Monday, October 7, 2013
Today's Equipment Leasing Headlines
Fresno Broker Ted Anselmo Passes Away
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Fresno Broker Ted Anselmo Passes Away
Joseph Theodore "Ted" Anselmo, 68, Mana Financial, Fresno, California passed away. He named his company after his son and daughter Mark Anselmo and Nicole Anselmo. His web site states he had been in business for 27 years, specializing in the agricultural community. Steve Crane of Bank of the West Indirect Financing said he was one of their top "ag" brokers with a solid following.
Joseph Theodore Anselmo
Joseph Theodore (Ted) Anselmo
Joseph was born on October 23, 1944 in Yuba City, California to Joseph and Gladys Anselmo and passed away on September 28, 2013 in Santa Cruz, California.
In 1966 Ted Married the love of his life Selah Hankins. Upon gaduating Chico State in 1968, he worked for United California Bank in Bakersfield, Ca. He became branch manager in 1970. He was transferred to San Luis Obispo in 1974. In 1978 he left United California Bank and went to work for Calco Leasing in Fresno, Ca. He went to work for Guarantee Leasing as a manager of their leasing division in 1983. In 1987, he went to work for Valley National Bank of Arizona as the manger of their leasing division. Ted started Mana Financial in 1992.
Ted was a wonderful person with a kind heart and had a wonderful sense of humor. He loved classic cars (he rarely missed a car show), planes, his boat and fishing. Everyone he met knew he had a kind heart.
HE WILL BE MISSED BY ALL.
Ted is survived by his wife of 47 years, Selah Anselmo; his son, Mark Anselmo and his wife Stacy; his daughter Nicole Anselmo; grandchildren, Natalie and Nicholas Anselmo.
In Lieu of flowers the family asks for a donation to the Hankins Family Scholarship, Bank of the West, 2110 W. Shaw, Fresno, Ca 93711 or The Fig Garden Rotary, P.O. Box 9234, Fresno, CA 93711
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Archives---October 7, 2002
Oren Hall, emeritus member, former president of the United Association of Equipment Leasing (UAEL), made the motion from the floor, and President Bob Fisher, CLP, made the announcement, “ In the first 26 years of our association, we now have a female president, Bette Kerhoulas, CLP. “
Also elected were vice-president Jim Coston, Coston & Lichtman, Secretary/Treasurer, Terey Jennings, CLP, Financial Pacific Leasing , Peter Eaton, CLP, Pentech Financial Services, Bob Baker, CLP, Wildwood Leasing, John Donohue, Direct Capital, Dwight Galloway, CLP, Republic Financial, Brent Hall, CLP, Pinnacle Capital, Victor Harris, Law Offices of Victor Harris, Marci Kimball, ACC Capital, John Kruse, CapitalStream, Jim McCommon CLP, Brad Peterson, Manifest Funding Services, Bob Teichman, CLP, Teichman Financial Training.
Taking the microphone, Bette Kerhoulas, CLP, president of Pacifica- Capital, promised to continue the theme of “ education, networking, and involvement."
“Get together, see what is happening, and be involved,” she said
Betty Kerhoulas, CLP
"I started Pacifica in June of 1984. It's been very gratifying to be a part of Pacifica's growth from a two-person business to where we are today. I oversee the day to day operations of the company, handle key in-house accounts and develop and maintain our lender and underwriting relationships. In 2003, I was honored to be selected as the 1st female President of one of our industry's premiere leasing/financing associations, United Association of Equipment Leasing (UAEL). After work hours, I enjoy almost any type of sports - but my favorites are tennis and golf. I also love singing, and spending time with my wonderful husband Dion and family."
The United Association of Equipment Leasing (UAEL) and Eastern Association of Equipment Leasing (EAEL) announced its merger to form the National Equipment Finance Association (NEFA) effective January 1, 2009.
Thursday--Sunday, NEFA Conference
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Class Action Case against First National Capital
Annette Joncyzyk of Missouri, on behalf of herself and others similarly situated, has filed a class action lawsuit against First National Capital Corporation, Foothill Ranch, California, and its president, Keith Duggan, as an individual. She claims she did not know she was being recorded when she spoke to her husband, Juergen Jonczyk, when he was employed there as a salesman.
The 2011 Monitor Magazine names First National Capital the 4th largest among "Top Private Independents." The company claims "Our team has successfully funded in excess of five (5) billion of capital to meet client objectives."
A press release states the company "Exceeds $1 billion US in funded volume March 5, 2012." http://www.prweb.com/releases/2013/3/prweb10484323.htm
A press release in Leasing News April 10, 2013 reports the company "posted a record $45.8 million in funded volume for the first quarter of 2013."
Keith Duggan, President and CEO, told Leasing News he could not comment on the case. A former salesman did tell Leasing News that the employees sign a statement regarding telephone call recordings, particularly salesmen where the sales manager can monitor calls to provide improvement in sales techniques and to insure sales personnel were following company policy in presenting full disclosure. He was connected with Triple K Capital, DFLT Capital, and Capital Stream under the direction of Kevin Riegelsberger. State of California records show First National Capital Corporation was incorporated
Mr. Duggan previously worked for Amplicon as regional manager and testified in the January, 1995, famous case (at the time) of McFetters v. Amplicon and the alleged matter of termination of J. Scott McFetters by its president Patrick Paddon . (Amplicon reorganized into California First National Bancorp, May 23, 2001 (CalFirst Bank—Paddon to this day remains as President/CEO/Founder/Chairman ).
Plaintiff Attorney Christopher W. Arledge, Newport Beach, California did not have a public statement for Leasing News. Telephone calls to Annette Joncyzyk at her residence during the day and evening were not returned.
The class action case calls for $5,000 for each occurrence (1).
In a response by Ana Tagvoryan, attorney for the defendant, she argued basically: "Defendant Keith Duggan, acting within the scope of his employment for Defendant First National Capital Corporation, cannot be separately held liable under California’s Invasion of Privacy Act (“CIPA”).
4. The statutory text in Penal Code section 637.2 makes clear that statutory damages for violations of CIPA are $5,000 per action, not per occurrence.
Defendants’ Motion for More Definite Statement asks the Court to require Plaintiff to identify the particular sections of CIPA that she alleges Defendants have happened." (2)
The Honorable Josephine L. Staton, U.S. District Court Judge, entered a (Proposed) Order grading defendants' motion to dismiss plaintiff's class action complaint to be heard November 15, 2013, 2:30pm, Courtroom 10A, Central District of California (3)
---Related Legal Story on Company Telephone Calls---
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“How do you get along with difficult colleagues?”
Question: I am back in the market and setting up interviews. I interviewed, about five years ago, and there was a question that I was unsure how to answer - - -
“How do you get along with difficult colleagues?” I remember being uncomfortable and not knowing the “correct” response.
For reference, how should I handle this type of question?
Answer: This line of questioning would make anyone uncomfortable – these types of questions are “stress questions” for a reason!
There are truly three parts to this question:
1. What kinds of people do you like to work with?
2. What kinds of people do you find it difficult to work with?
3. How do you work with difficult people?
Prepare for your interview in advance by developing answers / rebuttals for such stressful questions / scenarios.
I recommend role playing with a friend or colleague. A rehearsal may help you feel more at ease in a job interview.
Career Crossroads Previous Columns
The word “personal” always confused lessors and lessees because it appears the transaction is a consumer one. However, the Uniform Commercial Code (UCC) uses personal property to define commercial transactions.
Equipment leasing is a financial product that deals with asset ownership in many different ways. When you say that you own something, what does that really mean? We purchase many things during our lives---but the way we approach each purchase varies with the purchase. A car, truck, or transportation equipment requires a certificate of ownership, i.e., a title. This is also true for airplanes, boats, railcars and mobile homes. These assets are called titled personal property. However, if we purchase a sofa, desk, computer, or office equipment there is no certificate of ownership. This type of asset is called untitled personal property or tangible property.
Tangible property is not supported by any title so the owner obtains control and ownership with a “bill of sale” and “possession”. Many professionals define ownership in personal property, as having “title” even though there is no actual title instrument.
We protect our ownership in the leased equipment by filing a UCC-1 within 20 days after the lessee take possession in the State the lessee has filed its business papers. It is not required that we file a UCC-1 if the lease is a true legal lease ( Article 2A,) but we do need to file it if the transaction is a disguised security agreement (Article 9).
From a lessor’s viewpoint, when our equipment is in the possession of the lessee, how is the general public to know it is our equipment with no title? By filing a UCC-1. This document notifies the public that the lessee is in possession of our equipment and it cannot be sold by the lessee legally as they are not the owner.
The problem exist that a lot of small equipment is sold, lost or made useless over the term of the lease regardless of our safeguards. In addition very few people other than financial people understand what the UCC filings are about, so protecting our equipment requires inspections, identification tags or stickers. This may help in personal property inspections or in identifying equipment in a repossession or court case.
In addition, some equipment can be attached to real estate and become the property of the landlord unless a fixture filing is properly handled in some States. In some States you must notify the property owner before it is attached. Occasionally some lessees will change the status of the property by making it permanent at its location requiring you to get a land lease to make it a legal lease.
Some equipment can be attached to a vehicle and requires a vehicle notification of ownership, which varies from state to state; otherwise the owner of the vehicle may claim it is their property.
Protecting your asset is important; proper documentation can not only save time wasted in disputes, but the cost in the process of proving you are the owner.
Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at firstname.lastname@example.org or 502-649-0448.
He invites your questions and queries.
Previous #102 Columns:
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October 6, 2013 Ratings
The positions basically stayed the same from September 15, 2013 with both Leasing News and the Monitor improving (lower on the list) along with the National Association of Equipment Lease Brokers and National Equipment Finance Association (both having conferences) and a move up for the CLPFoundation.org, which Leasing News featured their new web site in last week's edition.
It should be noted association web sites publish to their members or mailing lists notices and announcements which often link to their web sites and are counted as well as direct visits to their web site, as well as the on line media publish five days a week (except for Leasing News.)
More about Alexa Internet:
Top Stories September 30--October 4
Here are the top stories opened by readers:
(1) October Court Wrap-Up: Balboa, De Lage Landen/Element Financial, IFC Credit-Rudy Trebels,NorVergence, Sheldon Player
(Tie) (2) "Banks No Long Can Consider Loans under $250,000"
(Tie)(2) Correction: NAELB Western Regional Conference Report
(4) NAELB Western Regional Conference Report
(5) Jeff Menzel, son of Paul Menzel, CLP,
(6) Archives: October 4, 2000
(7) Wants to Go After Lessors and Their Attorneys
(8) More than 50 People Indicted in Massive Fraud Ring
(9) The Growth of Business Loans by Private Lenders
(10) New Hires—Promotions
(11) Letters from Readers?---We get Email!
"Deposits Up, Branches Down," says SNL Financial
SNL Financial reports, "BofA's "express branches" will have tellers onsite during regular business hours as well as during early morning and evening hours — as well as on weekends…But, importantly, these offices will be much smaller — the first such branch, which recently opened in New York City, is about 2,200 square feet — than typical bank branches, which often range in size from 3,000 square feet to 6,000 square feet. As such, fewer people will be needed to staff the express offices, and BofA will save money"
B of A plans to open five more in Boston, Charlotte and the New York City area by the end of the year, they report.
The express branches feature ATMs with "Teller Assist," which lets customers speak with an off-site representative through the ATM. Onsite B of A employees will be available to help customers during normal working hours, and Teller Assist will make offsite employees available during nights and weekends, B of A said.
"We are working to make the customer experience with Bank of America reflect how people live their lives every day," said Katy Knox, retail banking and distribution executive, in the BofA news release. "With the addition of express centers, our retail business offers customers more flexibility and convenience."
SNL Financial reports, "Banks of varying sizes are studying ways to make similar moves, analysts say…”
"Wells Fargo & Co., for example, earlier this year launched its own version of express branches, beginning with a store in April in Washington, D.C. Wells said its smaller branches are designed to be about 1,000 square feet, roughly a fourth of what many of the bank's existing traditional branches encompass."
"Mark Fitzgibbon, head of research at Sandler O'Neill & Partners LP, told SNL Financial that a decade ago many banks tried to push for increased use of online banking only to face some pushback from customers. But today, in a smartphone-driven world, increasingly more Americans are eager to do more of their business, including banking transactions, via new technology.
" As such, it makes sense that banks are powering forward on this front in order to deliver what customers want. And it happens to feed a trend at a time when banks desperately need technology to help them become more efficient, he said. Loan demand is soft, he noted, making organic revenue growth a constant challenge. And, in the wake of the last financial crisis, regulations are tougher and greater in number, forcing banks to spend more on compliance. Banks therefore need ways to trim expenses elsewhere, he said.
"'Banks are grappling with weaker-than-they'd-like profitability, while their cost structures are under constant pressure from the regulatory burden,' Fitzgibbon said. 'So they are working hard to take advantage of technology to reduce branches, shrink the size of others and to scale back on staffing. … Almost every bank we talk to is doing this or at least looking to do it.'
"At the same time, he and other analysts note, with both businesses and consumers sitting on greater levels of cash and saving more in the aftermath of the last recession, most banks are flush with deposits and do not need more branches to bolster their liquidity positions."
#### Press Release #############################
Captives Forum Debates Future Relevance of Leasing
The Trade Association of Manufacturers' Finance Company
In a world where Captives offer far more than just leasing, the relevance that the word “leasing” will have to manufacturers in the future was enthusiastically debated by members of the Captives Forum, at their Autumn quarterly meeting. Are Captives “Lessors” or far more than just that and do they believe that the word “leasing” wrongly categorises them and underplays their role?
The Autumn meeting of the Captives Forum, the equipment manufacturers’ European trade association, was hosted by John Deere Bank at its Luxembourg headquarters. The meeting attracted a record attendance. As is normal practice, the Forum’s day consisted of a mix of external speakers and member presentations, all of which led to considerable discussion and participation among the members. Those discussions just further emphasised that leasing is just one of many facilities offered by members in support of their parent company “sales”.
One of the key topics discussed by members centred around the Leasing Foundation research project “Redefining the Leasing Industry”. Derek Soper, Chairman of the Foundation, explained that there is a view among some that the word “leasing” no longer covers the diverse and complex nature of current products. Although banks’ definition may be narrowing - and leasing becoming just yet another finance product offered to the bank’s customer base - it is a different story for manufacturers whose definitions and offerings are expanding. The rental/leasing market goes well beyond what is normally considered leasing. Is the market size therefore being significantly underestimated?
The presentation started a debate on what the future shape of a Captive’s business might be. This centred on: the growing extent to which services and support often exceeded equipment costs, the increasing trend for end users to outsource to managed services facilities and the trend for the finance arm to managed account administration and collection for other parts of the business.
Members were far from sure that they wished to see the discredited word “leasing” expanded to include wider services at a time when many were moving further and further away from what is generally understood by that terminology. Concerns were expressed that it could bring large parts of a captives business into a definition that may not be favourable to their business. There was a view that to wrap the wide range of services offered under the term “lease” may be detrimental, with the risk of services agreements being designated something that they are not.
Members agreed that this would be the start of a series of discussion in future meetings as to how the long term future of captive offerings would evolve. Particular focus would be on how a captive can continue to provide increased added value to a parent, thus making themselves increasingly relevant and essential. This entails reviewing and being conscious of what factors are, or should be, really important to the parent as time changes them. In addition future discussions could include considering different ways in which that value may be demonstrated to parent companies.
The day had commenced with Stephen Bodmann, Director of Wholesale Credit at John Deere Bank, presenting on the role they play and challenges they face in supporting John Deere sales through the distributor and dealer channels, while at the same time maintaining banking industry standards and practices.
Bodmann explained the range of facilities that they are able to offer, alternative contractual structures, the various tools and intelligence that they use for underwriting purposes and collateral monitoring. The demand for such financial products had increased significantly since the banking crisis as the banks cut lines of credit.
Annette Jung presented on Philips Healthcare Global Customer Finance, explaining that Philips was no longer mainly consumer focused, but that healthcare and lighting were now significant parts of the group business. Members were interested to hear the extent to which long term service contracts were wrapped into the finance agreements, the imaginative way in which contracts were now “usage” based in both sectors and the significant role of managed services agreements. Jung then led a discussion about the balance between retaining risk and obtaining external wholesale finance.
The external speaker was Dr. Peter Zemcik, Director of European Economics at Moody’s Analytics. Dr. Zemick had originally planned to present on “Is there light at the end of the tunnel”, but in view of the more positive outlook over recent weeks moved to “Europe seeks sustained growth”. His presentation started with the current Global Business Cycle Status and then the European one in greater detail, the latest GDP figures and the outlook from the latest PMI.
The debate then moved on to an analysis of private sector and total debt, savings and fiscal tightening and their impact on various countries’ economies, in particular the troubled countries. The adverse impact of high debt on unemployment and house prices. The problems facing the banks, higher borrowing costs and declining investment. On monetary policy, the outlook for yield spreads and short term interest rates, and the relationship between inflation and unemployment.
An analysis of structural adjustments that have taken place in some countries, such as declining labour costs, and why not in other ones that need such adjustments. The need for increased competitiveness in many countries and the general loss of industrial production capability. Dr. Zemick concluded with an outlook for Europe and for the Euro in a global context and the risks faced from other economic zones, including the US and emerging markets. As may be expected, members asked Dr. Zemcik many challenging questions throughout his presentation.
As is usual practice when the Captives meet, the members met for dinner the evening before, on this occasion hosted by Nils Jaeger and John Deere. An excellent evening was enjoyed by all in a charming basement restaurant full of atmosphere, having the rugged walls of the ancient city on two sides and being a UNESCO world heritage site.
The Trade Association of Manufacturers' Finance Companies is a not-for-profit company limited by guarantee. It was created to run the Captives Forum. The Captives Forum community is a coming together of Manufacturer owned finance companies whose main activity is to finance the acquisition of equipment, services or software for customers of the manufacturer. The ‘asset finance’ products range from equipment leasing to various types of ‘purchase/use over time’ products such as Hire purchase, Conditional Sale, operating leasing and rental. The Members are subsidiaries of a variety of global equipment manufacturers, whose aim is to assist those manufacturers in the financing of their products and to help sell more equipment.
The management of the Captives Forum is undertaken by IAA-Advisory. Alan Leesmith, IAA’s International Director, is the Captives Forum’s Secretary and Derek Soper is Advisor to the Captives Forum Board.
Contact at the Captives Forum:-
#### Press Release ##############################
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