"Buckle Up!" Quality Equipment Finance
Not Funding Transactions Internally

The following email was sent from Quality Equipment Finance, Carmel, Indiana, to their originators

"The Quality team sincerely values our relationship with our referral partners, colleagues, and long-time industry friends. We know you are the driving force behind our organization and we want to be respectful and transparent in communicating our current situation.

"For the time being, Quality will not be funding transactions internally. Transactions that already have contracts out will be funded, however any current approvals that have not been documented will no longer be valid.

"We are experiencing some temporary capital restrictions and we are currently in the process of obtaining additional capital. While these changes are in the works, we do have relationships with other funding partners in the industry and are willing and able to help underwrite and fund transactions through them.

"Rest assured, we are not going anywhere and this is only temporary. In the meantime, we will be here to respond to any questions or concerns and will be in touch with updates as they become available.

"We apologize for the inconvenience and thank you for your understanding and patience as we work to resume funding as quickly as possible."

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New York Now Requires Disclosure of Beneficial
Ownership Interests of Limited Liability Companies
By Ken Greene, Leasing News Emeritus

This new law applies to all New York Limited Liability Companies, yet another administrative hurdle for New York lenders and brokers who do not qualify for any exemption.

On March 1, 2024, New York Governor Hochul signed a new law governing limited liability companies (“LLCs”). The law mandates that New York LLCs file Beneficial Ownership Information (“BOI”) with the New York Department of State. New LLCs must file their Beneficial Ownership Information within thirty days of formation; existing companies have until January 1, 2026.

Beneficial Ownership Information is defined by reference to Federal law and includes 24 exemptions, including, inter alia, banks, bank holding companies, certain SEC-registered entities, and insurance companies.

Importantly, it also exempts companies with over twenty employees with more than $5mm in gross receipts or sales, as shown in their previous federal income tax return, with an operating presence in the U.S.

The new law requires that exempt entities declare their status and the basis thereof shortly after formation. Finally, the new law requires that non-exempt LLCs update their status and BOI annually.

The federal statute (see below) includes information on BOI. Generally, a beneficial owner is an individual or entity that exercises substantial control or owns and controls not less than 25% of the entity. Section (b) of the statute provides additional information on this definition.

Federal Exemption Statute: https://www.law.cornell.edu/uscode/text/31/5336


Ken Greene
Law Office of Kenneth Charles Greene
5743 Corsa Avenue, Suite 208
Westlake Village, California 91362
Tel: 818.575.9095
Fax: 805.435.7464
ken@kengreenelaw.com

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New Hires/Promotions in the Leasing Business
and Related Industries

Chance Asquith was promoted to Vice President, Sales, Amur Equipment Finance, Grand Island, Nebraska,  He is based in Tyler, Texas. He joined Amur November, 2019, Senior Account Manager. Previously, he was Human Resources Generalist, American State Bank (September, 2018 - November, 2019); Human Resources Generalist, KP Engineering, LP (September, 2018 - November, 2018); Special Assistant to the Chairman, Steele Resources, LLC (October, 2016 - September, 2018). Full Bio:
https://www.linkedin.com/in/chance-asquith-mba-345566a0/details/experience/
https://www.linkedin.com/in/chance-asquith-mba-345566a0/

Jill Appollonio-Jeroski was hired as Executive Vice President of Community Partners, Inc., DBA Banclease Acceptance Corporation, Irving, Texas. Previously, she was Director of Consumer Mobility Finance, The Braun Corporation of Indiana (October, 2013 - November, 2013); Area Sales Manager, Hoosier Lottery (November, 2010 - October, 2012); Assistant Vice President, Old National Bank (May, 1998 - October, 2012); Director of F&I, Hendrickson Automotive, Inc. (January, 1985 - October, 1998).
https://www.linkedin.com/in/jill-appollonio-jeroski-323415223/

Carl Meinhardt was hired  as Regional Sales Manager, Equify Financial, Fort Worth, Texas.  He is located in Spring, Texas. Previously, he was Vice President of Sales, Ascentium Capital (August, 2023 - March, 2024); Senior Sales Manager, Tandem Finance (December, 2020 - August, 2023); Financial Sales Executive, IBM Global Financing (2017 - 2020); Vice President, Equipment Finance Officer, Medical, Key Equipment Finance (2015 - 2016). Full Bio:
https://www.linkedin.com/in/carl-meinhardt-b229b816/details/experience/
https://www.linkedin.com/in/carl-meinhardt-b229b816/

Michael A. Shank was promoted to Senior Vice President of Fleet Programs, banc Lease Acceptance, Irving Texas. He joined BancLease October, 2023 as Vice-President of Fleet Programs. Previously, he was SVP of Strategic Development, Myle (August, 2002  - September, 2023); He joined Driverge Vehicle Innovations, July, 2015, Senior Vice President and Sales Vice President of Sales and Marketing Accessible Urban Transportation (July, 2015 - June, 2019).
Full Bio:
https://www.linkedin.com/in/bancleaseacceptance/details/experience/

Wayne Tentler was promoted to General Manager, Indirect and Head of Redaptive Capital, Sarasota, Florida. He joined the company March, 2022. Previously, he was EVP, Sales, 36th Street Capital Partners (December, 2020 - March, 2002); Managing Director and Commercial Leader, Global Financing, Chain Asset Management Solutions (September, 2019 - December, 2020). He joined GE Capital in the Financial Managements Program Trainee July, 2009), Lead Pricing Analyst, July, 2011, Assistant Vice President, September, 2012, Senior Vice President, April 2014, Senior Vice President and Global Leasing Leader (June, 2017 - September, 2019).
https://www.linkedin.com/in/waynetentler

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Leasing and Finance Industry Help Wanted

Why You Should Hire Athletes
By Ken Lubin, ZRG Partners, Managing Editor

Athletes are some of the most driven, dedicated, and disciplined individuals out there. They have spent years training their bodies and minds to perform at the highest level, often in highly competitive environments. These traits make them highly desirable employees for any organization. Here are just a few reasons why you should consider hiring athletes for your team:

1. They have a strong work ethic.

Athletes are used to putting in long hours of training and practice, often sacrificing social lives and other activities to achieve their goals. This work ethic translates well into the workplace, where they are likely to be committed to their job and willing to put in extra effort to ensure success.

2. They are team players.

Athletes are used to working with others towards a common goal. They understand the importance of communication, cooperation, and supporting their teammates. This makes them valuable assets in any workplace where collaboration and teamwork are essential.

3. They are adaptable and resilient.

Athletes are used to dealing with adversity and setbacks. They have learned to overcome injuries, losses, and other obstacles in their athletic careers. This resilience makes them well-suited for the fast-paced, constantly changing world of business, where adaptability is key to success.

4. They understand the importance of goal-setting.

Athletes are driven by the pursuit of goals. They know how to set targets and work towards them systematically, often breaking down larger goals into smaller, achievable milestones. This skill is highly valuable in the workplace, where employees who are focused on achieving results are more likely to succeed.

5. They are competitive.

Athletes are naturally competitive individuals who are used to performing under pressure. They thrive in challenging environments and are motivated by the desire to win. This competitiveness can translate well into the workplace, where it can drive innovation and improve performance.

Overall, hiring athletes can bring a range of valuable skills and qualities to your organization. Their work ethic, teamwork, resilience, goal-setting abilities, and competitiveness can all contribute to the success of your team. So the next time you are looking to hire, consider giving an athlete a chance to shine in the business world.

Ken Lubin, Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
C: 508-733-4789
https://www.linkedin.com/in/klubin

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Ranked: Electric Vehicle Sales by
Model in 2023 Including List by Country

This graphic ranks the top-selling EVs worldwide as of August 2023, based on data from CleanTechnica.

Electric vehicle (EV) sales are gaining momentum, reaching 18% of global vehicle sales in 2023.

Here are  the world’s best selling fully electric vehicles from January to August 2023:

As we can see, Tesla‘s Model Y still holds a comfortable lead over the competition with 772,364 units sold. That’s more than double the sales of the #2 top selling vehicle, Tesla’s Model 3 (364,403)

But it’s hard to ignore the rising prevalence of Chinese EVs. The next five best selling EV vehicles are Chinese, including three from BYD. The automaker’s Atto 3 (or Yuan Plus, depending on market), is being sold in various countries including Germany, the UK, Japan, and India.

Meanwhile, Chinese automaker GAC Group also had two models of its Aion EV brand make the rankings with the Aion S selling 160,693 units so far.

Regional market strength is also clear. For Volkswagen’s ID.4 model (120,154 units sold), Europe and China account for the majority of sales.

Given growing cost efficiencies and changing consumer behavior, global EV sales are projected to make up half of new car sales globally by 2035, according to forecasts from Goldman Sachs.

Source: Visualcapital

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Watch at Home
by Fernando Croce, Leasing News Movie Reviewer

Celebrating Irish culture and its artistic contributions, our list for St. Patrick’s Day movies ranges from lyrical classics to harrowing historical dramas to breezy comedies to Oscar-winning remembrances.

The Dead (1987): A longtime adventurer, John Huston (“The Maltese Falcon”) had excelled at picaresque projects for decades, tackling film noir, crime thrillers, and mordant yarns. One of his most challenging films, however, came at the very end of his career, when the 80-year-old director brought Irish writer James Joyce’s short story to the screen. No stranger to literary adaptations, Huston often sought tales of exotic quests. This time, however, he had to burrow deep into the thoughts and gestures of characters in a restricted setting, a new territory into which he ventured with sublime confidence. Taking place at a holiday dinner in early 1900s Ireland, the story charts the joys and regrets of a family gathering. Starring his daughter Anjelica, Huston’s film is a serene, emotive, ultimately beautiful conclusion to a remarkably varied career.

In the Name of the Father (1993): Irish filmmaker Jim Sheridan re-teams with his "My Left Foot" actor Daniel Day-Lewis for this powerful drama, which mingles political unrest with familial honor to electrifying effect. Set in 1974, the story follows the harrowing ordeal of Gerry Conlon (Day-Lewis), who was, along with three others, arrested for an IRA-planned bombing he had nothing to do with. While his lawyer, Gareth Peirce (Emma Thompson), searches for proof of his innocence, Gerry finds himself spending time in prison with his father Giuseppe (Pete Postlethwaite). Dissecting the injustices of the legal system while charting a son's progression from bitterness to awareness of his father's sacrifices, Sheridan's impassioned take on a controversial subject is an explosive, brilliantly acted piece of work.

The Snapper (1993): Stephen Frears (“Dangerous Liaisons”) directed this scrappy, enjoyable comedy from acclaimed Irish writer Roddy Doyle’s novel. The story follows the Curleys, a tightly-knit clan thrown into disarray when Sharon (Tina Kellegher), the oldest of eight children, finds out she’s pregnant in the wake of a pub party. Her parents (Colm Meaney, Ruth McCabe) are incredulous at the news, and the ensuing drama is not helped by Sharon’s decision to keep the baby while refusing to reveal the identity of the father. As gossip snowballs and shouting matches proliferate, the befuddled Curley patriarch experiences a rollercoaster of emotions that ultimately brings him closer to his daughter. Without skimping on the grit in the characters’ lives, the film maintains a light and warm touch, anchored by the wonderful Meaney.

Waking Ned Devine (1998): A tiny Irish village sets the stage for this crowd-pleasing comedy, the feature debut of TV commercial director Kirk Jones. Jackie O’Shea (Ian Bannen) and Michael O’Sullivan (David Kelly) are elderly villagers and longtime friends whose uneventful lives take a sharp turn when somebody wins the much-anticipated local lottery. The winner is a certain Ned Devine, and Jackie and Michael promptly go about getting in the man’s good graces with a celebration party—only to discover that he died from excitement after hearing the news. Michael agrees to pose as Ned in order to collect the earnings, though their scheme is put to the test when a government official arrives to investigate the possibility of fraud. The results are brisk, cozy and slyly comic.

Belfast (2021): Kenneth Branagh gazes back at his childhood in this heartfelt drama, which scored a Best Original Screenplay Oscar. Set in the titular Northern Ireland city in the late 1960s, it filters historical turmoil through the burgeoning conscience of its young protagonist, namely 9-year-old Buddy (Jude Hill). Living with his close-knit family in a bustling neighborhood, he goes to the movies with his parents (Caitriona Balfe, Jamie Dorman) and grandparents (Judi Dench, Ciaran Hinds) and plays with friends. The insulated idyll of youth is soon pricked, however, by adult conflicts as the Troubles come to Belfast and streets become packed with riots and Molotov cocktails. Trading the bigness of his Shakespeare adaptations for a modest remembrance, Branagh’s film reminded some critics of another Oscar winner, the acclaimed “Roma.”

Fernando Croce is a nationally recognized film reviewer and has been contributing to Leasing News since 2008. His reviews appear each Friday.

Schnuzer Mix
Northbrook, Illinois  adopt-a-Dog

Benny
Male
Neutered

This is a robust, sturdily built, heavyset dog of square proportion. They are both strong and agile, with a  quick, powerful stride. Their coat is hard, wiry, and thick, with soft undercoat. Their hallmark whiskers, mustache, and eyebrows add to their often alert, spirited expression.

Border Tails Rescue
2975 Milwaukee Avenue
Northbrook, Il 60063
adopt@bordertailsresecue.org
(847) 813-5774

 

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March 25-28 NEFA
Huntington Beach, California
Chad Sluss Invites You

 

Chad Sluss, CEO of National Equipment Association ((NEFA)  invites Industry friends – “There's still time to register for the March 25-27 National Equipment Finance Association (NEFA) Spring Conference and join the 350+ attendees registered so far.

“In addition to the networking opportunities, the conference planning committee has put together incredible educational sessions at the 2024 Spring Conference. Don't miss out on these opportunities to learn from others in the industry!”

Plenary Sessions:

Leadership Real Talk: Navigating and Adapting Through Change

Breakout Sessions:
-Beyond Compliance: Practical Approaches to Section 1071 and Financial Disclosures
-Collections Conversations: Unveiling Asset Valuation Trends for Operational Efficiency
-Smart Spending, Big Impact: Maximizing Marketing on a Budget
-From Broker to Discounter: Operational Considerations

Best Practices Roundtables:
-Women in Leasing
-Diversity, Equity & Inclusion
-Operations: Policies & Procedures
-Technology

To view the full agenda and to register, click here: https://lnkd.in/eu-bT3ry

News Briefs

FBI agents take Lamborghini, Porsche, Ferraris
    in new raid at CEO's Queensbury mansion
https://www.timesunion.com/business/article/fbi-raided-home-albany-loan-broker-roglieri-19009724.php

Cities Face Cutbacks as Commercial Real
    Estate Prices Tumble
https://www.nytimes.com/2024/03/14/business/commercial-real-estate-tax-revenue.html

The United States has its first large offshore
    wind farm, with more to come
https://www.bostonglobe.com/2024/03/14/business/united-states-has-its-first-large-offshore-wind-farm-with-more-come/

Family Dollar to Close Nearly 1,000 Stores
    cited inflation, theft and reduced government benefits
https://www.nytimes.com/2024/03/13/business/family-dollar-stores-closing.html

Sports Illustrated’s Employees Are Told
    Print Edition Will Close in May
https://www.nytimes.com/2024/03/14/business/media/sports-illustrated-print-edition.html

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Biden calls American ownership of U.S. Steel
‘vital’ as he opposes deal
https://www.npr.org/2024/03/14/1238570651/biden-opposes-nippon-steel-takeover-of-u-s-steel-its-an-issue-in-some-swing-stat

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Sports Briefs---

NFL considers rule changes that
    include challenges for penalties
https://www.pressdemocrat.com/article/sports/nfl-considers-rule-changes-that-include-challenges-for-penalties/

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California News Briefs---

California bullet train project needs another
    $100 billion to complete route from
      San Francisco to Los Angeles
https://www.sfgate.com/travel/article/california-bullet-train-sf-la-18966379.php

Monaco billionaire sneers at 'jealous people'
    in tense Carmel meeting
https://www.sfgate.com/centralcoast/article/monaco-billionaire-sneers-jealous-people-carmel-18923737.php

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Gimme that Wine

 

http://www.youtube.com/watch?v=EJnQoi8DSE8    

Top Buyer Urges Wine to Take Action
    in Market Fight
https://www.winebusiness.com/news/article/284458

A Wine Columnist Walks Into a Costco—and
Finds the Bottles Worth Buying
https://www.wsj.com/arts-culture/food-cooking/best-wines-at-costco-now-43e7d60f

Colorado House Bill Takes Dead Aim at Wine
and Beer Sales in Grocery Stores
https://www.laszlolaw.com/colorado-house-bill-takes-dead-aim-at-wine-and-beer-sales-in-grocery-stores/