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gold-
medal pair of Misty May and Kerri Walsh, Saratoga, California,
home
town girl of Mitty High School, Stanford University.
Digging the gold
/ Yin-yang partnership of Walsh-May scores beach volleyball title USA's
Kerri Walsh celebrates after she and teammate Misty May beat Brazil
in the gold medal beach volleyball finals during the 2004 Summer Olympics
at Faliro Beach Volleyball Stadium in Athens, Tuesday
Wednesday,
August 25, 2004
Headlines---
Archives:
August 25,2000-- Tom Allanson Resigns CPL
Jim
Raeder Responds to Criticism of CapitalWerks
China:
The Next Leasing Frontier
Citigroup
to Acquire First American Bank in Texas
"Buy
New Equipment Before Tax Law Changes"
When
an Employee Quits, Your Management Responsibilities Don’t
Choose
a Vehicle Based on the Lease Payment You Desire
IDS
Adds Regional Offices and Expertise
######## surrounding the article denotes it is a “press
release”
-------------------------------------------------------------------------------
|
|
Classified
Ads--Operations
Experienced Credit, Collections, lease and Finance operations. Manager w/ expertise in improving bottom line performance, excellent trainer, manager, motivator. Get result/keep the customer coming back.
Email: rgmorrill@comcast.net
Operations:
New York, NY.
10+ years in equipment
leasing/secured lending. Skilled in management & training, documentation,
policy and procedure development & implementation, portfolio reporting.
Strong work ethic.
Email: dln1031@nyc.rr.com
New York/New Jersey
5+ years experience in leasing. Knowledge of positions: SMB Credit and Contract Administrator. Relocating to the NY/NJ area.
Email: LeaseOps2004@AOL.com
Wayne, NJ
20+ heavily experienced
collection/recovery VP looking to improve someone's bottom line. Proven,
verifiable track record. Knowledge of all types of portfolio. Will relocate
Email: cmate@nac.net
West Palm Beach,
FL.
Sales, credit, presentation
and placement. Seasoned lease professional, currently independent, looking
for a manufacturer,
Email: southernleasing@bellsouth.net
89 Classified ads at:
http://64.125.68.90/LeasingNews/JobPostings.htm
________________________________________________________
Archives August 25,2000-- Tom Allanson has resigned
as president
of
GE/Colonial Pacific "to take the opportunity of a lifetime."
Tom Allanson has
resigned as president of GE/Colonial Pacific "to take the opportunity
of a lifetime." He has joined Intuit to head their Turbo Tax division.
Living in Silicon Valley, see employees leave for better jobs and opportunities,
I can appreciate this. Netbank has just completed a deal with Quicken,
who is owned by Intuit and runs Turbo Tax on their software and internet
connection. Quicken is going to not only recommend Netbank, meaning
Quicken users should change banks, but change their software so it will
automatically interface, using the features of Quicken and possibly
Turbo Tax.
It is only a matter of time that we will see money as we now
see postage stamps being printed via the internet. They don't use paper
money on Star Trek. Perhaps with the automation of loans, ATM machines
everywhere, and grocery chains having banking offices, we will see less
actual branch offices and more on line banking. The electronic cash
is not that far from reality in the next five to ten years. Electronic
payments and record keeping is becoming very popular.
I can remember less than two years ago Bank of America and Wells
Fargo saying the internet banking will never catch on...They didn't
even want to go on line. I also remember when ATM's came out, banks
were against them, saying people would never use them...
(Also maybe Allasnson could see the writing on the wall, or
as John Deane , Managing
Principal, Alta Group, called his
study of what happened
next, “The Perfect Storm.”
Jim
Raeder Responds to Criticism of CapitalWerks
“In sixteen
years of managing and growing leasing companies, our management team
and coworkers have always provided profitable originations for our underwriters.
These malicious allegations do not represent CapitalWerks operations
and would be clearly covered under representation and warranty agreements
with our lenders. To risk having to repurchase transactions for the
limited amount of profit margin left after commissions and expenses
is ludicrous. The due diligence
we conduct to insure a profitable relationship with our customers and
lenders will continue for years to come is inherent in our credit packages
and the knowledge of our dedicated staff. We would not jeopardize these relationships
to benefit any salesperson or for any transaction.
“We believe
that we have built a very knowledgeable and experienced credit/doc/finance
team that strives to provide quality deals for our business partners.
With a solid infrastructure in place and now 118 employees, we continue
to grow in a profitable and controlled manner.
All our software and work flow management systems are designed
to match our lenders requirements to avoid losses regardless of if we
hold the paper or sell it in the secondary market.
“I apologize
to all of you for having to be the recipients of what I consider to
be cowardice attacks upon our company.
Mark McQuitty, our management team, and I point to our track
record over the past several years, providing to our funding sources,
and our lines of a credit, the ability to achieve strong volume and
profit goals on leases and loans that pay to term.
“In regards
to the recent article in the New York Times regarding our handling of
customer complaints, I can only say I found it quite one-sided, and
seriously misstated. There was information not investigated properly
by the writer, along with several misleading and inaccurate statements.
In regards to the Better Business Bureau report, these complaints were
attributed to the acquisition of the assets, and only the assets of
several failed leasing companies. CapitalWerks in almost every case was not
the originating Lessor. Our
policies of retaining fees is explained up front in our agreements,
and is considered industry standard for commitment language.
Ask Kit Menkin at Leasing News and he will tell you for the last
four years we have investigated and resolved all disputes.
“I appreciate
Equipment Leasing Association President Michael Fleming explaining the
purpose of commitment letters as he expressed
our viewpoint
perhaps more eloquently the we may have been able to present, and would
like to thank him in some way for speaking up not only for ourselves,
but for all of us whom are constantly bringing value to our customers
in this underserved market of small business lending and leasing.”
James Raeder
President
CapitalWerks/Preferred Lease
******Announcement
************************************
China:
The Next Leasing Frontier
China offers long
term growth for lessors. For U.S. Leasing Companies, particularly Vendor,
Captive and Bank lessors, China must be part of the long term growth
plan. Equipment Leasing President Michael Fleming told the members of
the ELA Executive Committee this week that a company cannot overlook
the fact that China will be the largest economy in the world within
25 years. Even now, the growing demand for all kinds of equipment and
financing presents a great opportunity for the companies that want to
get there first.
“China is not an
emerging market, it is not a high risk market, it is an opportunity
market that is unfolding before our eyes,” Fleming said in a discussion
regarding the future of the equipment finance business.
ELA and the U.S.
Commerce Department are sponsoring a Business Development Mission into
China beginning October 31 in Beijing and continuing through Shanghai
and Hong Kong. Fourteen individuals have signed up so far to be part
of the twenty person mission. They include representative from the leading
captives, banks and vendor finance businesses. Chinese government and
bank officials, as well as businessmen, are looking forward to greeting
the ELA team and discussing how the leasing opportunities are developing
in China and the legal, tax and accounting provisions at work in China.
Fleming told the
ELA leaders that the Mission Program is first rate and will provide
a thorough orientation for business in China. Fleming also indicated
that Chinese businessmen are anxious to talk with companies that potentially
could be financing partners for Chinese products in the United States.
For information on
the China Business Development Mission, contact Ginger Koch at ELA,
gkoch@elamail.com, or visit the International Page at ELA Online at:
http://www.elaonline.com/international/MembersOnly/ChinaBusDev/
The itinerary for the meeting can found at: http://www.elaonline.com/international/MembersOnly/ChinaBusDev/itinerary.cfm
**** Announcement
**************************************
------------------------------------------------------------------------
Citigroup
to Buy First American Bank of Bryan, Texas
Citigroup to Acquire First American Bank in Texas
NEW
YORK & BRYAN, Texas--( --Citigroup (NYSE:C)
and First American Bank, SSB, today announced that Citigroup will acquire
First American Bank, one of the largest independent financial institutions
in Texas. The transaction is expected to be immediately accretive to
Citigroup's earnings. Terms of the transaction are not being disclosed.
The transaction will establish Citigroup's retail banking
presence in Texas, giving Citigroup over 100 branches, $3.5 billion
in assets and approximately 120,000 new customers in the state. The
transaction is expected to close in the first quarter of 2005, subject
to applicable regulatory approvals.
"We are strongly focused on investing in the future
growth of Citigroup's businesses. Texas is a highly attractive market,
and expanding Citigroup's Citibank retail distribution franchise in
the U.S., especially in important geographies such as this, is a key
element of our strategy. To accomplish our goals, we intend to drive
the growth of the retail banking operation in Texas with our successful
consumer banking model, complementing First American Bank's already
powerful commercial banking engine," said Robert B. Willumstad,
Citigroup's President and Chief Operating Officer.
"I am very pleased that Citigroup has chosen First
American Bank as its entry into Texas banking," said Donald A.
Adam, First American Bank's Chairman and Chief Executive Officer. "As
the world's financial services leader, I feel as though Citigroup is
the clear choice to lead our bank into becoming a leading financial
services provider in Texas. With shared business and community philosophies
and an expanded and diverse product mix, our team of professionals looks
forward to working with Citigroup to see that the benefits of this transaction
are fully realized. I am confident that our existing customer base will
enjoy continued relationships with our great staff while reaping the
benefits of doing business with an institution of Citigroup's worldwide
presence," Mr. Adam concluded.
Ajay Banga, Executive Vice President of Citigroup's Global
Consumer Group and President of Citibank's North American Retail Banking
organization said, "We have been impressed with the talent of First
American's employees, the depth of its customer relationships and the
high caliber of its operations. We believe First American Bank's customers,
particularly those in the small and middle market business segment,
will benefit significantly from our wide array of innovative products
and our commitment to serving our customers. We believe we are very
well positioned to further grow the franchise by developing a consumer
retail focus based on our best-in-class branch business model. We look
forward to working with First American's employees to create a culture
that combines the best of both organizations."
First American Bank, SSB, a subsidiary of The Adam Corporation/Group,
is a $3.5 billion financial institution with 102 full service banking
centers throughout Texas. While having a strong presence in Texas communities
such as Bryan/College Station, Midland/Odessa, Amarillo, Wichita Falls,
and Abilene, First American has made a strategic commitment to focus
expansion in larger metropolitan areas such as the Dallas/Ft. Worth
Metroplex, Houston and Austin.
Citigroup (NYSE:C), the preeminent global financial services company has some
200 million customer accounts and does business in more than 100 countries,
providing consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, insurance, securities
brokerage, and asset management. Major brand names under Citigroup's
trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith
Barney, Banamex, and Travelers Life and Annuity. Additional information
may be found at www.citigroup.com.
----------------------------------------------------------------------------
Classified
Ads---Help Wanted
Credit-Funding-Operations
|
Credit Analyst: Seeking an energetic and organized Credit Analyst. At least one to two years of experience as a Credit Analyst in financial services (banking, insurance, leasing, or mortgage) is required. Funding Manager: Seeking a very organized, detail oriented Funding Manager. Minimum two years experience in brokering and discounting commercial equipment transactions is required. Operations Manager: Seeking an experienced Operations Manager with knowledge of all sides of operations. Must have a minimum of five years related experience. Send
email or fax to Ryan Johnson, Corporate Recruiter. |
|
|
Controller / Vendor Sales Specialist/ Entry Level Accountant
|
Equipment Finance Sales Executive
|
|
Senior Contract Specialist
|
|
----------------------------------------------------------------------------
"Buy
New Equipment Before Tax Law Changes"
San Antonio Express-News
by Dave Beck
Tax laws dealing
with depreciation write-offs will change at the end of the year, which
means that now is the time to think about acquiring equipment. Current
tax law lets companies write off an extra 50 percent of an asset's value
in the year that it is acquired, and the incentive was created to stimulate
industry purchases and manufacturer growth after the September 2001
terrorist attacks in the United States. For example, a company with
taxable income of $500,000 that is making a purchase of $250,000 will
get a bonus depreciation write-off of $125,000 in 2004, plus a standard
depreciation of $25,000; if the purchase is made in 2005, the total
write-off will only be the standard of 20 percent, or $50,000, to write
off. "If you're looking to get equipment in 2005, even though you
might have to borrow money sooner, it's still worthwhile," Frost
Leasing's Harry Kaplun points out. "And if you are going to acquire
it next year anyway, you should be thinking about buying or leasing
it now."
------------------------------------------------------------------------------
When
an Employee Quits, Your Management Responsibilities Don’t
By Alexander Hamilton
Institute, Inc.
Jack Hunzinger had
been a thorn in his manager’s side since day one. His manager, Ally
Billson, had numerous reasons why she wanted to get rid of him. However,
he beat her to the punch one morning by giving his two weeks’ notice.
Billson was relieved she didn’t have to go through the trouble of firing
him. Her relief, however, could be slightly premature.
Billson didn’t hesitate
to accept Hunzinger’s resignation and even asked him to leave immediately.
She didn’t want to risk Hunzinger screwing things up any more. She watched
the employee walk out the door, and hopefully out of her life forever.
Sure sounds like
a happy ending for the manager. But letting go too quickly of an employee
who quits could have unintended consequences.
No law says you must
let employees work their entire notice period. You also don’t have to
pay employees their regular wages for the notice period if you ask them
to leave immediately. There are some good reasons that you should consider,
though, for allowing resigning employees to stay on for at least part
of their notice period.
Employees may be
eligible for unemployment compensation for the period between the day
you let them go and the date they gave as their last day.
You may not get the
benefit of a notice period from other employees. If they see that their
colleagues were shown the door as soon as they handed in their resignation,
they may not bother giving you notice so they don’t lose the pay.
You can utilize the
employees’ time to ease the transition. Unless they are completely useless
(or untrustworthy), you could benefit by having them complete assignments;
train a replacement; give a status report on their projects; explain
their filing system so you’ll be able to easily get your hands on their
information when they’re gone; etc.
You can take the
opportunity to tie up your own loose ends, such as distributing the
final paycheck, explaining benefits information, and claiming company
property (e.g., keys, laptop, uniform).
You should conduct
an exit interview. Find out the specific reasons why employees quit.
You could learn something about your management style or company benefits
or any other issue that you didn’t know was an issue, which you can
then work on improving to prevent other employees from quitting.
It’s also important
to find out whether there were any discrimination or harassment issues
affecting employees’ decision to leave. If so, have a heart-to-heart
talk with the workers. It’s a good tactic to help fend off a lawsuit.
It’s also a good tactic to help you convince a top-notch employee to
reconsider the resignation.
Do some deeper digging
into any claims brought up during an exit interview. Be proactive in
cleaning up discrimination/harassment messes before other employees
quit or file legal complaints.
You Can Choose a Vehicle Based on the Lease Payment
You Desire at LeaseCompare.com
Consumers may be surprised at the vehicles that fall within their budget
CINCINNATI / -- At LeaseCompare.com you can select a monthly payment
range and instantly see a list of vehicles available for lease for that
amount.
The "Compare by Payments" tool can be found on the http://www.LeaseCompare.com
home page and is a new service offered by Automobile Consumer Services,
Inc. (ACS), the leader in online, direct-to- consumer auto leasing.
A customer can also select one of these real time quotes and apply for
credit. With credit approval, ACS secures the vehicle for the selected
payment, prepares the paperwork and arranges for delivery.
In addition to being a useful calculator, many people who use the "Compare
Payments" tool are surprised to learn that certain vehicles can
be affordable when leased. Leasing takes into account the vehicle's
Residual Value (projected market value at the end of the lease). Vehicles
with a higher residual value tend to provide a lower monthly lease payment.
For example, here is a list of ten 2004 model sedans that can be leased
with a payment in the range of $400-500 per month for 48 months:
| Monthly Payment |
Purchase Price* |
End of Lease Value |
Vehicle |
| $429 | $31,155 | $15,802 | Lexus ES 330 |
| $431 | $28,347 | $12,342 | Volkswagen Passat GLX |
| $432 | $32,215 | $16,920 | Infiniti G35 |
| $439 | $29,972 | $13,846 | Nissan Maxima 3.5 SL |
| $442 | $26,403 | $9,403 | Pontiac Grand Prix GTP |
| $455 | $31,829 | $15,270 | Acura 3.2 TL |
| $461 | $24,522 | $6,113 | Ford Taurus SEL |
| $469 | $30,785 | $13,238 | Chrysler 300 Limited |
| $485 | $34,356 | $16,718 | BMW 325i |
| $494 | $33,773 | $15,545 | Mercedes Benz C230 |
*Note: Purchase price is based on Edmunds.com True Market Values for
a typically equipped vehicle and does not include applicable rebates
or local sales tax.
Tarry Shebesta, president of ACS, explains, "Even though the Lexus
ES 330 has a purchase price that is almost $7,000 more than the Taurus,
the monthly payment is $32 less. The Nissan Maxima sells for $3500 more
than a Pontiac Grand Prix but the payments are within a few dollars
of each other."
By changing the payment range, term, credit score, miles per year and
down payment, a new list of vehicles instantly becomes available at
LeaseCompare.com. This tool saves the consumer a great deal of time
shopping and is perfect for those on a monthly budget.
About Automobile Consumer Services, Inc.
( http://www.acscorp.com
)
Automobile Consumer Services, Inc. (ACS) is a leading provider of consumer
automotive services, including car buying and leasing, vehicle remarketing,
and used vehicle sales.
## Press Release
##############################
IDS
Adds Regional Offices and Expertise to Fuel
Growing
Success of Rapport™, Other Product Advances
MINNEAPOLIS, Minn.,
USA, – With 17 companies already “live” or in a defined implementation
stage, Rapport™ from International Decision Systems (IDS) continues
to extend its market leadership among front-end software solutions for
equipment financing companies. The success of this web-based, streamlined
credit application and contract origination solution, together with
rapidly mounting interest in ProFinia™, next-generation InfoLease®,
has spurred the company to dramatically expand its presence on a regional
basis throughout North America.
With regional offices
now open in Atlanta, Chicago, Dallas, Los Angeles, Philadelphia, and
Vancouver, B.C., current and prospective customers continent-wide will
benefit from greater access to business transformation resources, plus
more direct response to their needs for industry expertise and thought
leadership.
According to Gary
Rose, IDS Product Marketing Manager, Rapport continues to gain momentum
in the marketplace as news of its benefits spreads through the equipment
finance industry. “Customers find a variety of uses for the flexibility
designed into Rapport.” said Rose. “The key benefit is being able to
do more with less. By streamlining business processes, organizations
adopting Rapport find they can generate incremental business without
adding staffing resources. They
can also segment customers by ticket size, industry, or type of equipment,
allowing credit analysts, salespeople, and other users to specialize
and further increase operational efficiencies.
Now, with the ability to generate multiple quotes, produce on-line
reports and other new features, Rapport 5.0 gives our current and future
customers even more great reasons to purchase Rapport, or upgrade to
this newest version.”
As many successful
equipment financing companies have already learned, the IDS Professional
Services staff applies extensive expertise to ensure that each customer
receives the necessary customization, training, and other services to
quickly realize a significant ROI. With the release of Rapport 5.0,
integration with any competitive back-office solution can be achieved
as seamlessly as integration with InfoLease.
Equally important, the company’s next-generation back-office
solution, ProFinia, integrates seamlessly with Rapport for true end-to-end
processing and outstanding productivity.
“We now have numerous
highly qualified individuals stationed across North America, ready to
support our products, our services and – most importantly – our customers,”
said Ron Dolan, Vice President of Sales for IDS. “These expanded resources
will enable IDS to provide more localized support, and also to improve
our knowledge of individual customer needs and regional industry issues.
We plan to continue expanding our geographic
coverage as our next-generation solution suite achieves even
greater success in the marketplace.”
About International
Decision Systems
International Decision
Systems (IDS) is the global leader in developing lease/loan accounting
and portfolio management software and services. Headquartered in Minneapolis,
Minn., IDS also has offices in London, Sydney, and Singapore. IDS offers
the largest and most experienced global consulting, implementation,
and technical support teams in the equipment financing industry. For
more information, visit www.idsgrp.com.
###
Press Release #############################
|
Your
One stop solution for training and reference material for the
Leasing Professional
www.theleasinglibrary.com |
News
Briefs—
Single-Family Home
Sales Decline but “Me Not Worry?”
http://www.nytimes.com/2004/08/25/business/25econ.html
http://www.signonsandiego.com/news/business/20040824-1406-economy.html
http://www.usatoday.com/money/economy/housing/2004-08-24-existing-home_x.htm
Median home price
up $152K in a year in San Diego, CA
http://www.signonsandiego.com/news/business/20040824-1209-homeprices.html
Largest Organic Farm
Co- Op Stays Local
http://www.washingtonpost.com/wp-dyn/articles/A30631-2004Aug25.html
------------------------------------------------------------------------------
Sports
Briefs---
U.S. women take the
gold at raucous seaside event
http://www.stltoday.com/stltoday/sports/stories.nsf/Sports/Olympics/story/
5882845E56A68D8D86256EFB0016A6D4?OpenDocument&Headline=U.S.+
women+take+the+gold+at+raucous+seaside+event
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/08/25/OLYOSTLER.TMP
Jeter Walks, Runs
and Pulls Yanks to Victory
http://www.nytimes.com/2004/08/25/sports/baseball/25yanks.html
Jets sign Quincy
Carter
http://www.usatoday.com/sports/football/nfl/jets/2004-08-24-carter-signing_x.htm
49er Dorsey has back
injury/Team in a World of Hurt
http://www.mercurynews.com/mld/mercurynews/sports/football/nfl/
san_francisco_49ers/9484106.htm
---------------------------------------------------------------
California
Nuts Brief—
Casino pacts could
unravel under scrutiny
http://www.mercurynews.com/mld/mercurynews/9487760.htm?ERIGHTS=
1014091894543714206mercurynews::kitmenkin@leasingnews.org&KRD_
RM=8oppqqutwvrusqvxuqpooooooo|Kit|N
-------------------------------------------------------------------------------
“Gimme
that Wine”
Changes boost Mondavi's
stock
Restructuring, dilution of family's control could presage sale
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2004/08/24/BUGBU8D46C1.DTL
Mendocino Grape harvest
underway; local growers optimistic
http://www.ukiahdailyjournal.com/Stories/0,1413,91~3089~2354007,00.html
Kansas wine industry
looks to make impression at fair
http://wichita.bizjournals.com/wichita/stories/2004/08/23/daily2.html
Wine industry stakes
claim at new ag center in Livermore, CA
http://www.timesstar.com/Stories/0,1413,125~1486~2355448,00.html
 |
www.leasingnews.org |
 |
