November 14, 2002  


Pictures from the Past-1994- The Barash Family
 Classified Ads---Jobs Wanted
  American Express Business Finance Layoffs
   Bankers Leasing & Softech Financial Close Their Doors
    Citigroup Chief Called to Account for Conflicts in His Empire
     Greenspan---Money There to Support War and Tax Cut
      Business starts off 25% last year
       Gloomy prognosis for S.F. Bay Area economy
        NAELB Regional Meeting, Marina del Rey, California
        ---Gerry Egan, President
       Preferred Broker Solutions First Release of CapitalStream Advantage
      Alexa Ranks Leasing News/Association Web Sites
     Our First "Display Ad" at www.leasingnews.org
    Synovus and United Financial Merger Update
   Banks make lots of money off 'free checking' accounts
  CIT SBL Signs Exclusive Lending Agreement with Pearle Vision
Willis Lease Finance improves to 85.6% in September

### Denotes Press Release

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                                       Pictures from the Past-1994- The Barash Family



                                   Erich Barash, President, GIC Leasing, Inc., Hollywood, California,
                                                        with his wife Meri and daughter Brett.

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classified Ads---Jobs Wanted

Sales: St Lucie, FL
Sales, credit, doc. exp.w/top communications skills. Exp. large territory management from home
office. Various industries; golf equipment, construction, ff&e, computer related, and others. Sales
achiever. Email:David34983@aol.com

Sales: Louisville, KY
I have been in leasing/financing of construction, machine tool, and mfg equipment for 20+ years.
Traveled KY, IN, OH and TN.
Email:kyle90@msn.com

Sales: Seattle, WA
Sales professional, looking for sales/leasing position to work from home office. Tenacious,
aggressive, personable. Strong on the phone. Outstanding PC, cold-calling, and closing skills.
Email:bsmith@mybillsmith.com

Sales: Phoenix, AZ
Sales professional with 10 years of leasing experience, seeking a direct leasing company. Currently
in the IT leasing market with vendor relationships, Small/middle market arena.
Email:cycling4fun2002@yahoo.com

Sales: San Francisco Bay Area, CA
10+ yrs in middle market leasing. Seek direct lessor only. Transaction size from $500M to $10.0MM.
Client base: printing, food, retail, hvy manufacturing. Email:edm173@sbcglobal.net

Sales: Mission Viejo, CA
Account Sales Executive with 10 years of leasing experience looking for company to bring existing
customer base.
Email:makelly21@hotmail.com

For More "Free Ads" on Jobs Wanted

http://65.209.205.32/LeasingNews/JobPostings.htm

All people looking for work, the ads are free. This is the last day
that "Help Wanted" free. Starting tomorrow, this section is "paid
advertising" to hopefully pay the salary of the web person who
works on the web page and does other work for Leasing News.


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American Express Business Finance Layoffs

"Is letting go of its technology group leasing people also, many received notices of leaving
February 1st. That's a fact."

Name withheld

Great job on the breaking news. Heard Dengate + Strain
received nice six month severance packages.. More to come before end of year I'm
sure.

Name withheld

There must be an error on those sales numbers that were reported for AMEXBF as when I left the
company in June our specialty vehicle division was doing around 7-8 million a month. With the
amount of sales staff that has been hired I would assume that the numbers for that division alone
would be over 10 million a month by now...perhaps the person that submitted the story (or comment
about the recent changes) was reporting sales numbers for a specific division not AMEXBF in its
entirety.

Carol Suggs
Sr. Vice President
Brenner Leasing
209-742-5466 Voice
209-742-5469 Fax


(We are told "Specialty Vehicle is not part of the equation. The numbers are for Diversified 1
and 2 and National Vendor." We are attempting to get a quote from
American Express Business Finance. editor)

--

Pursuant to your recent article regarding our friends in Houston, It
doesn't come as a surprise that American Express Business Finance is
attempting to redirect their focus to a low touch - auto scored - vendor
direct model. At a cost of funds in the low 3's, paying sales
representatives on present value profit vs. equipment cost would be
counter to the "Blue Box" value proposition.

It was only a matter of time before the accountants and HR department in NY
figured out that although the returns were far less attractive, the cost of
under-performing, salaried sales representatives, carries far less risk than
managing the daily emotions of an office full of "Top Guns".

I will give them credit for selecting Ric Andersen as their "Mastermind" to
help implement the operational efficiencies necessary to make the model
work. Upon Ric's tenure as COO and Director of Syndications at The
Republic Group, he immediately initiated programs and implemented protocols
that not only helped propel annual revenues upwards of $106,000,000, but
accomplished this keeping delinquencies and repurchases to an historical
low. Thanks again Ric.

I understand many of the "PVP" sales reps. will be unable to make the
transition due to the book of business they have created along with the
lifestyle they have grown accustomed to. CapitalWerks/Preferred Lease is
accepting applications and offering lucrative compensation packages for
"PVP" motivated sales reps. Please contact Ashley Verb at (800) 260-1090
to begin your new career with a World Class Lessor.

Kind Regards, JR

Jim Raeder
JRaeder@preferredlease.com



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Bankers Leasing and Softech Financial Close Their Doors

It appears a division of CitiBank Leasing was closed down, as I have three confirmations
on this, but no other details at this time:

"My buddy was told today was his last day. His company (Softech Financial, a
division of Bankers Leasing) was bought by Citi two years ago (Bankers and
Softech were both bought by ANB ANBRO and then Citi). His entire division
was let go today. His boss, his bosses boss and so on were all let go."

Name With Held

I received confirmation that Bankers Leasing and Softech Financial were
closed as of today. All sales personal were terminated.

Name With Held



Asked a reliable source at CitiBank, if the entire leasing division
was going to be shut down.

"Off the record, NO it has not, we're are still very strong."

Name With Held

----

A lot of firings but Mahwah, NJ operation is running as normal. New
people being hired.

( name with held )

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Citigroup Chief Called to Account for Conflicts in His Empire


By Ben White


Washington Post Staff Writer


NEW YORK, - On the way to transforming Citigroup Inc. into the largest and most profitable
financial services firm in the nation, Sanford I. Weill also helped create a new kind of Wall
Street, one in which the key components of modern finance worked together under the same roof.

Now Citigroup and its leader are caught up in the scrutiny of that new world. The question is
whether cozy relationships between stock analysts, investment bankers and other financial players
created conflicts that encouraged companies to deceive investors and give big clients unfair
advantages over other investors.

The increasing pressure on Weill raises questions about whether he can repeat what he's done in
other crises in his career: regroup and outmaneuver his critics.

The 69-year-old chairman and chief executive has been questioned by federal, state and industry
investigators about Citigroup's research and other operations. Much of the attention on Citigroup
has centered on the former star analyst in its Salomon Smith Barney brokerage division, Jack
Grubman, who covered the telecommunications industry.

( full story to be posted at www.leasingnews.org )


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Greenspan---Money There to Support War and Tax Cut

By EDMUND L. ANDREWS
Washington Post (abbreviated)

"It would probably be unwise to unwind the long-term tax cut, because it is already built into the
system," Alan Greenspan, the chairman of the Federal Reserve Board told members of the
Congressional Joint Economic Committee.

In his testimony, Mr. Greenspan also expressed confidence that the United States could shoulder the
costs of a war with Iraq, arguing that the economic impact would be significantly less than that of
the wars in Korea and Vietnam.

Less than two weeks after the Fed cut interest rates by an unusually large half a percentage point,
Mr. Greenspan acknowledged that the economy was weighed down by uncertainty and "geopolitical risk"
- a euphemism for the prospects of a war with Iraq.

Mr. Greenspan said there was no evidence, "at least up to the moment," that an economic downturn
was accelerating. And while saying the Federal Reserve remained ready to intervene again if the
economy did deteriorate, he said the "most probable path" was one of gradual improvement and that
another round of monetary stimulus would not be necessary.

But even if the economy deteriorated further, Mr. Greenspan said, he still disputed economists who
worried that the Federal Reserve had exhausted its tools for fighting potential deflation in prices
or was close to losing the ability to revive the economy because interest rates had reached such
low levels. If need be, he said, the Federal Reserve could still stimulate activity by buying up a
wide range of securities in the financial markets.

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Business starts off 25% last year

By Beth Healy,Boston Globe Staff

Global entrepreneurial activity plunged 25 percent last year, as economies around the world
softened, according to a study by Babson College and the London Business School that's expected to
be released today.

The steepest drops in entrepreneurship were found in France, Italy, Germany, Japan, and the United
Kingdom, and in Canada. The number of people starting new firms in those nations dropped at rates
ranging from 22 percent in Canada to 65 percent in Japan. US activity has been relatively stable
this year, the study found, with 10 percent of Americans engaged in starting companies, vs. 10.5
percent in 2001. The difference was not statistically significant, according to the study's
preparers. This country saw a large decline in start-up formation last year, after reaching a high
in 2000, when 16.6 percent of US adults said they owned or managed a business that was less than
31/2 years old.

''It appears that the US has stabilized at a level of entrepreneurial activity that will allow us
to begin rebuilding or at least maintaining our current position for some time,'' said Larry Cox,
director of research at the Ewing Marion Kauffman Foundation in Kansas City, which pays for the
annual study.

The project focuses on adults aged 18 to 64. Globally, the study found that 286 million people, or
12 percent of the 2.4 billion member labor force, are involved in forming new businesses. Globally,
men are more than twice as likely to start companies as women, the study found. The typical
entrepreneur is between 25 and 44 years old.

Entrepreneurial activity is strongest in developing Asian countries, where people run small
businesses out of economic necessity, according to the study. One-third of the people studied, or
107 million, said they were entrepreneurs because they had ''no better choices for work.'' The
other two-thirds said they were pursuing attractive business opportunities. Starting companies is
least common in Europe, central Europe, and developed Asian countries. In the middle are Latin
America, the United States, and the United Kingdom, and Australia, Canada, New Zealand, and South
Africa.

While venture capital is considered a high-profile way to finance start-ups in the United States,
''informal'' financing actually has dwarfed venture funding globally in 2002, at $300 billion from
family, friends, and lenders, compared with $60 billion in venture money.

Beth Healy can be reached at bhealy@globe.com.

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Gloomy prognosis for S.F. Bay Area economy

Sam Zuckerman,S.F. Chronicle Economics Writer


With the economy turning down and the technology sector still slumping,

Bay Area executives have grown increasingly sour about regional business conditions, according to a
survey set to be released today.

Only 10 percent of 407 executives responding to the quarterly survey of regional business
confidence said the local economy was in better shape than it was six months ago, while 53 percent
said conditions had worsened.

At the same time, only a minority of executives foresaw a quick recovery. About 40 percent said
they expected the regional economy to be better in six months, whereas 60 percent said they
predicted the business climate would stay the same or get worse.

( full story to be posted at www.leasingnews.org )



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NAELB Regional Meeting, Marina del Rey, California ---Gerry Egan, President

Thanks for asking about the National Association of Equipment Leasing
Brokers Regional Meeting held in Marina del Rey, California last weekend. It was a great success.
In spite of the area's first big rain in many, many months, over 125 people turned out for the
one-day event and the reception that preceded it the night before. It's
amazing how some great hors d'oeuvres and free drinks will bring out a
leasing crowd! We were very pleased to see so many of our members and to
meet the large number of guests that came. Attendees came from as far away
as Boston and Buffalo, and from Victoria, BC, north of the border.

Saturday's meeting started with a satirical look at the lease process.
Fortunately, by having the meeting in the Los Angeles area, Chairperson Rick
Wilbur had available the largest pool of highly talented writers, directors
and actors in the whole world for this production. For some odd reason,
though, he chose not to use any of them.

Instead, the Lessee, Willie Cheatum, of the WC Company, was played by Bob
Teichman; the Vendor, Slick Billy, the owner of AFB (Anything For a Buck)
Video was played by Bob Bell; the Broker, Shotgun Sammy/Sally was played by
Mike Meacher, [understudy for Ginny Young who was unable to appear following
an automobile accident the day before ---we hope she's doing fine, now]; and
the Funder, Ned Nickpick, Chief Credit Officer of Neverfund Financial
Services, was played by Ken Goodman. Principal writing credit, (or blame),
goes, I believe, to Mr. Goodman.

The performance was ...well I think it's certainly fair to say it was a
memorable performance! Along the way it managed to poke jabs at the NAELB
and such dubious leasing luminaries as both you and me, Kit, along with Sean
Wheeler, CMC, and many, many others. From amid the laughter and heckling
emerged a good-natured look at some of the idiosyncrasies of what we all do
for a living.

There was plenty of time throughout the day for networking and visiting with
the funders who had tables set up around the meeting area. Morning
educational programs included sessions by NAELB Board Member, John
Winchester about developing relationships with local bank sources and by
yours truly about finding business in your own back yard. Both rooms were
packed. I heard nothing but great things about John's presentation and
having worked with him before, I know his attendees went home with solid
practical advice and direction. My own session also seemed well received,
Kit, but, as you know, I'm much too modest to claim that it was the
life-changing event for attendees that it probably was!!! You'll have to
ask them!!!

After lunch, Rick/Rich Viola, (he seemed to be having an identity crisis
that day ---ask him about it!), of Republic Leasing; Ted Brownrigg, of
Financial Pacific; Gary Souverein, of Pawnee Leasing; and Brad Peterson, of
Manifest each shared their views of the near term future for our business.
Continued defense against fraud was a common theme as was funding
efficiencies. Following the panel's presentations, attendees at each table
discussed their reactions and ideas and identified a spokesperson to present
the table's findings. That, in turn, stimulated another round of
discussions and questions from and for the panel. All in all, it was an
open, though-provoking and very helpful session. There were lots of
favorable comments.

More networking and another cocktail party closed the day. It was a fun and
informative day and a big success. I'm sorry you weren't able to be there
in person, Kit. Hopefully, you will be next time.

Gerry Egan
President
NAELB

President
TecSource, Inc.

5621 Departure Drive, Suite 113
Raleigh, NC 27616

Phone: 919-790-1266
Fax: 919-790-2262
E-Mail: mailto:GerryEgan@ForEquipmentLeasing.com

Internet: http://www.ForEquipmentLeasing.com

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Preferred Broker Solutions Announces their First Release of CapitalStream Advantage.

Seattle, WA - Leasing industry's top software solution delivers new improvements and stability on
any Windows(r) platform.

Preferred Broker Solutions, a Seattle based company that has undertaken and mastered the
development and support of CapitalStream Advantage, today announced their first major release of
the replacement program to System 1 Software version 2.5.

CapitalStream Advantage version 1.3.2x includes many improvements that enable leasing professionals
to facilitate lease transactions. Now the leasing industry can operate in any Windows environment
and conduct electronic UCC filing, with this latest desktop version from Preferred Broker
Solutions.

"We have been working on the program for the past six months, cleaning up the original code and
adding some must needed improvements based on our customer's feedback," said Jim Buckles, owner of
Preferred Broker Solutions. "The program is now very stable for all Windows platforms including
Windows 98, Millennium Edition, NT, 2000 and XP".

In addition to establishing stability within the Advantage program, the 1.3.2x release marks the
completion of electronic UCC filing via UCCDirect Services (http://www.uccdirect.com). "This
feature has been on CapitalStream's development roadmap for some time and we're pleased to see this
feature to completion," said Buckles, "we're looking forward to a great relationship with the good
people at UCC Direct Services."

The release of CapitalStream Advantage 1.3.2x addresses the increasing demands of today's leasing
professional. With CapitalStream Advantage, System 1 Software 2.5 users can enjoy long-awaited
functionality now that Preferred Broker Solutions is responsible for the development and support of
the program. "Our mission has been to deliver products and offer support to the extreme best
interest of our customers," said Buckles, "We want to keep this program easy to use and only add
features that the leasing industry needs, to be more efficient and successful."

Preferred Broker solutions is laying the groundwork for CapitalStream Advantage version 2.0, which
is slated for release in early 2003. Features will include email document delivery, broadcast
emailing, enhanced contact management, full screen editing, drag and drop document tracking, and
further
transaction integration with funding sources, and more.

About Jim Buckles and Preferred Broker Solutions
Jim Buckles has been involved in the Broker / Lessor community since his days at System 1 Software
/ CapitalStream from 1997 - 2001. He was responsible for the implementation and training of all
the company's software and solutions.
In 2001, he started Preferred Broker Solutions to focus solely on the System 1 / Advantage customer
base and to offer the best possible support for that program and continue its advancement.

Jim is also co-owner of ELBTools http://www.elbtools.com, a division of Blue Denham, LLC, which
manufactures a web front end Calculator, Quoting Tool and Electronic Credit Application that
integrates with the Advantage program, marketed under the name "alaQuote". This program is sold
exclusively through Preferred Broker Solutions.

For more information, contact:
Jim Buckles
Preferred Broker Solutions
jim@pbs4u.com
(866) 352-8665 Phone
(435) 514-3787 Fax

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.
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Alexa Ranks Leasing News/Association Web Sites


   11/08/02          10/08/02            WEBSITE NAME

     55,943            54,173 www.aba.com American Bankers Association
     62,389            55,884 www.monitordaily.com Monitor Daily
   107,882          129,618 www.leasingnews.org Leasing News
   129,362          160,825 www.nacha.org The Electronic Payments Association
   146,684          136,713 www.elaonline.com Equipment Leasing Association
   221,535          376,441 www.cfa.com Commercial Finance Association
   253,924          NO DATA www.leasingtoday.com Leasing Today
   275,600          331,318 www.us-banker.com U.S.Banker
   313,250       1,503,750 www.leaselawyer.com Lease Lawyer
   426,831          481,846 www.uael.org United Assoc.. of Equipment Leasing
   484,685       1,731,357 www.intra.net Info Technology Resellers Association
   504,682         344,384 www.executivecaliber.ws Executive Caliber
   630,057      3,483,887 www.naelb.org Nat. Assoc. Equip Leasing Brokers
   714,278      1,835,021 www.clpfoundation.org CLP Foundation
   721,656        480,054 www.elessors.com eLessors Networking Association
   813,755        125,335 www.ibaa.org Ind. Community Bankers of America
   926,386        261,760 www.iicl.org Inst. of International Container Lessors
   931,466        672,902 www.nvla.org National Vehicle Leasing Association
1,008,733        908,412 www.pblaw.com/newsletters/bln/ Biz Leasing News
1,075,452        546,828 www.leasefoundation.org Equip/Leasing & Fin. Fnd
1,279,945     1,517,270 www.eael.org Eastern Assoc.of Equipment Leasing
1,966,621     1,994,892 www.nationalfunding.org National Funding Assoc.
3,299,123     2,302,496 www.mael.org Mid-America Assoc. of Equip Lessors
3,748,750     1,791,404 www.aglf.org Assoc. of Gov Leasing and Financing

Quarter trends are more significant than one month to another month. The overall trends viewed by
going to www.alexa.com, typing in the name of the website, and then clicking on trends will give an
indication if the site is rising in getting more hits, rising in the ranking, as the lower the
number, the better the score.


To participate in this, you should download the free Alexa toolbar:

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"Ranking: Previously we based our rankings on page views... all page views made on almost all Alexa
services were counted, compiled over a 3 month period and ranked. Now, we've gotten a little
smarter. Multiple page views made by the same user are discarded (no more spoofing!) and only
validated Toolbar page turns will be used. Also, and this is totally new for us, we are using Reach
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For more information about how Alexa ranks websites, please go to:
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Our First "Display Ad" at www.leasingnews.org

 

COMPUTER SALES INTERNATIONAL, INC.
St. Louis, Missouri

has acquired

PANTHUS LEASING GmbH
Frankfurt, Germany

The undersigned initiated this transaction and served as exclusive financial advisor to a major stakeholder in Panthus Leasing GmbH.

Kropschot
Financial Services


116 Estuary Drive
Vero Beach, FL. 32963
(772)234-4544

309 Windfern Court
Millersville, Maryland 21108
(410)729-1800

Advisors in Mergers, Acquisitions and Corporate Finance




(now on line at www.leasingnews.org)


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Synovus and United Financial Merger Update

COLUMBUS, Ga.--Synovus (NYSE:SNV), the Columbus, Georgia-based diverse financial services company,
and United Financial Holdings, Inc. (Nasdaq:UFHI) today announced that their previously announced
merger agreement has been amended to reflect that Synovus will issue 2,268,167 shares of its Common
Stock and $34,000,000 in cash for all the outstanding common stock and preferred stock convertible
into common stock of United Financial.

An additional 215,277 shares have been allocated for UFHI's option holders, bringing the total
number of Synovus Shares to 2,483,444 for all of UFHI's common stock and common stock equivalents
outstanding. Each share of United Financial Common Stock will be exchanged for either .8021 shares
of Synovus Common Stock, $16.47 of cash or a combination thereof. The transaction is expected to
close during the first quarter of 2003.

In September, Synovus announced the acquisition of $408 million asset United Financial Holdings,
Inc. in St. Petersburg, Florida; the parent company of United Bank, United Bank of the Gulf Coast,
United Trust Company and EPW Investment Management, Inc. Headquartered in St. Petersburg, United
Bank operates seven full-service banking centers in Pinellas County, Florida and has begun
construction on an eighth location in Clearwater. United Bank of the Gulf Coast is based in
Sarasota with one office and plans to open another in Manatee County by year-end. These will be
Synovus' first bank locations along the growing central west coast of Florida.

Both United Bank and United Bank of the Gulf Coast will operate under their existing names,
management teams and local boards of directors.

About Synovus

Synovus (NYSE:SNV), with more than $18 billion in assets, provides integrated financial services
including banking, financial management, insurance, mortgage and leasing services through 39
affiliate banks and other Synovus offices in Georgia, Alabama, South Carolina, Florida and
Tennessee; and electronic payment processing through an 81 percent stake in TSYS (NYSE:TSS), the
world's largest third-party processor of international payments. Synovus is No. 5 on FORTUNE
magazine's list of "The 100 Best Companies To Work For" in 2002. See Synovus on the Web at
www.synovus.com.

CONTACT:

Synovus

Aimee Davis, 706/644-0528
or
Patrick A. Reynolds, 706/649-4973

or
United Financial
Susan Blackburn, 727/824-8755

or
C. Peter Bardin, 727/824-8752
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Banks make lots of money off 'free checking' accounts

Bounced check charges, other fees, services are big sources of revenue

Riva D. Atlas, New York Times

Banks are aggressively promoting free checking accounts. But some customers are discovering that
free often comes at a price.

While customers no longer have to pay fees if their balances drop below a minimum, many who open
these accounts often end up paying more in other charges, like those for bouncing checks or using
ATMs.Without a minimum balance requirement, people may be careless about keeping enough in their
accounts to avoid bouncing checks.

"The fact is, free checking accounts don't turn out to be free for a lot of people," said Gary
Stein, a partner at the Capital Performance Group, a Washington consulting firm focused on banking.
"Banks make a lot of money off these accounts."

Banks make money from free checking customers in three ways. Because such accounts generally pay no
interest, they provide a cheap source of money for the banks, which can then reinvest the money
elsewhere. The banks also use the accounts to attract new customers who will then buy their other
products, from insurance to mortgages. Banks also charge many fees, particularly for covering
bounced checks.


( full story to be posted at www.leasingnews.org)

where.
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CIT SBL Signs Exclusive Lending Agreement with Pearle Vision; Nation's Top Volume SBA Lender To
Provide Loans to Franchisees

LIVINGSTON, N.J., -- CIT Small Business
Lending Corporation (SBL), a subsidiary of CIT Group Inc. (NYSE: CIT), and the
nation's number one SBA lender, today announced an agreement with Pearle
Vision to be the preferred lender for its franchise system.
"CIT's non-bank lending program has helped all types of medical
professionals build their businesses through strategic use of various loan
products," said David Bell, national account manager for CIT Small Business
Lending. "Our extensive experience working with optometrists and our
knowledge of the industry, will assist Pearle Vision in its growth strategy."
"As we continue to aggressively build our brand, we need a reliable
financial partner that has the capabilities to provide the necessary financing
to fuel that growth," said Bill Vaughan, Director of Franchise Development, of
Pearle Vision. "CIT offered us great flexibility, industry knowledge and
expertise as well as a solid reputation in serving companies like Pearle
Vision."
A subsidiary of Cole National Corporation since 1996, Pearle Vision has
one of the largest networks of optical retail outlets in the world, with
850 locations throughout the US, Puerto Rico, Canada and Europe.

About CIT Small Business Lending Corporation (SBL)
CIT Small Business Lending Corporation, a subsidiary of CIT Group Inc.,
offers Small Business Administration (SBA) loans to finance business
acquisitions, owner-occupied real estate purchases and franchise start-ups
though a network of field representatives. The nation's top volume SBA
lender, CIT Small Business Lending has been designated a "Preferred Lender" by
the SBA and can provide quick credit decisions and loan closings. The
company's website and online SBA loan application are located at
http://www.smallbizlending.com.

About CIT
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance
company, provides clients with financing and leasing products and advisory
services. Founded in 1908, CIT has nearly $50 billion in assets under
management and possesses the financial resources, industry expertise and
product knowledge to serve the needs of clients across 30 industries. CIT
holds leading positions in vendor financing, U.S. factoring, equipment and
transportation financing, Small Business Administration loans, and asset-based
and credit-secured lending. CIT, with its principal offices in New York City
and Livingston, New Jersey, has approximately 6,000 employees in locations
throughout North America, Europe, Latin and South America, and the Pacific
Rim. For more information, visit http://www.cit.com.


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Willis Lease Finance Reports Profitable Third Quarter; Portfolio Utilization Rate Improves to 85.6%
in September


SAUSALITO, Calif.---Willis Lease Finance Corporation (Nasdaq:WLFC), a leading lessor of commercial
jet engines, today reported improving utilization rates and higher lease revenue helped the company
maintain profitability in the third quarter and first nine months of 2002. Pretax earnings were
$833,000 before the previously announced one-time charge of $781,000 relating to the repayment of
the company's prior warehouse credit facility. Net income was $33,000 for the third quarter of
2002, and $1.6 million, or $0.18 per diluted share, for the first nine months of 2002. The company
earned $1.8 million, or $0.20 per diluted share, in the third quarter of 2001, and $6.5 million, or
$0.73 per diluted share, in the first nine months of 2001.

Current Market

"It's good to see our revenue trending up again," said Charles F. Willis, President and CEO. "In
the third quarter we had a healthy revenue gain of 3.3%, or $445,000, versus the second quarter of
this year." This improvement followed three consecutive quarters of declining revenue and is mainly
due to the higher portfolio utilization rate achieved during the quarter. The portfolio utilization
rate increased to 85.6% at the end of September 2002 compared to 80.0% at the end of June 2002. "We
made substantial progress during the quarter toward reducing the number of off-lease engines. In
fact, September was the best month in our entire history from an engine remarketing standpoint. We
closed more new leases and lease extensions than any previous month ever. I'm proud of this
achievement, which was made possible through the hard work and resourcefulness of everyone on our
team.

"Our profitability in the third quarter, before the one-time charge from refinancing our warehouse
credit facility, was relatively consistent with the two previous quarters this year on a pretax
basis before gains on sale. This accomplishment is very significant given the continuing
challenging conditions in the aviation industry," Willis continued.

"More and more air carriers around the world are showing improved financial results and many are
saying they will be profitable for 2002," said Donald A. Nunemaker, Chief Operating Officer. "The
strength in the European aviation market continues to be a solid base of support for our engine
leasing activities, with European carriers accounting for almost half of our revenues this year.
China and the Asia Pacific region are steadily growing in importance. The domestic market, however,
continues to be challenging. Our exposure in the U.S. is relatively small. Only 17% of our 2002
revenues have come from U.S. carriers, and we have no exposure to either US Air or United."

During the third quarter of 2002, WLFC spent $9.1 million on additions to its lease portfolio
bringing its total portfolio additions to $35.8 million year-to-date. "The majority of our
equipment purchases this year have been in purchase/leaseback transactions, which continue to offer
new opportunities for building recurring revenues and expanding relationships with customers,"
Willis commented.

                   

COMPUTER SALES INTERNATIONAL, INC.
St. Louis, Missouri

has acquired

PANTHUS LEASING GmbH
Frankfurt, Germany

The undersigned initiated this transaction and served as exclusive financial advisor to a major stakeholder in Panthus Leasing GmbH.

Kropschot
Financial Services


116 Estuary Drive
Vero Beach, FL. 32963
(772)234-4544

309 Windfern Court
Millersville, Maryland 21108
(410)729-1800

Advisors in Mergers, Acquisitions and Corporate Finance

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