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Tuesday, July 26, 2005 Headlines--- Correction: Lahti Follows His Heart ######## surrounding the article denotes it is a “press release”
---------------------------------------------------------------- Correction: Lahti Follows His Heart In the story about Jim Lahti going on his own, many of you caught the typo, including Mr. Lahti, CLP: "Kit, thanks for the nice article. Thought I'd correct a small typo, as although we would like to sever some of our brokers, our preference is to serve them." Jim Lahti, CLP Corrected story: “ I am going to be on my own, proudly serving brokers as I have done for the last twenty years as Affiliated Corporate Services.” Full story at: http://www.leasingnews.org/archives/July%202005/7-25-05.htm#exclusive ---------------------------------------------------------------- Up-Date: Leasing Schools/Franchisors In the recent listing, Phil Dushay of Global Leasing, requested his listing to be up-dated: Global Leasing Program cost: $24,950 In 2003, broker/lessor Global Leasing founder Phil Dushey created a new division to train independent salesmen in all the aspects of finance, including leasing, accounts receivable financing, business acquisitions, debt restructuring, working and venture capital. His students have found great success and he spends most of his time now developing entrepreneurs, who also utilize his knowledge and sources of funds. “ “We are not superbrokers and have never been one. Occasionally we will co-broker a transaction, but generally we function as a lessor for our own accounts. 2. Our website address for our training is www.globalbrokersystems.com 3 When we train our students we do not have them send transactions through Global. We set them up to deal directly with the lenders. We also require that all lenders who work with our students will automatically approve them to do business with them. Also our current price for the program is $24,950 We also model our training program from the experience we have from being in the business for about 25 years that a broker needs to serve all of the financial needs of their clients ,whether it be equipment leasing ,factoring, acquisitions, SBA Loans or debt restructuring, we do it all." Philip Dushey Mr. Dushay is also on the Leasing News Advisory Board http://www.leasingnews.org/Advisory%20Board/Dushay_Phil.htm Here also is the full list of Leasing Schools/Franchisors http://www.leasingnews.org/Conscious-Top%20Stories/EFG_Franchise3.htm These listings are “free.” ---------------------------------------------------------------- Classified Ads ----Credit Atlanta, GA . Boston Ma . Corona, CA. Credit/Documentation: Fort Lee NJ Irvine, CA , Los Angeles, CA Mill Valley, CA New Jersey, NJ New York, NY. Portland, OR. | RESUME | Orange, CA. Senior Credit Officer For a full listing of all “job wanted” ads, please go to: http://216.66.242.252/AL/LeasingNews/JobPostings.htm To place a free “job wanted” ad, please go to: http://216.66.242.252/AL/LeasingNews/PostingForm.asp ---------------------------------------------------------------- Recommendations Lease/Finance Calculators On Line http://www.financial-publishing.com/ For instance, on 60 months .025 was 18% or 10% add on ( in advance) and you could then multiply 1.05 ( if you wanted five points) times it and get the retail rate, the selling rate. A reader asked us for a program that would calculate his commission based on a lease factor. Many founders and equipment leasing companies offer these programs on line, for free. Some allow you to download the program Excel can also do this easily, and if there is a reader who knows the formula, please share with us. In the old days we would take the factor and multiply it by 1.00 with the commission the salesman was seeking. For instance, .0331 and the salesman wanted five points, multiply 1.05 times .0331 and it would be 034755. Here are some personal financial portals and calculation tools we will be adding to the page: Bankrate.com CNN Money has also a financial calculator and other tools, and it's advantage, it is designed with currency converters, and may other programs at work all over the world: Here are some simple calculators: Create a schedule for paying off leases, loans, credit card balances: Collection of free financial calculator, including stock spread calculator, rent vs. buy It there is a calculator we have not mentioned on this page, please let us know as we will share with other readers. *** * *** Several sites provide this for free. International Decision Systems Lease Pro works on the Palm Pilot
*** * ** * Lease-Purchase OOIDA Survival Calculator The Owner-Operator Independent Drivers Association Lease-Purchase Survival Calculator - Spreadsheet ***Now Added The OOIDA Cost Per Mile Spreadsheet*** http://www.ooida.com/trucking_tools/CPM/cost_per_mile.htm 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"... http://www.ooida.com/trucking_tools/I376.htm ---------------------------------------------------------------- Leasing Portals bizwiz.com #3 Leaseassistant.org is a website of the Equipment Leasing Association, with information on leasing. It is also available to members for $500 a year in a customized version with the name, logo, and link to the members site. #4 There are two tiers to the site, one is free, and the other is a subscription for "leads" or "sources". http://www.cfol.com/index.html?content=loginpage The success of Internet portals such as My Yahoo! have inspired companies to develop Enterprise Information Portals (EIPs) as a way to allow business users to access corporate information. ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- Classified Ads---Help Wanted Account Executives
Lease Administrator
Lease pricing division economic analysis / analytical support
Tax Manager
---------------------------------------------------------------- ### Press Release ##################### (FTC Official Press Release) Norvergence Judgment Eliminates $47 Million In Consumer Debt Owed for Worthless Telecom Services Company Promised Savings to Small Businesses and Non-Profits Through Convergence of Voice, Internet, and Cellular Phone Services The Federal District Court in Newark, New Jersey, today entered a final default judgment against NorVergence, Inc., that will immediately result in the cancellation of 1,600 contracts with the company valued at more than $47 million. The judgment is the result of a November 2004 Federal Trade Commission complaint charging NorVergence with defrauding consumers through misleading claims that it would provide them with dramatic savings on their monthly telephone, cellular, and Internet bills. The court found that consumers signed a set of applications and agreements with a total price equal to the promised monthly payments over five years. Most of the total payments were allocated to rental agreements for a “Matrix” or “Matrix Soho” device that supposedly would provide the promised costs savings. In reality, the Matrix was just a standard integrated access device (IAD), commonly used to connect telephone equipment to a long-distance provider's lines. The Matrix Soho was essentially a firewall. The Matrix boxes cost between $200 and $1,550. The total cost to the consumer was $7,000 to $340,000, with an average cost of $29,291. The price of the rental agreement had nothing to do with the cost of the Matrix, which itself was an incidental part of the promised services. NorVergence had an estimated 9,400 Matrix rental agreements totaling over $275 million. Other than the 1,600 contracts cancelled by this judgment, NorVergence sold its rental agreements shortly after they were signed to over 40 finance companies for cash. These sold contracts are not immediately affected by the default judgment. An unknown minority of these contracts were sold to finance companies for only a part of their typical five-year term. The default judgment makes these contracts void and unenforceable as of the end of the partial term when they are due to come back to NorVergence. The court also found that NorVergence failed to tell consumers that it did not have a long-term commitment from any service provider for the services it was promising to provide. NorVergence also failed to tell consumers that the Matrix boxes covered by the rental agreement would be of little or no value to them if NorVergence failed to provide the promised telecommunications services. Finally, the court found that NorVergence had furnished the finance companies who purchased its contracts with the means and instrumentalities to commit deceptive and unfair acts or practices violating the FTC Act. It provided those finance companies with rental agreements that allowed the finance companies to: 1) misrepresent that consumers owe money on the rental agreements, regardless of whether NorVergence provided the promised telecommunications services; and 2) file collection suits against consumers in courts far from where the consumers are located. The FTC worked cooperatively on this matter with various state attorney generals' offices, which also have investigated NorVergence's business practices. More than 20 states also have reached settlements with some of the finance companies that purchased and are collecting on NorVergence rental agreements. Consumers in these states should contact their attorney general directly for further information on the state settlements. The states include: New Jersey, New York, Florida, Massachusetts, Illinois, California, Maryland, Rhode Island, Delaware, Georgia, Connecticut, Kansas, New Hampshire, Pennsylvania, Arizona, Indiana, Ohio, Virginia, South Carolina, South Dakota, Texas, West Virginia, and the District of Columbia. Copies of the Commission's complaint and the default judgment are available from the FTC's Web site at http://www.ftc.gov and also from the FTC's Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580. The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint, or to get free information on any of 150 consumer topics, call toll-free, 1-877-FTC-HELP (1-877-382-4357), or use the complaint form at http://www.ftc.gov. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. MEDIA CONTACT: Mitchell J. Katz STAFF CONTACTS: ### Press Release ###################### Dominion Leasing Software Releases New Version of LeaseComplete -- Dominion Leasing Software is pleased to announce the release of LeaseComplete Version 4. This new release of Dominion's flagship lease and loan accounting and asset management system includes over fifty (50) new features and add-ons including the following: 1. Lease Discounting Wizard. This new component was added to simplify the process of calculating the amounts and posting the transactions necessary to establish a discounted lease in the LeaseComplete System. The wizards guides the operator through a step-by-step process which includes selecting an investor, transferring the lease to alternate GL accounts, calculating the lease's net investment as of the discount effective date, and optionally calculating the discount amount from the entered discount rate. The entire process culminates in the calculation and posting of the gain (loss) on the discount transaction and the setup of the Note Payable to the investor. 2. Automatic Extensions. A new feature has been added to the System to allow an Operating Lease to automatically extend itself for a predetermined number of periods. This optional feature ensures invoices continue uninterrupted should a lease exceed is original term, with appropriate adjustments being made automatically to the booked residual value and all related asset depreciation schedules. By using this feature, an operator can create a "month-to-month" lease where rentals continues indefinitely until both parties agree to end the arrangement as per the lease agreement. Automatic extensions can be performed for a fixed time period or indefinitely based on lease-level options. 3. Asset-level Service Expense Tracking. The existing Preventive Maintenance component of the System has been expanded to allow tracking of non-reimbursable service expenses on an Asset. This new feature provides a means of tracking asset services at a detail level and capturing the related expenses for profitability, repair history, and similar reporting. The System also allows a service "spending limit" to be placed on an asset to provide automated warnings should expenses on a given asset exceed projections over a fixed period of time. This feature represents an addition to the System's already strong asset management components designed to help lessors control costs and monitor asset performance. Dominion is pleased to offer these features and all new releases of LeaseComplete to its customers as part of its standard maintenance. Dominion Leasing Software is a leading provider of lease/loan accounting and asset management software and services for both the equipment finance and retail leasing industries. Its flagship product, LeaseComplete, is used by a diverse client base including commercial banks, credit unions, equipment finance companies, automobile dealerships, and independent lessors. With its integrated inventory management and preventive maintenance components, LeaseComplete is the ideal solution for tracking, maintaining, and remarketing your equipment inventory. ### Press Release ###################### First Business Financial Services Elects Mark D. Bugher MADISON, – First Business Financial Services, Inc., located at 401 Charmany Drive in Madison, announced that Mark D. Bugher has been elected to its Board of Directors. He is Director of University Research Park, where he manages and directs all activities for the Park, a 255 acre research development owned and operated by the University of Wisconsin-Madison. As the Director, he is also responsible for the management of a separately organized real estate development corporation. “We are very excited to have Mark joining our board,” stated Jerry Smith, CEO of First Business Financial Services. “In addition to Mark's position with the University Research Park, he provides leadership for Madison Economic Development Commission, Greater Madison Chamber of Commerce, Wisconsin Technology Council and has been a strong voice promoting bio science growth in Wisconsin.” Mark is a member of the Governors Blue Ribbon Commission on State-Local Partnership. He chairs the Wisconsin Technology Council, and Marshfield Clinic Advisory Board. He also serves on the Greater Madison Chamber of Commerce Board, Wisconsin Taxpayers Alliance Board, and the Madison Economic Development Commission. Mark was appointed Secretary of the Department of Administration in 1996 by Gov. Tommy Thompson. Prior to that, he was Secretary of the Department of Revenue. About First Business Financial Services First Business Financial Services is the parent of the First Business family of companies, managing shareholder relations and providing access to capital for our operating entities. Its companies include First Business Bank, First Business Bank – Milwaukee, First Business Trust & Investments, First Business Leasing, LLC, and First Business Capital Corp. For additional information, visit www.fbfinancial.com <http://www.fbfinancial.com> or call 608-238-8008. #### Press Release ##################### Brian Raum Joins U.S. Bancorp Oliver-Allen Technology Leasing as LARKSPUR, Calif.----Brian Raum has joined U.S. Bancorp Oliver-Allen Technology Leasing as vice president of corporate development. In this new position, Raum will create a channel partnership with other U.S. Bank business units and U.S. Bancorp Oliver-Allen Technology Leasing. Raum will be based out of the company's Orange County, Calif. office. "We're excited to announce that Brian has joined our team. He has the perfect blend of experience to execute our ongoing cross-sell initiative by providing highly developed technology leasing products to U.S. Bank customers," said Darren Lang, senior vice president, U.S. Bancorp Oliver-Allen Technology Leasing. Raum comes to U.S. Bancorp Oliver-Allen Technology Leasing with 14 years of technology leasing experience, having previously served as regional sales director for HP Financial Services where he was responsible for all business in the Western United States. Prior to the HP/Compaq merger, he started Compaq Capital's Venture Capital Program where he worked directly with venture capital firms to create new business opportunities for Compaq. In addition to his roles at HP and Compaq, Raum was vice president, sales at Brentwood Credit Corporation and national account manager at Relational Funding Corporation. U.S. Bancorp Oliver-Technology Leasing, a division of U.S. Bancorp Equipment Finance, Inc. provides lease financing for all technology related equipment, including software and services. U.S. Bancorp Equipment Finance, Inc., one of the largest bank-affiliated equipment finance companies in the nation, has been providing equipment finance solutions for more than 30 years. It is a major funding source for companies in virtually every industry sector nationwide. U.S. Bancorp Equipment Finance, Inc. is part of U.S. Bancorp (NYSE: USB). With $204 billion in assets, U.S. Bancorp is the 6th largest financial holding company in the United States. The company operates 2,383 banking offices and 4,877 ATMs in 24 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee in which the company pays customers if certain key banking benefits and services are not met. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com. CONTACT: #### Press Release ##################### ---------------------------------------------------------------- ---------------------------------------------------------------- News Briefs---- Drop In ARMs Applications Could Drive MBS Spreads Tighter Intel to build $3 billion chip factory in Arizona Existing homes set records in terms of sales and prices in June Fame lets Barrett take more chances -------------------------------------------------------- Sports Briefs---- Smith agrees to $57M deal with 49ers Patriots first to sign first-rounder Mankins -------------------------------------------------------- California News Briefs--- Troubles that bedeviled Davis now plague Schwarzenegger --------------------------------------------------------
“Gimme that Wine” Colorado as “Wine Country. New wine regions to watch ---------------------------------------------------------------- Today's Top Event in History 1943-Birthday of Michael Phillip (Mick) Jagger, lead singer of the Rolling Stones since their beginning in 1962, was born in Dartford, England. The Stones began billing themselves as the greatest rock 'n' roll band in the world in the late '60s, and few denied the potency of their blend of blues, R'n'B and teen rock. Their manager, Andrew Loog Oldham, promoted them as the bad boys of British rock - the opposites of the clean-cut Beatles. And Jagger was portrayed as a leering, satanic figure. The Stones' number-one records in the '60s included "Satisfaction," "Get Off My Cloud" and "Time Is On My Side." The Stones survived the departure and subsequent death of guitarist Brian Jones in 1969. In fact, this and other notorious incidents, including a rumored liaison with Margaret Trudeau in 1978, seemed to enhance the Stones' following. The group continued to hit the charts into the 1980's, with such hits as "Start Me Up" and "Harlem Shuffle." Mick Jagger's duet with Tina Turner was one of the highlights of the 1985 Live-Aid concerts. He is still touring today, more magnificent then ever. Whenever I go to his concerts, I get third or four row. You pay a premium with a broker, but it is an event you will never forget as the band gives you every dollar's worth in their performance and show. ------------------------------------------------------------------------- This Day in American History 1603- James VI of Scotland was crowned King James I of England. He then 'authorized' an English translation of the Scriptures, first published in 1611 and known since as the' King James Version' of the Bible. It brought more interest in “religious freedom.” In 1600, the Indian population of what was to become the U.S. was about 1,000,000 when European exploration began. In the beginning, some of the earliest pioneers, as at Jamestown, VA were adventurers, interested more in making a quick fortune form the alleged riches of the New World than in engaging in agriculture or forestry. In later years, through a greater diversity of settlers arrived, and brought with them a variety of skills. They ranged form wealthy Englishmen, who wanted to carve out large estates, to servants. Merchants saw the opportunity for trade as populations grew. Groups seeking religious freedom were also prominent, bringing with them a tradition of had work and a willingness to start anew (an example of the social position of the first settlers comes from the fact that among the male settlers of Jamestown, VA., the first permanent English settlement in America, of the 105 men, 35 were considered gentlemen, persons who means freed them from the need to work or engage actively in trade. The second expedition to Jamestown contained 33 gentlemen out of 120. ---------------------------------------------------------------- Baseball Poem Gaylord I have a friend that calls it I heard Dietz said and later the country drawl, Written by Tim Peeler | |||||||||||||||||||||||||||
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