February 13, 2003
Post time 7:32 a.m. PST


Tomorrow is Saint Valentine's Day,
All in the morning bedtime,
and I a maid at your window,
To be your Valentine.

    — William Shakespeare, Ophelia in Hamlet




  Pictures from the Past---1979---Robert T. Skinner

  Classified Ads---They work!! Testimonial

    36 years-CIT Burr Retires

     CIT Europe appoints Bartley European Business Development Director

        World's First Leasing Co-Op---Less Three Members

          Streamlining Sales Tax For Leasing

              LEASING-DIRECT.COM - Name for Sale

      Largest independent middle-market auto finance in North America Makes Cuts

          P.F. Chang's Restaurants Report Record Earnings

           We Get Letters----


## Denotes Press Release




Pictures from the Past---1979---Robert T. Skinner



Robert T. Skinner, president of Renniks Leasing, Santa Ana, was elected WAEL President for the next year at the 1979 Annual Meeting in Seattle.

Bob has been active in WAEL since 1975 and has served as Regional Meeting Chairman, WAEL Secretary/Treasurer, and WAEL Vice President in 1979.


  Bob has a long history in the equipment leasing industry. Prior to founding Renniks Leasing, Bob was co-founder and President of Hawaiian American Leasing Co. for 16 years.




Classified Ads---They work!!  Testimonial




The ad did the trick for me, Kit and I am not renewing now...

I will for the next Job Order I get though...

Thanks for creating a great resource for the Leasing Industry.


Fred St Laurent

Managing Director - Recruiting

Bradbury and Williamson, Inc

Financial Services Division

4550 River Green Parkway - Suite 120

Duluth, Georgia 30096

(770) 813-3320 ext 124 Office

(770) 813-8776 Fax





Help Wanted


               Sales: Lessor/Broker-Arizona- need experienced mid-market salesperson, location open, strong medical bkrnd pref. Top comm, draw, benefits. Call John Torbeson 888 607 6800 john@odysseyequipfinance.com

About Odyssey Equipment Financing started in 1985 in

Seattle. Company sold part of the company in 1997 and moved to Scottsdale, Arizona. Company specializes in medical equipment financing and acts as both a funder and broker.



          SALES:  Lessor/Broker seeks experienced small - mid ticket reps (IT, Furniture,  Telcom, Medical and General), 2 in CA, 2 Nationally and 2 in NE. Must have a book of business. Qualified Vendor leads available, strong commission & support, Draw and benefits. Call 617-641-9628 ext.11 or email MarkG@IntegrityLeasing.com


                 Sales: LCA is a small ticket leasing company seeking results-oriented, qualified sales professionals with outstanding performance in the lease industry. We offer competitive salary, commissions and benefits. Fax: 248-524-0267 email: kbernia@leasecorp.com



36 years—CIT Burr Retires


Across the river

 the traveler

Makes it to the other side


Haiku Poet Al Gamper issued a letter to CIT employees on Wednesday announcing John Burr's retirement, effective July 31, after 36 years with CIT.


  Roy Keller will continue as President of Equipment Rental and Finance (US and Canada) in Tempe.  However, Burr's SBA lending unit and the Equipment Rental unit in Dallas will now report to John Hollman, the head of CIT Specialty Finance in Livingston.


Burr to get a Titanium watch.




########## ########################################



CIT Europe appoints Bartley European Business Development Director


Paul Bartley has worked in the leasing industry for more than 15 years, having started his career in retail banking. He joins CIT from ING Lease (UK) where, as Sales Director, he was responsible for the General Asset and Vendor Sales and Marketing Division.


Terry Kelleher, Managing Director of CIT Europe, is delighted with the appointment. “Paul has a successful background in developing and managing large vendor programs, combined with significant experience in Europe so we were pleased to attract such a high-caliber candidate. With the successful completion of our service center centralization, CIT is a significant proposition for vendors seeking flexibility, speed and true pan-European coverage. Paul, in his role as European Business Development Director, will play a key part in maximizing further European and international opportunities for CIT.”



About CIT Group Inc.

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


Sites of Reference:




Sue Chapman

CIT Europe

Phone Number: ++44 1344 383813

Fax Number: ++44 1344 383909

E-mail: sue.chapman@cit.com


######################### ################################




World’s First Leasing Co-Op—Less Three Members


David Leppert  will be officially appointed  the new CEO of One World in the next 30 days. His background is in cooperative development. He has been involved in the formation five co-ops over the last seven years. 


“One World Leasing has lost 3 members in the last sixty days,” he told

Leasing News. Jay Foster, Chris Raley and Ray Bradley each resigned.  The original five thousand they contributed when they joined has been returned

to them.”


“ This occurred during a transition period where Richard Selby resigned as CEO and I am being installed as CEO.  It's unfortunate, but frankly it's within the

norm for developing cooperatives.  Our web site will reflect these

changes by early next week.”


Our six members are together and steadfast in the long view of One

World Leasing and I think you'll be impressed with the progress we make

over the next two years, “ he said.  “ One of the things we did wrong at the

beginning was to emphasize obtaining funding sources.  We should have

built a more critical group, their vision for the long terms is the key.”


Lampert said his goal was “...not a body count, but obtaining the volume

of 30 average members.  If it is thirty or twenty-five average and five

high volume, that is my goal. Plus to sell the vision of a equipment

leasing co-op.”


I am available to answer any questions you might have and to share with

you our evolving vision, etc.


David E. Leppert

CEO - Main Street Cooperative Group

PO Box 51526

Phoenix, AZ 85076-1526

800-940-6027 x15

480-206-8889 cell



   Rumors are floating around but the truth is One World will be a very big force in the equipment leasing world one day.  Like any new idea, there will be skeptics and people frustrated from the lack of quick success.  One World will be a big

success but it will take time.  However, our company is already benefiting from the business services that One World has supplied us.


The original leadership from the Co-op incubator has changed and for the better.  David Leppert, who has built 5 different Co-ops including Amarok, the wall board co op into one of the nations largest co-ops in the nation, will be the CEO of One World soon.  This will mean faster membership growth, faster business related service benefits to members and a great deal of guidance and support from

the best person in the nation to build One World.


One World is seeking to find the very best and honest lease brokers who can also share our success.  Lower rates, better service, lower insurance costs, shipping fees, and a whole slew of additional benefits will be a part of the One World advantage.


Thanks for dispelling any evil rumors for the truth is good!


Lance Blount


Quest Financial



(  http://www.utdallas.edu/police/wavs/barneynipit.wav )




Streamlining Sales Tax For Leasing


Understanding The Upcoming Changes




·        Is Your Tax Administration System Ready For The Changes?


·        Will Your Staff Understand New Tax Rules?


·        Will You Join The Voluntary System Or Wait Till It Is Mandatory?




The following attachment provides registration information for an informative web-based seminar scheduled Thursday, March 13, 2003 to outline major changes brought to equipment lessors by the Streamlined Sales Tax System now being enacted by state governments. Issues addressed include:




*        The new ELA-supported definition of leasing and lease-sourcing provisions

*          Separate rules for different categories of mobile equipment including revised sourcing rules for transportation equipment

*          Framework for a taxability matrix and other new concepts created by Streamlined Sales Tax System such as Multiple Points of Use and Digital Products

*          Explanation of evolving registration, exemption certificate and electronic filing requirements

*        Limited scope of audit for participating companies


Times (depending upon your time zone):


12:00 noon - 1:30 p.m.            Eastern


11:00 a.m. - 12:30 p.m.            Central


10:00 a.m.  - 11:30 a.m.            Mountain


 9:00 a.m. - 10:30 a.m.            Pacific




Complete details are provided in the following attachment




 Dennis Brown

Equipment Leasing Association






LEASING-DIRECT.COM is now available from us for IMMEDIATE transfer.


The domain name market is extremely solid at the moment and similar

domains are currently selling on afternic.com, greatdomains.com (domain auction sites), and by domain name brokers, in some cases for many thousands of US dollars.


Please note that transfers take just 5-15 minutes and are extremely

straightforward. Absolutely NO technical knowledge is required.


We use two methods of payment. You may pay via Escrow.com or PayPal.

Payment to us is instant and transfers can be completed in minutes. We pay all fees connected with the transfer process.


If you would like to use WWW.LEASING-DIRECT.COM for your online business, please contact us at your earliest convenience. Please don't hesitate to contact us should you require any further assistance.


We thank you for your attention and sincerely apologize if this e-mail has not been of interest to you.


Yours Sincerely,





The Portal



Please visit:





Or many of the domain NAME auction sites. We hope you will agree that we are not only offering what we believe to be a genuine investment, but you will also benefit from owning a domain of this quality.





Largest independent middle-market auto finance in North America Makes Cuts


### ###########################################


AmeriCredit Revises Operating Plan to Preserve and Strengthen Liquidity Position; Plan Includes Reduced Loan Volume and Job Eliminations





    FORT WORTH, Texas--( --AmeriCredit Corp. (NYSE:ACF) has announced its revised operating plan in an effort to preserve and strengthen its capital and liquidity position in light of the difficult business environment. This plan, which has been approved by the Company's board of directors, includes revised loan origination targets and expense reductions. The objective of the plan is to position AmeriCredit to generate positive cash flow by the June 2003 quarter and build its liquidity thereafter.


    The Company's operating plan includes the following:





Reducing loan origination volume to approximately $750 million per quarter by June 2003; origination levels will continue to fluctuate seasonally.



Reducing operating expenses by eliminating approximately 20% of its workforce by the end of February, including the closing/ consolidation of about 60% of its branch offices.



Taking a $40 - $50 million charge for the workforce reduction, including severance benefits and branch closing costs.



Reiterating the previous outlook for annualized credit losses to be in the 7% range for the first half of calendar year 2003 before declining to the 6% range.



Assuming an increase in the credit enhancement required in future securitizations from the current 12% level to the mid-teens. The Company anticipates an upfront deposit of 9 - 10%.



Assuming all cash receipts from FSA-insured transactions are delayed through mid-2004 because the Company expects some trusts to breach performance triggers in 2003.



    AmeriCredit's cash sources for calendar year 2003 will include: 1) excess spread on loans pending securitization, 2) cash distributions from non-FSA-insured trusts, and 3) servicing and other fees from securitized loans, including FSA-insured trusts. Cash uses will include: 1) credit enhancement deposits, 2) operating expenses, 3) interest expense, and 4) income taxes. After an expected net use of cash during the March 2003 quarter as the business is scaled back, AmeriCredit plans to be a net cash generator, with cash flow accelerating in calendar year 2004.

    "We are committed to improving our liquidity position and providing for the long-term viability of AmeriCredit," said Chief Executive Officer Michael Barrington. "We will do what it takes to adapt even if distributions from many of our securitization trusts are substantially delayed into calendar year 2004."


    Workforce reduction


    AmeriCredit's workforce reduction will eliminate approximately 1,000 of its nearly 5,000 jobs and result in the closing/consolidation of approximately 140 of its 232 branch offices. The reduction will occur by the end of February and affect employees at all levels of the Company.

    The job eliminations will be concentrated in the origination/branch platform, as well as in areas that support that function. These layoffs will not impact the servicing operation, including the Company's five collection centers that will continue to focus on collecting AmeriCredit's existing $16 billion portfolio. All displaced employees will receive severance benefits based on their length of service, as well as outplacement assistance.

    "As we have previously communicated, we are committed to aligning our loan volume and operating expenses with available capital resources," Barrington said. "Unfortunately, to do this we must eliminate a significant number of jobs and branches from the tremendous team we have developed over the last 10 years. These were very painful decisions, but necessary to provide for the Company's long-term viability."


    Regulation FD


    AmeriCredit provides information to investors on its Web site at www.americredit.com including press releases, conference calls, SEC filings and other financial data.

    Pursuant to Regulation FD, the Company provides its expectations regarding future business trends to the public via a press release or 8-K filing. The following earnings guidance incorporates the most likely results based on the Company's current expectations.



Net income and EPS forecasts:


($ millions, except per share)       12 months           12 months

                                Ending 6/30/03     Ending 12/31/03

                                --------------     ---------------

Net income                      $     60 - $70     $   100 - $125

Earnings per share              $ 0.43 - $0.50     $ 0.63 - $0.79








    The Company is reporting revised earnings for the quarter ended December 31, 2002, in a separate news release today. The effect of this revision on the Company's net income and earnings per share forecasts for the 12 months ending June 30, 2003, is included above.

    AmeriCredit will host a conference call for analysts and investors at 8:30 A.M. Eastern Standard Time on Thursday, February 13, 2003. For a live Internet broadcast of this conference call, please go to the Company's Web site to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.


    About AmeriCredit


    AmeriCredit Corp. is the largest independent middle-market auto finance company in North America. Using its branch network and strategic alliances with auto groups and banks the company purchases retail installment contracts entered into by auto dealers with consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million customers throughout the United States and Canada and more than $16 billion in managed auto receivables. The company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.


############### ################################


P.F. Chang's Restaurants Report Record Earnings



    SCOTTSDALE, Ariz--P.F. Chang's China Bistro, Inc. (Nasdaq:PFCB) reported earnings of $6.5 million for the fourth quarter ended December 29, 2002 compared to $4.8 million in the fourth quarter of the prior year.

    Earnings per share for the fourth quarter increased to $0.25 from $0.19 in the fourth quarter of the prior year after taking into consideration the two-for-one stock split paid in the form of a stock dividend on May 1, 2002.



(000 except per share data)           4Q02         3Q02         4Q01


 Revenues                         $  115,889   $  107,052   $  89,344

 Net Income                       $    6,484   $    4,417   $   4,771

 Diluted Earnings Per Share       $     0.25   $     0.17   $    0.19

 Shares Used in EPS calculation       25,954       25,841      25,706



    During the fourth quarter of 2002, the company opened six new Bistro restaurants (Palm Beach Gardens, FL, Virginia Beach, VA, Orlando, FL, Lansing, MI, Chesterfield, MO, and Tulsa, OK). Additionally, the company opened one new Pei Wei Asian Diner restaurant (Arlington, TX).


    2003 Expectations


    The company anticipates opening 17 new Bistro units and 14 new Pei Wei units in 2003. Based on this development schedule, and assuming modest growth at existing Bistros of 2% (which includes an approximately 1% menu price increase implemented in February 2003), the company expects consolidated revenues of $535 million in 2003, a 27% increase over fiscal 2002. Net income is anticipated to be $27 million, which equates to earnings per share of $1.03. Included in these assumptions are Pei Wei pre-tax losses of approximately $1 million. The company will report its first quarter 2003 revenues on April 2, 2003 and its first quarter earnings on April 23, 2003.


    Currently, average weekly sales volumes at both the Bistro and Pei Wei are trending above the company's first quarter forecast. It is anticipated that these sales trends will moderate towards our projected average weekly sales volumes as the quarter progresses.


    P.F. Chang's China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang's China Bistro features a blend of high-quality, traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared Asian cuisine in a relaxed, warm environment offering attentive counter service and take- out flexibility.




############# ###############################################



We Get Letters----


   I sure appreciate all the time and effort you put in to getting all sides of these stories.  We need more people watching us and making the few bad apples accountable.  I'm getting tired of hearing about deposits not being sent back and brokers taking large 'application fees'.  Seems like there ought to be some sort of $#% list!  You would have to do penance to get off




Gary Saulter


Chase Industries, Inc.


Fax: 616-459-6822





As a recruiter I find it extremely helpful to read the articles about

lessors that give the appearance of not being reputable. I would never

recruit for a company that seems not to be on the "up and up". Please

continue to pass on the type of information you did today with Abacus





Executive Solutions For Leasing and Finance, Inc.

Helene G. Kugit

10 Timberdale Drive  Holmdel, NJ  07733

732.332.1524    Fax: 732.332.1525







I just wanted to let you know that I enjoy receiving The Leasing

News and find it to be very informative!

Have a great afternoon . . .



Christina McGrath

Staffing Specialist

Primary Staffing Services

1630 Manheim Pike, Suite 5

Lancaster, PA 17601

Phone:  717-569-9700

Fax:  717-569-8620





I have had difficulty opening your newsletter. I used to open it in word,

but that does not seem to work. At the risk of seeming computer illiterate,

what am I missing?


Also, I would like to join the many others who have thanked you for keeping

this going. It is a valuable service to all of us in the industry.



Thanks again.





Barry W. Burdick, President

Burdick & Associates, Inc.

415 Riverview Circle

New Hope, PA 18938

Phone:  215-862-8299

Fax:  215-862-9206

Cell Phone:  215-932-6382

Email:   barrywburdick@aol.com


 ( you may wish to subscribe to our new HTML e-mail Newsletter. editor)




                  Name = Nick Christopher

               Address = 701 Cathedral St

                  City = Baltimore

                 State = MD

               Zipcode = 21201

                 Phone = 410-727-5529

                   Fax = 410-539-5942

                 Email = nchris@madisoncapitalonline.com


              Comments = You had published - sometime last year, a list of

all the leasing companies that had gone belly up in 2001 and 2002 thus far.

I am desperately trying to find that list, and in a hurry.  Would you

remember what month I should look in?  Thanks much!




(The List is one of the features on the www.leasingnews.org website.

There is a top and bottom toolbar.  It is on the top toolbar.

The List will be up-dated next week. editor.)




       Did I read correctly that the Patrick Henry Quote from yesterday lost you some readers?!


    Come on people, lets be real here...do you stop reading the Wallstreet Journal or USA Today because you may not like a quote or an   article in there?


    I look forward to the newsletter everyday.  A bit of leasing news mixed in with a bit of history and world events is perfect for me.  I skim it every morning and read what pops out for my interest and then follow up with reading the rest at the end of the afternoon.


    Keep up the good work!


    Carol Suggs

    Brenner Leasing



    209-742-5466 Voice

    209-742-5469 Fax


(Yes, it is true. I am trying to stay out of politics and just sticking with

news about the equipment leasing industry. editor.)




  Name = Shelia Barge

                Address = 1550 Waters Ridge Dr

                   City = Lewisville

                  State = Texas

                Zipcode = 75057

                  Phone = 972-221-7335

                    Fax = 972-221-7336

                  Email = sdb@acsitx.com

>               Comments = I find your newsletter very informative and a

"must have" job tool. Thanks


 (Thank you. Editor)



A sign at a business establishment in Philadelphia, PA:





This sign was prominently displayed in the window of a business in

Philadelphia. You are probably outraged at the thought of such an

inflammatory statement. One would think that anti-hate groups from all

across the country would be marching on this business... And that the

National Guard might have to be called to keep the angry crowds back.


But, perhaps in these stressful times one might be tempted to let the

proprietors simply make their statement . . . We are a society who  holds

Freedom of Speech as perhaps our greatest liberty . . . And after all, it is

just a sign. You may ask what kind of business would dare post such a sign?


Answer: A Funeral Home (Who said morticians had no sense of humor?)



Fred St Laurent

Managing Director - Recruiting

Bradbury and Williamson, Inc

Financial Services Division

4550 River Green Parkway - Suite 120

Duluth, Georgia 30096

(770) 813-3320 ext 124 Office

(770) 813-8776 Fax





Association of Government Leasing and Finance

2003 Annual Spring Conference

May 14-16, 2003 / Four Seasons Hotel, Las Vegas, NV

Wednesday, May 14 2:00 PM – 4:00 PM Basics Session

Thursday, May 15 8:00 AM – 5:00PM Keynote Speaker, General Sessions and Luncheon

Evening – Annual Conference Dinner Event

Friday, May 16 8:00 AM – Noon General Sessions, Ending with the Lawyers’ Panel

If you are interested in becoming a sponsor for the 2003 Annual Spring Conference please ( Click Here)


You may call now to make your room reservations by dialing 1.877.632.5200 – Please be sure to mention that you are with the Association for Governmental Leasing and Finance to receive a special rate.


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Voice: 408-727-6464 Fax: 800-727-2026