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Headlines---
Microfinancial/Leasecomm
Record Fine/Judgment
*FTC-Business
Opportunity Lender Settles FTC Charges
*Press
Release--MicroFinancial Announces Legal Settlements
*
Stock History--Previous Articles
Brief
Tax Summary for Attorneys
Cartoon---American
Express Business Finance
Leasing
Companies Have Rough Time Selling Against Mortgage Rates
Edmunds.com
--Consumers Paying Cash than Lease/Dealer Incentives
Classified
Ad---by City-Sales Positions Wanted
Warren
Rowe Subscribes to Leasing News Up-Grade
Highlights
ELT E-Leasing Newsletter
Highlights
This Day in American History
This
Border ##### Denotes Press Release (Not Written By Leasing News)
----------------------------------------------------------------------
Microfinancial/Leasecomm
Record Fine/Judgment
Under
the terms of the settlement with the Federal Trade Commission, Leasecomm
will stop collection efforts on all outstanding judgments, totaling $24
million, involving the financing of the software and equipment for processing
credit-card transactions. The company also agreed to stop financing those
kinds of business opportunities in the future.
Leasecomm
will also pay a $1 million fine to be split by the states of Massachusetts,
Florida, Illinois, Kansas, North Carolina, North Dakota and Texas. The
district attorney for Ventura County, Calif. will also receive a portion
of that fine.
The
company was looking for a financial partner, and there is the question
regarding
the selling of $500,000 stock by
an executive officer before the stock took a nose dive.
The company was also recently “re-listed” on the exchange.
In
the last four years, the company with the most complaints from “end-users,”
the
lessees ( who by the way call themselves “consumers,” even though
they
may be business owners or corporate officers) has been Leasecomm.
There
were several websites put together by disgruntled customers,
such
as the one by Lauren Stephens called www.leaseconn.com.
A
California user actually got the ear of the Ventura County District attorney.
She
was one of the jubilant ones who sent Leasing News an e-mail:
“We
communicated some weeks ago about my continuing difficulties
w/Leasecomm.
“By
now, I'm assuming you've gotten the news about the FTC
ruling
against them and their unconscionable practices. As a result of
my efforts to expose the unfair collections
practices of this company,
the DA's office in Ventura County has been working
with me to resolve
these issues, along w/cooperation from the AG's
office in MA.
“My story will appear in tomorrow's edition
of the Ventura County Star.”
Sincerely,
Karen Brace
Leasecomm
victim
kbrace@sprintmail.com
for Friday’s edition, please go here:
http://www.insidevc.com./vcs/business/article/0,1375,VCS_128_1999289,00.html
####
Press Release ###########################################
(FTC
Press Release)
Business
Opportunity Lender Settles FTC Charges
Settlement
Will Cancel $24 Million in Deceptively Obtained Judgments Against Consumers
A
finance company that allegedly used shady agents, deceptive contracts,
and false claims to target thousands of would-be entrepreneurs will cancel
$24 million in judgments allegedly obtained through deception and will
reform all business opportunity financing contracts to settle charges
by the Federal Trade Commission and an eight state task force that the
practices violated federal and state laws.
The law enforcement agencies charged that Leasecomm
financed the purchase of business opportunities such as work-at-home operations
using business opportunity sellers as its agents.
According to the FTC, the contracts contained
provisions purporting to waive consumers' defenses and allowing Leasecomm
the right to sue consumers in Massachusetts, where it is based, rather
than where consumers lived and purchased the business opportunity.
The
FTC alleged that most consumers could not afford to travel to Massachusetts
to contest Leasecomm's charges and had default judgments entered against
them in the Massachusetts court. If they didn't pay, Leasecomm resorted
to aggressive collection measures such as wage garnishment and property
attachment to collect, even though Leasecomm knew or should have known
that their vendors used deceptive practices to sell their business ventures
and promote the financing, according to the FTC's complaint.
Leasecomm
is a wholly-owned operating subsidiary of MicroFinancial Incorporated.
Both companies are based in suburban Boston, Massachusetts.
"Leasecomm's
customers got a one-two punch," said Howard Beales, Director of the
FTC's Bureau of Consumer Protection. "Leasecomm used sellers of highly
suspect business opportunities to sell its financing, and then claimed
it had no responsibility for their deception. Companies that try to hide
behind the fine print in contracts and lie to consumers about what they're
were signing, whether directly or through agents, simply do not pass muster."
"Leasecomm
knowingly participated in a scheme that used the 'get-rich-quick' allure
of selling products on the Internet to take advantage of thousands of
consumers who were ultimately forced into debt," Massachusetts Attorney
General Tom Reilly said. "This agreement relieves the debts of customers
who fell prey to these 'business opportunities' and helps protect future
consumers by requiring Leasecomm to change its business practices."
According
to the FTC, the scheme worked as follows: Leasecomm Corporation financed
business opportunities, including Internet web malls, multilevel marketing
programs, medical billing software, coupon clipping programs and similar,
often worthless, get-rich-quick schemes sold by third-party vendors.
Consumers typically made little or no up-front
payments, but signed a contract, which Leasecomm called a lease, requiring
payments ranging from $3,000 - $4,000 over a three or four year period.
While consumers thought the contracts covered many items included as part
of a business venture -- training, Web site design, and consumer leads,
for example -- they didn't. They covered only one small part of the venture
-- a "virtual terminal," for example.
Leasecomm
drafted its contracts to ensure that customers paid even when the vendors
used misrepresentations or fraud, or when the products or services failed
to perform as represented, according to the FTC complaint. The FTC alleges
that Leasecomm knows or should know that many of its vendors engage in
deceptive practices to sell their business ventures.
In one case, a vendor signed up 1,882 consumers
for a "business opportunity,” and nearly 1,500 went into default,
the complaint alleges. Nevertheless, Leasecomm aggressively collected
from many of those customers. Leasecomm pursues its customers "even
when the customers have been defrauded and received nothing of value,"
the complaint alleges. When consumers argued that the lease really financed
an entire business venture that was fraudulent and that the virtual terminal
was worthless without the other elements of the package, Leasecomm took
the position that the consumer still had an obligation to pay in full.
When consumers set up their own internet Web
sites to share information on how to fight Leasecomm, company employees
falsely posed as consumers and made misleading statements about other
consumers' absolute obligation to pay Leasecomm, according to the complaint.
According
to the FTC, when consumers failed to pay, Leasecomm sued them. The FTC
alleges that Leasecomm has sued over 27,000 consumers in the past three
years in Massachusetts courts, and, as of January, had 2,200 suits pending.
Few of the customers could afford the expense of litigation in a distant
city and most suffered default judgments the FTC alleges. Although Leasecomm
files its suits in Massachusetts, it aggressively enforces its judgments
in the consumer's local forum.
"Had Leasecomm filed the suits in the local
forum in the first instance, customers might have been able to appear
and present a defense," the complaint says. According to the FTC,
Leasecomm adds to the consumer injury by imposing high collection fees,
not only for late payments, but for every collection call it makes and
letter it sends. These practices substantially increase the total payments
due under the Leasecomm contract, the complaint says.
Leasecomm,
and its parent corporation, Microfinancial, Inc., have agreed to settle
the FTC charges and similar suits filed by members of the State Task Force,
comprised of the attorneys general of Massachusetts, Florida, Illinois,
Kansas, North Carolina, North Dakota and Texas, and by the District Attorney's
Office for Ventura County, California. "This is an excellent example
of federal-state law enforcement cooperation," Beales said.
The
settlement will:
---bar
misrepresentations about the terms of any contract -- including misrepresenting
that consumers cannot sue Leasecomm;
---require
disclosure of material facts about a contract, including disclosure that
Leasecomm, not the vendor, is financing the transaction;
---require
that if Leasecomm sues consumers, it does so "where the customer
resides or signed the contract;"
----require
Leasecomm to vacate pending lawsuits filed in the wrong forum and correct
any damage to the consumer's credit record;
---require
that Leasecomm invalidate illegal provisions of existing contracts, including
waivers of defenses;
---require
that Leasecomm cancel and cease collections on approximately $24 million
in final court judgments;
----require
that Leasecomm give consumers who are the target of more than 2,000 pending
Leasecomm lawsuits currently filed in Massachusetts the option of having
the suit conducted locally;
---require
that consumers who were unlawfully required to agree to electronic funds
transfers be given the option to switch to another payment method.
The
settlement also contains certain bookkeeping and record keeping provisions
to allow the agency to monitor compliance with its order.
The
FTC vote to accept the settlement was 5-0.
The
FTC has set up a special Web site for consumers who may be affected by
this case at http://www.ftc.gov/ro/leasecomm/index.htm.
It also has established a special phone number to provide information
for consumers at: 202-326-3445.
NOTE:
A stipulated final judgment and order is for settlement purposes only
and does not constitute an admission of guilt. Stipulated final judgments
and orders have the force of law when signed by the judge. The order was
filed in the United States District Court for the District of Massachusetts.
Copies
of the complaint and stipulated final judgment and order 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, 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:
Claudia
Bourne Farrell,
Office
of Public Affairs
202-326-2181
STAFF
CONTACT:
Randy
Brook or Bob Schroeder
Northwest
Region
206-220-6350
(Civil
Action No. 0311034- REK)
(http://www.ftc.gov/opa/2003/05/leasecomm.htm)
Related Documents:
Leasecomm
Info.
FTC
v. Leasecomm Corporation, et al (Dist. Court, District of Massachusetts)
Complaint
for Injunctive and Other Equitable Relief
Stipulated
Final Judgment and Order
Full
index of action from beginning to end, at:
http://www.ftc.gov/ro/leasecomm/index.htm
Original
complaint:
http://www.ftc.gov/os/2003/05/leasecommcmp.htm
full
stipulation:
http://www.ftc.gov/os/2003/05/leasecommstip.htm
###
Press Release ###########################################
( here is the press release and “corporate spin”
)
MicroFinancial
Incorporated Announces Legal Settlements
WOBURN,
Mass.---- MicroFinancial Incorporated (NYSE:MFI), a leader in Microticket
leasing and finance, announced today the settlement of several pending
investigations concerning its wholly owned subsidiary, Leasecomm Corporation
("Leasecomm").
This
settlement also concludes an action pending against Leasecomm in Ventura
County, California.
The
settlement is by consent judgments which resolve all matters alleged by
the government agencies in their court filings without any admission of
liability or of wrongful conduct by Leasecomm or MicroFinancial. The government
complaints allege a number of violations of law, which MicroFinancial
and Leasecomm deny.
Under
the terms of the settlement, Leasecomm has agreed to the following:
(1)
Not to collect upon certain court judgments where the financing included
virtual terminals or the predominant purpose of the financing was for
business opportunities. MicroFinancial estimates that court judgments
aggregating approximately $23 to $24 million will be affected. This will
not have a material impact because the Company has either written off
these judgments or fully reserved against their collection.
(2)
Not to finance any product in conjunction with a business opportunity
solicitation, and not to finance the virtual terminal product for four
(4) years.
(3)
Include in its lease forms, and in its lease processing and collection
activities, certain provisions and practices, including filing collection
actions in the customer's home forum. (Existing actions pending in Massachusetts
may be transferred or dismissed and then re-filed in the lessee's home
forum.)
Neither
MicroFinancial nor Leasecomm are required to pay any fines or penalties;
however, the Company has agreed to pay $1 million in twelve equal monthly
installments, as recovery in the investigations.
In
addition Leasecomm has agreed to take steps to monitor its vendors, and
to file periodic reports concerning its vendors for two years.
MicroFinancial's
President and CEO, Richard Latour, stated: "We are pleased to have
resolved this costly and time consuming matter which has been ongoing
for well over a year. Many of the issues raised were not due to Leasecomm's
activities, but were attributable to the acts and statements of independent
vendors and dealers. For the record, while we never sold equipment directly,
we felt it was in our best interest to settle because it was the only
cost-effective solution that enables the Company to move forward and focus
on business."
About
MicroFinancial
MicroFinancial,
Inc. (NYSE:MFI), headquartered in Woburn, MA, is a financial intermediary
specializing in leasing and financing for products in the $500 to $10,000
range. The company has been in operation since 1986.
Statements
in this release that are not historical facts are forward-looking statements
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. In addition, words such as "believes,"
"anticipates," "expects," "views," and similar
expressions are intended to identify forward-looking statements. The Company
cautions that a number of important factors could cause actual results
to differ materially from those expressed in any forward-looking statements
made by or on behalf of the Company. Readers should not place undue reliance
on forward-looking statements, which reflect the management's view only
as of the date hereof. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect subsequent events or
circumstances. The Company cannot assure that it will be able to anticipate
or respond timely to changes, which could adversely affect its operating
results in one or more fiscal quarters. Results of operations in any past
period should not be considered indicative of results to be expected in
future periods. Fluctuations in operating results may result in fluctuations
in the price of the Company's common stock. For a more complete description
of the prominent risks and uncertainties inherent in the description of
the Company's business, see the risks factors described in the documents
the Company files from time to time with the Securities and Exchange Commission.
CONTACT: MicroFinancial Incorporated
Richard F. Latour, 781/994-4800
SOURCE: MicroFinancial Incorporated
######## Press Release ####################################
-------------------------------------------------------------------------------------
Stock
History:
http://table.finance.yahoo.com/m?a=4&b=29&c=2002&d=4&e=29&f=2003&g=m&s=mfi
Here are previous stories on Leasecomm/Microfinancial
from our
“Bad
Boys” section:
http://www.leasingnews.org/Conscious-Top%20Stories/micro_leasecomm.htm
Latest
stock reports and other newspaper stories:
http://finance.yahoo.com/q?s=mfi
-----------------------------------------------------------------------------------------------
Brief
Tax Summary for Attorneys
courtesy of
*
* * * * Barry S. Marks * * * *
*
BERKOWITZ,
LEFKOVITS, ISOM & KUSHNER
420 N 20th St., 1600 SouthTrust Tower
Birmingham, AL 35203-5202
bsm@blik.com - www.leaselawyer.com
205.250.8333 - fax:322.8007
http://two.leasingnews.org/temporary/tax-cut.htm
Tax Provisions That Did not Make the Cut
http://www.washingtonpost.com/wp-dyn/articles/A55706-2003May29.html
Cartoon---American
Express Business Finance
http://two.leasingnews.org/cartoons/ROBPETER-Amex.jpg
--------------------------------------------------------------------------
Leasing
Companies Have Rough Time Selling Against Mortgage Rates
Those
in the leasing business are losing deals to business owners who are refinancing
their homes, getting cash, a very low monthly payment, plus often a lower
monthly payment than they were paying before.
It's
difficult to sell against the headlines and telemarketers who will be
letting
them
know rates of 30 year mortgages have dropped again to a new low. The average
interest on a fixed-rate 30-year mortgage fell to 5.31 percent. This is
the third week in a row this benchmark mortgage hit a record weekly low,
Freddie Mac, the mortgage company, reported Thursday in its nationwide
survey. It is the eighth time it has dropped to a new low.
Last
week's 5.34 percent had been the previous low in figures going back to
1971. Records that reach back earlier indicate the rate is the lowest
in more than four decades, as telemarketers are now telling your customers.
Low
mortgage rates continue to propel home sales to record levels last year.
Banks, who have been having trouble with business loans find the mortgage
business bringing in a lot of up-front profit in points and other fees. Meanwhile, the year may turn into be a record
for sales of both existing homes and new ones, business writers are predicting.
"Low
rates combined with the uptick in consumer confidence are strong indications
that the housing market will continue to prosper into the summer months,"
said Frank Nothaft, Freddie Mac's chief economist.
For
15-year fixed-rate mortgages, a popular option for refinancing, rates
remained unchanged at 4.73 percent this week, the lowest since Freddie
Mac began tracking them in 1991.
Rates
for one-year adjustable mortgages, however, nudged up this week to 3.63
percent from 3.61 percent.
Low
mortgage rates also pushed mortgage refinancing to a record level last
year, something that has played a key role in supporting consumer spending.
Consumers used the money saved on their monthly mortgage payments to make
other purchases. Businesses have put it in their business for
working
capital, maintenance, and equipment.
The
Mortgage Bankers Association of America reported that refinancing accounted
for 77.1 percent of all mortgage applications filed last week, up from
76 percent.
This
week's mortgage rates do not include add-on fees known as points. Each
loan type carried an average fee of 0.6 point this week.
A
year ago, rates on 30-year mortgages averaged 6.76 percent, 15-year mortgages
were 6.22 percent and one-year adjustable mortgages stood at 4.76 percent.
Many are reporting mortgage payments
going
from $1,800 a month to $1,200, and some $900 a month, depending on when
they originally
financed
their home.
Investment
in residential rental properties is also up.
On
the Net:
Freddie
Mac: www.freddiemac.com
------------------------------------------------------------------------------------------
####
Press Release #########################################
Edmunds.com
Reports Automakers' True Cost of Incentives: Leasing Loses Popularity
As Cash and APR Incentives Abound; SUV and Pick-Up Truck Incentives and
Sales Rise While Luxury Car Incentives and Sales Fall
SANTA
MONICA, Calif.,Edmunds.com ( http://www.edmunds.com ), the premier online
resource for automotive information, reported today that the average manufacturer
incentive per vehicle sold in the United States was $2,287 in April 2003,
up $581 or 34.1% from April 2002 and up $52 or 2.3% from March 2003.
On average, vehicles sold 65 days after arriving on dealer lots
in April 2003 compared to 64 days in March 2003 and 52 days in April 2002.
Edmunds.com's
monthly True Cost of Incentives(SM) (TCI(SM)) report takes into account
all of the manufacturers' various United States incentives programs, including
subvented interest rates and lease programs as well as cash rebates to
consumers and dealers. To assure
the greatest possible accuracy, Edmunds.com bases its calculations on
sales volume, including the mix of vehicle makes and models for each month,
as well as on the proportion of vehicles for which each type of incentive
was used.
Incentives
spending for domestic Chrysler, Ford and General Motors nameplates averaged
a record high of $3,089 per unit in incentives in April, compared to $1,558
for European automakers, $1,432 for Korean automakers, and $879 for Japanese
automakers.
Incentive
spending continues to have a disproportionate effect on manufacturer market
share. Chrysler spent $3000 per
incentive in April, up 1.4% from $2960 in March, while its market share
went down to 13.3% from 13.9%. In
the same period, Ford increased incentives by 8.6% to $2,804 per unit
and experienced a minor increase in market share, up to 19.6% from 19.3%.
General Motors' incentives spending per unit dropped .4% to $3,334 this
month while its market share rose 1.5 points to 27.6%.
Incentives
had a somewhat more predictable effect on market share of vehicle segments.
Large SUVs had an industry high $3,678 incentives per unit sold
in April, up 17.5% compared to the prior month.
Simultaneously, U.S. market share of large SUVs increased to 4.9%
in April from 3.9% in March. The large pick-up truck segment also saw a jump,
up 15% for the month to $2,959 per unit, while that segment's market share
went up about a percentage point to 14.2%. Conversely, the luxury car segment's per unit incentive decreased
13.4% to $2,540 in April while market share declined from 4.0% to 3.8%.
"In
April, manufacturers designated incentive dollars toward cash rebates
and low APR programs rather than subsidized leases, which translated to
a significant drop in the overall lease share from 16.6% to 13.2%,"
stated Dr. Jane Liu, Executive Director of Data Analysis for Edmunds.com. "Ford Mustang was an exception as its lease rate increased dramatically
from 5% to 28% because of the effective '5$ a day' lease promotion."
The
highest rates of leasing in April were achieved by Land Rover (61.3%),
Jaguar (59.7%), and BMW (46.1%).
About
Edmunds.com True Cost of Incentives(SM) (TCI(SM))
Edmunds.com's
TCI(SM) is a comprehensive monthly report that measures automobile manufacturers'
cost of incentives on vehicles sold in the United States. These costs are reported on a per vehicle basis
for the industry as a whole, for each manufacturer, for each make sold
by each manufacturer and for each model of each make. TCI covers all aspects of manufacturers' various incentives programs
(except volume and similar bonus programs), including dealer cash, manufacturer
rebates and consumer savings from subvented APR and lease programs (including
subvented lease residual values used in manufacturer leasing programs).
Data for the industry, the manufacturers and the makes are derived
using weighted averages and are based on actual monthly sales and financing
activity.
About
Edmunds.com, Inc.
Edmunds.com
( http://www.edmunds.com ) is the premier online resource for automotive
information. Its comprehensive
set of data, tools and services, including Edmunds.com True Market Value(R)
pricing, is generated by Edmunds Data Services and is licensed to third
parties. For example, the company supplies over 800,000
pages of content for NYTimes.com's auto section and delivers monthly data
reports to Morgan Stanley. Edmunds.com
was named "best car research" site by Forbes ASAP, is viewed
by consumers as the "most useful Web site" according to the
J.D. Power and Associates New Autoshopper.com Studies(SM) for both 2001
and 2002, and was ranked first in the Survey of Car-Shopping Web Sites
as reported by The Wall Street Journal.
The company is headquartered in Santa Monica, California and maintains
a satellite office in Troy, Michigan.
SOURCE Edmunds.com, Inc.
CO: Edmunds.com, Inc.
### Press Release ##########################################
Classified
Ad---by City—Sales Positions Wanted
Sales:
Atlanta, GA. Extensive experience, knowledge and success in the leasing
industry covering several markets. Currently have a profitable book of
business. Excellent sales skills and 19BII proficiency.email: flowageman@aol.com
Sales:
Atlanta, GA. Consistent top performer, results oriented with outstanding
sourcing, structuring and negotiation skills. Direct& vendor development
sales. Mid-market and above - Customers throughout Southeast. email:w.t.dent@comcast.net
Sales:Austin,Texas
24yrs exp.in equip leasing sales, vendor/direct, leasing high- tech to
rolling stock. HP12C/17B. Small- Mid Ticket. Seeking Texas territory which
can be covered from Austin home-base. email:GeorgeMinchew@sbcglobal.net
Sales:
Bakersfield, CA.
I
have an extensive sales and management background in equipment leasing.
My work history exhibits my major strength in small ticket equipment leasing.
email: pangress@msn.com
Sales:
Chicago, IL. 12+ yrs multinational/ national sales & business development.
Seeking role with captive lessor or global leasing company. Will relo
right opportunity. Experience structuring complex transactions. email:
leasingismylife@yahoo.com
Sales:
Chicago, IL. Equipment leasing professional with 25+ years experience
in sales, sales management and debt placement. Excellent communication
skills, strong credit & financial understanding. steevo@wideopenwest.com
Sales:
Denver, CO.
17
yr sales expr. in leasing sales (territory, NationalAccts., sales mgt)
looking to bring experience to s sales/sales mgt role. Successful, accountable,
ethical, aggressive, results. email:lease442000@yahoo.com
Sales:
Detroit, MI. 16-year lease veteran looking for opportunity in the Detroit
area. Ability to bring on new accounts and manage existing base. Up to
60% travel acceptable. email:ebonbri@aol.com
Sales:
Greensboro, N.C. Seeking direct & broker sales w/major finance companies
in NC or southeast market. Small to mid- ticket range. Stable &family
oriented. Will have series 6,63,65 license shortly. email:kc1492@aol.com
Sales:
Hartford, CT. 10+ yrs leasing sales exp.; multi-industry, small-large
ticket, Direct, Vendor, and Captive exp. Seeking sales position with captive
or independent company with equity investment capability. email: bcurt95@aol.com
Sales:
Houston, TX. Experienced 20 years vendor development,direct sales and
marketing with great presentation and closing skills. email: rwm217@yahoo.com
Sales:
Louisville, KY
I
have been in leasing/financing of construction, machine tool, and mfg
equipment for 20+ years. Traveled KY, IN, OH and TN.
Email:kyle90@msn.com
Sales:
Minneapolis, MN. 10+ yrs Equipment Leasing in Upper Midwest. Investment
Grade Database. Previous vendor/small/middle market exp. Super Trump,
17B & account database exp. email: golfadm@yahoo.com
Sales:
Mission Viejo, CA
Account
Sales Executive with 10 years of leasing experience looking for company
to bring existing customer base.
Email:makelly21@hotmail.com
Sales:
Orange County, CA. 20 yrs. in leasing. Skilled, pesistent marketing rep.
Great closer on deals from $100K to $5MM. Looking for middle market company.
email:
pauldriscoll1@lycos.com
Sales:
Orange County, CA.
Skilled
deal-closer at above-average rates. Entrepreneurial. Accomplished lease-structurer
specializing in transportation. Exp. in direct/captive & syndicator
environments servicing vendors, brokers, & end-users. email:originator@sbcglobal.net
Sales:
Philadelphia , PA Seeking an open opportunity to advance in the automotive,
commercial leasing & finance industry......... email: alexe362002@yahoo.com
Sales:
Prairie Village, KS Have substantial deal flow and database of broker
referral sources. Generated and closed over $22M LY. Seeking exclusive
relationship w/direct founder. email:fiergl@aol.com
Sales:
St. Louis, MO
Proven
equipment finance sales professional looking for a new challenge which
rewards success. Equipment type and location open provided you want business.
email:amlifter@aol.com
Sales:
St Lucie, FL
Sales,
credit, doc. exp.w/top communications skills. Exp. large territory management
from home office. Various industries; golf equipment, construction, ff&e,
computer related, and others. Sales achiever. Email:David34983@aol.com
Sales:
San Francisco Bay Area, CA
10+
yrs in middle market leasing. Seek direct lessor only. Transaction size
from $500M to $10.0MM. Client base: printing, food, retail, hvy manufacturing.
Email:edm173@sbcglobal.net
Sales:Scottsdale,
AZ.
19+
years in middle-market-leasing. Concentrations in Medical/Manufacturing/
IT& General in multiple geographic territories. Well versed in direct
calling& closing efforts to C-Level& subordinate management. email:bill_peter@msn.com
Sales:
Stuart, Fl. 17 years exp. leasing in small ticket and large ticket, portfolio
management exp. along with sales management and administrative background,
strong sales and marketing skills. email: sales@rvcglobal.com
Sales:
Tampa, FL. 27 years experience. Very adept in bank lease programs and
direct sales in MM/LT. Looking to re- enter the industry. Will relocate
to Texas. Hungry. email: cwilliams@triit.com
Full List at: http://65.209.205.32/LeasingNews/JobPostings.htm
-------------------------------------------------------------------------------
Warren
Rowe Subscribes to Leasing News Up-Grade
“I
am happy to pay $50 for your GREAT information.
“However,
I deleted your address.”
WARREN
ROWE
COMMERCIAL
EQUIPMENT FINANCE
9910
Indian School Road
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Highlights
ELT E-Leasing Newsletter
********************************
ELT
E-Leasing Newsletter 05/29/03
********************************
The
Equipment Leasing Today E-Leasing Newsletter is published every
Thursday
and is sponsored by the Equipment Leasing Association and its
co-sponsor.
To get Full-Text Stories, go to the web page associated
with
the story you wish to read.
**************
The E-Leasing Newsletter is SPONSORED by: **************
NASSAU ASSET MANAGEMENT
Recovery and Remarketing Specialists
1(800)462-7728 or 1(800)4-NASSAU
GO HERE>>>>>> http://www.nasset.com
WE GET RESULTS!!!!!!!!!
Servicing The Leasing Industry for more than
25
years!!!!!
*Covering
all 50 states and Canada *Fastest turn around *24 hour
reporting
via Web *Highest resale prices Call Nassau now for a complete
assessment of your needs!!! http://www.nasset.com
******************************
1. ELA Convention: Trust in Excellence
******************************
Mark
your Calendar for the 42nd Annual ELA Convention, October 12-14 at
the
Manchester Grand Hyatt in San Diego, CA! Full Convention information
will
be up on ELA Online, http://www.elaonline.com
<http://elaonline.com/> at the end of June.
See
you in San Diego!
***********************************
2. Kansas Adopts Streamline Sales Tax Changes Effective
July 1, 2003
***********************************
Effective
July 1, 2003, the Streamline Uniform Lease Definition is now
recognized
for Kansas sales and use tax purposes. Leases that have a
mandatory
title transfer upon completion of the required payments or
have
a purchase option that does not exceed the greater of $100 or 1% of
the
total payments are considered conditional sale/finance contracts.
The
sale must be reported and the entire tax due on the selling price
must
be paid in the month the sale occurs. Finance and interest charges
are
excluded from the selling price subject to tax only if separately
stated
in documents with the customer.
Also
effective July 1, 2003, out-of-State lessors must collect both
state
and local tax. Previously an out-of-state lessor would only have
to
collect the state use tax rate on equipment leased in Kansas (except
on
motor vehicles and boats, for which local use tax was already in
place). In order to conform to Streamline, local tax
rates must be the
same
for out-of-state as well as in-state business.
The change in tax
rate
may require tax system modifications for some lessors. Note this
change
does not require a registration change but revisions are being
made
to return forms.
******************************
3. What Lessors Are Saying About. . .Insurance
******************************
Some
lessors have grumbled that obtaining insurance coverage for some
asset
classes is getting increasingly more difficult, while others say
not
much has changed in the last five years. Also, insurance companies
are
taking rate increases across the board and carriers are scrutinizing
claims
with a magnifying glass. Delving into the world of insurance,
however,
one will find difficulties really depend on the type of
insurance
you are seeking, who is asking for it and who it protects.
Residual
insurance (insuring the rental stream), liability coverage and
insurance
for equipment loss or damage, are just a few insurance types
that
lessors are seeking today. In addition, more lessors are carrying
their
own asset insurance and not depending on the lessee's certificate
of
insurance as their only protection. Why such caution?
Kathy
Graves of Financial Pacific Leasing drove straight to the point:
"It's
not that insurance is more important today as much as the industry
is
putting more focus on it because of our judicial system. Someone is
always
getting sued."
In
addition, Graves added that "insurance is a hot topic with bank
auditors.
With all the M&A activity and lessors going out of business,
banks
have stood back." She added that the leasing industry is still
strong,
but, that "we need to prove ourselves more. Having proper
insurance
coverage helps."
Of
course, lessors have always requested a lessee maintain an insurance
policy
for liability, theft, and/or damage.
"But
it's not always guaranteed that the lessee will maintain that
insurance,"
cautioned Manny Rogosich of Nassau Asset Management. "It's
important
to maintain certain procedures to make sure that there is a
policy
in place."
Having
that minimal insurance is sometimes even a surprise to some
customers.
"It
really depends on type of customer and asset class," said Financial
Pacific's
Graves. "If you are working with an A-type credit that is an
established
business, in most cases when they provide proof of
insurance,
they have it and everything will be fine. But, with smaller
companies
or start-ups, it may even be news to them that they need to
have
insurance on the asset."
Graves,
who uses Premier Lease & Loan Services to provide insurance,
says
"According to our lease agreements, the lessee is required to have
insurance.
But, if a lessee doesn't, then our Premier coverage goes into
effect.
It shows up on the customer invoice. A lot of our customers love
the
insurance because they don't have to go out and shop for it. It's a
service,"
Graves added.
Vic
Villegas of Premier Lease & Loan Services agrees that a 'pick up'
in
requests
from lessors for quotes on behalf of lessees is occurring.
"We're
seeing more requests for insurance quoted as part of the lease on
large
transactions with Fortune 500 type credits and municipalities,"
said
Villegas. "It seems that even companies that would normally have
no
problem
obtaining insurance are interested to see what their lessors can
do
to help them manage risk. Because the insurance market is a harder
market
right now, lessees are shopping around for competitive insurance
premiums
and easy access to coverage. If lessors can help with that,
then
it is a way to differentiate their customer service."
Lessors
are also going over insurance policies with a fine tooth comb.
And,
increased corporate governance may, in fact, be the real reason why
insurance
is such a hot topic, offered some lessors.
"Lessors
are asking more questions about the insurance policy contract.
They
want to know what is covered and they want to know that the price
is
competitive," said Villegas. "Lessors
seem not only concerned with
managing
their risk, but they also want to make sure they are providing
valuable
insurance to their lessees."
Besides
asset protection, insurance policies can now help lessors hedge
against
bad debts or recover investments in equipment that has
"disappeared,"
been destroyed through acts of God or been stolen.
"A
high percentage of defaults may have made insurance a hot issue,"
said
Luis Euroz of GGP Global LLC. "When a company begins to go under,
a
lot
of equipment goes out the back door and the cash goes to paying the
rent.
Then, the lessor looks for the equipment and it's difficult to
trace.
Then the recourse they have is insurance."
Nassau's
Rogosich added, "Let's face it, a lessee is going to be more
willing
to make payments if he has equipment in front of him. Though
they
are obligated under contract, it's much easier to pay for something
you
have. Fortunately, some insurance helps for loss of receivables."
Loss
of rental stream is tough, but being dragged into court over
negligence
is tougher. Liability insurance is yet another insurance
product
some lessors feel obliged to obtain.
"There
is always repercussion back to lessor if someone gets hurt or
equipment
gets damaged," said Rogosich. "Nothing prohibits someone who
gets
injured by equipment from suing you. Even
if you win a court case
it
would cost you thousands of dollars."
"All
is takes is one occurrence to set litigation in motion," agreed
GGP's
Monberg. "We see lessors being
more proactive today, ensuring
they
are covered."
The
case is clear for having insurance, but is insurance harder to get
these
days? Well, it depends.
Premier's
Villegas noted that the insurance market is tighter. But he
stated,
"I don't think it is difficult for lessors to get insurance.
Lessors
provide attractive volumes to insurers and appealing access to
lessee
customers. If anything, we sense that it is more difficult for
lessees
to get insurance and that they are looking to lessors for access
to
better rates or better coverage."
****************
The E-Leasing Newsletter is SPONSORED by: ***********
Southfork
Asset Management Corp.
Recovery
& Remarketing Specialists
Nationwide
Coverage * Immediate Turnaround * High Resale Value
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and Loan Default * End-of-Lease Return
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*****************************************************************
******************************
9. Equipment Leasing and Finance Foundation Golf
Outing Filing Up!
******************************
Why
not have some fun while supporting industry research initiatives?
On
Monday, July 21, 2003, the Equipment Leasing and Finance Foundation
hosts
its annual golf outing at Essex County Country Club in West
Orange,
NJ. A portion of your registration
and sponsorship fees are tax
deductible
as charitable contributions to the Foundation.
To register
and
for information on sponsorships, please visit
http://www.leasefoundation.org/golf/
<http://www.leasefoundation.org/golf/> or call 703-527-8655.
******************************
11. MAEL to Host 19th Annual Golf Invitational
******************************
The
MidAmerica Association of Equipment Lessors (MAEL), ELA's largest
regional
affiliate, will be hosting its 19th Annual Golf Invitational on
July
28, 2003 at Indian Lakes Golf Club & Resort,
www.indianlakesresort.com
located in Bloomingdale, Illinois. We have
relocated
from Harborside International to Indian Lakes Resort to offer
our
regular attendees a change of scenery and to provide everyone
(including
companions) with some further amenities. While in the area,
be
sure to take this opportunity to schedule additional business
activities
and appointments!
This
newsletter is free to ELA members. Forward it to a co-worker!
Copyright
2003 by the Equipment Leasing Association
Phone:
703/527-8655 Fax: 703/527-2649
-------------------------------------------------------------------------------------------
News
Briefs---
Economy
Expands More Than Earlier Estimated
http://www.washingtonpost.com/wp-dyn/articles/A55344-2003May29.html
GDP
report shows U.S. economic recovery is still dawdling
http://www.boston.com/dailynews/149/economy/GDP_report_shows_U_S_economic_:.shtml
Budget
deficits hit historic levels, but barely register as political issue
http://www.boston.com/dailynews/150/economy/Budget_deficits_hit_historic_l:.shtml
Bush
administration takes steps to open 850,000 government jobs for bids
http://www.boston.com/dailynews/149/economy/Bush_administration_takes_step:.shtml
In
Hoagieland, They Accept No Substitutes
http://www.nytimes.com/2003/05/28/dining/28PHIL.html
Wine
Industry/Association Links
http://www.winemarketcouncil.com/industry.asp
Sports
Briefs---
Donahue
Confirms Upcoming Release Of Stokes
http://www.theredzone.org/news/showarticle.asp?ArticleID=68
Hall
of Famer Larry Brown Approached by Wizards
http://www.washingtonpost.com/wp-dyn/articles/A55503-2003May29.html?nav=hptop_tb
---------------------------------------------------------------------------------------------------
Highlights
of This Day in American History
Saint Joan of Arc “Feast Day.” Celebrated not
only in France, but in New Orleans, where she is the “icon” of
the city. The French heroine and martyr, known as the Maid of Orleans,
led the French against the English invading army. Captured, found guilty
of heresy and burned at the stake in 1431 (at age 19) at the Place du
Vieux-Marché in Rouen. Before the pyre was lit, she instructed a priest
to hold high a crucifix for her to see and to shout out prayers loud enough
to be heard above the roar of the flames.. Innocence declared in 1456.
Canonized in 1920.
1498 - Christopher Columbus
set sail with six ships from Sanlucar in Spain on his third voyage of
exploration to the Americas.
1539-Hernando
DeSoto, Spanish governor of Cuba, landed at Tampa Bay with men, animals,
and equipment as he prepared to scour the southeast in search of gold
and valuables.
http://www.floridahistory.com/inset11.html
http://www.floridahistory.com/inset44.html
1734- Benjamin Franklin
published the first American Masonic Book.
The
Masons
were a strong movement for several centuries in America. http://members.aol.com/jobiefamly/benfrank.htm
http://www.npg.si.edu/exh/franklin/chamber.htm
1783- the Pennsylvania
Evening Post became the first daily newspaper published in the US. The
paper was published at Philadelphia, PA, by Benjamin Towne. http://www.historycooperative.org/journals/ht/35.1/br_4.html
1806- Dueling was common
in early America. Future president
Andrew Jackson shot and killed Charles Dickson this day at Harrison’s
Mills on the Red River, Logan County, KY.
The combatants stood 24 feet apart. Dickinson fired first. The
shot broke a couple of Jackson’s ribs and grazed his breastbone. Despite
the injury, Jackson fired and killed Dickinson.
It was one of a hundred duels and brawls in which Jackson is said
to have participated. Jackson served as president of the United States
from March 4, 1829, to March 3, 1837.
1848- William G. Young
of Baltimore, MD patented the “ice cream freezer.”
A
record of a purchase for a “cream machine for ice” is contained in George
Washington’s expense ledger under date of May 17,1784, and there were
such
machines
dated earlier, but this is the first patent and production manufacturing
of
it followed for two centuries.http://www.napalinks.com/website/002/page-03.htm
1868 - Memorial Day
was observed for the first time in the United States -- at the request
of General John A. Logan, the national commander of the Grand Army of
the Republic. It was first called Decoration Day because the General had
seen women decorating graves of Civil War heroes. http://www.historychannel.com/cgi-bin/frameit.cgi?p=http%3A//www.historychannel.com/exhibits/memorial/memorial.html
http://memory.loc.gov/ammem/today/may30.html
1886-Seeing eye dog
creator Dorothy Wood Eustis born in Philadelphia, Pennsylvania..
As a widow she moved from the U.S. to Switzerland where she continued
her experiments in breeding German Shepherd dogs of great intelligence
and easy dispositions. Her dogs were soon in great demand all over Europe
for police work. A school was developed
in Europe to train the intelligent dogs for what we know today as the
seeing eye dogs for the blind. She returned to the U.S. to establish the
seeing eye movement, setting up a training school for dogs and owners.
At her death her school had trained more than 1300 guide dogs for the
blind - all based on her breeding acumen. http://search.eb.com/women/articles/Eustis_Dorothy_Leib_Harrison_Wood.html
n
1902-birthday of actor/comedian
Stepin Fetchit, Key West, FL Died, Woodland Hills, CA. 1985 http://us.imdb.com/Name?Fetchit,+Stepin
1903-birthday of African-American
poet Countee Cullen, Baltimore, MD http://members.aol.com/hynews/cullen.htm
http://www.nku.edu/~diesmanj/cullen.html
1905-birthday of trumpet
player Sidney DeParis, Crawfordsville, IN http://www.centrohd.com/biogra/d2/sidney_deparis_b.htm
http://www.centrohd.com/biogra/d2/sidney_deparis_b.htm
1909-clarinetist and
band leader Benny Goodman’s birthday
http://www.duke.edu/~eca/Birthday
http://www.mala.bc.ca/~mcneil/cit/citlcgoodmanb.htm
1910-birthday of African-American
Ralph Metcalfe, Olympic gold medal sprinter born at Atlanta, GA. Metcalfe set world records in the 100 years,
100 meters and 200 meters between 1932 and 1936.
At the 1936 Berlin Olympics he finished second to Jesse Owens in the 100
meters and won a gold medal as a member of the 400-meter relay team. After
World War II, Metcalfe was very active in Democratic politics, serving
as a convention delegate, first Illinois Athletic commissioner, elected
four times to the US House of Representatives. He founded the Ralph H.
Metcalfe Youth Foundation which provided athletic and educational programs
for youth. He was named a member of the President’s Commission on Olympic
Sports in 1975. The federal building at 77 W. Jackson in Chicago was named
for him when it was dedicated in 1991. Died at Chicago, IL, October 10,1978http://bioguide.congress.gov/scripts/biodisplay.pl?index=M000675
1911-The first Indianapolis
500. The race was created by Carl Fisher, who in
1909 replaced the stone surface of his 2.5-mile racetrack with a brick
one—hence the nickname “The Brickyard.” The first long-distance race was
won by Ray Harroun, 29 years old, who drove a 16-cyclinder Marmon Wasp
over the 2.5 mile oval course for a distance of 500 miles in 6 hours,
41 minutes, 8 seconds, an average of 74.7 miles per hour.
Only 38 of the 44 cars entered
completed the race. One
contestant was killed in an accident. The race was witnessed by 85,000
spectators.
http://www.diecast.org/diecast98/html/asp/list_reviews/xq/ASP/id.CA431/qx/reviewpix.htm
1912-During the second
running of the Indianapolis 500, driver Ralph Mulford was told he would
have to finish the race to collect 10th-place money. Mulford
did so, but it took him eight hours, 53 minutes, more than 2 ½ hours longer
than the winner. He stopped for fried chicken several times along
the way, and the rule was changed the following year.
http://www.bridgestone-usa.com/indexfr.htm
1922-
Lincoln Memorial Dedication. If you haven’t seen it in person,
it is well worth the trip. The memorial is made of marble from Colorado
and Tennessee and limestone from Indiana. It stands in West Potomac Park
at Washington, DC. The outside columns are Doric, the inside, Ionic. The
Memorial was designed by architect Henry Bacon and its cornerstone was
laid in 1915. A skylight lets light into the interiors where the compelling
statue “Seated Lincoln,” by sculptor Daniel Chester French, is situated
http://www.nps.gov/linc/
1927-- birthday of actor
Clint Walker , Hartford,IL ( My father Lawrence Menkin
wrote many of the TV show Cheyenne series that Clint Walker starred
in, that’s the main reason he makes
this list.
http://classicimages.com/1999/april99/walker.html
1935-Tommy Dorsey splits
from Jimmy after disagreement on tempo on “I’LL Never Say Never Again
Again” at the Glen Island Casino, New Rochelle, NY.
They
would not talk to each other until the 1950’s, playing only one more
time
together on a television special.
1943-Battle of the Aleutian
Island. The islands of Kiska and Attu in the Aleutian Islands off the
coast of Alaska were retaken by the US 7th Infantry Division.
The battle (Operation Land grab)began when an American force of 11,000
landed on Attu May 12. In three weeks of fighting US casualties numbered
552 killed and 1,140 wounded. Only 28 wounded Japanese were taken prisoner.
Their dead amounted to 2,352 of whom 500 committed suicide.
1943-birthday of Gale
Eugene Sayers, pro Football Hall of Fame running back, born Wichita, KS.
http://communities.msn.com/Blackside/tributetoblackathletes.msnw?action=ShowPhoto&PhotoID=56
http://search.biography.com/print_record.pl?id=19207
1950-Top Hits
My
Foolish Heart - The Gordon Jenkins Orchestra (vocal: Eileen Wilson)
Bewitched
- The Bill Snyder Orchestra
It
Isn’t Fair - The Sammy Kaye Orchestra (vocal: Don Cornell)
Birmingham
Bounce - Red Foley
1956-African-Americans
in Tallahassee began a bus boycott in that city.
They were protesting the system of segregation that required non-whites
to ride in the back of busses.
1958-Top Hits
All
I Have to Do is Dream - The Everly Brothers
Return
to Me - Dean Martin
Do
You Want to Dance - Bobby Freeman
Just
Married - Marty Robbins
1964- Wynonna Judd birthday,
U.S. country western singer who won the Grammy 1985, 86, 87, 89 She was
voted top female country artist award in 1994.
1966-Top Hits
When
a Man Loves a Woman - Percy Sledge
A
Groovy Kind of Love - The Mindbenders
Paint
It, Black - The Rolling Stones
Distant
Drums - Jim Reeves
1967 - Daredevil Evel
Knievel jumped 16 automobiles in a row in a motorcycle stunt at Ascot
Speedway in Gardena, Georgia.
1971 - The spacecraft
Mariner 9 was launched in the direction of Mars. It became the first craft
to orbit another planet, returning many images of Mars. The images revealed
what appear to be riverbeds on the surface, suggesting the presence of
water on Mars at some point in the past. Mariner 9 photographed the entire
surface of Mars.
1974-Top Hits
The
Streak - Ray Stevens
Dancing
Machine - The Jackson 5
The
Show Must Go On - Three Dog Night
No
Charge - Melba Montgomery
1975 - Alice Cooper
received a gold record for the romantic album, "Welcome to My Nightmare".
Alice’s real name was Vincent Furnier. He changed his name to Alice Cooper
in 1966 and was known primarily for his bizarre stage antics. He appeared
in the film "Prince of Darkness" in 1987 and had 11 hits on
the pop/rock charts in the ’70s and ’80s, including a pair of million-selling
singles: "I Never Cry" and "Poison
1982-Top Hits
Ebony
and Ivory - Paul McCartney with Stevie Wonder
Don’t
Talk to Strangers - Rick Springfield
I’ve
Never Been to Me - Charlene
Just
to Satisfy You - Waylon & Willie
1977-- "In company
with the first lady ever to qualify at Indianapolis -- Gentlemen, start
your engines." So began the 1977 Indianapolis 500, and the lady in
question was the American race car driver Janet Guthrie.
http://www.amazon.com/exec/obidos/ASIN/0817858822/avsearch-bkasin-20/002-0667839-4443242
1985 - ABC-TV announced
that every game of the baseball World Series would be played under the
lights for the biggest baseball audience possible.
1990-Top Hits
Vogue
- Madonna
All
I Wanna Do is Make Love to You - Heart
Hold
On - Wilson Phillips
Walkin’
Away - Clint Black
2002-World Trade Center
Recovery and Cleanup Ends. A solemn
and mostly silent ceremony marked the symbolic end of recovery operations
t Ground Zero, the former site of the World Trade Center, after the September
11,2002, terrorists attacks. The
last standing steel girder was cut down on May 28.
An honor guard carried an empty stretcher draped with an American
flag to represent those victims who were not recovered from the ruins.
Members of the NYPD, NYPD and city, state and federal workers, as well
as family members and Ground Zero recovery teams, participated in the
ceremony.
Stanley
Cup Champions This Date
1985 Edmonton Oilers
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