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May 24, 2000 Archive
"Read Rob's overview! (Rob Yohe on the EAEL-ELA Miami Beach, Florida Conference) It was very, very good! However, having been in the industry for many years, I am afraid I am beginning to hear the "damnbroker" analysis popping up again. If the brokers disappeared this afternoon a number of large companies would go away in a few days. If the funding sources had to go out and hire sales reps to do what the brokers do I think their margins might be even thinner! With the rates we see from the large leasing companies we are forced to compete against we are not getting the cheapest rates in town
Seems to me the problems currently in our market were mostly driven by some funding sources who got loads of money from securitization and had to put it somewhere. The brokers, who plan to stay in business, adhere to the credit criteria dictated by their funding sources. If the funding sources have competition and decide to lower their credit criteria or their rates to attract more business then they should be big boys and girls and realize what historically happens when you lower credit standards.
Ten years ago when seven of us sat in a hotel restaurant and birthed NAELB it was our desire to prevent fraud and level the playing field between the broker and funding source. I think there has been some success in that area through communication both ways. However, when hard times come why are we brokers always the ones getting beat up?
One thing about our industry, it ain't never dull!
Adrian Bulman passed away January 13, 2001 at the age of 53. He was survived by his wife Beth and two sons Aaron (17) and Evan (14); ages at the time of his death.
He was young, in the prime of his life, and perhaps one of the best liked “super brokers” of his time. Adrian was a contributor to Leasing News, writing articles and keeping us “abreast” of what was happening in the “field.”
His viewpoint back at the end of the start of this century remains profound, and definitely worth reading. If you don't have time now, please come back over the long Memorial Weekend and read his December 27, 2000 observations (which has a January, 2001 addendum from Barry Marks, Esq.):
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Southern California Leasing, Inc., Tustin, California
"We also give our customers a letter 90 days in advance that their residual is coming up. We contact each customer even when we broker the deal to alert them to contact the lender.
"We just had a client with US Bancorp that was being billed even though his lease was up. The lessee did contact us because he received our letter in the mail and when we called they said it was a mistake and he did not owe any more payments."
Companies who notify lessee in advance of lease expiration
Appears Europe Woes Affecting New Leasing Business
(Charts: Leasing News)
The 34 participants in the Equipment Leasing and Finance Association MLFI-25 report the April, 2012 new business was 10% off the previous month. ELFA Reports it 20% above the same period in 2011.
ELFA President and CEO William G. Sutton, CAE, said: “April’s new business volume and credit quality metrics appear to provide evidence that the equipment finance sector continues to gain momentum. Recent anecdotal information from ELFA members gathering in Washington, D.C., for a series of leadership meetings in mid-May supports the observation that the demand cycle for capital equipment parallels the broader economy in that both continue to strengthen, albeit slowly.”
Judson M. Snyder, President of BMO Harris Equipment Finance Company, headquartered in Milwaukee, WI, said: “We are seeing strong demand for financing in the transportation and energy sectors beginning in the end of 2011 and continuing through April of 2012. Many of these companies postponed replacing equipment during the financial crisis and are faced with the choice of increasing maintenance costs on older equipment or purchasing new. The ongoing historically low interest rate environment has made today an attractive time to replace and finance that equipment. We are also beginning to see requests for equipment relating to expansion and new contracts in the general manufacturing sector. These types of projects are a sign of a firmer economic recovery and we are hopeful that they will continue to develop throughout the summer and fall of 2012.”
Quoted in the Equipment Leasing and Finance Foundation that saw a dip in confidence in the last month, leasing executives stated a more positive outlook:
Ron Arrington, Global President, Vendor Finance, CIT Equipment, New York, said “Leasing continues to increase as the economy in the United States continues to improve, albeit at a measured pace, especially for small to medium sized businesses. When companies do invest, they are looking for total solutions beyond just the equipment and including all the services that surround it. Those equipment providers that can provide total service-related solutions are seeing a new segment of growth for their business and equipment leasing is an important component of this total solution by providing capital while leveraging expertise in billing and services.”
Bill Verhelle, CEO, First American Equipment Finance, a City National Bank Company, noted: “We are cautiously optimistic about the improving, short-term opportunity for equipment finance companies serving, large creditworthy borrowers in the United States.”
ELFA MLFI-25 Charts for April
ELFA MLFI-25 Participants
Previous Monthly Reports:
Lauren Aron has been hired as graphic designer for LEAF Commercial Capital, Philadelphia, Pennsylvania.
Brenda Deaton has been hired as a contractor for Ascentium Capital, Kingwood, Texas; representing the Dallas/Forth Worth, Texas area. She is also a consultant for Zipscene (April, 2012-President). Previously she worked for Modeling & Print (January, 2009-Present), executive, BKLLC (January, 2007-Pressent), vice-president Enterprise, ProfitStreams (November, 2010-January, 2012), Partner/President, BKLLC/Kingwood LLC (January, 2007-January, 2010), vp sales, American Express (1996-2007), director sales, Rockford Industries (1995-2000), director of Concierge & Sales, Hyatt Hotels Corporation (October, 1989-January, 1995). Florida State University - College of Business (1985 – 1989).Associated Travel Studies- North Miami Beach Travel-hotel-hospitality-Sabre (1986 – 1986), Argosy University Dallas, psychology (2010)
David Everson hired as business development professional for Ascentium Capital, Kingwood, Texas.
Tom Forbes promoted to Head of Global Capital Markets at Caterpillar Financial, Nashville, area. Previously he was manager, Global Syndications, September, 2010-Present). Prior he was manager of global capital markets, financial services, Doosan Infracose Construction Equipment, (February, 2009-Setempber, 2010, managing director, Orix USA (august, 2004-May, 2008), vice president of business development, GE Commercial finance (2002-2004), senior vice president, CIT (April, 1993-October, 2001), assistant treasurer, Forsythe McArthur Associates (April, 1990-April,1993), commercial Bank, UJB (January, 1988-April, 1990). Northwestern University - Kellogg School of Management Executive Development Program (1999 – 1999) Purdue University BA, Communications and Management (1984 – 1987)/
Laura Martin has been hired as marketing administrator at LEAF Commercial Capital, Philadelphia, Pennsylvania.
Simeon Olowere hired as business development professional for Ascentium Capital, Kingwood, Texas.
Laura Osterling hired as business development professional for Ascentium Capital, Kingwood, Texas. She will be working out of Orange County, California.
Michael Schaal has joined LEAF Commercial Capital, Inc., Philadelphia, Pennsylvania as marketing manager. Previously he was direct marketing specialist, Berkshire Associations, Inc. (October, 2010-June, 2011), marketing specialist, Cannon Business Solutions (2010-2010), direct marketing coordinator Communications (December, 2007-July, 2009), marketing coordinator, Bright House Networks (2005-2007). Education: Salisbury University.
Jeff C. Wenrich has joined Orion First Finance, Gig Harbor, Washington, as Vice President of Sales and Business Development. Previously he was Vice-President, Territory Manager, Wells Fargo Equipment Finance, Greater Seattle Area (February, 2010-April, 2012), DSM, CITI (2005-2008), DSM, CitiCapital Commercial Corp. (2005--2008). He "...is a 20 year sales veteran, and has spent the last decade in the commercial equipment finance industry with two of the top-10 largest domestic banks. Jeff is experienced in developing market scope and scale, situation analysis and implementing program roll-outs. Over the course of his career, Jeff has originated, underwritten and structured small-, mid- and large-ticket deals in a variety of industries. Jeff is an active member in the Equipment Leasing and Finance Association (ELFA) and Western Independent Bankers (WIB). Jeff is a graduate of the University of Michigan (BA Organizational Psychology) and received his MBA from Portland State University (Marketing). He resides with his wife, Rebecca and three children, in Gig Harbor, WA...'Orion’s growth plans called for an exceptional candidate in this position.' said David T. Schaefer, founder and President of Orion First Financial. 'Jeff’s experience in the Equipment Finance marketplace and success record make him a perfect fit for us, in line with Orion’s growth strategies'.”
Neil Wessan appointed Managing Director and Group Head of CIT Capital Markets, New York, New York. "Wessan will oversee the Capital Markets group which is responsible for structuring, pricing and distributing all financial products originated by CIT. " Previously he was managing director, head of capital markets, Gleacher & Company (January, 2011-Presidnet) principal, Halsey Lane Holdings, LLC (September, 2009-August, 2010), managing director, co-head leveraged loan capital markets & syndications, Jefferies & Company (February, 2004-August, 2009), managing director, CIBC World Markets Corp., (1997-2004), managing director and deputy head, private placements Group, ING Barings Securities (August, 1993-March, 1997), principal, founding partner, Fieldstone Private Capital Group, LTd (August, 1990-August, 1993), vice-president, Bankers Trust Company/BT Securities (August, 1984-August,1990). University of Chicago (1982 – 1984), University of Pennsylvania BSE, Marketing, (1978 – 1982), Activities and Societies: Fencing Team, ZBT, Conservative Party, Flying Club, University of Pennsylvania - The Wharton School BSE, Marketing, Management (1978 – 1982)
Ten Most Expensive Cars Driven by Top Leasing Execs
(Yes, most likely they leased the vehicles.)
Steve Jobs would regularly park his Mercedes in
Steve Jobs drove a silver Mercedes SL55 AMG. He leased it and never had a license plate. He obviously didn't want to display a “‘handicapped license.” Reportedly many employees and regulars in Palo Alto knew it was his car. He never was confronted by the police or applied for a special permit. He kept the seriousness of his illness as confidential as he could.
“Steve (or someone close to him) spotted a loophole in the California vehicle laws. Anyone with a brand new car had a maximum of six months to affix the issued number plate to the vehicle.
“So Jobs made an arrangement with the leasing company; he would always change cars during the sixth month of the lease, exchanging one silver Mercedes SL55 AMG for another identical one. At no time would he ever be in a car as old as six months; and thus there was no legal requirement to have the number plates fitted.
“One might also assume that the leasing company was happy – they had an endless supply of luxury cars to on-sell with the previous driver being none-other that Steve Jobs.
“That would be a win-win-win situation for Steve, the leasing company and for the subsequent buyer.”
Full Story on Ten Most Expensive Cars:
Leasing Association 2012 Conferences
September 12-14, 2012
Canadian Finance & Leasing Association Conference
Palm Desert, California
November 7 - 9, 2012
32nd Annual Fall Conference
To view Leasing Association Events-Meetings Open to All, please click here.
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CLP Foundation Announces New Executive Director
The CLP Foundation, the preeminent education and certifying body created to raise the industry standards among equipment leasing and financing professionals is pleased to announce the appointment of Reid Raykovich, CLP, as Executive Director beginning immediately. Ms. Raykovich has over nine years of experience in the equipment leasing and financing industry and obtained her CLP designation in 2005.
Ms. Raykovich states, “The CLP designation has been the main reason I have remained in this industry. The process of obtaining the certification taught me more than I could have ever learned on my own. So when I was approached about this opportunity, I couldn’t have been more thrilled at the prospect of working for such an incredible foundation. I am excited to grow the member base as I have first-hand knowledge and experience of what it can do for one’s career.”
Rosanne Wilson, CLP, BPB, the President of the CLP Foundation, would like to add that, "Reid has demonstrated a real passion for the CLP Program in the short time she has been on board. She has brought forth so many ideas on how to further the goals of the Foundation. Her love of the CLP program shines in every aspect of her work. Reid has a strong desire to help others achieve this coveted certification and we are so fortunate to have her as our new Executive Director."
The CLP designation identifies you as a knowledgeable professional to employers, clients, customer, and peers in the leasing industry. There are currently over 170 Certified Lease Professionals throughout the world. For more information, call (206) 535-6281 or visit www.clpfoundation.org
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(This ad is a “trade” for the writing of this column. Opinions
##### Press Release ############################
Non-Home Finance Write-Offs at Lowest Level in Six Years
ATLANTA, GA– Non-home finance write-off dollars year-to-date through April have decreased 52% according to Equifax’s April National Consumer Credit Trends Report. The write-offs have decreased to $26.2 billion as of April 2012 from $54.1 billion in April 2009. Today’s write-offs approach 2006 pre-recession levels of $24.0 billion and continue an improving trend.
Non-home finance write-off dollars have declined due to both improvements in general repayment patterns and lower numbers of bankruptcies. Bankruptcy dollars have declined at a slower rate, comprising 15.7% of write-off dollars in 2009 but 18.5% of write-off dollars today. This is due to faster declines in the average dollar size of general delinquencies, relative to the peak of the recession.
Non-Home Finance balances declined by 7% or $193 billion since October 2008, but the deleveraging trend ended about a year ago, with balances now 1.5% higher than in May 2011. Auto balances are increasing following the trend in rising auto sales, while card balances are declining at a slower rate due to sustained origination increases and payment improvements that mirror pre-recession levels. Based on current trends, card balances will stop declining and begin increasing during 2012. With the continued weakness in labor markets, demand for additional education is very strong. As a result, student lending balances rose 66% to $766 billion in November 2011 (from the pre-recession average of $460 billion) before falling back to $753 billion as of April 2012.
"Consumers are now starting to see greater accessibility to credit opportunities and they are taking advantage of those opportunities, though in moderation,” said Equifax Chief Economist Amy Crews Cutts. “The American household’s balance sheet is looking much better now, with debt burdens down significantly due to both write-offs and consumer-led deleveraging, and slow but significant improvements in the economy. “
Other highlights from the data include:
Deleveraging continues in Home Finance:
Home Finance balances have decreased $1.2 trillion since October 2008, posting a fourth consecutive year of decline.
Home Finance real estate owned dollars (write-offs) for April 2012 have dropped 29% from April 2010 to $71.5 billion and is at the lowest level since 2008 ($74.7 billion).
In April 2012, Home Equity revolving balances were near $560 billion, down $115 billion from April 2009, and down $43.8 billion from April 2011.
Foreclosures In-Process for Home Equity Revolving credit dropped 37% from same time a year ago. At just under $1.25 billion, it is the lowest in two years.
As of April 2012, the number of outstanding Auto Loans is at 57 million, the highest since January 2010. Balances on these loans have risen from $689 billion in April 2011 to $734 billion in April 2012.
About Equifax, Inc.
Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers
For more information, please visit www.equifax.com.
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(Leasing News provides this ad as a trade for investigations
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"Upon adoption, Hanz’s foster mom is willing to pay for a PetSmart dog training class or two for him. Hanz is very smart and she feels his new family will be pleasantly surprised at how quickly he learns.
"Hanz is not at the shelter but in foster care. If you want to see this cutie little guy you can contact us at firstname.lastname@example.org to make an appointment to see him."
Adoption Donation $175
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