Rumors Continue Re: CPL GE Capital No More Brokers

December, 2002, Colonial Pacific Leasing (CPL), who had been purchased by GE Capital in October, 1998, closed the original CPL Portland office, to move to Chicago to be under one roof with other GE purchases; 500 brokers paired down to top 75 producers/250 employees  effected. No more business at Portland operation after December 14^th ,2002. 

(for the full story on the history of this company, go to: 

http://www.leasingnews.org/Conscious-Top%20Stories/CLP.htm 

Rumors today say there the CPL-GE Capital broker program will cease operations.

“I have heard GE is completely exiting the Broker business.  All former
Colonial Pacific Leasing employees whom moved their families to Chicago were given two week notices earlier this week.  Name Withheld “

” They are exiting the broker business at it's very apparent
since they removed the GM 6 months ago they were no longer allocating resource this third party non portfolio origination.”

  (name with held )

“One of the vendors we do second tier business with was told that all GE broker business is done...”

   (name with held )

 “They are exiting the broker business at it's very apparent
since they removed the GM 6 months ago they were no longer allocating resource this third party non portfolio origination. “

   (name with held )

Leasing News could not obtain any official information about this “rumor,” but we are told there were originally three who moved from Portland, Oregon to Chicago, Illinois, and it appears only Larry Kunkel remains.  We are also told  he is reportedly moving into another business unit.

“Kunkel was put in charge of the broker channel after his second boss in two years transferred out of the business unit, “another informed source told us.” He was running the broker business unit. He was never in the broker side at CPL...his main job was to manage some bank relationships that were picked up from another GE business unit. He was never exposed to the broker channel until he moved to Chicago. It was not his favorite cup of tea.  He was one of about three ( another reader said four) that made the move. Chicago is his hometown so it was a natural move for him.”

Another source told us without wanted to be attributed:

“We both know that the rumor about GE exiting the broker business has been rampant since they closed down CPL. It would appear that without stable leadership and a solid commitment to the program, it's future is becoming even more clouded. They have continued to cut the broker population down from the original number of 75 to somewhere around 45 as I understand it. Honestly, I have never seen a GE business unit shrink unintentionally.”

Again, Leasing News has not be able to get an “official” confirmation or

denial of the current rumor.  It should be noted, however, this has been the GE Capital modus operandi to eventually absorb into their

system all companies they buy.  They are the largest, and perhaps the most financially successful, equipment leasing company in the world.

Perhaps from the previous owners of Colonial Pacific Leasing viewpoint, they got out right before the current market place and may have been lucky that GE Capital came along.