Archives---July 25, 2000
You May have Missed---
######## surrounding the article denotes it is a “press release”
and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
Archives---July 25, 2000
(It appears there is neither freedecision.com web site nor information about the company on the web. One of the thirty or more aggregate funders who thought a "on line" software program would create more sales for brokers, vendors, and of course, the leasing company. We automated the process.
(There are companies who still believe with a “neat” technology program to keep vendors and brokers informed, they can create a lot of business. As you can see by this story, it is at least a 12 year old idea, but there are those who send out their press release with bragging they are “state of the art” and promise the most, almost as if they believe it. Editor)
NEW YORK--(BUSINESS WIRE)--July 25, 2000--
Equilease Will Join the FreeDecision Network, As Well as Provide Their Independent Brokers With the FreeDecision Instant Financing Solution FreeDecision, Inc. today announced it entered into an agreement with Equilease Financial Services. Equilease will join the network of online merchants, e-commerce web sites and financial institutions that use the FreeDecision Instant Financing Solution, a Web-based application that provides financing decisions in real time. Equilease will use the Solution to originate leases at the Internet point of sale and automate application acceptance from its independent brokers.
Joining the FreeDecision Network will put Equilease in front of customers who may not have previously considered using a financing option for their purchase, enabling them to acquire new customers and create incremental revenue opportunities. Furthermore, FreeDecision will help Equilease expand distribution of their financial products and streamline current business processes.
In addition, the Equilease independent broker network will be able to access the Instant Financing Solution via the Internet. The Solution is integrated with major consumer and small business credit reporting agencies and returns a decision on an application, using Equilease's credit criteria, in less than 30 seconds. The ability to give brokers an instant decision on a customer's lease application in seconds is a competitive advantage for Equilease over other equipment finance companies that make decisions manually. Additionally, since Equilease and its brokers are able to communicate electronically, the current telephone and paper intensive process will be eliminated.
For over forty years Equilease has worked with third party lease originators, equipment manufacturers, suppliers and brokers offering a wide range of lease programs to a diverse market. "The ability to return decisions and track applications in real-time will have a positive impact on broker satisfaction," said Greg Minsky, Director of E-Commerce Initiatives at Equilease.
"We are confident that by continuing to provide brokers with best-in-class service, as well as by joining the FreeDecision Network, we will significantly increase our financing of capital assets."
"Our partnership with Equilease is a testament to their desire to provide innovative solutions to their brokers, in addition to taking advantage of new distribution channels," remarked Mitchell Silverman, President and CEO of FreeDecision. "We are confident that the FreeDecision Instant Financing Solution will strengthen the leadership position of Equilease in the leasing market."
About Equilease Financial Services
(It appears there is no freedecision.com web site nor information about the company on the web. One of the thirty or more aggregate funders who thought a "on line" software program would create more sales for brokers, vendors, and of course, the leasing company.
(Equilease remains a very successful company. Here is the latest story in Leasing News. Editor :)
Equilease Wins $260 million portfolio
Classified Ads---Senior Management
Free Posting for those seeking employment in Leasing:
All “free” categories “job wanted” ads:http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm
DePaolo Announces $45.3MM 2nd Q Net Income
Signature Bank, New York, (SBNY) announced net income for the 2012 second quarter reached a record $45.3 million with a Tier 1 risk-based 16.45% .
“We continued to demonstrate strength in our financial performance this quarter as evidenced by record earnings and record loan growth as well as significant growth in deposits, " said Signature Bank President and Chief Executive Officer Joseph J. DePaolo." Furthermore, one of the highlights of the 2012 second quarter was the introduction of Signature Financial, our new specialty finance subsidiary. Signature Financial is an excellent growth opportunity for the Bank that further diversifies our revenue streams and is a natural fit for our progress.”
"In these uncertain economic times -- where both foreign and U.S. capital markets remain unstable -- we have stayed firmly centered on meeting the banking needs of our clients. For the past decade, our veteran relationship bankers have provided steadfast assistance to our clients throughout various economic cycles. Our outwardly focused commitment to our clients’ success is again reflected in the Bank’s ongoing strong financial performance, with the 2012 second quarter being a continuation of our pace.”
Loans, excluding loans held for sale, grew a record $664.9 million, or 9.0 percent, during the 2012 second quarter to $8.03 billion, versus $7.36 billion at March 31, 2012. At June 30, 2012, loans accounted for 50.6 percent of total assets, compared with 48.2 percent at the end of the 2012 first quarter and 46.7 percent at the end of the 2011 second quarter. Average loans, excluding loans held for sale, were $7.69 billion in the 2012 second quarter, an increase of $632.4 million, or 9.0 percent, from the 2012 first quarter and $1.84 billion, or 31.4 percent, from the 2011 second quarter. The increase in loans for the quarter was primarily driven by growth in commercial real estate and multi-family loans as well as the launch of the Bank’s specialty finance business.
Full 2nd Quarter with Financials:
Leasing News Help Wanted
For information on placing a help wanted ad, please click here:
Please see our Job Wanted section for possible new employees.
Leasing News Help Wanted Ad Pricing
Take Advantage of this Limited Offer!!!
25% Off regular rate below plus 30 day run
Lesley Sterling Recognized for 30 Years of Service
Equipment Leasing and Finance Association President and CEO William G. Sutton, CAE (center, pink tie), recognized Lesley Sterling, Vice President of Business and Professional Development, for her 30 years of service to the association. She is pictured at center holding the engraved crystal bowl presented to her in honor of her tremendous contributions. The event was held at the ELFA all-team Summer Program Status Up-date. The ELFA team joined Sutton in congratulating Sterling,
Sterling joined the association staff in August 1982. Her primary responsibility is to assess the business and professional development needs of the association's members, and to direct and implement the business and professional development activities for the association. These activities include national conferences, workshops, web seminars and the association's e-learning initiatives. Lesley also has liaison responsibilities with a variety of ELFA standing committees and planning committees.
Lessor Escapes NY Evergreen Clause Class Action
Many equipment leases contain an automatic renewal provision that provides that the lease will automatically renew unless the lessee sends notice prior to the expiration of the equipment lease. Called “Evergreen Clauses,” these clauses are unenforceable under New York law unless the equipment lessor sends a certified mail notice to the lessee informing the lessee to the existence of the clause.
The New York law has been in existence since the early 1950’s.
The recent case of Ovitz v. Bloomberg L.P. 18 N.Y.3d 753, 967 N.E.2d 1170 (2012) demonstrates the saying of English poet Alexander Pope that “To err is human, To forgive is divine.” In this case, the equipment Lessor certainly violated the statute, but wisely waived the charges, which in this case, cause a potential expensive class action to be dismissed against that Lessor.
In June 2000, plaintiff Bruce Ovitz entered into a two-year lease which provided that the lease would be automatically renewed for successive two-year periods unless Ovitz gave 60 days' prior written notice. The equipment Lessor did not send notice to Ovitz that informed him of the automatic renewal because it was their “standard policy not to give its subscribers any advance notice of the automatic renewal provision or deadline.” Ovitz filed a class action suit, claiming deceptive practices for this clear violation of New York’s statute. Two weeks after Ovitz filed suit, the Lessor waived the provision and terminated the lease without cost to Ovitz. Whoever thought out this strategy deserves a bonus, because that decision saved the day.
The trial court, while dismissing some of the claims, allowed the class action to go forward. On appeal, the Appellate Division reversed, and threw Ovitz’s case out in its entirety due to the fact that Ovitz did not plead actual injury since the Lessor waived its collection of payments and fees. The Appellate Division granted Ovitz the right to appeal, and the case was sent to the New York Court of Appeals.
The Court seemed to admit that the Lessor violated the statute, but was troubled by the fact that Ovitz had not suffered any damage. The deceptive practices act requires a plaintiff to plead and prove that a “defendant is engaging in an act or practice that is deceptive or misleading in a material way and that plaintiff has been injured by reason thereof.” The Court held that since the fees were waived, Ovitz had no claim.
In a three page stinging dissent, Justice Pigott wrote that one of the claims, a Declaratory Relief claim, should have survived.
The lessons for the equipment lessor here are two fold.
First, read and follow the law of your jurisdiction. Quite frankly, I’m confused why this large New York lessor of financial software and equipment would not know the law in its home State. The allegations once the collector became aware of the law, they blew off the lessee was disturbing to me. So the take away here is to read, understand and follow the leasing law of your jurisdiction. Educate and train your collectors, lest they create a class action lawsuit out of aggressiveness.
Second, once confronted with a potential suit, or in this case, the actual lawsuit, it is never too late to act appropriately. In this case, the Lessor waived the charges relative to the early termination of the Evergreen Clause after the suit was filed. Although this decision came a few weeks late, and probably cost the Lessor thousands in attorney fees for the three cases, that decision saved the day, and the Lessor dodged a bullet.
Visit our Web Site at www.bkolaw.com
Ovitz West Law Case:
Previous Tom McCurnin Articles:
(Leasing News provides this ad as a trade for investigations
The volume and the size have increased, according to SNL Financial. There were 48 branch deals announced in the first half of 2012, an increase of four deals compared to the same period a year earlier. A total of 230 branches and $6.9 billion of deposits were transferred during the six months ended June 30, 2012, more than double the 108 branches and $2.8 billion in deposits a year ago.
The volume of FDIC-assisted deals continued to plummet as fewer banks are failing this year than last: 28 banks have failed in the first six months of 2012, down by 18 failures from the year-ago period.
The larger banks and larger states did very well, and not the bank failure states labeled "Government assisted:"
During the first six months of 2012, the Midwest was the most active of all regions in terms of number of deals with 32 deals, followed by the Southeast and Southwest with 22 and 20 deals, respectively. The West witnessed some of the biggest deals, with total deal value aggregating to $1.8 billion for 13 deals. The valuation was highest in the Northeast with an average price to tangible book ratio of 157.7% for eight deals, whereas it was lowest for the Southeast with a discount of 8.7% on average for the 22 deals.
Open Market Transactions
Bank Failure FDIC Assisted Sales
Why I Became a CLP
Mary Armstrong, CLP
Financial Pacific has been a leader in the leasing industry for 30 plus years and they put a great deal of emphasis on continued education. Every year they offer the Institute for Leasing Professionals class as part of their training and continued education, as well as the opportunity to sit for the CLP exam. The CLP designation was something my colleagues were proud of. I thought to myself, “I’ve been in the industry for so long it’s time to become a Certified Lease Professional,” so I signed up for the class.
We have a tradition at Finpac when someone passes their CLP exam, all the CLP’s get together and walk to their desk in a big group to rally around that person in support. We do this because we all know the effort and commitment behind that accomplishment.
I’ve asked myself over the years how I ended up in the leasing industry? I never remember a time thinking, “Hmm, when I grow up I want to become a lease professional.”
I’ve taught many leasing 101 courses over the span of my career and I always ask the young lease professionals, “Why leasing”? Or, “When you were offered the position, what did you tell your family and friends about the company you are now going to be employed by?” The answers varied from, “I don’t know” to, “I think the company does some sort of financing.” Who cares, I’ve got a job!
I was once similar to those young people - it turns out I somehow just ended up in leasing. A friend of mine wanted me to come to work for her at a company called Advanta Leasing in Voorhees, New Jersey. I had heard it was a great company to work for so I applied for a funding position. I had no idea at the time that leasing was one of the oldest industries in history dating back to 2010 BC (a little something I learned at the Institute for Leasing Professionals class). I found it to be exciting. Month-ends were full of high energy, late nights and lots of pizza. I was hooked.
It wasn’t long before I heard that some of my co-workers were organizing a study group because they were taking the “CLP Exam.” They seemed terrified at the prospect and I remember just dismissing it thinking, “Glad it’s not me!” That was in 1997.
I left Advanta to join a captive leasing company in Mt. Laurel, NJ, Canon Financial Leasing, where I was the Sales Manager of the Independent Channel. I continued to learn and loved my career. I met my husband there and moved to the Pacific Northwest in 2003 and eventually joined my current employer Financial Pacific Leasing. It was here that I was reintroduced to the “CLP” designation.
After I signed up for the Certified Lease Professional” class, I formed a small study group, talked to everyone who would stand still long enough about their experience, called on a few brokers to coach me and put my head in the book. I’m not going to lie, I was terrified. It’s a big commitment but I knew that my customers deserve this.
Today, it's with pride that I display my plaque on my desk. The CLP designation after my name on my business cards provides my customers the confidence that they are dealing with an educated professional.
2012 Cindy Spurdle Award of Excellence
An award has been created by the Certified Leasing Profession in honor of Cindy Spurdle, who was the executive director for twelve years. CLP members are being asked to nominate a fellow CLP in Good Stand, who they feel has contributed most to the leasing industry and best represents the CLP ideals.
The winner will be announced at the National Equipment Finance Association Fall Funding Symposium in Washington, D.C. to be held September 12-15.
### Press Release ############################
GSG Leasing Announces Creation of GSG Energy Finance Division
GSG Leasing, a boutique equipment finance company, announces the creation of the GSG Energy Finance Division. GSG Energy Finance will concentrate on supporting manufacturers, vendors and end users in the development of energy efficient solutions. GSG Energy Finance sees four key areas of focus at the outset of its business: LED lighting retrofits; commercial mechanical system upgrades, solar installations and green building retrofits.
Andrew Bender, CEO
“GSG is always looking to expand our portfolio and sustainable energy is something our team is passionate about,” said Andrew A. Bender, Chief Executive Officer of GSG Leasing. “The opportunity to create the Energy Finance Division is exciting as it’s a natural extension of our current business. I am confident we will be able to support this market well.”
Prior to creating GSG Energy Finance, GSG Leasing beta tested the program with several key projects including a steam boiler upgrade for a large urban commercial building and an LED lighting upgrade for a factory in the Southeast. GSG Energy will continue to leverage GSG Leasing’s value proposition based on personalized service and customized documentation and billing.
The GSG Energy Finance Division was created with the mission of leveraging private capital to help its clients achieve lower energy costs while reducing their energy consumption, supporting local economies, and decreasing their carbon footprint. By working with project partners, including mechanical contractors, energy consultants, solar installers, and lighting contractors, GSG builds estimated energy savings into its financial models. The goal is to structure models such that the end-user sees net positive cash flow early in the life of the equipment – in some case as soon as year-one.
In addition, the GSG Energy Finance Division has recognized that some organizations, such as non-profits and municipalities, cannot take advantage of the same tax benefits as private, for private companies. GSG is well-placed to capture these tax benefits in order to reduce the effective project cost, bringing energy savings to an even broader segment of the population.
About GSG Leasing
#### Press Release #############################
The 10 Cheapest Tickets in Baseball
June 8th Leasing News printed the most expensive tickets in Major League Baseball:
Ten Cheapest Tickets in Baseball
" 24 /7 Wall St. worked with SeatGeek, a search engine for event tickets, to identify the 10 cheapest sections of the 30 major league baseball stadiums in 2011. While the average ticket price for each field is between $33 and $81, it is possible to find seats that are $10 or less, as long as you are willing to sit a bit far away from the action.
"Every stadium in baseball has sections deep in the bleachers, generally undesirable seats that franchises have to charge much less for in order to fill them and reach capacity. In many cases, the teams with the lowest-priced cheap sections have other factors driving prices down throughout the stadium. Of the ballparks on our list, seven have among the 10 cheapest average ticket prices for 2012."
Full Story: The 10 Cheapest Tickets in Baseball - 24/7 Wall St. http://247wallst.com/2012/07/24/the-10-cheapest-tickets-in-baseball/#ixzz21ZbhGkNv
Send Leasing News to a Colleague. We are free!!!
Two Purebred Black Labs
Ava and Leroy
“Purebred black lab. Very sweet and mellow. Owner surrendered and posted on behalf of the owner. Please contact her (Sandy) directly (203) 732-0466 for more information. Wonderful dog that needs to find her forever home. Must be placed with Leroy who is also on the site and appears in photo. More info and pictures coming soon. Thank you for saving a dog and considering a rescue.
“Ava is not at PAWS. Please contact Sandy directly (203) 732-0466 for more information.”
Classified ads—Asset Management
Leasing Industry Outsourcing
All "Outsourcing" Classified ads (advertisers are both requested
How to Post a free "Outsourcing" classified ad:
Independent, unbiased and fair news about the Leasing Industry.
Editorials (click here)
Ten Top Stories each week chosen by readers (click here)