UAEL 2003 Annual Conference and Exposition
by Loni Lowder
(full report & charts available for download)
(Menkin also answers those who requested to be removed
from the mailing list due to his comments about Christopher
Columbus in yesterday’s American History.)
This Border ##### Denotes Press Release (Not Written By Leasing News)
Please send to a colleague as we are trying to build our readership.
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Economic Events This Week
Equipment Leasing Association
Conference San Diego
(report later this week from Paul Menzel, CLP)
Retail Sales: September.
Final Taxes Due for Calendar year
(this is it!)
Consumer Price Index: September
Inventory-Sales Ratio: August
Industrial Production: September
Capacity Utilization: September
Weekly Jobless Claims
Housing Construction: August.
Classified Ads---Outsourcing: Back Office
Recently we deleted almost 40 "free ads" regarding off-lease equipment. This
section was originally designed to help those who service the leasing industry
obtain a free ad.
The purpose was to help our readers, those seeking and those looking for
such services. It was getting out of hand with all the off-lease equipment
advertisers. We asked them if they wanted to pay for the ad, and you know
where they told us to go, so that is where they have all went, too.
Here is a sample of Out Sourcing Ads
Back office: Atlanta , GA. GlobalTech Portfolio Services provides world class lease, loan administration and asset management for equipment and vehicles. Current portfolios $1 billion. Contact Alan Zeppenfeld 678-816-2216 email:firstname.lastname@example.org
Back office: Indianapolis, IN
Back Office: Atlanta, GA. Let Tax Partners handle your sales and use tax compliance duties w/less risk and cost than in-house. Largest tax compliance firm in U.S. email:email@example.com
Back office: Dallas, TX.
Property Tax and sales and use tad administration services performance is guaranteed and we will save you time and money or our service is free.
Back Office: Northbrook, IL
Our staff of CPA's and lease professionals can handle any or all portfolio responsibilities incl. portfolio mgmt, invoicing, sales/property/income tax, accounting, etc. Email:firstname.lastname@example.org
Back Office: Laughlin, NV. 20 years experience on funder/broker sides. Looking for a relationship where I act as credit shop for smaller brokers when financial statements are involved. email:email@example.com
Back Office: San Rafael, CA
We can run your back office from origination to final payoff. 30 years experience in commercial equipment lease and loan portfolio management. Email:firstname.lastname@example.org
Tired of paying and training a documentation person? Cut your expense and try outsourcing. Ideal for any part of the USA Call for information 503-492- 3183. Email:Trina.Drury@verizon.net
46 ads are at: http://188.8.131.52/LeasingNews/JobPostingsOutsourcing.htm
Outsourcing---This is not for funding sources, lessors, brokers, but for service providers to the leasing industry. This is not to promote a product or software, but is "outsourcing work" related as indicated by the people whose service is available.
UAEL 2003 Annual Conference and Exposition
by Loni Lowder
The UAEL Annual Conference and Exposition continues to be the key event for its members, and this year was no exception. Peter Mellon, the Conference Chairman, provided a wonderful setting at the downtown Portland Marriott Hotel. He and the UAEL staff, headed by Joe Woodley, UAEL’s Executive Director, did a fabulous job of organizing everything, including a cooking class and luncheon for spouses that brought in rave reviews from those who attended. The timing for this convention was fall; however, that didn’t stop things from continuing to grow. This year's 321 attendees, included 37 first timers, was up from last years total of 270 in San Diego.
Thursday’s activities included a golf tournament, which despite the rain was a success, a CLP review taught by Nancy Geary, CLP, Terey Jennings, CLP and Jim McCommon, CLP, and a full day seminar selling the technical aspects of leasing, taught by yours truly. All of Thursday’s events were well attended, right up to the First Timer’s Opening Reception.
Bette Kerhoulas, CLP, the President of UAEL and her directors, Bob Fisher, CLP, Jim Coston, CLP, Terey Jennings, CLP, Peter Eaton, CLP, Bob Baker, CLP, John Donnelly, Dwight Galloway, CLP, Brent Hall, CLP, Victor Harris, Marci Kimball-Slagle, CLP, John Kruse, Jim McCommon, CLP, Brad Peterson and Bob Teichman, CLP, and Ambassadors attended the First Timers Reception to welcome all the new members and attendees. Thursday evening was topped off by an opening reception hosted by QuikTrak that featured the delightful improvisational entertainment by a troupe called Brainwaves.
Friday’s Opening General Session featured Mike Hennessy, extolling the virtues and beauty of Portland. The day’s activities were dominated by the open exhibits. More than fifty fundors and service providers networked with UAEL members. On an editorial note, I saw a lot more optimism in almost everyone I spoke with, more than there has been in the last couple of years; actually, there seemed to be almost a buzz in the air. I think most UAEL members believe the economic recovery is for real this time.
Saturday’s events (in true UAEL form) were geared towards education. With a full house, Bob Fisher, CLP, moderated a panel on General Industry Overview of Why the Market Hasn’t Come Back Yet…. Or Will It? With a diverse group on the Panel consisting of John Haenselman, Marci Slagle, CLP, Brad Peterson, Peter Violich, and Jim Brady, there were several opinions and views on our ever-changing market. The underlying theme: although things are certainly getting better, you need to know your industry, market and niche to continue to succeed. Simultaneously, Ted Brownrigg, CLP moderated a panel in which Tal Kennedy and Peter Eaton, CLP, educated brokers and lessors on How to be Your Fundor's Best Source, while Victor Harris moderated a panel on Anatomy of Lessor-Fundor Master Agreements with a panel consisting of Jim Adler, Steve Crane, CLP and Bette Kerhoulas, CLP.
Following a short break, it was back for more education that began with Bob Baker doing his usual bang-up job going over Lease Classification and Terminology, Brent Hall presenting How to Develop Your Company from a Broker into a Recourse Non-recourse Discount Firm, emphasizing the importance of packaging and legal aspects of documentation. Meanwhile, Thomas Mullally, Kenneth Lau and John Rosenlund, CLP, represented the legal side to Effective In-House Collection: A Roadmap to the Pot of Gold.
At a working Luncheon we heard from Economist John W. Mitchell, possibly the most animated economist I’ve ever heard, who referring to Schwarzenegger in office and the Cubs and Red Sox in the play-offs, made the point that you don’t know what the future can hold, but thinks the economy seems to be getting back on the right track. The lunch closed with the UAEL’s Annual Board Meeting honoring Bette Kerhoulas, CLP, President, and departing board members, John Kruse, Brent Hall, CLP, Dwight Galloway, CLP, along with the remaining board and members for making this a successful year and conference for the Association. The Association also welcomed and accepted nominations for the new board members for 2004. These will be Randy Haug, Jim Lahti, CLP, Ron Lear, Paul Menzel, CLP, Tim Mulally and Rudy Trebels, CLP. UAEL’s President Elect, Jim Coston, CLP, also unveiled a different format for the UAEL’s all-new 2004 Equipment Leasing Management Forum at the Point Hilton Squaw Creek Resort in Phoenix (April 22-25, 2004) with Brad Peterson as Conference Chair, it looks to be a new and exciting conference.
The afternoon workshops continued with full houses. Bob Baker presented Part II, Marketing to Equipment Vendors, Tom Gonser with DocuSign, Inc., presented Electronic Signatures – Finally Ready for Mainstream Business, and Andy Alper and Steven Jenkins offered advice on Exercising Your Remedies in State and Bankruptcy Courts. By the end of the day everyone was ready for the Saturday Night Gala at the Pittock Mansion. Busloads of attendees headed up the narrow-winding road to the beautiful site. Most didn’t even mind the continuous rain and the thick fog, as the location certainly couldn’t be beat and the hors d'oeuvres were incredible.
As a final note, I was impressed, both as an educator and a transactional player, with the emphasis on education that UAEL continues to focus on with its members. This organization was the birthplace of the CLP designation, and as with most meetings, Cindy Spurdle was spreading the gospel of the CLP, as she does with all of the associations across the country. It is very apparent that things are growing again in all aspects of the UAEL and everything really should be Coming Up Roses!!
Loni L. Lowder
President & CEO
ACC Capital Corporation
Chief Executive Officer
420 East South Temple
Salt Lake City, UT 84111
(801) 530-7748 (phone)
(801) 595-9040 (fax)
LONI L. LOWDER is President and CEO of ACC. ACC, an equipment lease and finance company, was founded by Mr. Lowder in 1978. The company funds over $60 million annually in equipment cost. Mr. Lowder was a principal partner and member of the Board of Directors of Amembal, Deane & Associates. Loni Lowder was named as a finalist for the Ernst and Young Entrepreneur of the year award.
Mr. Lowder has conducted sales and technical presentations on leasing in major cities throughout the United States. Mr. Lowder has assisted in the development of several seminars on lease education and is solely responsible for having developed a popular Amembal Deane seminar entitled "Selling the Lease Alternative." Technical Skills in Sales Success, a one-day seminar, is currently being taught to ACC broker and community bank customers.
Mr. Lowder is considered an authority on using the technical aspects of equipment leasing to increase sales for middle market leasing companies. He has appeared as a speaker at a number of industrial associations as well as seminar leader for in-house seminars on the equipment sales process for leasing companies within the United States. Mr. Lowder is a contributing author to the publication "International Leasing."(850 pgs.)
A LIST OF SEMINARS TAUGHT BY MR. LOWDER:
· Introduction to Leasing: The Creative Alternative
· Fundamentals of Finance, Accounting and Taxation
· Leasing: The Creative Finance Alternative
· Leasing: Credit Analysis and Risk Assessment
· Leasing: Winning the Deal
· Selling the Lease Alternative
· Technical Skills in Leasing Sales
· Technical Leasing for Sales Success
Coda: Rob Yohe, negociant, portfolio evaluator, and general bon vivant
slipped and broker his hip. Many who know Rob are aware of his back
“problems” and need to walk with a cane. The accident caused his
wife to fly out to Portland, and his father Spencer, a Colorado CPA,
to go to Stillwater, Kansas to be with the Yohe’s 16 year old son Graham.
He was operated on Friday. According to Spence Yohe, the break was above
the ball joint, supposedly the easiest to repair, but his hip has been weaken
by taken bone from it for his back. The good news is he may be on his
way home today or tomorrow, and back at 16016 Overlook Lane, Stillwell, KS 66085 before Friday. 913-851-4623
( Rob hands out this residence number to everyone as it is on
his business card. )
A side note, many noted how glad they were to see both Chuck and Connie Brazier at the meeting. Leasing News should do a story on “Whatever Happened
to Chuck Brazier” so everyone could understand the significance of her
being in Portland, Oregon.
Thank you for the great report, Mr. Lowder. Paul Menzel is going to
have a tough act to follow with his report about the ELA Conference
in San Diego. editor .)
### Press Release ###################################################
State of the Industry Report Shows Mixed Impact of Economic Downturn
((Many of the respondents reported the beginnings of an economic upturn in 2003 in the small ticket market (transaction size $25,000 to $250,000).
(Small ticket transactions drove new business volume in 2002, generating
37.4 percent of total new business volume. Micro ticket transactions,
while generating only five percent of new business volume, generated
impressive returns. In 2002, micro ticket (transactions size $0 to
$25,000 showed a substantial increase in new business volume (23.5
(Full Report with a separate down of charts follows this press release. editor)
Despite low interest rates, equipment leasing industry remains important
financing vehicle for capital in the U.S.
Arlington, Virginia-The Equipment Leasing and Finance
Foundation, a non-profit organization dedicated to enhancing recognition
and understanding of equipment lease financing, has released its 2003
State Of The Industry Report (SIR). Survey respondents describe mixed
effects from the economic downturn. For some sheer survival is a goal,
while other respondents report that the challenging times have provided
an opportunity to refocus their approach, streamline their operations,
and clarify their strategies leaving them poised to take maximum
advantage of the next economic up cycle. The SIR report, administered by
Financial Institutions Consulting, Inc. (FIC), reflects year-end 2002
"The SIR report shows that, despite historically low interest rates,
leasing continues to be an important financing vehicle for equipment in
the U.S.," said Lisa Levine, Executive Director, Equipment Leasing and
Finance Foundation. "Respondents maintained satisfactory levels of
profitability despite declining revenues, reduced new business volume,
and slightly increased charge-offs." Controlling costs was cited as a
main contributor to steady profitability.
Leasing continues to be the most widely used method of asset-based
financing in the U.S., accounting for approximately one-third of
external financing of total capital investment. However, leasing volume
is in direct relation to business equipment investment. Based on the
Bureau of Economic Analysis' most recent GDP estimates, the SIR states
total leasing volume for 2003 is expected to increase only slightly over
2002. The 2003 estimate for leases is $208 billion out of $668 billion
in total new business equipment investment. That figure is
up from $204 billion in equipment leases on $655 billion in new business
equipment investment for 2002. The SIR's projection for 2004 shows a
modest five percent increase over the previous year, barring new world
incidents negatively impacting any economic recovery.
The report shows results from the three leasing market segments - small
ticket comprising transactions up to $250,000, middle market comprised
of transactions from $250,000 to $5,000,000 and large ticket for
transactions over $5,000,000. The SIR also includes information by
categories of independent, captive and bank-affiliated leasing entities.
Key findings include:
* Currently, the industry faces two main challenges: current
economic conditions and the potential impact of accounting, legislative,
and regulatory changes.
* Many respondents, in 2003, particularly in the small ticket
market, are seeing the beginnings of an economic upturn.
* For the 132 Survey respondents, 2002 new business volume
declined by 4.6 percent over the previous year.
* Bank leasing companies experienced a significant drop in new
business volume with captives and independents, financial services firms
showing modest increases.
* By ticket size, micro ticket showed a substantial increase in
new business volume (23.5 percent) while the other segments experienced
* By channel, vendor and captive programs gained in importance
over the previous year, demonstrating the increasing importance of
* New business volume by equipment type shows most transportation,
construction equipment, and industrial equipment volume down over the
previous year. However, investment in medical and information technology
increased during the same period. Based on interim GDP reports,
information technology and computers may continue to show strong growth
in 2003 Transportation and industrial equipment continues to decline.
Even by the most optimistic forecasts, certain segments of the leasing
industry will continue to experience significant challenges for the next
12 to 24 months.
"More than ever, success in this industry requires focus, flexibility,
and the ability to rapidly adapt to changing environments," said Levine.
The SIR contains analysis of industry results, trends, developments and
future outlook for the equipment leasing industry. It was compiled using
information from the Equipment Leasing Association's (ELA) Survey of
Industry Activity, FIC's past client experience, in-depth personal
interviews, and independent economic data.
Charts in the story, please go here:
Here is the full report, depending on your internet connection, this may
be a long download :
About The Equipment Leasing and Finance Foundation
The Equipment Leasing and Finance Foundation is a 501c3 non-profit
organization established in 1989 by the Equipment Leasing Association of
America. The Foundation develops and promotes the body of knowledge to
enhance recognition and understanding of equipment lease financing. The
Foundation's strategic objectives are to maximize the role that
equipment leasing plays in the world economy, and to be the prime
developer and disseminator of a body of knowledge of the leasing
industry. Visit the Foundation online at
Enterprise Funding Group Announces Staff Additions/Promotions
Enterprise Funding Group is pleased to announce the addition of Saul Sloman, Debra Romero and Al Mateus to its business development staff. Mr. Sloman will be representing Enterprise Funding Group in Atlanta, GA., Ms. Romero and Mr. Mateus are positioned in the Grand Rapids, MI. headquarters. David Beckett has been hired as Credit Analyst and Ben Fellows has been promoted to Assistant Vice President, Portfolio Manager.
Enterprise Funding Group is a privately held, independent lessor based in Grand Rapids, MI. The company is aggressively planning to grow its equipment portfolio by adding new sales representatives throughout the U.S., as well as continuing to develop indirect relationships with select originators. Website: www.enterprisefundinggroup.com.
Enterprise Funding Group
### Press Release ################################
Experian New Service Helps Leasing/Finance Marketing via Public Extract
COSTA MESA, -- Experian(R), a global business solutions company, today announced the launch of Public Record Extract, a new tool designed to help marketers in the financial, leasing and legal services industries make their business-to-business direct-mail campaigns more profitable.
"For direct marketers, the key to success is having easy access to the business intelligence they need to make the right offer to the right audience at the right time," said Mark Zablan, president of Experian's Business Information Solutions group.
Experian provides access to four types of public record files in batch mode, including Uniform Commercial Code (UCC) data, corporate record data, fictitious business name, and derogatory filings.
With the availability of Public Record Extract, Experian's clients may draw upon one of the largest repositories of state and federal public filings to gain the information they need to segment and target specific prospects and existing customers. Marketers can easily identify businesses that are eligible for pre-bankruptcy or post-bankruptcy financing, identify particular types of collateral, and determine any opportunities for secured financing.
Queries can be done on a state-by-state basis and by business name and address, debtor name and address, type of legal UCC filing, legal action code, secured party name, collateral code, and assignee's name and address.
"Public Record Extract helps marketers know their present and prospective customers inside and out," said Zablan. "Having easy access to this critical data in a timely fashion is essential to a successful transaction."
For more information, contact Richard Quintana, vice president, Product Development & Marketing, Experian Business Information Solutions at 714 830 7204 or email@example.com .
Experian provides strategic support to organizations around the world. It helps its clients target, acquire, manage and develop profitable customer relationships. It does this by combining its advanced decision support and outsourcing services with information on consumers, businesses, motor vehicles and property. Experian works with more than 40,000 clients across diverse industries, including financial services, telecommunications, health care, insurance, retail and catalog, automotive, manufacturing, leisure, utilities, property, e-commerce and government. Millions of consumers rely on Experian's consumer credit services to meet their financial management needs. Experian is a subsidiary of GUS plc and has headquarters in Nottingham, UK, and Costa Mesa, Calif. It has a 175-year history and unbroken sales growth over the past 23 years. Its 13,000 people support clients in more than 60 countries. Annual sales exceed $1.9 billion.
For more information, visit the company's Web site at www.experian.com .
For further information please contact Susan Henson, Public Relations of Experian, +1-714-830-5129, firstname.lastname@example.org .
### Press Release #################################
World Star Aviation, Ltd., A New Aircraft Leasing Company, Begins Operations in San Francisco
SAN FRANCISCO, -- Veteran aircraft industry executive John E. Flynn today announced the formation of World Star Aviation, Ltd., a new aircraft leasing company that purchases, sells and leases commercial aircraft for the international aviation industry. The San Francisco-based company begins operations as manager of a fleet of 58 passenger and freight aircraft leased to 26 airlines in 16 countries.
Flynn, who has been President of Triton Aviation Services Limited and is the former Executive Vice President of GE Capital Aviation Services, established World Star with three other members of Triton's senior management -- Sean M. O'Connor, Garreth T. Slevin and Richard L. Zimmerman, all of whom have resigned their positions at Triton. Triton, in turn, has contracted with World Star to manage its fleet of 58 aircraft.
"We formed World Star Aviation to take advantage of the unprecedented opportunities provided by the recent turmoil in the airline industry," Flynn said. "The current supply-demand imbalance enables us to acquire desirable, high quality aircraft at attractive prices and enhance their value by the experienced, efficient management of leasing operations. Our lean corporate structure and depth of industry experience will permit us to operate with an advantageous aircraft-to-personnel ratio.
"We are also fortunate to begin operations with the management of Triton's fleet, which provides continuity to our customers and enables us to build on our excellent established relationships with international airlines, aircraft manufacturers, suppliers and investors. We are grateful to Triton for the support and confidence they have placed in our new venture," Flynn said.
At World Star Aviation, Flynn will be President and Chief Executive Officer; O'Connor will be Vice President, responsible for leasing and marketing operations; Slevin will be Vice President, responsible for finance activities; and Zimmerman will be Director of Technical Services, responsible for overhauls and maintenance. The four executives have more than 100 years' combined experience in the aviation industry and have conducted business in every region of the world on six continents. Over the past five years, they have managed 100 aircraft purchases, 32 aircraft sales, 73 remarketings, 37 major airframe overhauls, 30 major engine overhauls, 8 passenger-to-cargo conversions, and 12 aircraft dismantlings.
Flynn, 62, has been President of Triton Aviation Services for the past seven years. Prior to establishing Triton's aircraft leasing subsidiary, Flynn served as Executive Vice President of Marketing for GE Capital Aviation Services (GECAS). Earlier executive experience included positions as Senior Vice president of Marketing at GECAS; Vice President of North America and Vice President of Cargo for Polaris Aircraft Leasing Corporation; Executive Vice President and Chief Financial Officer for American President Companies, Ltd.; and President of Flying Tigers Line Inc.
O'Connor, 39, has been Vice President of Aircraft Marketing at Triton for the past five years. Before joining Triton as Director of Marketing in 1997, O'Connor was Vice President, Aircraft Marketing, North America for GECAS and earlier, Manager, Aircraft Marketing for Polaris Aircraft Leasing Corporation.
Slevin, 34, has been Director of Finance at Triton Aviation Services, responsible for managing treasury activities, and previously served as Manager of Finance and Senior Accountant. Earlier experience included several accounting positions with Triton Container International Limited and Ericsson Systems Expertise in Ireland.
Zimmerman, 65, has been responsible for aircraft maintenance and overhauls as Director of Operations at Triton Aviation Services. Before joining Triton, he served in the same capacity as Vice President-Operations for Dalfort Aerospace, L.P. and earlier, he provided technical expertise at Braniff International Airways.
World Star Aviation, Ltd. is headquartered in San Francisco with offices at One Maritime Plaza, Suite 755, San Francisco, California 94111. The telephone number is 415-956-9453.
CONTACT: Jamie Campbell of Investment Marketing Inc., +1-415-956-3745, or email@example.com, for World Star Aviation, Ltd.
## Press Release ####################################
CAP Ventures: Legal Industry Doc Outsourcing
In a new white paper by CAP Ventures, analysts take an in-depth look at the current state of the legal market, including corporate legal departments and law firms, and offer insight into how enterprising document outsourcing service providers can capitalize on this industry. The results of the study are available immediately in a white paper entitled The Legal Industry: The Document Outsourcing Opportunity.
The legal services industry is rife with opportunity for document outsourcing service providers. This industry has lagged behind other industry segments relative to its adoption of technology and is being driven to more rapid adoption trends by market requirements. Document outsourcing service providers have an opportunity to serve this industry by:
Providing on-site facilities management services, assisting law firms and corporate legal departments to migrate from analog to digital technologies, implementing more effective workflows, better tracking billable costs, and leveraging the power of the Web
Offering standard litigation copying services and advanced litigation support services, as well as on-site courtroom services for complex litigation
Helping corporate legal departments to better manage the expenses associated with outside legal counsel through national contracts for litigation support and other services
Key aspects when selling to law firms include creating a presence in the industry via media output, having improved technology as a key focus, and being aware that while law firms are still spending more aggressively on technology than their corporate counsel counterparts, consistency and cost control remains the number one concern.
"In an environment where there is increasing competition, many law firms are marketing their services in various types of media," comments Holly Muscolino, a Director at CAP Ventures. "Since most law firms lack marketing expertise, document outsourcing service providers can play an important role in helping firms better communicate with their clients and prospective clients through the creation and distribution of marketing materials, regardless of the medium of communication."
CAP Ventures' white paper discusses the scope and the size of the legal services industry, key trends and issues that the industry is facing, key considerations in serving the industry, sales and marketing strategies, and case studies.
The case studies included with this brief provide insight about how successful service providers to the legal services industry have capitalized on emerging technologies and full-service strategies to effectively partner with law firms and corporate legal departments.
The complete report is available immediately to clients of CAP Ventures' Production Workflow Solutions and On Demand Printing & Publishing Consulting Services. For more information on the report or to make a purchase, please contact Stewart MacDonald at (781) 871-9000, ext. 175 or via e-mail at firstname.lastname@example.org.
#### Press Release #################################
Auto lease growth leveled off
BOCA RATON, FLA. — The once-rapidly growing auto lease sector of the ABS market has likely reached maturity and growth will be limited for the foreseeable future, panelists speaking at Information Management Network’s ABS East gathering said. The seemingly infinite use of subvention loans as well as a lack of new issuers mean that auto lease volume has likely peaked and is seen leveling off from here on out.
The hot-button issue in the auto lease sector — residual value — has not been helped by the zero-percent loans that many captive auto lenders have unveiled in the past 18 to 24 months, depressing the market for used autos and reducing the pool of potential lessees, noted Jeff Orr, managing director at Banc One Capital Markets.
But lease originations will not decline further, as "there is a core group of drivers who will always lease because they want to continually drive a new car," according to Moody’s Investors Service Vice President Mark Cohen. Additionally, existing lessors are entering the securitization market with new issuance programs is unlikely.
But the fleet-lease aspect of the sector remains strong, despite challenges faced in recent bankruptcies, and is seen continuing to make up the overwhelming majority of auto leases securitized.
The conservative approach taken by issuers and rating agencies in accounting for residual value is a strength of existing transactions, Moody’s Cohen added. "ABS accounting and enhancement levels in securitized lease pools are based on the base, or minimum, residual value of the car, rather than the contract repurchase value," Cohen said.
As for the recent action by Standard & Poor’s to place every auto lease ABS on watch for a downgrade, there has been little to no fallout, panelists agreed. "S&P caused a firestorm by placing certain auto lease deals on watch but there have been no downgrades and most ratings have been confirmed at the current levels," said session facilitator Stuart Litwin, partner at Mayer, Brown Rowe & Mawe. He added that one issuer — Provident Bank — altered its trust to conform to S&P’s standards.
Overall, the auto lease sector has been a success, growing exponentially since 1997. Although leasing has become a less attractive option for consumers, it remains a valuable funding method for auto lenders seeking to diversify funding sources and expand asset sources for securitization, panelists said. — KD
Lease-Purchase OOIDA Survival Calculator
The Owner-Operator Independent Drivers Association
Survival Calculator - Spreadsheet
***Now Added The OOIDA Cost Per Mile Spreadsheet***
The best time to know if a Lease-Purchase contract will be profitable for you is before you sign it. The same is true if the contract is so flawed that there is no way on earth you can buy that truck and make a living at the same time. You don't want to come to that realization six months down the road when you find yourself under emergency financial stress.
This simple calculator has a place for every variable that goes into a small trucking business's cash flow analysis. Note that as you put in your variables, the bottom line of whether you are making or losing money changes. After you put in the figures that reflects what you think you will do in the coming year, (not what the recruiter blows smoke about) do some additional calculations. Change the miles to a lower and then a higher number and see how mileage affects the bottom line. Then go back to your original best estimate of miles and do some "If/Then" calculations on diesel fuel prices. Put in the highest figure you have ever seen on a fuel pump. Put in the figure between today's price and the highest price you have seen. Note how little diesel price fluctuations have to be to make thousands of dollars difference in the bottom line. Because fuel is your single biggest cost, go back and check the lease's handling of fuel surcharges. If there is no fuel surcharge in place, you can easily see with this calculator how a simple hic-up in the fuel price can take you from being a profitable trucker to being a bankrupt trucker in short order.
INSTRUCTIONS: The OOIDA Lease-Purchase Survival Calculator-Spreadsheet is a Microsoft® Excel file. You MUST have Microsoft® Excel installed on your computer to open this page.
Open the OOIDA Lease-Purchase Survival Calculator-Spreadsheet (best have Excel "on"...
For every $6 in Chinese products sold in the United States, American companies sell $1 in products to China.
Strife appears likely to widen nationwide
Grocery Strike Hits Southern California
Falcons stunned by Rams shutout
Past hovers over Cubs/ Baker boys trying to write new script
Jags QB Brunell out indefinitely after elbow surgery
fuming over 'inexcusable' penalties
Baseball Wrap-Up Tuesday
California Nuts Briefs---
Davis leaving office in a blaze of bill signing
Gray Davis’s New Job
Schwarzenegger hears from job seekers
Hundreds of applications received by governor-elect
This Day in American History
Several readers yesterday asked to be removed because they did not
like what I wrote about Christopher Columbus. At their request,
they were removed from the mailing list. I did collaborate the
with the book to read:
I love our country, but certainly am embarrassed and ashamed about
some of our history. We should be proud of our growth and improvement, and what makes us “people.” It is time to recognize the dark side. The facts are Columbus landed in the central islands and never set foot upon the main American continent. In addition, he came back on his second trip with an army of 1700 soldiers, captured native Indians as slaves, sent them back to Europe in thousands, committed genocide, wiping out entire culture and lives, committed many atrocities recorded by histories, and written about in books.
Factually the trip was not dangerous and the seas calm and even, not “a dangerous voyage” across "shore less seas," according to the ships logs. It is also a fallacy that people believed the world was round. They had made maps and talked about the rotation around the sun. His trip was to find gold and riches. Columbus first trip was a landing at the Bahamas (probably the island of Guanahani), which he renamed El Salvador and claimed in the name of the Spanish crown
Another fact: none of the pictures that survive are of Columbus. They were all painted after his death, many by artists who never met him. He was not a very nice guy, to say the least. The only offsetting comment might be is that all the other countries of Europe raided the islands and later the continent to bring back slaves to Europe. It is time we recognize this man for what he
was, not what misinformation has been passed in the 19th century as a myth.
Columbus did not discover the United States. He also did not die penniless,
but quite the opposite, he left a large estate as a very rich man. Columbus and his heirs were wealthy way beyond their means, due to the discovery. Reports that he died “penniless” are incorrect.
Here is a little known fact, Dutch sailor Piet de Stuini, or DeStynie, persuaded Columbus to change the log and make it seem that October 12th was the date of the first New World landing. The real date, October 13th, might have caused superstitious fear in the other sailors or in the potential investors in later voyages. This change was detected by an Italian history study group named the Colombiani.
a more definitive book, by the same author:
1644-Birthday of William Penn, founder of Pennsylvania, born at London, England. Penn died July 30, 1718, at Buckinghamshire, England. President Proclamation 5284, of November 28, 1984, conferred honorary citizenship of the USA upon William Penn and his second wife, Hannah Callowhill Penn. They were the third and fourth persons to received honorary Citizenship, including Winston Churchill and Raoul Wallengber”
( lower half of: http://memory.loc.gov/ammem/today/oct14.html )
1656- The first punitive
legislation in Massachusetts against Quakers was enacted. (The marriage
of church-and-state in Puritanism made them regard the ritual-free Quakers
as spiritually apostate and politically subversive).
The law provided for a fine of 100 pounds for any ship captain
who delivered Quakers “ or any other blasphemous heretics” the Massachusetts
Bay Colony. Possessing Quaker books and coming to the defense
of Quakers was also outlawed and punished with fines, whipping and jailing.
Subsequent anti-Quaker laws included the penalties of having their ears
cut off and the tongue bored through with a hot iron.
His plantation was called “Menokin.”
1735 -Methodist pioneer John Wesley first set sail to America, to minister to the Indians under Georgia Gov. Oglethorpe. On this same date, Wesley began keeping his famous, 55-year-long journal, whose last entry was dated Oct 24, 1790.
1774-The Declaration of rights was passed by the First Continental Congress in Philadelphia, PA. It was known as the “Declaration and Resolves of the First Continental Congress.”: It stated the colonist “are entitled to life, liberty and property; and they have never ceded to any foreign power whosoever a right to dispose of either without their consent.”
1834-African-American Henry Blair patents his corn-planting machine. Two years later, on August 31, 1936, he obtained a patent on a cotton seed planter.
1863 -Battle of Bristol Station -
Confederate General Robert E. Lee attempts to drive the Union army out of Virginia but fails when an outnumbered Union force repels the attacking Rebels The aggressive Lee realized that he had a chance to cut the Union army up piecemeal during the withdrawal. Confederate General Ambrose P. Hill spotted Yankees from General George Sykes's Fifth Corps near Bristoe Station on the afternoon of October 14. Thinking this was the rear of the Union army, Hill attacked and began driving the Federals away in disarray. The Confederates were surprised by the sudden appearance of Union General Governor K. Warren's Second Corps. Warren's men were returning from a small battle at Auburn, Virginia, earlier that morning. Hill decided to attack this new force as well, but the Yankees were well protected by a railroad cut. In a very short engagement, the Confederates suffered 1,400 men killed, wounded, and captured, while the Union lost only 546. "Bury these poor men," Lee somberly told Hill, "and let us say no more about it." The Union army was driven back 40 miles from its original positions, and the Confederates destroyed a large section of the Orange and Alexandria Railroad, a key Union supply line. Nonetheless, the gains were temporary. The next month, Meade drove Lee back behind the Rapidan River.
1890-Birthday of Dwight David Eisenhower, the 34th president of the US, born at Denison, Texas. Serving two terms as president, Jan 20,1953-January 20,1961, Eisenhower was the first president to be baptized after taking office )Sunday, February 1, 1953). Nicknamed “Ike,” he held the rank of five-star general of the army ( resigned in 1952 and restored by act of Congress in 1951). He served as supreme commander of the Allied forces in western Europe during WW!!. In his Farewell Address (January 17,1961), speaking about the “conjunction of an immense military establishment and a large arms industry,” he warned: “ In the councils of government, we must guard against the acquisition of unwarranted influence, whether sough or unsought by the military-industrial complex. The potential of disastrous rise of misplaced power exists and will persist.” An American hero, Eisenhower died at Washington, DC., March 287, 1969.
1891---Birthday of Sarah Winnemucca (my late wife grew up in Winnemucca, Nevada,named after this American native.
1894 – Birthday of e e cummings (Edward Estlin Cummings) (poet, playwright: Him, Santa Claus; writer: The Enormous Room; died Sep 3, 1962)
1899-Birthday of pianist/song writer Spencer Williams, New Orleans, LA
1899 -Bankleader/jazz promoter William “Red” McKenzie Birthday
1938-Bob Haggart-Ray Bauduc record “Big Noise from Winnetka ( Decca 2208) 1939-Birthday of Ralph Lauren, the designer and purveyor of a line of popular clothes that sought to capture the "spirit of the West," born New York City.His claim to fame is the “Polo” brand.
1940-Charlie Barnet Band records “Redskin Rumba” (Bluebird 10944).
1947-Flying a Bell X-I at Muroc Dry Lake Bed, California, Air Force pilot Chuck Yeager broke the sound barrier, ushering in the era of supersonic flight.
Yeager, born in Myra, West Virginia, in 1923, was a combat fighter during World War II and flew 64 missions over Europe. He shot down 13 German planes and was himself shot down over France, but he escaped capture with the assistance of the French Underground. After the war, he was among several volunteers chosen to test-fly the experimental X-1 rocket plane, built by the Bell Aircraft Company to explore the possibility of supersonic flight.
1950-“The Adventures of Ellery Queen” premiere on television. The first of many series to portray fictional detective Ellery Queen. It began on the Dumont network, where my father Lawrence Menkin wrote many of the episodes, and later moved to ABC. Queen was played by Richard Hart. In the next four series, he would also be played by Lee Bowman, Hugh Marlowe, George Nada, Lee Phillips, Peter Lawford and Jim Hutton. In each series Queen talked to the home audience at the show’s climax to see if they were able to identify the killer. Future series were titled, “ Ellery Queen” and the “Further Adventures of Ellery Queen.” The last telecast aired on September 5, 1976.
1952-“The Red Button Shows” premiered on TV. The comedy-variety show starred the well-known burlesque comedian Red Buttons. Regulars included Dorothy Jolliffe, Joe Silver, Jeane Carson, Sara Seegar, Jimkmly Little, Ralph Stanley, Sammyu Birch, and the Elliot Lawrence orchestra. It later switched networks under a new format in 1953, as a sitcom with Phylis Kirk and Paul Lynde.
1960-At the improbable hour of 1am, then presidential candidate John F. Kennedy spoke impromptu to several thousand students from the steps of the University of Michigan Union building. He ask,” How many of you are going to be doctors are willing to spend your days in Ghana? how many of you( technicians and engineers) are willing to work in the Foreign Service? The response was favorable, and 19 days later in San Francisco, Kennedy formally proposed the Peace Corps, which was created by Executive Order, March 1, 1962.
1961 - The Broadway production "How to Succeed in Business without Really Trying" opened on Broadway.
1962-The Cuban Missile Crisis begins , 1962, bringing the United States and the Soviet Union to the brink of nuclear conflict. Photographs taken by a high-altitude U-2 spy plane offered incontrovertible evidence that Soviet-made medium-range missiles in Cuba--capable of carrying nuclear warheads--were now stationed 90 miles off the American coastline. Tensions between the United States and the Soviet Union over Cuba had been steadily increasing since the failed April 1961 Bay of Pigs invasion, in which Cuban refugees, armed and trained by the United States, landed in Cuba and attempted to overthrow the government of Fidel Castro. Though the invasion did not succeed, Castro was convinced that the United States would try again, and set out to get more military assistance from the Soviet Union. During the next year, the number of Soviet advisors in Cuba rose to more than 20,000. Rumors began that Russia was also moving missiles and strategic bombers onto the island. Russian leader Nikita Khrushchev may have decided to so dramatically up the stakes in the Cold War for several reasons. He may have believed that the United States was indeed going to invade Cuba and provided the weapons as a deterrent. Facing criticism at home from more hard-line members of the Soviet communist hierarchy, he may have thought a tough stand might win him support. Khrushchev also had always resented that U.S. nuclear missiles were stationed near the Soviet Union (in Turkey, for example), and putting missiles in Cuba might have been his way of redressing the imbalance. Two days after the pictures were taken, after being developed and analyzed by intelligence officers, they were presented to President Kennedy. During the next two weeks, the United States and the Soviet Union would come as close to nuclear war as they ever had, and a fearful world awaited the outcome.
1965 - Dodger ace Sandy Koufax, working on just two days rest, pitched a three-hit shutout of the Minnesota Twins. Koufax struck out ten Twins on his way to the 2-0 win. And the Dodgers were World Series champs for the second time in three years.
1987 - A media frenzy occurred when hundreds of rescuers came to the aid of little 18-month-old Jessica McClure. At 9:30 a.m. on this day, Jessica fell 22 feet into an abandoned well in her backyard in Midland, Texas. She was brought out of the well 58 hours later and was rushed to the hospital, where she underwent minor surgery. Gifts, especially stuffed animals, pouring into the hospital from well-wishers, most of whom had never met Jessica or her family.
1990- San Francisco 49er Joe Montana passes for six 6 touchdowns vs. Atlanta (45-35). http://www.thedebster.com/magic.html
1992- Canada gets its first pennant as the Blue Jays clinch the AL crown with a 9-2 victory over the A's in the Game 6 of the ALCS.
1996-Archer Daniels Midland Company, Decatur, IL, a maker of agricultural commodities received a fine from the Justice Department for $100 million. It was a penalty for conspiring with other companies to fix the prices of two food additives, lysine and citric acid. The company admitted the charges. It was by far the largest such fine up to that time.
World Series Champions This Date
1905 New York Giants
1908 Chicago Cubs
1929 Philadelphia Athletics
1965 Los Angles Dodgers