Leasing News

Senior Credit Officer experienced in middle- market leasing; structured, vendor and 3rd party to the fortune 1000. Proactive team builder, originations capable with strong work ethic.
Email: kyletrust@hotmail.com

Senior Management: Baltimore, MD

25 year veteran of commercial and equipment leasing seeking a senior management position with leasing or asset based financing company in the southeast (Florida preferred)

Email: kellogg_md@yahoo.com

Senior Management: Denver, CO. Fortune 500 GM/SVP wants to team up with aggressive lender looking for Western expansion mid-market equip. finance/leasing. 20+ years experience within Rocky Mountain/ Southwest and Ca markets.Email: legal@csotn.com

Senior management: Hope, NJ.

25 years in optimizing call center operations, collections, billing, and back end revenue generation. Experienced in $7 + billion dollar portfolios. Verifiable achievements.E-mail: cmate@nac.net

Senior Management: Irvine, CA.

Credit executive, portfolio manager and syndication facilitator. Extensive business building experience in small and mid-ticket operations. Highly innovative. Fortune 100 audit and technology skills. Bottom-line manager.

Email: lenhubbard@bigfoot.com

Senior Management: Long Island, NY

Degree Banking/Finance. 13 years leasing exp. Now prez young leasing company where promises were not met. Interested in joining established firm with future. Email:bob33483@yahoo.com

Senior Management: New York, NY, NJ, Ct Tri-State

Top Exec. middle and big ticket, top skills treasury,funding, ops,transaction detail, syndication, ready to max profit, help build quality operation. right now!E-Mail: leasefinance@optonline.net

Senior Management: Portfolio Management Consultant; 25+years experience in Collections, Customer Satisfaction, Asset Management, Recoveries, Continuous Process Improvement, Back end Revenue Generation, Cost per Collection Analysis. $5+Billion Portfolio expertise. Email: efgefg@rogers.com

Senior Management: San Francisco, CA., 25 years experience w/global leasing company, sales,marketing,business dev., P&L responsibility, asset mgmt, brokering and re- marketing. Interested in joining an est. firm with a future. Email:rcsteyer@yahoo.com

Senior Management: Somerville, NJ.

28 year veteran in Construction Equipment/ Transportation.

Full P&L responsibility, profit driven, team builder, sales manager, strong portfolio management skills. Will consider relocation.

email: leasingman_95@hotmail.com

full post of all classified ads at:

http://64.125.68.90/LeasingNews/JobPostings.htm

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Financial Pacific Prospectus Available

by Christopher “Kit” Menkin

Leasing News reported that the well-known “C” and “D” funding

source has filed an IPO to raise $80.5 million dollars. The actual

prospectus is now available.

Here is the full filing of the prospectus:

http://www.hoovers.com/financial-pacific/--ID__132645,ipage__
2724977--/free-co-secoutline.xhtml

Banc of America Securities LLC and Piper Jaffray will serve as joint book-running managers for the offering, with SunTrust Robinson Humphrey acting as co-manager.

Copies of the preliminary prospectus for the offering, when available, may be obtained from Banc of America Securities LLC, Prospectus Department, 100 West 33rd Street, New York, New York 10001, or by telephone at 646-733-4166, or Piper Jaffray, 800 Nicollet Mall, Minneapolis, Minnesota 55402, or by telephone at 800-333-6000.

For specific questions, please call: Dale A. Winter, 253-568-6120

Financial Pacific has applied for a Nasdaq listing under the ticker symbol
"FNPC" ---- http://finance.yahoo.com/q?s=fnpc .

Known in the trade as “Fin Pac,” the company innovated not only “liberal” credit policies in the small ticket marketplace, particularly under $50,000

transactions, going down as low as $5,000, but also considered equipment types not considered by others, which are still not highly accepted in the industry, such as sales from private parties, “I mean old” equipment, restaurants, new franchise, “owner and operator” trucks and rigs, tanning booths, and personal property requiring landlord waivers for the recycling trade, oil and gasoline, ATM machines at one time, leases to people working out of their homes or those who had no trades and paid most business bills with cash, young businesses, among other so called “non-standard” transactions.

Their experience with “A” and “B” credits for this “non-standard” equipment lead them to a sister company called ‘Affinity Leasing” to reach this market place with a lower rate than an 18% base “buy rate. ” When they forecast the tough times for the financial market, they closed this operation down in the year 2000. Now that the leasing industry is starting to turn around, they are getting ready to dominate the small ticket marketplace.

Specializing in “story credits” and “unusual” equipment, along with general small equipment, including “A” and “B” credits, the company has led the industry primarily via the brokerage business market with a reported 450 lease broker network. They are well-known for their quick decisions,

spelling out requirements with every approval.

They are similar to Republic Leasing of South Carolina, who is more in the “A” and “B” marketplace, relying on independent sales men and women rather than an “in house” sales team. Marlin Leasing, along with Republic Leasing of South Carolina, is in a similar marketplace, but Marlin differs as they have a minimum of $1,000, plus state 80% of their business is either vendor or “in house” direct sales driven. That leaves Republic Leasing of Southern California and US Bancorp Manifest who rely primarily on

the independent sales process.

Republic Leasing of South Carolina relatively recently let go 100 independent brokers. It should be noted it was a planned decision to accept brokers who had a high percentage of getting approved leases signed, plus welcoming larger discounters such as LeaseNow, which specializes in new franchise equipment leases and LPI Financial, who specialize in medical and dental unsecured loans. April 1 Republic Leasing of South Carolina was made a division of Netbank with the rules and regulations of “bankers.” Everyone

denies there will be changes, but those in the leasing industry have heard

that before; time will tell.

US Bancorp last year spun off its “C” and “D” credits to “Navigator,” run by veteran Ron Wagner, CLP, for Pentech Financial. The program is now 100%

in place, reportedly running very smoothly but only available to

brokers who first go through US Bancorp Manifest. It should be noted

the company’s president Brian Bjella left last month to form a partnership with Ken Noyes called Grandview Financial with sales guru Brad Peterson taking over the reigns.

In its field, Fin Pac has no real competition, except for perhaps some

local lessors who make their own credit decision and visit their

clients in person. On a volume basis, with loyal, ethical brokers,

they have no peer in their marketplace. With more capital, they

will be very tough competition to beat.

The Financial Pacific employees for many years has been very active in their local community, raising funds for charities and schools, especially

active in C.A.P. ( Community Action Program) which assists the 24-Hour Run Against Cancer, Christmas for Familes in Need, March of Dimes. The perhaps comes from former president Douglas G. Erwin, now retired, who was a great leader in motivation; well-known for ringing the bell

to cheering own his employees.

Doug Erwin

The picture above is from a 1995 brochure, and under the picture, he states: “ I look forward to spending time with all of our brokers. I consider it one of the most important and pleasant things that I do. As our company has grown, our broker “partners” have become more and more important to financial Pacific Company. The knowledge, experience and ability of our brokers has greatly enhanced the quality of our portfolio. We value the relationships we have developed over the years and look forward to providing the service necessary to keep our relationships thriving.”

In the 29 years in business, they have established an excellent reputation in the leasing community. Originally a local company, they expanded to the

NorthWest, then opened up the Los Angeles market place, and after

making it a success, expanded nationwide.

Terey Jennings, one of Doug Erwin protégées, travels quite bit these

days, but comes home to smell the roses his wife Cherie grows.

He is also very active in several leasing trade associations.

Jennings Riding the Waves

The company has a reputation in the industry for their quick response, liberal credit (“putting deals together,”) and great customer service. Perhaps their claim to fame is their super collection department that creates repeat customers, they are that good. They get the margins, and repeat business.

In the industry where leases are sold back and forth, Fin Pac has held on

to all, with superb service, especially compared to others who treat customers as if they can’t be bothered to answer questions or research

an account.

Dave Schafer, SVP

The above picture is from the 1995 brochure, where he states, “ Providing a consistent source of available bunds on a long-term basis is an important inegredient ot developing successful broker relationships. Portfolio management, finance, operations and account are the key components in developing adequate sources of funds for a wide range of transaction types. As always, I am committed to continue our tradition of always having adequate resources to fund

our brokers. “

According to papers filed with the Securities and Exchange Commission, the company has been profitable for four of the past five years. Its 2003 profit of $5.3 million was almost two-and-a-half times higher than the 2002 figure. Revenue last year was nearly $43 million, a 5.9 percent increase from 2002.

And the spreads are attractive, too, at least for the lender: Interest income, measured as a percent of average net investment in leases, was 20.16 percent last year, while interest expense as a percent of average revolving and term debt was just 4.93 percent.

The company operates nationwide, largely through independent brokers. At the end of 2003, it had 15,592 active leases in its portfolio and lessees in 48 states.

( Disclaimer: Kit Menkin as American Leasing was one

of the first “discounters” with the company and has done business with

them for ten years plus. Editor )

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Re: Brad Kissler Starting Strada Capital

Dear Brad:

Welcome to the Balboa Capital Alumni Association.

You should know that we now hold our regular quarterly meetings at Dodger Stadium. This move occurred when it was realized that there was no longer enough room at Staples Center to accommodate us.

Good luck with your new venture.

Ken

Ken Goodman, CLP
Goodman & Associates
949/583-7560
kendg@msn.com

(There is a rumor that Shawn Giffin is leaving Balboa Capital to join

Strada Capital, but Kissler reports that is not true, although they

are good friends, and he would welcome him aboard without

hesitation. Giffin visits Balboa Capital from time to time, where Patrick Byrne is taking his turn as president, and was not available for

comment. As a side note, former Balboa Capital counselor Chris Parsons has become the full time legal counsel for North American Capital.

(If you want to reach Mr. Kissler, ask for his secretary Stephanie L. Harris,

she can also give you thier address to send flowers or a “grand opening

gift:

                    Phone = 949-789-8850
                   Fax = 949-789-8855
                   Email = bkissler@stradacapital.com )

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8 Simple Ways to Control Stress!

Simple modifications in posture, habits, thought, and behavior often go a long way toward reducing feelings of stress and tension. Here are 8 quick and simple things you can do immediately to help keep your stress level under control.

1. Control Your Anger:

Watch for the next instance in which you find yourself becoming annoyed or angry at something trivial or unimportant, then practice letting go - make a conscious choice not to become angry or upset. Do not allow yourself to waste thought and energy where it isn't deserved. Effective anger management is a tried-and-true stress reducer.

2. Breathe:

Breathe slowly and deeply. Before reacting to the next stressful occurrence, take three deep breaths and release them slowly. If you have a few minutes, try out breathing exercises such as meditation or guided imagery.

3. Slow Down:

Whenever you feel overwhelmed by stress, practice speaking more slowly than usual. You'll find that you think more clearly and react more reasonably to stressful situations. Stressed people tend to speak fast and breathlessly; by slowing down your speech you'll also appear less anxious and more in control of any situation.

4. Complete One Simple To Do:

Jump start an effective time management strategy. Choose one simple thing you have been putting off (e.g. returning a phone call, making a doctor's appointment) and do it immediately. Just taking care of one nagging responsibility can be energizing and can improve your attitude.

5. Get Some Fresh Air:

Get outdoors for a brief break. Our grandparents were right about the healing power of fresh air. Don't be deterred by foul weather or a full schedule. Even five minutes on a balcony or terrace can be rejuvenating.

6. Avoid Hunger and Dehydration:

Drink plenty of water and eat small, nutritious snacks. Hunger and dehydration, even before you're aware of them, can provoke aggressiveness and exacerbate feelings of anxiety and stress.

7. Do a Quick Posture Check:

Hold your head and shoulders upright and avoid stooping or slumping. Bad posture can lead to muscle tension, pain, and increased stress.

8. Recharge at the Day’s End:

Plan something rewarding for the end of your stressful day, even if only a relaxing bath or half an hour with a good book. Put aside work, housekeeping or family concerns for a brief period before bedtime and allow yourself to fully relax. Don't spend this time planning tomorrow's schedule or doing chores you didn't get around to during the day. Drink good

wine, not the cheap stuff---life is too short to.....

Remember that you need time to recharge and energize yourself - you'll be much better prepared to face another stressful day.

Take a vacation every once and a while ( something I am still learning.editor)

If you missed yesterday’s placard by Maria Martinez-Wong, here it is again:

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From Our Archives---April 17,2000

---"35% of lease applications are rejected", press release claims, and new service may place them all. Advisory Board Member Harry Edwards promotes value of LeaseExchange for his company Avcom.

SAN FRANCISCO--(BUSINESS WIRE)--April 17, 2000--Today, LeaseExchange introduced the first open, fair and efficient marketplace for business-to-business leases, appropriately named The Lease Exchange.

The Lease Exchange dramatically reduces the time required to secure multiple competitive bids for an equipment lease, and increases the chance a leasing customer will get approved.

"We're turning the $233 billion equipment leasing industry on its head by creating an online marketplace that accommodates everyone's needs -- leasing customers, equipment sellers and leasing companies alike," said LeaseExchange CEO Aaron Ross. "The Lease Exchange helps get more leases done more quickly, which is what everyone involved in leasing needs."

According to a 1999 report released by the Equipment Leasing and Finance Foundation, the average leasing company rejects 35 percent of the lease applications it receives. Because each leasing company has different application approval parameters, other leasing companies would approve most of these applications when given the opportunity. The Lease Exchange has a broad range of leasing companies that approve varying credit qualities, geographies and types of equipment, ensuring the highest possible approval rate.

Through The Lease Exchange, leasing customers complete a simple, one-time application and quickly receive bids from multiple leasing companies competing for their business. The Lease Exchange also offers a live customer care center that can help leasing customers negotiate the process.

The Lease Exchange benefits equipment sellers as well. They can refer their customers to The Lease Exchange, where multiple leasing companies compete for their customer's lease, vastly increasing the chances of approval, speeding up the process and ensuring competitive pricing.

"We are looking to The Lease Exchange to dramatically improve the financial services, specifically leasing, that AVCOM provides to its customers," said Harry Edwards, chief operating officer and vice president of business development at AVCOM Technologies, Inc., one of the nation's leading systems integrators focused on Sun Microsystems products and solutions. "Having leases processed through The Lease Exchange will make us more competitive and create a better quality of service for us and our customers."

Finally, leasing companies also benefit because they receive qualified applications with the information necessary to make fast, accurate bids. This access to critical data allows them to quickly filter applications and efficiently complete more leases.

The Lease Exchange levels the playing field for customers, equipment sellers and leasing companies. For the first time, leasing companies and businesses looking to lease equipment can track the leasing process from beginning to end.

About The Lease Exchange

The Lease Exchange is the first open, fair and efficient online marketplace where businesses can find the best value for equipment leases. It is the only exchange that brings together leasing customers, leasing companies and equipment sellers to complete the lease transaction. Its customer-centric focus ensures that all parties operate on a level playing field.

Founded in April 1999, LeaseExchange received $3 million in first round funding from WaldenVC. Visit The Lease Exchange at www.LeaseExchange.com.

(The List: LeaseExchange.com (5/2001) hiring salesmen, Tom Williams making it work, as he did at Paragon (4/2001) "on a 'Slim Fast' diet." (3/2001) Tom Williams to give it a 90 day trial run, also trying to raise money (2/2001) reported on "auto-pilot" (1/2001) Closes Irving office, cuts staff Aaron Ross starts training for Triathlon.

as a side note: Tom Williams is now in Florida where he says his “old fashion” operation is much more fun and less expensive to run, plus profitable)

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San Jose Mercury Leigh Weimers---April 15th

“I'm almost sorry I happened to read excerpts from David Cay Johnston's Pulitzer Prize-winning book ``Perfectly Legal'' (Portfolio). Until then, I'd been like a lot of us -- not looking forward to filing income taxes this week but resigned to the task. Now, I'm still filing but plenty perturbed.

“What particularly yanked my chain was this bit of info from former Merc colleague Johnston, now a tax reporter for the New York Times: In 1993, the richest Americans paid 30 cents on the dollar in taxes to the feds. At the end of the Clinton administration, they were paying 22 cents. And when the Bush cuts come in, they'll pay 17.5 cents. That means the super-rich have gotten a 41 percent reduction in their tax burden from both Democrats and Republicans.

“Have you gotten a deal like that? Didn't think so. We're not among the big-bucks contributors to the political parties who pay for access to the ears of the folks who write the tax laws. And until enough of us get mad enough to demand real campaign reform, we'll just continue to be left outside and unheard. Something to think about when you drop your return in the mail.

“Mad enough yet?”

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Leasing News Advisor Armon Mills Accepts New Postion

Leasing News Advisory Board member Armon Mills, co-founder of the Silicon

Valley Biz Ink and publisher accepted an offer to become president and publisher of the San Diego Business Journal. Biz Ink co-founder and media veteran Jim Evers was named president and publisher of Biz Ink and will assume his new role on May 1.

Mills remains a key investor and active member of the publication's board of directors.

"My equity in Biz Ink and [sister publication] Valley Scene remains in tact and I will continue to be one of the six managing partners," Mills says.

The decision was based on an offer Mills received from the San Diego paper, which he says was "too significant" and ultimately too beneficial for his family for him to ignore.

"It came out of the blue," Mills says. "They approached me with a very significant offer."

Leaving Biz Ink was as much about timing as opportunity, he says.

"The hard work and dedication of our talented staff have positioned both publications for long-term success," Mills says.

Those in the community who know Mills were surprised by the decision, but expressed support that the veteran publisher is making a move that is so beneficial for his family.

The passing of the torch was supported by investors as well, including Empire Broadcasting president Bob Kieve, who is also on the Leasing

News Advisory Board.

"Armon's departure is a loss to our community, but the new ties it will create for Biz Ink are a very substantial plus," Kieve says. "And I have the greatest faith in the ability of Jim Evers to apply all the skills he demonstrated

in his broadcasting skills.”

Mills broke the news to Biz Ink and Valley Scene staffers on Wednesday, emphasizing the opportunity it provides for him and his wife, Sandy Mills.

He will remain on the Leasing News Advisory Board.

Leasing News
Advisory Board

Bob Baker, CLP.	Wildwood Financial Group, Ellisville, Missouri
Edward Castagna	Nassau Asset Management, Roslyn Heights, NY.
Steve Crane	Bank of the West, Walnut Creek, CA.
Phil Dushay	Global Financial Services, Manhattan, NY.
Ken Greene, Esq.	Larkspur, California
Dan Janal	Great Teleseminars, Shorewood, Minnesota
Theresa M. Kabot, CLP	Kabot Commercial Leasing, Seattle, WA.
Robert S. Kieve	Empire Bradcasting, San Jose, CA.
Bruce Kropschot	Kropschot Financial Services, Vero Beach, FL.
Fred St. Laurent	Z Resource Group, Atlanta, GA.
Andrew Lea, M.A.	McCue Systems, Inc. Burlingame, CA.
Armon L. Mills, CPA	Silicon Valley Business Ink, San Jose, CA.
Steve Reid, CLP	Santa Barbara Bank & Trust, Santa Barbara, CA.
Bob Teichman	Teichman Financial Training, Sausalito, CA.
Paul B. Weiss	ICON Securities, New York, N.Y./San Francisco, CA.
Ginny Young	Brava Capital, Orange, CA.

Publisher/Editor
Christopher "Kit" Menkin

[Headlines]

Classified Ads---Help Wanted

Accounting

Accounting: PricewaterhouseCoopers seeks executives with experience in equipment leasing to help clients improve their leasing businesses by assessing "as is" conditions and designing and implementing solutions to operational issues. PwC also seeks CPA's with a broad based knowledge of FAS13 and familiarity with accounting for leases with simple and complex transaction structures.
Email: anthony.g.anderson@us.pwc.com

About the Company: PricewaterhouseCoopers, New York, NY.

Accounting: PricewaterhouseCoopers seeks individuals with experience in commercial equipment leasing to help clients improve their leasing businesses by designing, developing, and implementing solutions to accounting & operational issues. Email: anthony.g.anderson@us.pwc.com

About the Company: PricewaterhouseCoopers, New York, NY.

Credit and Documentation Administrator

Credit & Doc. Admin. to assist with credit investigation, doc.prep., coordinate territory mgrs. Wayne, NJ fast growing lessor.
Contact: Duane E. Rouba @ 800-848-7210 X 222..

About the Company: www.leasingpartnerscapital.com

Middle Market Sales Representative

Middle Market Sales Rep.: exp. sales reps throughout country for middle market leasing/financing. Must have min.5-years exp. in “hard assets” ranging from 100K -$1.0MM generated from vendor and /or direct sources. Excel. benefits, base salary and commission program. Resumes to amandell@eqcorp.com .

About the Company: A rapidly expanding Middle Market Leasing / Finance Company located in CT. Equilease Financial Services, Inc

Sales

Sales: Tired of working on commission and not getting your fair share of the split?
We pay up to 60% of gross margin +residuals !! Contact Michael Wagner @
949-250-0585 x222 or Fax: 949-250-8042.
E-mail: mwagner@dimensionfunding.com

About the Company: Dimension Funding, LLC Formed in 1979. Located on 17748 Sky Park Circle, Irvine, CA. 92614. Website: www.dimensionfunding.com

Syndicator

Syndicator: exp.credit packager/syndicator. min. 4-yrs evaluating, underwriting and /or syndicating transactions from 100K -$1.0MM. Outstanding opportunity, future growth, excellent benefits, base salary & bonus arrangement.
Resumes: amandell@eqcorp.com .

About the Company: A rapidly expanding Middle Market Leasing / Finance Company located in CT. Equilease Financial Services, Inc

Title Clerk

Title Clerk: exp. motor vehicle title clerk. Min. 3-years experience in titling, perfecting security interest commercial vehicles in various states. Comfortable work environment in fast growing company. Excel. salary & benefit package. Resumes: amandell@eqcorp.com

About the Company: A rapidly expanding Middle Market Leasing / Finance Company located in CT. Equilease Financial Services, Inc

[Headlines]

### Press Release##################################

Marlin Business Services Corp. Reports Payoff of Year 2000 Asset Backed Securitization Transaction

MOUNT LAUREL, N.J.----Marlin Business Services Corp. (NASDAQ:MRLN) reported Marlin Leasing Receivables III LLC, a wholly-owned subsidiary, exercised its call option on the Series 2000-1 Equipment Contract Backed Notes and retired the remaining outstanding debt.

The Series 2000-1 Notes were originally issued in September 2000 for a total of $96.6 million at a weighted average coupon to investors of 7.96%. There were approximately $9.4 million of bonds outstanding at the time the call option was exercised.

The call successfully completes the company's second asset-backed securitization note refinancing. The company redeemed its Series 1999-2 Notes in January 2003. Marlin Business Services Corp. has three remaining asset-backed securitization transactions outstanding.

About Marlin Business Services Corp.

Marlin Business Services Corp. is a nationwide provider of equipment leasing solutions primarily to small businesses. The company's principal operating subsidiary, Marlin Leasing Corporation, finances over 60 equipment categories in a segment of the market generally referred to as "small-ticket" leasing (i.e. leasing transactions less than $250,000). The company was founded in 1997 and completed its initial public offering of common stock on November 12, 2003. Headquartered in Mount Laurel, NJ, Marlin has regional offices in or near Atlanta, Chicago, Denver and Philadelphia. For more information, visit www.marlincorp.com or call toll free at 888-479-9111.

CONTACT:Marlin Business Services Corp., Mount Laurel Bruce Sickel, 888-479-9111 ext. 4108

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### Press Release ################################

GATX Corporation To Sell Information Technology Leasing Assets

(note: two press releases, one from each company on their viewpoint)

CHICAGO--GATX Corporation (NYSE:GMT) announced that it has agreed to sell substantially all the assets and related non-recourse debt of its information technology (IT) leasing business, GATX Technology Services, to CIT Group Inc. The transaction is expected to close by July 31, 2004. Terms of the transaction were not disclosed.

The GATX Technology assets being sold are expected to be approximately $520 million, 7% of GATX's total assets. GATX currently expects cash proceeds from the sale, net of non-recourse debt, to be in the range of $200 million.

Ronald H. Zech, president and CEO of GATX Corporation, stated, "In recent years, we have increasingly focused on our two largest businesses, railcar and aircraft leasing, which comprise nearly 80% of our assets. Based on what we believe will be growing and attractive investment opportunities in these markets, we concluded that a sale of our IT leasing assets is the right strategy for GATX and its shareholders.

"GATX Technology is a solid business with bright prospects and a quality customer base. However, IT leasing is most valuable to an organization that can use it to complement an array of corporate finance products, including mid- and small-ticket leases. This sale will enable us to capture that value for our shareholders, while also strengthening our focus around our franchise rail and air businesses."

GATX Corporation was advised by JPMorgan on this transaction.

COMPANY DESCRIPTION

GATX Corporation (NYSE:GMT) is a specialized finance and leasing company combining asset knowledge and services, structuring expertise, partnering and capital to serve customers and partners worldwide. GATX specializes in railcar, locomotive, and aircraft leasing.

Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com.

CONTACT:GATX Corporation Robert C. Lyons, 312-621-6633 or Rhonda S. Johnson, 415-955-3211

LIVINGSTON, N.J-- CIT Group Inc.(NYSE: CIT) announced that it has agreed to acquire substantially all of the assets and related non-recourse debt of GATX Technology Services, a business unit of GATX Corporation. The acquired assets approximate $520 million and will become part of CIT's middle market leasing unit within the Specialty Finance Group. The transaction is expected to close before July 31,

2004. Terms were not disclosed.

Based in Tampa, Fla., GATX Technology Services, a leading vendor-

independent information technology lessor in North America, provides leasing solutions from the mainframe to the desktop and network.

"This acquisition continues CIT's practice of selectively seeking 'bolt-

on' acquisitions in its core businesses to strengthen our market-leadership

positions," said Jeffrey M. Peek, President and COO of CIT.

Tom Hallman, Vice Chairman, Specialty Finance, commented: "Our acquisition of the GATX Technology Services assets strengthens our existing technology financing capability, and supports our goal of maintaining a leadership position in this important and constantly developing industry."

About CIT Specialty Finance:

Specialty Finance provides global financing solutions for commercial and

consumer customers of manufacturers, distributors, dealers and brokers. Its

five divisions include Consumer, International, Major Vendor Partners, Small

and Mid-Ticket Financing, and Small Business Lending.

About CIT:

CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance

company, provides clients with financing and leasing products and advisory

services. Founded in 1908, CIT has nearly $50 billion in assets under

management and possesses the financial resources, industry expertise and

product knowledge to serve the needs of clients across approximately 30

industries. CIT, a Fortune 500 company, holds leading positions in vendor

financing, U.S. factoring, equipment and transportation financing, Small

Business Administration loans, and asset-based and credit-secured lending.

CIT, with its principal offices in Livingston, New Jersey and New York City,

has approximately 6,000 employees in locations throughout North America,

Europe, Latin and South America, and the Pacific Rim. For more information,

visit http://www.cit.com.

SOURCE CIT Group Inc.

[Headlines]

### Press Release ###################################

Walter A. Dods, Jr. to Retire as C.E.O. at Year-End, but Remain as Chairman of BancWest, First Hawaiian Bank; Don J. McGrath Will Become BancWest Corporation C.E.O.

Donald G. Horner Will Step Up to C.E.O. of First Hawaiian at Year-End

HONOLULU, / -- Walter A. Dods, Jr., 62, will retire as Chief Executive Officer of BancWest Corporation and First Hawaiian Bank at the end of this year, but will continue to serve as Chairman of both companies. BancWest Corporation, a subsidiary of BNP Paribas, is a financial holding company whose main subsidiaries are Bank of the West and First Hawaiian Bank.

Don J. McGrath, 55, President and Chief Operating Officer of BancWest, will continue as President and also succeed Dods as Chief Executive Officer at year-end. McGrath will remain President and Chief Executive Officer of Bank of the West, a position he has held since 1996.

"We are delighted that Walter Dods has agreed to stay on as Chairman of BancWest and First Hawaiian Bank. His leadership, advice and wisdom have been vital in planning BNP Paribas' growth in the Western United States," said Baudouin Prot, Chief Executive Officer of BNP Paribas. "We are also fortunate to have Don McGrath, a talented and experienced executive, fully prepared to step right in as CEO as BancWest continues to grow."

McGrath has been an executive with Bank of the West since 1980. On behalf of the bank, he negotiated the 1998 merger with First Hawaiian, Inc. which created today's BancWest Corporation.

"Don has been involved in strategy, planning and management of BancWest from the beginning. Nobody is better equipped to lead our company into the future," Dods said.

A native of Springfield, Illinois, McGrath received a B.S. in Marketing from the University of Illinois in 1970 and an M.B.A., with honors, in Finance from Boston University in 1973. After experience with Illinois National Bank in marketing and investment positions, McGrath joined Bank of the West's then parent company, Banque Nationale de Paris (now called BNP Paribas)