Archives---October 6, 2010
US Bank Equipment Finance Problems
Oh No! -- Portfolio Services to Close?
by Christopher Menkin

Leasing News recently reported U.S. Bank Equipment Finance--Technology Finance Group, previously known as the Oliver-Allen Group, located in Larkspur, California, had basically moved its operation up to Portland, Oregon after audit problems, lawsuit problems, management difficulties, and just plain cronyism, too.

There are other events that have come to light: the CEO of US Bank Equipment Finance Portfolio Services Joe Andries, officially Senior Vice-President and 20 year employee, was let go (confirmed by four reliable sources,) with other major changes and complaints here, as well as the Small Ticket Division, under Adrian Hebig and/or Tom Landmark, or who knows now, which has reportedly become a shell of what it had been just a few years ago. Sal Maglietta, out of Portland, Oregon, is head of the full division.

A highly reliable source reports that Joe Andries has joined Great America Leasing to start a portfolio service working out of Marshall, Minnesota. US Bank Portfolio Service is to exit altogether. Brian Bjella was originally in charge in 1995, and it is reported Andries will be working out of his offices for the time being, perhaps on a private label vendor portfolio program: designing and implementation. An official Great America announcement is expected soon.

(Abridged)
http://leasingnews.org/archives/Oct2010/10_06.htm#usbank_downsizing

TODAY

Joe Andries
General Manager
GreatAmerica Portfolio Services
Sioux Falls, South Dakota
www.linkedin.com/pub/joe-andries/25/ab4/2bb

Brian Bjella
Senior Vice President/General Manager
GreatAmerica Financial Services
Sioux Falls, South Dakota
www.linkedin.com/pub/brian-bjella/22/279/591

Adrian Hebig
Senior Sales Manager, Vendor Division
Wells Fargo Equipment Finance
Apple Valley, Minnesota
www.linkedin.com/in/adrianhebigprovenleadership

Tom Landmark
VP -Collections Risk Manager
U.S. Bancorp Equipment Finance
Sioux Falls, South Dakota
www.linkedin.com/pub/tom-landmark/10/193/897

Sal Maglietta
Executive VP, Wholesale Banking
US Bank
New York, New York
www.linkedin.com/pub/sal-maglietta/91/840/2a

 

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Classified Ads---Senior Management

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

Tampa, FL Executive leader accomplished in leasing operations, finance, sales and marketing seeking new opportunity. Capitalizes on strategic, ideation, communication and analytical strengths to identify opportunities, formulate solutions and articulate strategies that drive increased sales productivity, incremental revenue, operating expense reductions and customer acquisition and retention. Reg.Lindholm@gmail.com

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

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

 

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Equipment Tax Deductions
by Christopher Menkin

Leasing News rarely gets into politics, but it appears a change in Section 179 deductions may not happen in 2014.  This deduction may be passed to the lessee’s in an operating lease, and is definitely the lessees in a capital lease (bargain purchase option).  In 2013, the deduction was set at $500,000, allowing a company to deduct up-front rather than depreciate the cost of equipment.  In 2014, it fell to $25,000.  The House has voted to set the deduction permanently at $500,000. The bill was sent to the Senate, where it awaits a vote.  Talk of tax reform does not include the investment tax credit
returning nor increasing the 179 deduction.

If the $500,000 increase it is passed, the leasing industry will see a very successful November and December, as will business and the economy as well, especially if equipment delivered in 2014.

The Equipment Leasing and Finance Association (ELFA) Lease Accounting Project reports FASB has "...voted to grandfather transactions booked as leveraged leases in financial statements. Grandfathering these deals means that leveraged leases do not have to be restated when the new accounting rules take effect, which is not expected before 2018, although the Board has not yet formally decided on a transition date for the new rules.

"ELFA has written numerous comment letters to the Board and met with Board members and staff on this matter. In a meeting with the FASB and staff this summer, representatives of the ELFA and American Bankers Association explained the economic benefits of leveraged leases, which is credited with helping persuade the Boards to keep this accounting for previously booked transactions.

"In the bigger picture, it appears likely that the IASB and FASB will be unable to issue a single set of harmonized rules governing lease accounting on a worldwide basis. While there is consensus on some issues, there is clear disagreement on others, and the Boards do not seem to be willing or able to come together on those."

While this may be to the advantage of U.S. companies, it will not
be to those who also have operations worldwide, meaning they most
likely will be doing accounting under IASB rules and not FASB.

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September 2014 Broker Survey Results
Wheeler Business Consulting

Scott Wheeler of www.wheelerbusinessconsulting.com sent out a controlled survey, no duplications, to third party originators, receiving 125 responses. He said it was "a sufficient sample to warrant confidence in the results. The results were relatively unchanged at benchmarks of 50, 75 and 100 participants - further indicating confidence in the results."

He noted the results gave him confirmation of his expectations, as well as some "unexpected results:"

    71.5% of brokers have less than 5 employees
    66.7% of brokers originate less than $10.0M annually (43.3% less than $5.0M)
    8.33% of brokers originate over $50.0M annually
    31.62% of brokers expect flat or declining growth in 2014
    68.3% of brokers expect growth in 2014 (29.1% expect 20% or greater growth)

"It's interesting to see that nearly a third of the brokers are not experiencing any growth; and that 29.1% are experiencing growth beyond 20%.  This disparity is confirmation of our observation that some originators are doing extremely well as others continue to fall further behind the pack. The survey also confirmed that the broker sector has larger participants that continue to expand - 1/3 have production beyond $10.0M and 8.3% have origination beyond $50.0M.

"The survey addressed alternative products offered by industry brokers.  It was unexpected that so many brokers of all sizes are participating in offering products beyond commercial equipment leasing and financing.

Mix of Business:

- 100% offer equipment finance and leasing
- 48.7% offer working capital and cash advance
- 25.21% offer factoring and A/R financing
- 26.05% offer other products including SBA

"The most unexpected result was that 48.7% of the brokers are participating and offering working capital and cash advance products. It should be noted that working capital products are a small percentage of total production for brokers with 77% of the survey participants indicating that working capital and cash advance products make up less than 25% of their business. However, 91.3% of the survey participants indicated they expect this sector of their business to grow over the next year; and 85% offer working capital and cash advance products because of clients' request.

"There are many providers of working capital and cash advance products in the market and the broker channel is a small origination source for most providers. However, the survey indicated that there is one dominate player, Channel Partners LLC, that specifically attracts commercial equipment brokers (51% of the survey participants indicated Channel Partners as a primary source for working capital and cash advance products).

"Through a post survey interview with Brad Peterson of Channel Partners, it was explained that Channel Partners has a unique penetration opportunity with the broker community, because of its staff's long-term relationships with the broker community that predates Channel Partners.  Many of the other working capital providers are relatively new entries into the broker community (not necessarily the working capital arena) and their penetration is taking more time.  69.2% of the participants in the survey, that choose Channel Partners as their primary source, indicated overall customer service as a determining factor choosing Channel Partners as their primary working capital cash advance funding source."

Call Scott @ 410- 877-0428 for more information or email: scott@wheelerbusinessconsulting.com

Scott A. Wheeler
Wheeler Business Consulting
1314 Marquis Ct.
Fallston, Maryland 21047
Phone: 410 877 0428
Fax: 410 877 8161
Web: www.wheelerbusinessconsulting.com 

 

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Top Stories:  September 30--October 2
Opened Most by Readers of Leasing News

(1) De Lage Landen Changes Name
           and Catch the New Logo
http://leasingnews.org/archives/Oct2014/10_02.htm#dll

(2) Richest Man in Leasing: Steven Udvar-Hazay
http://leasingnews.org/archives/Sep2014/9_30.htm#richest

(3) Veteran Charlie Mann of “Leasing One” Passes Away
http://leasingnews.org/archives/Oct2014/10_02.htm#mann

(4) Sales Makes it Happen by Steve Chriest
          Anger and the 80% Rule
http://leasingnews.org/archives/Oct2014/10_02.htm#anger

(5) Leasing 102 by Mr. Terry Winders, CLP
            Internet Lease Proposals
http://leasingnews.org/archives/Sep2014/9_30.htm#internet

(6) Banks Prepping Ahead of "Giant Sucking Sound" of Deposit Shift
     http://leasingnews.org/archives/Sep2014/9_30.htm#banks

(7) Pictures from the Past--1990
          Dean Cox, CLP
http://leasingnews.org/archives/Sep2014/9_30.htm#pictures

(8) New Hires---Promotions in the Leasing Industry
http://leasingnews.org/archives/Oct2014/10_02.htm#hires

(9) Tiger Woods Announces Florida Restaurant
http://www.fsrmagazine.com/new-concepts/tiger-woods-announces-florida-restaurant

(10)  “Why I Left or Why Am I Looking?”
        Career Crossroad---By Emily Fitzpatrick/RII
http://leasingnews.org/archives/Sep2014/9_30.htm#crossroad

 

 

 

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Leasing Industry Help Wanted
 

 

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

 

 
 

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New Mexico Bankruptcy Court Gives Lessor an
Administrative Claim for Lease Construction Equipment

By Tom McCurnin
Leasing News Legal Editor

Bankruptcy Code Provides That True Leases Which Are Not Assumed Nor Rejected Within 60 Days May Be Subject to Administrative Claim. Equipment Lessor Prevails in New Mexico Bankruptcy Court

In re Pettingill Enterprises, Inc. 486 B.R. 524 (Bkrtcy.D.N.M. 2013).

If you need another reason to make your leases true leases, today’s case may provide that motivation. As the reader might know, a true lease enjoys special treatment in the bankruptcy courts.  Although the debtor has 60 days from the notice to figure out if it wants to assume or reject the leases, the failure to do so, coupled with the use of the equipment during that time period may entitle the lessor to an administrative claim, which has priority over many other claims. 

In today’s case, the lessor made a clean sweep, not only recovering lease payments after the 60 day period, but also recovered its lease payments for the time period between the date of the petition and the start of the 60 day period. In addition, the lessor recovered costs of repair and even transportation of the equipment. The facts follow:

Bane Machinery is an equipment lessor which leased construction equipment to the Debtor Lessee in 2010. Pettingill Enterprises is the bankruptcy debtor and the lessee of that construction equipment. 

On February 14, 2012, the Lessee filed a Chapter 11 petition under
the Bankruptcy Code. On May 25, 2012, the Lessor filed a motion to compel the Lessee to either assume or reject the Leases, as well as a motion to compel the Lessee to abandon the equipment. The Court entered an Order which required the Lessee after July 2, 2012 to make total monthly rental payments of $19,707.20 for the Leases. The Lessee failed to make the required payments, and the Lessor repossessed the equipment on July 12, 2012.

After repossessing the equipment, the Lessor hauled the equipment to its headquarters in Dallas, Texas, and ascertained that much of the equipment was damaged, so it performed various repairs in order to restore the rental equipment to its previous condition.

The Lessor made four distinct claims for money.

First, the Lessor made a claim for the lease payments of the equipment from and after the 60 day period until the Lessee rejected the lease.  A majority of courts have held that Bankruptcy Code § 365(d)(3) gives rise to an automatic administrative expense claim for lease payments accruing under a post-petition lease regardless of whether the rental property provided a benefit to the estate.  Thus the Court ruled that the Lessor was entitled to automatically recover, as an administrative expense, any lease payment becoming due between the 60th day after the filing of the bankruptcy petition and the rejection of the lease.  This sum included excess hour charges, e.g., the time meter on the engine. 

Second, the Lessor made a claim for lease payments accruing post-petition, but before the 60th day following the petition date. In order to recover lease payments that accrue during the first 59 days after the petition date, the lessor must show that the debtor gained some benefit from the property under Bankruptcy Code § 503(b).  Here, the Lessor demonstrated that the Lessee used the bulldozers continuously during the first 59 days after the petition date, excavating rock, which it later sold.  The Court held that the Lessor was entitled to lease payments for the first 59 days.

Third, the Lessor made a claim for the Lessor’s costs of repair, stemming from the Lessee’s damage to the equipment. Because the Lessee had an obligation to keep the equipment in good repair, the Court awarded the Lessor for the costs of repair. 

Finally, the Lessor claimed an administrative expense for transportation costs from New Mexico to Texas. Again, because the Lessee had an obligation to return the leased equipment to Texas, the Court awarded the Lessor with those transportation costs under § 365(d)(5).

Although the Lessee sought to offset the above administrative claims with alleged consequential damages it suffered as a result of lost profits during the two-month period it could not use the one of the bulldozers, the Court rejected that claim of offset because equipment was used and is leased on an ‘as is, where is' basis.”

So after protracted litigation, the Lessor was granted an administrative claim as to all charges. 

What are the lessons here?

•  First, true leases, especially in construction equipment, should be the norm. The stuff is often hard to locate after default, and contractors have been known to mistreat the leased equipment. As evidenced by this case, the lessor recovered significantly more that it would have had the lease been a mere security interest.

•  Second, although barely mentioned in the opinion, a significant amount of the damages were the excess hour (usage) charges. Most bulldozers have a time meter, and often the equipment lease includes, in addition to a fixed payment amount, an enhanced payment for excess hours on the meter.  If lessors are involved in construction equipment leases, the lessor should consider adding this to the payment schedule.

•  Third, another significant portion of the damages were repair costs and transportation. The lease in question had a beefy section for both of these components which allowed the Court to easily rule on this issue.  Don’t forget these areas when drafting a construction equipment lease.

The bottom line for this case is that good documentation and a very smart lawyer helped this equipment lessor make a clean sweep of its claim for an administrative expense in an equipment lease. 

Pettingill Case
http://www.leasingnews.org/PDF/PettingileCase2.pdf

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

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

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

 

Leasing 102
by Mr. Terry Winders, CLP

Internet Lease Proposals

Week two:  Equipment Finance Agreement with Purchase Option

This is the second of the series, since many leases under $250,000 are done over the internet, and not in person.  I suggested an additional sheet attached to your proposal to explain the type of lease product you are offering.  Last week, it was a “capital lease,” which in reality is a loan. (1)

This week the lease product is an “Equipment Finance Agreement (EFA)”. It is a common agreement, used a great deal.

This EFA transaction looks like a lease, but it is not so. The contract is not labeled as a lease, and has several purposes in doing so. There are two articles that follow this column that explain an EFA in more detail.  One by Attorney Barry Marks (2) and the other by Attorney Jim Coston, plus a Bank of the West Equipment Finance Agreement, included with permission. (3).

This column addresses utilizing a “purchase option” with the EFA. Similar to a “Capital Lease,” this document presents itself differently making the lessee the “debtor” and the lessor the “creditor.” You do not call it a "purchase option" but a fixed purchase obligation, which is actually
a "balloon payment."

Equipment Finance Agreement with Purchase Option
 

Dear ------,

This transaction is a non-cancelable transaction. We will retain a lien
on the equipment until all payments are received on an as agreed basis and the purchase obligation is paid. The document requires you to pay all assessed taxes on time and send proof to lessor of payment. 

Upon credit approval and subsequent signing of the documents, the vendor will invoice and then we will pay 100% of the purchase price after the equipment is delivered to you.

You are required to provide insurance on the equipment and provide a loss payable clause and an additional insured endorsement. 

You are offered a fixed purchase option at lease termination of $______, provided all payments have be paid in an as agreed manner.

You are considered the tax owner for income tax purposes. Your accountant will help you to determine the appropriate amount of interest each year.

We appreciate your business so if you have any questions please contact ______________________.  

1. Capital Lease
   http://www.leasingnews.org/PDF/CapitalLease_102014.pdf
   
   
2. Equipment Finance Agreements Explained
   by Barry S. Marks, Esq.
   http://leasingnews.org/archives/Dec2012/12_06.htm#marks
   
   
3. Special Report: Part I -- Could Church Kiosks,
   Royal Link Carts, NorVergence results bee http://leasingnews.org/archives/Jan2010/1_15.htm#special_report1n avoided?
   
   
4. Bank of the West Equipment Finance Agreemen
   http://www.leasingnews.org/PDF/bowefa.pdf

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

He invites your questions and queries.

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

 

Mr. Terry Winders available as a consultant regarding assisting attorneys in resolving disputes or explaining procedures or reviewing documents as utilized in the finance and leasing industry. He is the author of several books, including DVD's, as well as weekly columnist to Leasing News. He also performs audits of leasing companies as an expert on documentation, and has acted as an expert witness on leasing for litigation in legal and tax disputes, including before the IRS. He also has taught the senior bank examiners, how to review a bank leasing department, for the Federal Reserve in Washington D.C. and has trained the examiners for the FDIC on how to prepare a lease portfolio for sale. 502.649.0448/terrywinders11@yahoo.com

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

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Bank Credit Quality Improves
But How Much Better Can It Get?

By Hina Nawaz and Robb Soukup
SNL Financial Feature

Credit quality metrics continued to improve during the second quarter across the banking industry and will likely show further improvement as banks begin reporting third-quarter earnings.

But even as many banks have moved past the last credit crisis, industry observers say that many smaller institutions are still struggling with legacy problems, while some of their competitors are aggressively lending on terms that may lead to problems down the line.

Indeed, the largest institutions in the industry have for the most part seen continued declines in levels of problem assets and net charge-offs as a percentage of average loans, according to SNL data. Bank of America NA, the main subsidiary of Bank of America Corp., saw nonperforming assets fall by 16 basis points as a percentage of total assets during the second quarter, and Wells Fargo Bank NA saw a 12-basis-point decline in the same metric compared to the linked quarter. Both banks also reported declines in net charge-offs as a percentage of average loans.

Some major regional institutions also continued to work down their problem asset levels. SunTrust Banks Inc., for example, saw NPAs fall 15 basis points, to 2.05% of total assets.

Industrywide, adjusted nonperforming assets fell 5.14% from the linked quarter and were down by 16.26% on a year-over-year basis. Adjusted nonaccrual loans and adjusted past-due loans declined, as did adjusted OREO and current restructured loans on both a quarter-over-quarter and year-over-year basis.

Net charge-offs were down 4.27% on an aggregate basis from the previous quarter and fell nearly 30% from the second quarter of 2013, according to data collected by SNL.

Still, David Ruffin, a founder and managing member with Credit Risk Management LLC, says the aggregate numbers and improvements at the largest banks are masking some remaining problems at smaller institutions. He said that a number of key credit metrics that his firm analyzes, including NPAs, have not fallen industrywide the way they have at larger companies. "The other side of the coin is disproportionately more difficult for community banks," Ruffin said.

Some of those smaller institutions still face "significant structural impediments, and many of those small banks are unable to work off that dead weight because they can't take the capital hit," Ruffin told SNL.

Loan loss reserves also fell on an aggregate basis, and as a percentage of gross loans, during the quarter. Reserves were 1.58% of gross loans on an aggregate basis, down 9 basis points from the first quarter and down 35 basis points year over year.

Those metrics have probably fallen as far as they can, according to Ruffin. "The short-term answer is that they've pretty well bottomed out … you're just not going to have many regulators allowing reserves to fall" much lower, Ruffin said.

BankUnited Inc. Chairman, President and CEO John Kanas argued at a recent RBC Capital Markets investor conference that, in fact, the biggest risk to the industry is "the next credit cycle — it always is."

He admitted during his presentation that he did not know what the catalyst would be for the next credit cycle. He also pointed to loose underwriting standards as a worrisome trend happening across the industry and said that bankers need to be vigilant despite the improvements in the economy and credit numbers across the board.

"I don't know where it is, or when it is, but credit can't stay this good forever — there will be a change," Kanas said.

 

 

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Victim or Might Be a Victim of Identity Theft?
NY AG Gives Advice

New York Attorney General Eric T. Schneiderman issued the following, regarding a cyber-attack at JP Morgan (and it applies to any credit card theft victim):

If you might be a victim:

   - Report to any of the three credit reporting agencies (Equifax, Transunion or Experian) that you may have been a victim of identity theft. Make sure the credit reporting agency has your current contact information so it can get in contact with you. (Telephone numbers below).
   - Ask the credit reporting agencies to put a fraud alert on your credit file.  This will still allow you to use your credit card. If you put a fraud alert on your file, you may ask for a free credit report from each of the credit reporting agencies. Contacting any one of the three credit reporting agencies above is enough to file a credit alert with all of them. A credit alert must be renewed every 90 days.
   - You also have a right to put a credit freeze on your credit file. This will block someone from obtaining credit using your name or personal information. This means you won’t be able to apply for any new credit cards or loans while the freeze is in effect, but you can continue to use your existing cards. To freeze your credit file, you must notify each of the three major credit bureaus. You can remove the freeze temporarily or permanently by contacting each of the three agencies. There is no fee if you have been the victim of identity theft. You may be charged a fee of up to $5  if you have not been a victim of identity theft.
   - You should also check your credit activity regularly with each credit issuer.  You don’t need to wait for your monthly statement, though you should check that as well.  Many banks provide online information to account holders about recent activity. 

If you are a victim:

   - Create an identity theft fraud report.  To create one, file a complaint with the Federal Trade Commission and print your Identity Theft Affidavit. You can call the FTC at 1-877-438-4338 or visit this website.
   - Use that to file a police report and create your Identity Theft Report.
   - An Identity Theft Report will help you deal with credit reporting companies, debt collectors and any fraudulent accounts that the ID thief opened in your name.
   - Put a freeze (not just a fraud alert) on your credit report by notifying each of the credit reporting agencies (Equifax, TransUnion or Experian). The freeze can be removed only by you.
   - Get your credit report from each of the three agencies. You are entitled to free reports once you post a fraud alert or put a freeze on your account. Read the reports carefully to see whether other fraudulent transactions or accounts are listed, and then take steps to correct the errors.
   - Check your credit card account frequently to look for any irregular activity.

Contact information for the credit reporting agencies:

Equifax
1-800-525-6285

Experian
1-888-397-3742

TransUnion
1-800-680-7289

John Kenny Receivables Management • End of Lease Negotiations & Enforcement  • Fraud Investigations • Credit Investigations • Asset Searches  • Skip-tracing • Third-party Commercial Collections john@jkrmdirect.com | ph 315-866-1167| www.jkrmdirect.com

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

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Social Media: Differences in Gender, Age, and Income
By Thiago Guimarães, businessinsider.com

• Facebook still skews significantly female. Women in the U.S. are more likely to use Facebook than men by about 10 percentage points, according to a 2013 survey of social network adoption.

• Facebook remains the top social network for U.S. teens. Nearly half of teen Facebook users say they're using the site more than last year, and Facebook has more daily teen users than any other social network.

• That said, Instagram has edged out Facebook and Twitter in terms of prestige among young users. U.S. teens now describe Instagram as "most important," while Facebook and Twitter lost ground on this measure, according to Piper Jaffray's twice yearly teen survey. The survey also found that 83% of U.S. teens in wealthy households were on Instagram.

• LinkedIn is actually more popular than Twitter among U.S. adults. LinkedIn's core demographic is those aged between 30 and 49, i.e. those in the prime of their career-rising years. Not surprisingly, LinkedIn also has a pronounced skew toward well-educated users.

• Twitter has begun to lean worryingly toward male users, whereas previously it was a more gender-balanced social network. Pew found that 22% of men use Twitter, while only 15% of women do.

• YouTube reaches more adults aged 18 to 34 than any single cable TV network. Nearly half of people in this age group visited YouTube between December 2013 and February 2014, according to Nielsen. It was rated by millennials as the top place to watch content, ahead of digital and TV properties like Facebook and ESPN.

• Snapchat is the youngest social network of all. More than six out of 10 Snapchat users are in the 18-to-24 age group, compared to 28% of Instagram users, according to a survey by Informate.

For the full report, and to subscribe to BI Intelligence

Conducting a Confidential Job Search while Employed
Career Crossroad---By Emily Fitzpatrick/RII

 

One of the best times to look for a new job is when you already have a job. Employed jobseekers tend to be more desirable to some hiring managers than unemployed jobseekers. Additionally, investing $1,000-$2,000 on interview attire and having your resume and LinkedIn profile updated by a professional is easier when you have a salary.

Important Note
Make sure you provide your personal phone numbers / cell phone and email addresses to recruiters and potential employers. E.g., on your LinkedIn Profile include your personal contact information (under Contact Information) – take the time to make sure your profile includes this information!

Do not attend job fairs or hand out your resume at conferences
or association functions
One job seeker reviewed the roster of participating employers at a conference and did not see his company listed. He thought he would share his desire to leave his current employer and distribute his resume to a few participants. However, as he made the rounds of the booths, his current boss spotted him, which led to an awkward conversation and his departure from the company sooner than he had originally planned. Some conferences and job fairs collect resumes and distribute them to all participating companies. A few companies enter these into a database to search for their company name to identify current employees looking for new jobs.

Do not respond to “blind ads”
Do not submit your resume for positions where the company name is not listed. More than one job seeker has applied for “the perfect job” only to find it advertised by their employer!

Do not post your resume online
Not only is it likely to be found by someone at your current company, but also resumes posted publicly stay out there “forever”. When possible, apply only for positions you are interested in, and apply directly on the company website, if possible, instead of through a job board. Best is to work with a recruiter who can conduct your search confidentially on your behalf.

Do not post about your job search on social media
Additionally, do not post about being unhappy in your current job on social media - no matter how locked down you think your privacy settings are. Anyone can take a screen shot of your post and share it with anyone else.

Do not lie if asked if you are looking for a job
That is especially important if that question comes from your current boss. If you are asked, be honest - but you should also re-double your job search efforts. In the event of a layoff, you will likely be the first to be let go, “since you were planning on leaving anyway”.

Do create a “confidential” version of your resume
Remove your name, write “Confidential Candidate”, and include your generic email address and personal cell phone number. Do not put your home phone number on a confidential resume - a reverse phone number lookup may reveal your identity.

Do watch what you wear
If you typically work in a “business casual” environment, if you show up in a suit (because you have an interview over lunch), that will likely arouse suspicion. Plan enough time to change before your interview. Furthermore, be careful about making dramatic changes in your appearance (hairstyles, clothes, etc.). 

Do keep up your efforts at work while you conduct your job search
Companies want employees who are committed to their job, not their job search.

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

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

 

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

ELFF Q4 Economic Outlook Increases 2014 Equipment
and Software Investment Growth Forecast to 5.5%

Washington, DC,  –- Investment in equipment and software is expected to grow 5.5 percent in 2014, according to the Q4 update to the 2014 Equipment Leasing & Finance U.S. Economic Outlook released today by the Equipment Leasing & Finance Foundation. The Foundation revised its 2014 equipment and software investment forecast to 5.5 percent, up from 2.6 percent growth forecast in its Q3 Update to the 2014 Annual Outlook released in July. Equipment and software investment is expected to steadily grow over the next six months across most verticals due to a gradually strengthening economy and continued replacement demand. The Foundation report, which is focused on the $827 billion equipment leasing and finance industry, forecasts 2014 equipment investment and capital spending in the United States and evaluates the effects of various related and external factors in play currently and into the foreseeable future.
 

William G. Sutton, CAE, President of the Foundation and President and CEO of the Equipment Leasing and Finance Association (ELFA), said, “The Foundation’s Outlook forecasts that steadily improving economic conditions point to increased investment and financing activity through the end of the year. Industry confidence has remained consistently positive and capital spending is up, as recent data from the Foundation’s Monthly Confidence Index and ELFA’s Monthly Leasing and Finance Index reflect. Although challenges remain—from geopolitical risks to global growth concerns—we remain optimistic regarding the outlook for the equipment finance sector through the end of 2014.”
 

Highlights from the study include:

             The U.S. economy is expected to grow 2.2 percent in 2014.

• Overall, the economy appears to be exhibiting gradually improving health, although serious headwinds remain. A solidifying economic recovery, downside risks stemming from geopolitical conflict, and continued accommodative monetary policy are key trends dictating our outlook for 2014.

• Growth in equipment and software investment rebounded from a 0.4 percent contraction in Q1 2014 to expanding 9.6 percent in Q2.  Looking ahead, we expect continued growth in Q3, modest sector growth for the coming year, with an overall forecast of 5.5 percent growth in 2014. Credit supply continues to improve, and credit demand has held steady for all business sizes.  

The Foundation-Keybridge U.S. Equipment & Software Investment Momentum Monitor.

The Momentum Monitor, which tracks 12 equipment and software investment verticals, forecasts the following equipment investment activity:

• Agriculture machinery investment will likely see year-on-year contraction through the rest of 2014, as both farm yields and commodity prices remain modest.

• Construction machinery investment is expected to experience moderate growth over the next 2 quarters.

• Materials handling equipment investment will likely experience stronger growth over the next 3 to 6 months.

• All other industrial equipment investment will likely see continued solid growth over the next 3 to 6 months as the “re-shoring” of manufacturing continues to be a dominant economic story in 2014.

• Medical equipment investment is expected to experience slowing growth near the end of the year.

• Mining & oilfield machinery will likely see slower growth following a strong first half of 2014.

• Aircraft investment will likely experience stronger growth towards the end of year.

• Ships & boats investment will likely slow after rebounding solidly in Q2 2014.

• Railroad equipment investment is likely to accelerate over the next 3 to 6 months.

• Investment in trucks is expected to exhibit modest growth through the year, reflecting improved economic conditions.

• Computers investment will likely remain muted following strong replacement demand seen in recent quarters.

• Software investment will likely see continued moderate growth in the next 3 to 6 months as companies continue to make investments in software and cloud technologies.

About the Equipment Leasing & Finance U.S. Economic Outlook
The Foundation produces the Equipment Leasing & Finance U.S. Economic Outlook report in partnership with economics and public policy consulting firm Keybridge Research. The annual economic forecast provides a three-to-six-month outlook for industry investment with data, including a summary of investment trends in key equipment markets, credit market conditions, the U.S. macroeconomic outlook and key economic indicators. The Q4 report is the third update to the 2014 Annual Outlook. The 2015 Annual Outlook will be published in December.  Download the full report at www.leasefoundation.org/research/eo/. 

About the Foundation-Keybridge U.S. Equipment & Software Investment Momentum Monitor
The Momentum Monitors consist of indices for 12 vertical markets and are designed to identify turning points in their respective investment cycles with a 3 to 6-month lead time. In addition to their presence in the quarterly Economic Outlook, monthly Momentum Monitors are available to Foundation donors free of charge. Non-donors may purchase individual Momentum Monitors at www.leasefoundation.org/research/eo/mm.cfm. 

About the Equipment Leasing & Finance Foundation
The Equipment Leasing & Finance Foundation is a 501c3 non-profit organization that provides vision for the equipment leasing and finance industry through future-focused information and research. Funded through charitable individual and corporate donations, the Foundation is the only organization dedicated to future-oriented, in-depth, independent research for the leasing industry. In 2014, the Foundation celebrates is 25th anniversary. Visit the Foundation online at www.LeaseFoundation.org.   Follow the Foundation on Twitter @ LeaseFoundation. 

About Keybridge
Keybridge is a public policy economics consulting firm.  Keybridge provides analytical support and strategic advice to a select clientele that includes Fortune 500 companies, global financial firms, G-7 governments, premier industry associations, and non-profit organizations.  Keybridge’s experience and expertise make it uniquely suited to assist organizations that frequently operate at the interface of business, economics, and public policy.

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Newest Version of Linedata Capitalstream Offers
Innovative Digital Banking Features

End-to-end credit processing from e-signature to mobile

PARIS, SEATTLE, IRVINE, – Linedata (NYSE Euronext: LIN), the global solutions provider dedicated to the investment management and credit industries, is pleased to announce a new version of Linedata Capitalstream for the finance teams of commercial banks, manufacturing captives and independent finance providers. This latest version delivers a stronger ROI, increases operational efficiencies, and improves competitive advantage by integrating new technologies that respond to evolving user expectations.

Bill Kramer
SVP, Product Management

“As clients look at their overall business and identify how they will drive their growth in the future it is essential that we remain committed to providing new and compelling digital banking features in the Linedata Capitalstream platform to meet evolving user expectations,” remarks Bill Kramer, Senior Vice President of Product Management, Linedata Lending & Leasing North America. “By helping our clients increase their business value with new and improved digital features, as well as advanced analytics and reporting, we provide an end-to-end platform fully supported by Linedata’s knowledgeable implementation specialists. Our current and future product strategy is to provide a cost-effective and fully scalable origination and risk management solution that enables our client base to work more efficiently, compete more effectively, monitor performance and compliance, and optimize the overall user experience.”

Industry analysts, client surveys and market assessments all highlight the immediate impact of increased regulatory scrutiny, emerging competition and the need to service clients more quickly. As a result, the cost of doing business is increasing and the market is showing less stability. These factors are shifting the lending and leasing market and changing business needs. Another key trend in the marketplace - leveraging technology to address business challenges – instead creates opportunity. In order for firms to stay competitive, it is critical that a loan and lease management solution takes advantage of new technologies and trends in digital banking.

Linedata Capitalstream’s new digital banking features provide the commercial lending and equipment finance industries with the solutions and decisioning tools required to quickly receive credit approval to be ahead of the curve in a very competitive market, and to support overall the growth of the credit business. As the connected device landscape continues to evolve, Linedata Capitalstream is at the forefront by addressing these needs now and in the future for their clients.

The Linedata Capitalstream mobile application allows users to effectively and efficiently access information using mobile devices which helps deals move seamlessly through the origination process from the field. In order to meet the need for streamlined and comprehensive operational and risk management throughout the lending and leasing life cycle, the platform supports automated integrations with numerous third-party systems and technology.

This release also introduces a new e-signature capability, in partnership with Silanis, one of the major global leaders. Linedata Capitalstream and Silanis directly integrate, exchanging borrower and document information at appropriate points in the origination process, in order to facilitate electronic signature with full audit trails, automated workflow integration and document storage.

The Business Intelligence (BI) Suite is a companion module that complements the Linedata Capitalstream origination and risk management platform, delivering “plug-and-play”, multi-dimensional business analytics structured around subject-specific data sets. It enables users to gain critical business insights, manage risk, meet regulatory requirements and optimize deal processing. Linedata Capitalstream delivers an expanded BI Suite that includes data sets for Loan Origination analysis, Portfolio Analysis and Workflow Analysis and rich tools for implementation, data ETL (extract, transformation and loading), historical data capture, and easy customization.

http://www.linedata.com/

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Labrador Retriever
Sioux City, South Dakota  Adopt-a-Dog

Blizzard

Breed: Labrador
Age: 1 year 9 months
Sex: Male
House Trained: Unknown | lived on a farm
Likes: Kids | Dogs | Strangers | ok with kids ages 5+
Dislikes: Cats | chases cats
Adult Size: Large | 54 pounds
Fee: $70

"Howdy! My name is Blizzard. I was brought to the shelter because my owner is moving and I cannot go with. I do not mind strangers and I have been around children 5+ and I get along with them. I have not met any dogs, and I did chase the cats on the farm. I was brought in the house at night and kenneled. I know sit, come, and my name. My favorite toys are tennis ball. I tend to bury them sometimes. I have a lot of energy and will need plenty of room to run. I am not neutered, but I am microchipped, frontlined, and started on my vaccinations. Come and see me and take me to my forever home."

Sioux Falls Area Humane Society
3720 E Benson Rd
Sioux Falls, SD 57104

Hours of Operation
Saturday - Wednesday
11:00 AM - 6:00 PM
Thursday - Friday
11:00 AM - 7:00 PM

(605) 338-4441
eMail: frontoffice@sfhumanesociety.com

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

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Classified ads—Asset Management

Leasing Industry Outsourcing
(Providing Services and Products)

Asset Management: Atlanta, GA premier provide accounts receivable management functions from 3rd Party contingency collections to Portfolio Purchasing. Contact George Elliott, National Account Manager. 678-694-9063 westassetmanagement.com	Asset Management: Boston, MA Nationwide appraisals, remarketing, audits, inspections and more! Over 15-years industry experience and dedicated to deliver personal, prompt, professional services.  Call Chris @ 508-785-1277  Email: chris@dovermanagementgroup.com
Asset Management: Minneapolis, MN NetSentric provides services to leasing companies: Inspection, Appraisals, Auditing, Warehousing, Repossession, Asset Management, Repairs, Remarketing and Field Service for Electronics and Computing Technology. Email: jcahill@netsentricinc.com	Asset Management: Monroe, NC Recover a greater return on your investment.  We specialize in the woodworking, pallet, sawmill and forestry industries. Carolinamachinerysales.com/  Melinda Meier  (704)288-1904 x103
Asset Management: Nationwide  BUYER/LENDER BEWARE. Don't sign anything until Collateral Verifications Inc. goes onsite, knocks on the door and gets the facts. http://www.i-collateral.com Email: mark@i-collateral.com	Nationwide  Seasoned and fair priced workforce is at your service for all lease collections, repossessions, and asset liquidations, appraisals.  Call Nassau Asset Management 800-462-7728  dcastagna@nasset.com
Asset Storage/Re-Marketing: Ohio & surrounding states. Providing no cost warehousing, condition reports, digital photos and remarketing of off-lease forklifts & industrial equipment. NAFTA wide dealer network. Email to GCochran@OhioLift.com	Asset Management Melville, New York Auctions, Appraisals, National Repossessions.  ALL asset classes. 20+ year team works for you. Spend less, Net More… Fast! Ed Castagna 516-229-1968ecastagna@inplaceauction.com
	Asset Management: Global Specializing in Semiconductor and Electronic Test Equipment collateral. Lender services include Consignment Sales, Remarketing, Portfolio Purchases, Inspections, De-installation, Repairs and Warehousing.  testequipmentconnection.com Email
Bulldog Asset Management provides recovery and remarketing services with a difference. Contingent repos, free storage and industry experts to remarket. Email: Jamie@bulldogasset.com  www.bulldogasset.com	Asset Management: Portsmouth, NH Unique approach improves results, keeps costs down. Repossession, Storage, Inspection, Legal, Appraisal, Transport, Remarketing. Free advice and resources. Call 855.EENGINE  www.equipmentengine.com/

All "Outsourcing" Classified ads (advertisers are both requested
and responsible to keep their free ads up to date:
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How to Post a free "Outsourcing" classified ad:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing-post.htm

  

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Baseball Poem

Somewhere Out There
Tim Peeler
Beyond the rim of what we can see,
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from “ Touching the Bases”
 These come from a soft cover 128 pages with index published by www.mcfarlandpub.com 
(they take two weeks to send, but you are helping this company stay alive), or you can buy from Amazon, for the same price, but perhaps faster delivery. While they are all mostly baseball, some are not. He is a unique American poet. He lives in Hickory, North Carolina.

 

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