| 
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Looking for Sales Associate with a following. Your area of expertise should be with any titled rolling stock; New or Used Ambulances, Trucks, Street Sweepers,Tow Trucks, Buses, any commercial vehicle. National Scope. Hi Commission with benefits. Curt Webster, CVLE 516 922-7447 We are an independent automobile, truck, and commercial equipment leasing company with over 36 years serving the best customers in the United States. |
Monday, January 26, 2009
| Actress, Dancer, Comedienne, TV Host Ellen Lee DeGeneres born January 26, 1958 Metairne, Louisiana. Began as a stand-up comic; 109 episodes 1994-1998 sitcom "Ellen," 18 episodes 2001-2002 "The Ellen Show." September 2003, launched a daytime television talk show, "The Ellen DeGeneres Show," winning 25 Emmy Awards in its first three seasons on the air. In November 2004, DeGeneres appeared, dancing, in an ad campaign for American Express. Who also can forget her voice in "Finding Nemo?". In 2007, Forbes ranked DeGeneres' net worth to be US$65 million. http://www.imdb.com/name/nm0001122/ http://www.youtube.com/watch?v=h5LR-IZbbc0&feature=related http://ellen.warnerbros.com/ |
Headlines---
Classified ads—Senior Management
GE “new slogan” contest
Doug Houlahan leaves Allegiant Partners
If you can only choose one leasing conference,
which one?
Classified Ads---Help Wanted
Hurray for Key Equipment Finance!!!
TCF Financial Corporation
Bank Beat--What's Happening across America
Leasing News Top Stories---January 19-23
Advertise on Leasing News to get results---
Leasing Industry Recruiters
Leasing 102 by Mr. Terry Winders, CLP
Purpose of the Acceptance Form
Classified Ads---Accounting/Aircraft/Appraisals
Enterprise Funding Group Gets More Money
Lawsuits could push Bank of America CEO out
Economic Crisis Fuels Unrest in E. Europe
Freddie Mac to ask government for billions more
News Briefs---
You May have Missed---
Top Stories---
California Nuts Brief---
"Gimme that Wine"
Today's Top Event in History
This Day in American History
SuDoku
Daily Puzzle
GasBuddy
Weather, USA or specific area
Traffic Live----
######## surrounding the article denotes it is a “press release”
 |
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Classified ads—Senior Management
| Atlanta, GA Strong sales and leadership skills; demonstrated with sales training and sales performance. Lead team in both regional and national operations and developed marking programs. Email: mll1946@comcast.net |
Europe |
| Philadelphia, PA 27 yrs. exp. sales, ops., credit, strategy, P&L mngmet. Most recently created & executed the biz plans for 2 highly successful Bank-owned small ticket leasing subsidiaries. email: mccarthy2020@comcast.net |
Salt Lake City, UT |
| Seattle,WA--Pacific Northwest Results oriented CLP with 27 year background in all phases of Portfolio Management and underwriting. Contact for resume and references. dcjohnr@comcast.net |
For a full listing of all “job wanted” ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm
To place a free “job wanted” Leasing News ad:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm
ELFA Career Center: Job Seekers (free):
http://careers.elfaonline.org/search.cfm
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GE “new slogan” contest
Please send your idea for a new GE slogan. You won’t get a light bulb, hopefully you will like better a bottle of Duckhorn Napa Valley Merlot, 2000, Wine Spectator 90 rating (Best from 2004 through 2010.) Send GE new slogan suggestions to kitmenkin@leasingnews.org
(photo is 2005 merlot, but actual bottle 2000) .
At one time, the top three commercial lease/finance companies were GE, AIG International, CIT Group. Take out the aircraft portfolio from the first two, and they even fall further. Key, US Bancorp and Wells Fargo are the leaders moving up!
Analysts were unhappy that GE showed only a profit of $3.72 billion for its last quarter on Friday. Former CEO Jack Welch even turned over in his grave, and he's not even dead yet! Yes, it was a 44% plunge from its $6.7 billion in net earnings from the same period last year. Earnings per share fell for the same period by 47%, with revenue slipping close to 5%--$46.21 billion. A few years ago no one would have believed that CIT, GE, General Motors, to name just a few, would be so hard hit.
The stock market reacted, as it has all year. The previous close was $13.48 and Friday it was $12.03. The high for the year as you can see on this chart was $38.52.
Not surprising to those in the finance and leasing industry, GE capital posted the biggest decline; profits fell 67%, especially hard as it was only a 17% drop in revenue. Last year at this time GE Capital as a group accounted for approximately 40% of GE's Q4 2007 profits.
(GE photo from Immelt biography)
"We're planning for a really tough environment," Chief Executive Jeff Immelt told analysts on a conference call. "The recession is tough, the financial services crisis is worse."
Leasing News reported last November that the company was in the process of reorganizing, selling off parts of the GE Capital, which it had created in July when the idea was to merge the commercial and consumer finance side. Even CIT and others said at the time the market they were seeking was in Europe, Asia and the Americas. Readers told us otherwise, including changes in the termination procedure as well as lowering what an employee would receive.
Leasing News has been reporting that there are from 7,000 to 11,000 employees to be let go globally from the 75,000 in this group, as reported by other sources. In reality, it may be higher and go up to 25% from this division. It appears GE does not expect this group to contribute as it has in the past to its bottom line, and not only has been selling off divisions, but letting people and real estate go.
It appears GE is going to de-emphasize its “finance” division, in almost all areas except for perhaps it own equipment and concentrate on power-plant turbines, jet engines, locomotives and medical imaging equipment, as it is the world’s largest manufacture of this equipment.
Last quarter GE announced a $3 billion order for power-plant turbines and services from Iraq. It obvious does not see the financial market turning around for perhaps two to even four years.
GE also owns NBC Universal that analysts have wanted the company to sell for almost two years, but GE seems to enjoy the publicity and attention from this media sector than also cutting its costs here.
The “capital” group units include real estate, reportedly the world’s biggest aircraft lessor, middle-market and bankruptcy lending as well as private-label credit cards for JC Penny, the Gap, among many others.
In October, GE raised $15 billion in a stock sale, moving $5.5 billion to increase its capital leverage. While now a federal bank with abilities for TARP, GE chose instead to borrow $3 billion from Warren Buffet
at a 10% yield to the billionaire..
Full GE Press Release:
http://www.businesswire.com/portal/site/ge/index.jsp?ndmViewId=news_view&ndmConfig
Id=1004554&newsId=20090123005282&newsLang=en&vnsId=681
 |
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Doug Houlahan leaves Allegiant Partners
October 22, 2003
(Photograph by Kit Menkin at UAEL Reg. Meeting)
"As of Friday Jan. 23rd I am no longer at Allegiant Partners.
Please submit all transactions to deals@allegiant-partners.com"
Douglas D. Houlahan, CLP, Director, Sales and Marketing, San Rafael, California
"Mr. Houlahan joined Allegiant Partners from Wells Fargo Bank in 2002. Doug brings a unique blend of industry experiences and entrepreneurship to the Allegiant team. He has been instrumental in expanding our nationwide network of leasing brokers and developing programs to help Allegiant Partners better serve these valuable relationships. Mr. Houlahan earned his M.B.A at San Francisco State University and holds a B.A. in Finance from Iowa State University."
http://www.allegiant-partners.com/teamcontact.html
Allegiant sent a memo to all the clients the company services:
"Allegiant remains strong – our fundings were up 20% in 2008 over 2007. We remain strongly committed to the broker market.
"a) Allegiant will send out letters to brokers in the next two weeks informing you about the specific changes to our submission and credit process.
“b) Allegiant will continue to do business with brokers who meet minimum efficiency standards. Brokers who do not meet the efficiency standards will not be allow to submit transactions to Allegiant for the foreseeable future.
"c) Allegiant will be available to verbally pre-screen transactions on a daily basis between 8:30 and 10:30 pacific standard time. Please call Scott at 415-257-4200 x 207 for transaction screening. In general we are moving away from screening and will have specific transaction criteria posted on our Website next week.
"d) Effective immediately, Doug Houlahan is no longer with Allegiant Partners. We truly wish Doug the best of luck – he has been our partner for many years and is a tremendous talent. We will miss working with him. Allegiant, like most other finance companies, has been cutting costs over the past year and must make changes in order to remain competitive in the marketplace.
"e) For questions regarding Allegiant Partners you can call Chris Enbom, CEO, at 415-451-4041."
The company also announced that Doug Houlahan has left the building.
doug@houlahanonline.com
cell - 415-640-3741
 |
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If you can only choose one leasing conference, which one?
by Christopher Menkin
The first six months of this year will be critical to staying in business, and if you are a broker, captive lessor, discounter, lessor, or funder, which one should you attend?
First, if you have the funds and time, you should attend as many of the leasing association conferences as you can afford. If you are a niche player than the Association of Government Financing and Leasing as well as the National Vehicle Leasing Association are a must for networking, as well as gaining or strengthening contacts.
If your budget and time can afford only one, there are two that are
a "must" to stay in business, and it depends on what you are seeking.
April 16-17
Equipment Leasing and Finance Association
National Funding Exhibition
Fairmont Hotel, Chicago, Illinois
www.elfaonline.org
This is the premier conference, always well attended, interview appointments available by on line always full right away (be early, don’t count on meeting someone afterwards. These are “top guns.” They will be very busy with current clients in the evening.
The ELFA Funding Exhibition is primarily for the larger lessor, funder looking to buy or sell portfolios, to create new lines of credit, and the major large ticket to perhaps high middle-ticket professional broker,
or captive lessor on want to be one. Many do not attend the other conferences, only ELFA, and the main Fall Conference will be busy. Most who attend are ELFA members, and non-members are few at the Funding Exhibition.
If you are in the category above, you should join or renew your ELFA membership for all the benefits. This conference draws the top banks and credit grantors, many who do not attend any of the other association meetings and conferences. As important, you have the top officers in attendance. This is very serious business.
If you are in the categories mentioned above this is a MUST, especially this year.
April 30-May 2, 2009
NAELB Annual Conference
Red Rock Casino, Resort and Spa
Las Vegas, NV
www.NAELB.org
If you are a small broker or discount firm, especially new on your own, a small to medium sized lessor, someone trying to grow your company, meet colleagues who will help you and not just part of the “good old boy’s club, “this is a MUST. Also the best bang for the buck" you will see all year long from any leasing association. Make the time to attend.
If you are a company that wants to do business with this category, you should be a sponsor, or at least, attending the conference. The education value is worth the time and money, the networking, meeting your peers with the truth, and making new friends of both of the aisles, this is definitely for you. In addition, you might even have a real good time in Las Vegas, but that is not the reason to go--- Go to stay in business in 2009.
Please visit the association web sites to learn more.
Here is a list of all the leasing association conferences that Leasing News has dates:
Leasing Association Conference 2009
April 4-7
National Equipment Finance Association
2009 Spring Education Conference
Hilton Inn
Orlando , Florida
www.nefassociation.com
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April 16-17
Equipment Leasing and Finance Association
National Funding Exhibition
Fairmont Hotel, Chicago, Illinois
www.elfaonline.org
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April 30-May 2, 2009
NAELB Annual Conference
Red Rock Casino, Resort and Spa
Las Vegas, NV
www.NAELB.org
September 24-27, 2009
National Equipment Finance Association
2009 Fall Conference and Exposition
Monterey , California
www.nefassociation.com
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October 18th-20th
Equipment Leasing and Finance Association
48th Annual Convention
Manchester Grand Hyatt
San Diego, CA
www.elfaonline.org
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November 9, 2009
National Equipment Finance Association
2009 Super Regional Conference
Newark, New Jersey
www.nefassociation.com
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To view Leasing Association Events-Meetings Open to All, please click here.
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Leasing Industry Help Wanted
|
Looking for Sales Associate with a following. Your area of expertise should be with any titled rolling stock; New or Used Ambulances, Trucks, Street Sweepers,Tow Trucks, Buses, any commercial vehicle. National Scope. Hi Commission with benefits. Curt Webster, CVLE 516 922-7447 We are an independent automobile, truck, and commercial equipment leasing company with over 36 years serving the best customers in the United States. |
sales
 |
Like selling vendor programs and large transactions? CLICK HERE to find out how to have fun again. |
Please see our Job Wanted section for possible new employees.
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Hurray for Key Equipment Finance!!!
The losses at Key Bank Corp appear to be from other components of the bank and not the leasing division. The leasing division appears up, although operating leases appear down, primarily due to changes in FASB and government rulings on such things as SILO transactions.
KeyCorp (NYSE: KEY) announced a fourth quarter loss from continuing operations of $524 million, or , compared to income from continuing operations of $22 million for the fourth quarter of 2007.
The quarterly loss was primarily attributable to a noncash accounting charge for goodwill impairment and continued building of loan loss reserves in light of the challenging economic environment, the bank said.
The statistics indicate the leasing division is doing very well in this economy, not down, but up.
National Banking
Percent change 4Q08 vs.
(dollars in millions)
Average balances from continuing operations
"Equipment Finance meets the equipment leasing needs of companies worldwide and provides equipment manufacturers, distributors and resellers with financing options for their clients. Lease financing
receivables and related revenues are assigned to other lines of business (primarily Institutional and CapitalMarkets, and Commercial Banking) if those businesses are principally responsible for maintaining the relationship with the client."
Key’s allowance for loan losses was $1.803 billion, or 2.36% of loans outstanding, at December31, 2008, compared to $1.554 billion, or 2.03%, at September 30, 2008, and $1.200 billion, or 1.69%, at December 31, 2007, thus the announced loss for the last quarter.
During the fourth quarter, Key bolstered its capital position by $2.5 billion through participation in the U.S. Treasury's Capital Purchase Program.
Full Press release:
http://www.snl.com/Cache/1500020795.PDF?D=&O=PDF&IID=100334&Y=&T=&FID=1500020795
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TCF Financial Corporation
TFC Financial Corporation, Wayzata, Minn. (NYSE:TCB) net income was $129 million for 2008, compared with $266.8 million for 2007. TCF recorded $192 million in the provision for credit losses for 2008, as compared with $57 million for 2007. 2007 earnings also included pre-tax gains on sales of branches and real estate totaling $37.9 million, or 19 cents per share.
While TCF has been lowering rates to become more competitive, for instance livery, tow truck, and such vehicle leases have met Key and Wells 5% to 5 ½% buy rates, their year end for interest income leases and loans was down $3.76 million.
$211,322,000 in 2008
$215,082,000 in 2007.
The consolidated statement showed loans and leases income was
$842.1 million in 2008
$836.9 million in 2007
an increase of $5.2 million.
"TCF did not engage in the activities that have created so many problems in the financial industry," said William A. Cooper, Chairman and CEO. "TCF has not made subprime, broker purchased, Option ARM, teaser rate, out of market, low doc or other risky mortgage loans. TCF kept on its balance sheet all the loans it originated. TCF has no auto or credit card portfolios or asset backed commercial paper. We have never owned Fannie Mae or Freddie Mac preferreds, trust preferred securities or bank owned life insurance (BOLI). TCF does not have any derivative contracts.
“Higher charge-offs at TCF have been primarily due to the imprudent behavior of our competitors and an ill-advised monetary policy that created the unprecedented rise and fall of the housing markets. TCF remains profitable, solidly capitalized and ready to take advantage of prudent growth opportunities. TCF declared a $0.25 quarterly dividend payable to stockholders on February 27, 2009. We expect to continue our dividend in future periods subject to maintaining solid profits and strong capital.”
Full Press Release
http://www.streetinsider.com/Press+Releases/TCF+Reports+2008+Earnings+Per+Share
+of+$1.01/4321524.html
 |
(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Scott Wheeler.)
--------------------------------------------------------------
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Bank Beat--What's Happening across America
by Christopher Menkin
Signs from independents who are using securitization and selling portfolio are that they are having significant problems, including more delinquencies and vendor fraud. This is frightening smaller and middle size banks, while the larger banks say “who needs you?” to those seeking extension of their discount or other lines of credit, even warehouse. Banks being told to lend are being frightened by the failing leasing companies and portfolio problems. Leasing again becomes one of the problem industries, especially subprime small ticket and high rate houses. Those with cash, investors, and solid credits are trying to take up the new business being created by the exiting of non-recourse, and even recourse, leasing lines.
Bank of America let go John Thain at Merrill Lynch for many reasons, perhaps one of the most obvious: the arrogance redecorating his office in early 2008 at the same time he was preaching cost cuts to his new employees. (among the expenses reported: $87,000 for an area rug, a $38,000 small chest (commode), $11,000 for a "Roman shade" and $230,000 in salary and bonuses for his driver last year (what did he see that Thain wanted to remain a secret?) Some newspapers report he spent $1.2 million in the remodel. Another mark against his arrogance, the bonuses he gave out while being bailed out. Talk about what's wrong with Wall Street!!! BofA and others are wondering if the Merrill-Lynch move was a smart one at this time.
Here's the John Thain expenditure list from the Daily Beast:
http://www.thedailybeast.com/blogs-and-stories/2009-01-22/john-thains-top-16-outrages/
Reportedly necessary to stay in business, Citigroup Inc. sold $12 billion of notes guaranteed by the Federal Deposit Insurance Corp. The bank stated it was in order to raise funds for general corporate purposes such as making interest payments and paying off maturing debt. The bank is attempting to split itself into two main entities.
This is old news, but has not happened yet.
The Federal Reserve Open Market Committee to meet this Tuesday and Wednesday will be very interesting, if you pardon the pun, just in what their comment may be. The Beige Book has really said it all for them. They have already slashed its target overnight interest rate to a range of 0 to 0.25 percent. I don’t know if the Fed can cut deeper than zero, unless you count TARP or paying a fee to the banks to borrow? Ironically, every politician is blaming the banks to lend more, but not like they did in the past to uncreditworthy people and companies!!!
1st Centennial Bank, Redlands, California, becomes the third bank to fail this year, closed Friday to protect the depositors, the FDIC entered into a purchase and assumption agreement with First California Bank, Westlake Village, California, to assume the insured deposits of 1st Centennial. The six branches today open under the First California Bank name. As of January 9, 2009, 1st Centennial had total assets of $803.3 million and total deposits of $676.9 million, of which there were approximately $12.8 million that exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.
1st Centennial also had approximately $362 million in brokered deposits that are not part of today's transaction. The FDIC will pay the brokers for the amount of their insured funds. Customers who have placed money with these brokers should contact them directly for more information.
http://www.fdic.gov/bank/individual/failed/centennial.html
The U.S. Treasury Department announced details this week of a $1.5 billion investment in 39 banks made through its Capital Purchase Program. Here is the list with the amounts:
http://www.treasury.gov/press/releases/ts01.htm
Current List of Failed Banks:
http://www.fdic.gov/bank/individual/failed/banklist.html
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Leasing News Top Stories---January 19-23
Here are the top ten stories opened by readers:
(1) Correction---Pinnacle Business Finance Transparency
by Christopher Menkin, Publisher
http://www.leasingnews.org/archives/January%202009/01-22-09.htm#correction
(2) Pinnacle Business Finance Consolidation
http://www.leasingnews.org/archives/January%202009/01-20-09.htm#pbf
(3) Leasing Up at US Bancorp/Manifest
http://www.leasingnews.org/archives/January%202009/01-22-09.htm#bancorp
(4) Pioneer Not Funding until January 26th
http://www.leasingnews.org/archives/January%202009/01-22-09.htm#pioneer
(5) Marlin Business Services: Money Honey
http://www.leasingnews.org/archives/January%202009/01-22-09.htm#mbs
(6) Fred St. Laurent closes Lease Recruiting Business
http://www.leasingnews.org/archives/January%202009/01-20-09.htm#fred
(7) Not everyone can refinance to cut mortgage payments
http://www.usatoday.com/money/economy/housing/2009-01-15-refinance-
mortgage-payments_N.htm
(8) New Hires---Promotions
http://www.leasingnews.org/archives/January%202009/01-20-09.htm#hire
(9) Welcome Readers/Three Extra's
http://www.leasingnews.org/archives/January%202009/01-20-09.htm#welcome
(10) “Before it’s too late, re-finance the existing lease”
by Karl Probst
http://www.leasingnews.org/archives/January%202009/01-22-09.htm#late
Not counted for technical reasons:
January 22, 2009 --- Leasing News Extra
Lakeland sees Second Leasing Company Hit
http://www.leasingnews.org/archives/January%202009/01-22-09a.htm
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Advertise on Leasing News to get results---
Banner Advertising
The editor tries to place banner ads where they will be read by those the advertisers want to reach, rather than placed at random. News stories that will have an “ill” effect are avoided as best as possible. Often it is the position of the banner ad that attracts more response. This is at the sole discretion of the editor.
Banner ads may appear under the headlines at the choice of the editor, but are not guaranteed. An attempt is made to share them on a rotation basis with other banner advertisers.
Pricing Information |
|||
Price |
Ad Size |
Pixels Size |
Term |
| $395.00 | 6.5W X 1.5 H |
468W X 180H |
21 days |
| $595.00 | 6.5W X 2.5 H |
468W X 180H |
21 days |
| $750.00 | 6.5W X 4" H |
468W X 288H |
21 days |
21 Days on the Leasing News web site ( holidays not included.) They are placed by the editor in an appropriate position near a story that may be more compatible to their ad. They also appear under the headlines in each News Edition on a rotation basis instead of being placed by a news story.
|
$595---six months $500 month/12 months $475 Combination discounts are further available with Help Ad "contracts." |
Two month, three month, six month and one year contracts are available with a discount. Ads for employment should be placed in the classified ad section, where it is possible to also appear at the top of the headlines.
Email: Kitmenkin@leasingnews.org
--------------------------------------------------------------
Leasing Industry Recruiters
These companies have experience in the finance and leasing industry
Please fax our request form back to 408.317-2066 or you
may e-mail to: kitmenkin@leasingnews.org .
Second Column: YCS - Year Company Started | YELB - Years in equipment Leasing Business
|
Name City, State Contact Website Leasing Association |
YCS
YELB (see above for meaning) |
Geographic Area |
Specialty
|
Executive Solutions for Leasing & Finance, Inc. |
1990 |
Nationwide |
Search firm specializing in leasing industry. Services include retained and contingent search, strategic consultation, compensation analysis, sales & management training, & customizable consulting products. |
Financial Pro Solutions |
1983 (2008) |
Nationwide |
Retained search firm seeking financial professionals for growth-oriented and challenging opportunities in commercial banking, equipment leasing, asset based lending. Also works with firms seeking V- and C-level financial executives with accounting, financial analysis or treasury disciplines. |
Professional Profiles, |
N/A |
Nationwide |
We are, by choice, a small shop. We take a very personal approach with all our candidates and hiring managers. |
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Leasing 102
by Mr. Terry Winders, CLP
Purpose of the Acceptance Form (Certificate)
One of the most misunderstood documents in our business is the Acceptance Form used to begin the lease. It is the trigger that makes the lessee responsible for the lease payments and therefore should not be taken lightly. I have seen many mistakes when closing a lease that create problems if a default occurs so let’s review the proper procedure to make an effective lease.
An Acceptance Form needs to be signed by an authorized officer or owner of the company to be binding. Usually it should be accompanied by or you should have in your possession a signing authority called a corporate resolution, a partnership agreement or a copy of the company minutes that designates the person who designated to sign loan or lease documents for the firm. On occasion some leasing companies accept a resolution that discusses loans but fails to mention leases. If the resolution fails to mention leases you need to obtain a corrected resolution. If the lease is a bargain option lease such as 10% or a $1 out, even though it is an Article 9 loan and not an article 2A lease, the word “loan” in the document will not allow you to accept a loan resolution because it is a lease.
Next, the signature line should include a typed or printed name so the scribble signature can be identified at a later date. Also the title of the signer should be stated. It may be an officer title, an owner, a partner or a member of an LLC. If the title is missing then it can be confused with a personal signature and not obligate the company.
Occasionally dates can be confusing on an acceptance form so the dates need to be qualified. Three dates are necessary. If you fail to obtain a delivery certificate and plan to use the Acceptance Form as proof that the customer is in possession of the “complete” equipment, then you need a date statement that says: The Lessee warrants that it took delivery/possession of the first piece of the leased equipment on the date specified below for UCC purposes and is currently in possession of the complete equipment as described in the attached Schedule A and create a possession date line. Next you need an acceptance date line with the statement: Lessee authorizes Lessor to enter into the Lease Schedule the date specified below as the acceptance date as the base Term Commencement date of this Lease. Then last you need a date line as to the date this agreement was signed. Acceptance and possession may occur at earlier times.
Regardless of the date a lessee signs the acceptance agreement the lease payment begins on the date specified in the Lease Agreement. This may be on the date of delivery, or the date of acceptance or on some specific date agreed upon by the two parties to the lease.
One very difficult problem is those documents signed prior to the delivery of the equipment or the day the equipment is put into use. The lease payments should coincide with equipment’s use but at no time should acceptance occur prior to this time. Many arguments are successful that the equipment did not live up to manufacturer promises and this is what caused the lessee not to make the lease payments. If you accept a pre-signed acceptance form then you are asking for a major headache. Funding in advance is possible with correct documents but it should not be assumed an early acceptance allows you to accomplish completion of the deal.
The acceptance document is the second most important document you need to have a legal transaction so please complete it properly and make sure it is complete.
Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666.
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)
--------------------------------------------------------------
Classified Ads---Accounting / Aircraft / Appraisals
Leasing Industry Outsourcing
(Providing Services and Products)
|
Appraisals: Boston, MA |
Appraisals: National Equipment Appraisal prepares Certified Machinery and Equipment Appraisals. IRS qualified, USPAP Compliant. Nationwide - fast turnaround. Visit www.nationalequipmentappraisal.com or call 714-282-1525.” |
| Accounting: Dallas, TX Provide cost effective Sales and Use Tax and Property Tax consulting and administration Services to the leasing industry. Many leasing industry referrals available. E-mail: mattm@osgsolutions.com |
Accounting: National Property Tax Compliance Services to the leasing industry. Over 60-years experience and fifty Lessors as clients. References and free quotes available, (216) 658-5618, E-mail gary@avptc.com |
| Aircraft Delivery: Seattle, WA Global Aircraft Delivery ferries all types of aircraft all over the world. We are a unique ferry company moving your aircraft with our expert turnkey operation. www.globalaircraftdelivery.com E-mail:info@globalaircraftdelivery.com |
Asset/Recovery & Collections: Charlotte, NC IRTC Continencies: Commercial Collections-Skip Trace- Repossessions-judgment enforcement-Investigations- Asset Re-marketing& No Cost Warehousing East Coast USA. Call 336-877-3077 ask for Robert or E-mail to Robert@mbsfinancial.com |
All "Outsourcing" Classified ads
(advertisers are both requested and responsible to keep their free ads up to date):
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing.htm
How to Post a free "Outsourcing" classified ad:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing-post.htm
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### Press Release ###########################
Enterprise Funding Group Reports Increased Capacity, Extension of Loan Agreement
(Grand Rapids, MI) Enterprise Funding Group LLC announces that its lead bank has increased its monthly origination allocation and extended its revolving credit facility. The bank’s commitment represents a 50% increase in Enterprise’s monthly liquidity and the additional funds will be used to purchase additional equipment leases and loans from its stable of brokers and leasing companies. “The infusion of additional funding will go a long way to help us better serve our customers and eventually get back to business as usual”, said Mike Coon, the company’s Executive Vice President. “2009 will be a challenging year for our industry and Enterprise will not be exempt from these challenges. We are making careful decisions every day so that Enterprise emerges from this period an even stronger company. The support we have received from our brokers and lenders is validation that what we are doing is working”. Enterprise is negotiating an additional lending facility which it expects to close during the first quarter of 2009.
About Enterprise Funding:
Enterprise Funding Group, originally established in 1996, is an equipment finance company that provides lending and leasing services to small and medium sized businesses across the country, with a focus on income-producing capital equipment in the construction, manufacturing, healthcare and selected service industries. The company’s website is www.enterprisefundinggroup.com.
Mike Coon
Executive Vice President
Enterprise Funding Group
4308 Three Mile Road
Grand Rapids, MI 49534-1297
Work: (866) 774 5050
Fax: (616) 774-8740
Mobile: (616) 813-3889
mcoon@enterprisefundinggroup.com
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News Briefs----
Lawsuits could push Bank of America CEO out
http://www.bloggingstocks.com/2009/01/25/lawsuits-could-push-bank-of-america-ceo-out/print/
Economic Crisis Fuels Unrest in E. Europe
http://www.washingtonpost.com/wp-dyn/content/article/2009/01/25/
AR2009012502516.html?hpid=topnews
Freddie Mac to ask government for billions more in funds
http://www.usatoday.com/money/economy/housing/2009-01-23-freddie-mac-funds_N.htm
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1948- President Truman decides to end segregation in the armed forces and the civil service through administrative action (executive order) rather than through legislation.
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http://www.trumanlibrary.org/9981.htm
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1654-Jews flee to the New World: approximately 150 Jewish families of Portuguese background fled the city of Recife, in Pernambuco, Brazil. By September a number of these refugees had established the first community of Jews in the future United States. Super Bowl Champions This Date 1986 Chicago Bears |
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