately, hope.

Jauja: Taking place in the Argentine pampas in the 19th-century, Lisandro Alonso’s mesmerizing mood piece gives Viggo Mortensen a wonderfully offbeat role. Playing a Danish engineer in a military camp who must venture into the wilderness and track down his missing daughter, Mortensen falls into a metaphysical whirlpool in which the lines between civilized mores and mysterious landscapes become increasingly blurred. A tantalizing enigma for cinephiles to lose themselves into.

Mad Max: Fury Road: Movie buffs complaining about disappointing action fare should check out George Miller's return to the relentlessly exciting post-apocalyptic future that first made him famous. In a futuristic wasteland ruled by violence, a loner known as Max (Tom Hardy) takes up with a gang of rebels led by the fierce Imperator Furiosa (Charlize Theron) against vicious marauders. A blistering master-class in pure action that makes most other blockbusters look downright anemic.

Siberian Husky
Moreno Valley, Riverside County, California  Adopt-a-Dog

Tyden
ID#A449249

"My name is TYDEN and I am a neutered male, white and gray Siberian Husky.

"The shelter thinks I am about 1 year and 4 months old.

"I have been at the shelter since Dec 03, 2015 and I am available for adoption now!"

For more information about this animal, call:
Moreno Valley Animal Shelter at (951) 413-3790
Ask for information about animal ID number A449249

Moreno Valley Animal Shelter
14041 Ellsworth Street
Moreno Valley, CA 92553
Phone Number: (951) 413-3790
Fax Number: (951) 413-3769
Email address: animalshelter@moval.org

Hours:
Tuesday-Friday 9:30am -6:00pm
Saturday 10:00am - 4:00pm
Closed: Sunday/Monday

http://www.moreno-valley.ca.us/resident_services/animal/index_animal.shtml

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

News Briefs---

‘Total devastation’: Texas storms leave 11 dead, hundreds without homes
http://thescoopblog.dallasnews.com/2015/12/seven-confirmed-dead-in-storms-in-garland-and-copeville-50000-without-power-across-north-texas.html/

Owners of failed Premier Bank found guilty of fraud
   Defrauded Another Local Bank to Obtain $8.1 Million Loan
http://www.chicagobusiness.com/article/20151222/NEWS01/151229946/
owners-of-failed-premier-bank-found-guilty-of-fraud

After Subprime Collapse, Nonbank Lenders Again, Dominate Riskier Mortgages and Not Regulated
http://www.latimes.com/business/la-fi-nonbank-lenders-20151130-story.html

First Hawaiian Bank May Go Public with Stock Offering
  $19 billion assets. 57 branches Hawaii, 3 Guam, 2 Saipan
http://www.staradvertiser.com/business/business-breaking/first-hawaiian-bank-may-go-public-with-stock-offering/

Banker of the Year: BB&T's Kelly King
   American Banker Magazine
http://www.americanbanker.com/news/national-regional/banker-of-the-year-bbts-kelly-king-1078395-1.html

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--You May Have Missed It

The 10 biggest US bank failures of all time
http://www.bankrate.com/finance/savings/10-biggest-bank-failures-so-far-1.aspx

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SparkPeople--Live Healthier and Longer

Is It a Cold or the Flu?
Cold and Flu Prevention, Treatment and Symptoms
http://www.sparkpeople.com/resource/wellness_articles.asp?id=959

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Silver Lining to the Clouds of Doubt
When things go wrong, as they sometimes will,
When the road you're trudging seems all up hill,
When the funds are low and the debts are high,
And you want to smile but you have to sigh,
When care is pressing you down a bit,
Rest if you must, but don't you quit.

Life is queer with its twists and turns
As every one of us sometimes learns,
And many a failure turns about
When he might have won had he stuck it out;
Don't give up though the pace seems slow-
You might succeed with one last blow.

Often the goal is nearer than
It seems to be to a faltering man.
Often the struggler has given up,
When he might have captured the victor's cup.
And he learned too late, when night slipped down,
How close he was to the golden crown.

Success is failure turned inside out.
The silver lining to the clouds of doubt-
And you never can tell how close you are,
It may appear when it seems afar;
So stick to the fight when you're hardest hit-
It's when things seem worst that you mustn't quit!

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Sports Briefs----

49ers mistakes costly in 32-17 loss at Detroit
http://www.pressdemocrat.com/sports/4982591-181/49ers-mistakes-costly-in-32-17?artslide=0

Patriots made a huge mistake to start OT
http://www.bostonglobe.com/sports/2015/12/28/patriots-made-huge-mistake-start/Jkd8xHm0uAoP1tQ3OUvvnK/story.html

Streaks fall in Steelers' embarrassing loss to Ravens in Week 16
http://steelerswire.usatoday.com/2015/12/27/final-score-steelers-blow-it-against-baltimore-lose-20-17/

Chip Kelly: Eagles' failures 100 percent on me
http://www.theredzone.org/BlogDescription/tabid/61/EntryId/53852/Chip-Kelly--Eagles--failures-100-percent-on-me/Default.aspx

All NFL Scores
http://www.usatoday.com/sports/nfl/scores/

Panthers’ Run of Perfection Ends Against the Falcons
http://www.nytimes.com/2015/12/28/sports/football/panthers-run-of-perfection-ends-against-the-falcons.html?_r=0

Washington Redskins QB Kirk Cousins' time has arrived
http://espn.go.com/nfl/story/_/id/14441905/washington-redskins-qb-kirk-cousins-arrived-nfl

Nebraska beats UCLA 37-29 to win the Foster Farms Bowl
http://photos.mercurynews.com/2015/12/26/nebraska-beats-ucla-37-29-to-win-the-foster-farms-bowl/#1

Grand Prix organizers will pay for all race costs, clearing path for IndyCar
http://www.boston.com/news/2015/12/18/grand-prix-organizers-will-pay-for-all-race-costs-clearing-path-for-indycar/SrAGaba5FRHypuAeo84AFK/story.html?p1=takeover

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California Nuts Briefs---

New California laws 2016:
  What to expect in the new year
http://www.sacbee.com/news/politics-government/capitol-alert/article51702105.html

Things You'll Never See in San Francisco
http://www.sfgate.com/bayarea/article/Things-you-ll-never-see-again-in-San-Francisco-6443424.php

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“Gimme that Wine”

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

Wine Spectator Top 100 Wines
http://2015.top100.winespectator.com/lists/

Northwest wines strong in Wine Enthusiast top lists
http://www.greatnorthwestwine.com/2015/12/19/northwest-wines-strong-in-wine-enthusiast-top-lists/

Historic New Jersey winery works to stay open
http://articles.philly.com/2015-12-21/news/69189279_1_golf-course-renault-winery-property

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/

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