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Headlines---
Leasing
Industry Software List
Can
30 Year Mortgage Rates Get Lower? Yes
MicroFinancial Survives Another Day
2002 Conduit Loan Defaults
Nominal Increase 0.14%
July 17-18 Streamlined Sales Tax Meeting, Savannah,
Georgia
Highlights
This Day in American History
This
Border ##### Denotes Press Release (Not Written By Leasing News)
Leasing
Industry Software List
After
three months of attempting to obtain information from leasing software
companies, we are going to issue the list.
All
the companies on the list were contacted with at least four e-mails,
and several telephone calls. We
also report what information was given to us and not verified
by
an independent third party.
http://www.leasingnews.org/elease/software.htm
----------------------------------------------------------------------------------------
Can
30 Year Mortgage Rates Get Lower? Yes
The
average interest rate on a fixed-rate 30-year mortgage is now a record
low of 5.34 percent, the seventh time the rate has gotten lower, and
the second week in a row that rates on this benchmark mortgage dropped
to an all-time weekly low, according to Freddie Mac.
This
week's rate surpassed the previous low rate of 5.45 percent set last
week. The new rate marks the lowest since Freddie Mac began tracking
30-year mortgages in 1971. Records that reach back earlier indicate
that the rate is the lowest in more than four decades, economists said.
Low
mortgage rates propelled home sales to record levels last year. And,
this year is shaping up to be the second-best year on record for sales
of existing homes and new ones, economists say, as
low
rates seem to be driving the market, including continuing to increase
the sale price of
homes.
It
is no secret that the housing market is one of the few bright spots
of the lackluster economy. Mortgage
companies now employ many people who were in equipment leasing.
For
15-year fixed-rate mortgages, a popular option for refinancing, rates
decreased to 4.73 percent this week, also the lowest level since Freddie
Mac began tracking these rates in 1991. Last week's rate was 4.84 percent.
Rates
for one-year adjustable mortgages, also went down this week, falling
to 3.61 percent, another new low, from 3.67 percent last week. Freddie
Mac's records on one-year ARMs go back to 1984.
Low
mortgage rates also propelled home-mortgage refinancing activity to
a record level last year, something that has played a key role in supporting
consumer spending. Consumers, the main force keeping the economy going,
used the money saved on their monthly mortgage payments to make other
purchases.
The
Mortgage Bankers Association of America reported that refinancing activity
accounted for 76 percent of all mortgage applications filed last week,
up from 72.4 percent the week before.
''Interest
rates are now at 45-year lows, and consumers are definitely taking advantage
of these rates,'' said Phil Colling, an economist with the association.
''MBA now expects 2003 to be yet another record year in terms of mortgage
originations.''
This
week's mortgage rates do not include add-on fees known as points. Each
loan type carried an average fee of 0.7 point this week.
A
year ago, rates on 30-year mortgages averaged 6.81 percent, 15-year
mortgages were 6.28 percent and one-year adjustable mortgages stood
at 4.85 percent.
On
the Net:
Freddie
Mac: http://www.freddiemac.com
---------------------------------------------------------------------------------------
####
Press Release ##########################################
MicroFinancial's
Continued Listing Plan Accepted by New York Stock Exchange
WOBURN,
Mass.----MicroFinancial Incorporated (NYSE-MFI), a leader in Microticket
leasing and finance, announced today that the New York Stock Exchange
has accepted the Company's proposed compliance plan for continued listing
on the Exchange.
As
a result of the Exchange's decision to accept Microfinancial's plan,
the Company's listing will continue and be subject to ongoing monitoring
by a NYSE Committee to ensure compliance with the criteria set forth
in the plan. Failure to achieve the goals outlined in the plan, to meet
the minimum continued listing requirements within the required timeframes,
could result in the Company being subject to NYSE trading suspension
and delisting.
As
previously announced on March 18, 2003, the Company had been notified
by the NYSE that it had failed to maintain the minimum acceptable continued
listing criteria relating to stock price and total market capitalization.
Richard
Latour, President and Chief Executive Officer stated, "We are pleased
with the Exchange's decision to accept our plan. The Company will continue
to pursue various strategic and financial alternatives which we believe
will help us to meet the plan objectives."
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.
CONTACT: MicroFinancial Inc.
Richard F. Latour, 781/994-4800
SOURCE: MicroFinancial Inc.
(
recent articles: http://www.leasingnews.org/Conscious-Top%20Stories/micro_leasecomm.htm
stock: http://finance.yahoo.com/q?s=mfi
####
Press Release ############################################
Fitch
CMBS U.S. Conduit Loan Study: 2002 Conduit Loan Defaults Post Nominal
Increase of Only 0.14%
Fitch
Ratings-New York-: According to the latest commercial mortgage-backed
securities (CMBS) conduit loan study published late yesterday by Fitch
Ratings, the annual default rate of conduit loans in Fitch-rated U.S.
CMBS transactions was 0.72% in 2002 and, even with current stressed
market conditions, is expected to rise to only 0.9% by year-end 2003.
'Despite
our expectations of rising defaults in 2003, CMBS investors should keep
in mind that in Fitch-rated transactions, fewer than three percent of
the almost 30,000 loans in the CMBS transactions reviewed in this study
have ever experienced a monetary default' said Mary MacNeill, Senior
Director, Fitch Ratings.
A
total of 311 new loans experienced defaults in 2002, bringing the total
number of defaults since 1993 to 807. Fitch estimates that the cumulative
default rate, currently at 2.66%, will rise to 3.75% in 2003, with the
total dollar balance of defaults increasing from the current $4.7 billion
to $7.6 billion.
'Fitch
does not anticipate loan defaults to stabilize until an economic recovery
gains momentum, which could be more than a year away,' said MacNeill.
The
new study, which analyzed 200 Fitch-rated transactions with an aggregate
principal balance of roughly $177 billion, found that 74% of the 2002
default balance was attributed to the hotel, retail and multifamily
sectors. The report includes an analysis by geography, by vintage and
seasoning, by size of defaults and by property type, and includes statistics
on annual and cumulative default rates. The geographic analysis shows
that Florida, although ranking fourth in contributions to CMBS collateral,
leads all other states in defaulted loans, contributing 12.2% of the
default balance.
For
a copy of the report '2003 CMBS Conduit Loan Default Study', please
visit the Fitch Ratings web site at 'www.fitchratings.com' and click
on the 'CMBS' sector. The report can be found by linking to the 'Special
Reports' page.
Fitch
will hold a conference call on Wednesday, June 4 at 11:00 a.m. (Eastern
Daylight Time) to discuss the study results, along with the results
of two additional recent Fitch reports, 'Downsized Demand: The Office
Sector in San Francisco, Dallas, and Chicago' and 'Great Expectations:
Are Floating-Rate Deals Keeping Their Promises?', both of which are
also available at 'www.fitchratings.com'. Details for the teleconference
will be announced shortly.
Contact:
Mary MacNeill +1-212-908-0785 or Mary O'Rourke +1-212-
####
Press Release ########################################
------------------------------------------------------------------------------------
Highlights
ELT-Newsletter
********************************
ELT
E-Leasing Newsletter 05/23/03
********************************
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
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*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. This Just In! ELA's Efforts on the Tax Bill/Economic
Substance Save
Leasing
Industry
***********************************
As
of 9pm last night, a "final" agreement has been reached and
there are NO
REVENUE
RAISERS impacting leasing in the bill.
Just
prior to the Senate vote on the economic growth-tax cut bill last
week,
Senators Grassley and Baucus introduced a "manager's amendment"
containing
a provision requiring that depreciation on lease to service
contract
structures be taken over the term of the lease plus the service
contract,
effectively killing this financing option. Another section of the
bill
contained a provision calling for the codification of the "economic
substance
doctrine" which contains a carve-out for leasing transactions.
However,
the language in the bill does not satisfactorily reflect that
leases
are intended to be exempted from the provision. Thus, ELA strongly
opposed
the inclusion of both of these provisions in the final bill.
The
House and Senate Republican Congressional leadership have reached an
understanding
that the final bill will provide $350 billion in net tax
cuts. The offensive provisions have been taken out
of the final agreement.
This
week, the equipment leasing industry strongly and loudly stated its
objection
and opposition to having these two tax increases on our industry
be
used to pay for others tax cuts! ELA
members sent letters to the
Congressional
leadership and members of the Senate Finance and the House
Ways
and Means Committee opposing the two provisions.
In
a May 20, 2003 letter to John Snow, the Secretary of the Treasury, ELA
President
Michael Fleming called attention to these tax-increase provisions
that
were added to the Senate version of the economic growth legislation,
S.
1054, stating that the provisions would raise approximately $14 billion
by
imposing unjustified new taxes on leasing transactions. Fleming
"strongly
urged" Secretary Snow to "work to ensure that these tax-increase
proposals
are not included in any final economic growth bill.
The
tax bill agreement is now expected to be acted on by the House and
Senate
before they leave for the Memorial Day recess and signed into law by
the
President as early as next week.
The
reality of the offending provisions, however, is that they are out but
not
gone. Either or both are expected
to be in other tax bills likely to
be
considered later this summer.
To
read the letter in its entire, please visit
http://www.elaonline.com/GovtRelations/Federal/pdfs/TaxIncProv.pdf
For
the latest updates, stay tuned to ELA Online as the latest developments
will
be posted immediately to the home page.
******************************
2. LAST CALL for Rebuilding Iraq Workshop
******************************
The
ELA - OPIC Workshop on opportunities in rebuilding Iraq will take place
in
Washington on Wednesday, May 28, from 11:00 am to 4:00 pm. Registration
will
begin at 10:30 am. ELA will host
the event at the City Club of
Washington
and lunch will be served. The
workshop will address OPIC and
ExIm
programs
available
to lessors in the rebuild Iraq project, structural, procedural
and
logistics issues in participating
in these programs. The economic
outlook
in Iraq and a review of Islamic law principles related to equipment
leasing.
You
must register to attend. Please
email Ginger Koch at the ELA Executive
Offices
by 2:00pm today, gkoch@elamail.com.
******************************
3. Effective Risk Allocation in the Lease Syndication
Transaction
******************************
How
can each party to a lease syndication transaction properly identify
all
the
risks it is retaining or assuming, so it can properly manage and be
compensated
fairly for those risks? The Journal
of Equipment Lease
Financing's
article: Effective Risk Allocation in the Lease Syndication
Transaction,
analyzes the types of risk inherent in the sale of en
equipment
lease transaction. It also gauges
the legal efficacy of methods
commonly
used in lease assignment documentation to apportion those risks
between
the buyer and the seller and to compensate the non assuming party
when
the deal goes bad. For more information,
the Journal is published by
the
Equipment Leasing and Finance Foundation.
For
a copy of the full article, visit http://www.elaonline.com/Library/
In
the search criteria, use Source: JELF and Year:
2003. To subscribe to the Journal http://www.leasefoundation.org/JELF/
******************************
4. ISM Report Says to Expect Recovery to Continue
in Second Half of 2003
******************************
Economic
growth will continue in the second half of 2003, say the nation's
purchasing
and supply executives in their 65th Semiannual Forecast. The
manufacturing
sector forecast revenue growth of 1.9%, with purchasers
reporting
operating at 79 percent of their normal capacity, down marginally
from
79.2 percent reported in December 2002. Fifty-eight percent of
non-manufacturing
purchasing and supply executives expect their 2003
revenues
to be greater than in 2002. They currently expect a 5.4 percent
net
increase in overall revenues compared to a 0.9 percent increase
reported
for 2002. Non-manufacturing purchasers report operating at 84.2
percent
of their normal capacity, slightly above the 83.9 percent reported
in
December 2002, but are less optimistic about the next 12 months than
in
either
May or December 2002.
More:
http://www.ism.ws/ISMReport/SemiannualROB052003.cfm
******************************
11. June 24th ELA Web Seminar Focuses on Critical
Considerations for
Expanding
Globally
******************************
Are
your customers or vendors asking you to follow them to Europe and
beyond?
Are you prepared for the challenges of doing business
internationally?
Do you know what issues to focus on and what the
alternative
approaches are for entering international markets? An
informative,
web-based seminar is scheduled Tuesday, June 24, 2003 to help
you
understand the critical considerations for expanding globally.
Scheduled
for 90 minutes from 2:30 - 4:00 pm EDT (times vary depending upon
your
time zone), presenters will share their expertise and answer your
questions
on how best to tackle the global arena. This program is designed
for
those currently doing business internationally, or who are considering
this
as an option for their company. To learn more about the agenda and to
register,
please go here: http://www.elaonline.com/events/2003/ExpGlobal/
******************************
12. Two great benefits for one price!
******************************
On
Monday, July 21, 2003, you get to play a great round of golf and support
the
Equipment
Leasing and Finance Foundation with a tax deductible donation!
Registration
is $800 for a two-person team and its tax deductible! The
golf
outing will be held at Essex County Country Club, West Orange, NJ.
Essex
County Country Club is one of the top 100 public courses in the
United
States!
To
download a registration form http://www.leasefoundation.org/golf/
For
more information contact Lisa Levine at 703-527-8655.
Increased
Visibility, Support Industry Research and Have some fun! Become
a
sponsor of the Equipment Leasing and Finance Foundation's Annual Golf
Outing
on Monday, July 21, 2003. Golf
sponsorship opportunities are still
available;
Hole Sponsors $500, Specialty Hole sponsors $600, and
Refreshment
Sponsors ($1,500). This year's
outing will be held at Essex
County
Country Club in New Jersey and 100 players are expected. Your
sponsorship
is tax-deductible and helps support the Foundation's research
grant
program. For information on golf
sponsorships, visit the Foundation
website
at http://www.leasefoundation.org/golf/golfspon.htm
or call Lisa
Levine,
703-527-8655.
******************************
13. What is the best way to increase corporate diversity
and encourage
youth
into the industry?
******************************
Hire
a student intern!
The
Equipment Leasing and Finance Foundation can provide you with the right
student
for your internship. Available
students are Finance, Economics
and/or
Marketing majors and are eager to work with you. Student interns
are
technologically savvy, energetic and goal oriented. They are willing
to
do what it takes to get the job done and are fast learners. Hiring
student
interns is a wonderful way for your company to "try out" the
student
before hiring them into a permanent position. Hiring interns helps
support
ongoing vitality of the industry.
To
find an intern, visit the Foundation's student resume database at
http://www.leasefoundation.org/interns/ or call the Foundation for
assistance,
703-527-8655.
******************************
Visit
http://www.elaonline.com/news/MembersOnly/index.cfm#cats
each day
To
read the latest industry news FIRST!
******************************
******************************
15. ELA 2003 Calendar of Events
******************************
Please
visit ELA's Calendar of Events online at
http://www.elaonline.com/events/
If
you have any questions about ELA conferences and workshops, please
contact
Lesley Sterling at lsterling@elamail.com
June
2-4
Tax
Executives Roundtable
La
Mansion Del Rio, San Antonio, TX
http://www.elaonline.com/Events/2003/taxexec/
June
2-4
Principles
of Leasing Workshop
Renaissance
Harborplace Hotel, Baltimore, MD
http://www.elaonline.com/events/2003/principles/
June
8-10
Credit
and Collections Management Conference & Exhibition
Ritz
Carlton Hotel, Philadelphia, PA
http://www.elaonline.com/Events/2003/credcoll/
June
18-20
Business
Technology Solutions Conference & Exhibition
"W"
Chicago Lakeshore Hotel, Chicago, IL
http://www.elaonline.com/Events/2003/bustechsol/
June
24
Critical
Considerations for Expanding Globally
Web
Seminar, 2:30 - 4:00 pm (EDT)
http://www.elaonline.com/Events/2003/ExpGlobal/
July
10
Credit
Scoring and Decision Automation in the Leasing Industry
Marriott
Newport Beach Hotel & Tennis Club Newport Beach, California
http://www.elaonline.com/events/2003/credscore/
July
14-16
Principles
of Leasing Workshop II- Advanced
Marriott
Denver Southeast, Denver, CO
http://www.elaonline.com/Events/2003/principlesII/
July
21
Equipment
Leasing and Finance Foundation Annual Golf Outing
Essex
County Country Club, West Orange, NJ
http://www.leasefoundation.org/golf/
July
28
MAEL
19th Annual Golf Invitational
Indian
Lakes Resort, Bloomingdale, IL
http://www.mael.org/members/news.asp
September
3-5
Municipal
Leasing Forum
Fairmont
Hotel, New Orleans, LA
September
8-10
Lease
Accountants Conference
Westin
Copley Place, Boston, MA
September
15-17
Principles
of Leasing Workshop
Sheraton
Station Square, Pittsburgh, PA
http://www.elaonline.com/events/2003/principles/
October
6-8
Principles
of Leasing Workshop
Hyatt
Regency Woodfield, Schaumburg, IL
http://www.elaonline.com/events/2003/principles/
October
12-14
42nd
Annual ELA Convention
Manchester
Grand Hyatt, San Diego, CA
December
1-3
Principles
of Leasing Workshop
Courtyard
Marriott, Philadelphia, PA
http://www.elaonline.com/events/2003/principles/
December
8-10
Principles
of Leasing II - Advanced
Marriott
Fisherman's Wharf, San Francisco, CA
http://www.elaonline.com/Events/2003/pinciplesII/
For
more information on the events listed below, or to view ELA's
Entire
calendar, visit the ELA Conference & Training Home Page at
http://www.elaonline.com/events/
and click on the links to programs of
interest
to you.
Amy
Miller Holmes, ELA's Vice-President of Communications, edits ELT's
E-leasing
Newsletter. If you have questions or comments relating to
ELT's E-Leasing Newsletter, please email her at aholmes@elamail.com.
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
---------------------------------------------------------------------------------------------------
Please
send to a friend as we are trying to build our readership.
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Friday---Odds
and Ends
EAEL
Luncheon
Despite
a steady drizzle and the frustration of looking at a great golf
course
unavailable due to weather at a wonderful country club, the New
Jersey
chapter of the EAEL held a successful luncheon and open forum
hosted
by Bruce Smith, Diversified Capital.
As usual, Alison Pryor did a fine job organizing
the event.
We had 20 people present who expressed a range
of opinions about back office systems, internet usage and mailings,
newsletters. Among the attendees were such stalwarts as Barry Reitman,
Tom Martin, Len Baccaro, Frank Perretore, Bob Fine, Bob LaMontagne,
Larry Sherman and Scott Rovner, who all contributed to the
open
discussion. We are looking forward to having more of these lunch
meetings
at all of our chapters.
The next meeting is the "world famous"
Crab Feast at Gunning's Seafood Restaurant, Hanover, MD starting at
5
p.m.
on June 10.
Steven
B. Geller, CLP
Leasing
Solutions LLC
20
Dike Drive, Wesley Hills, New York 10952
(845)
362-6106 fax (845) 354-2803
cell
(914) 552-0842
sgeller@leasingsolutionsllc.com
----------------------
Lessor
or Super Broker?
Do
you have a complete list somewhere on your site of all the lessors in
your
database? I know there are a
lot of super brokers out there that claim
to
be full fledged lessors, but many just broker the paper and I need direct
sources. Please let me know what you can do!
Thanks,
Nathan
A. Justice
Nathan
A. Justice
The
Loan Consultants
4201
Wilshire Blvd., Suite 501
Los
Angeles, CA 90010
Phone:
(800) 367-4152
Fax: (323)954-1051
(sorry,
no one has that. the monitor
you pay to be listed. the various
leasing
associations have a database on their members, and no one
discriminates
as to who is what.
(You
learn the hard way. That is really what separates the men from
the
boys --- I wonder if that is sexist to say today.
Knowing
who
takes what and why and getting the best return is your
knowledge
and is not written down anywhere, plus changes, perhaps
daily.
editor )
This
is true. I do, however, believe
that the list of companies I have seen
on
your site thus far has been very useful!
Thank you for that much at
least. I will continue to check your site as time goes
by and I really
enjoy
your newsletters. I particularly
enjoyed the healthcare article last week!
Is
there any way I can get a little feedback on the meeting regarding the
CFL
license pros/cons and leasing? I
would appreciate it! I enjoy reading
your
articles and especially
(Thank
you. I don't have any "reporter"
available, but will see
if
Archie Julian or someone there can give us their viewpoint. Editor
----
from
Archie Julian---
The meeting was held on Tuesday evening, May
20 at Tony Roma's on
Bullard
and West in Fresno. 18 leasing
local leasing companies and six
funding
sources were represented.
The
funding sources in attendance were Bank of the West, Belvedere, Dumac
Leasing, Pentech, Santa Barbara Leasing and Wells Fargo. The meeting started around 6:00pm with no host cocktails and adjourned
for dinner around 7:15. Rich
Featherstone talked about the California Finance Lenders License (CFL). In his opinion it would be wise for the brokers
to have the license.
Though
few brokers have the license he felt the compelling reason to have it
is for self protection. He pointed
out that a "true lease" is defined differently by IRS, FASB
and the Uniform Commercial Code. He
feels for regulation purposes the Uniform Commercial Code definition
will be adopted by regulators simply because it is easier to enforce
and assure compliance.
He
pointed out that it is much easier to secure a CFL than it was to secure
a Personal Property Broker's License in the past. He was open to questions through out the presentation and it became
a good group discussion about the topic.
Around
8:45 the meeting was adjourned to the bar for free discussion. I've heard the meeting adjourned from Tony Roma's
to the Elbow Room later, however nothing has been confirmed.
Kit, many people told me they enjoyed the evening.
The work of
planning
and arranging the meeting was borne by the committee comprised of
Ted
Anselmo of Mana Financial, Carole Reed of Lease Consultants I, Inc.,
Chuck
Shaheen of Affiliated Equipment Financing Group, and myself. The
meeting
was profitable an there is now money to cover guarantees for the
next
meeting, which may occur in the Fall.
Should you require more information, please
call or e-mail me
directly. Thanks for your interest.
Archie
Julian
----------------------------------------------------------------------------------------
Jim
Coston becomes CLP
The
CLP Foundation is pleased to extend congratulations to our latest recipient
of the Certified Lease Professional designation, James E. Coston, Esq.,
CLP. Jim is with
the law firm of Coston & Lichtman located in Chicago, IL.
The
CLP Foundation is the official governing body for the Certified Lease
Professional ("CLP") Program.
The CLP designation sets the standard for professionalism in
the leasing industry. This designation identifies and recognizes individuals
within the leasing industry who have demonstrated their competency through
continued education, testing and conduct. The letters "CLP" behind their name represent a visible
recognition of this professional achievement and status.
For
further information about the CLP Foundation and the CLP Program please
contact:
Cynthia
Spurdle
Executive
Director
CLP
Foundation
PH:
610/687-0213
FAX:
610/687-4111
Email:
cindy@clpfoundation.org
Here is a picture of Jim Costen from Pictures
from the Past:
http://www.leasingnews.org/pictures_past/past_03-10-03.htm
He presently also serves as vice-president of
the United Association
of Equipment
Leasing and is in line to become next year's president
---------------------------------------------------------------------------------------------
Susan
Adamatis Up-Dated
I
appreciate you posting my job search "tip" for those who have
lost their jobs.
I
would like to correct my e-mail address as I left that company since
the demise of Old Kent Leasing.
I
have since moved on to another company as of March 2002. Again, I acquired this position through networking. I presently work for a machine tool finance
company that I worked closely with at Old Kent Leasing and this opportunity
has worked out great !
So
for anyone who is looking for a position in this industry the key is
networking, networking, networking.
Thank
you,
Susan
M. Adamatis
---
Alert
from Carol Suggs
I
thought your readers may want to know about this....
I
received a call from a marketing company a month ago. They were updating their records for a telephone directory and went
over my telephone numbers and mailing address with me. I gave them no
new info, as the info that they read off to me was correct. They said that they were going to send out a
marketing package to me for review, and if I wanted to advertise in
the publication that the info would be in the package. The listing in
the directory was at no charge.
After
that initial call, a supervisor from the company called me, to confirm
again the info and then told me that I would be billed $29.95, I immediately
said:" no way, you are not billing us for anything, cancel whatever
it is, I don't want it". I
They
apologized and agreed to cancel.
I
never received the 'marketing package', but we did receive a $29.95
charge on our business phone bill. I called and spoke with my phone
company who in turn told me that I4MATION Inc. is a third party biller
and gave me their telephone number.
I called and spoke to the customer service department about the
charge, voiced my complaint loud and clear and they are reversing the
charge, but said it could take up to 60-90 days for it to show on the
billing.
I
think that this company (and probably many others like it) do this routinely
and then go ahead and submit charges billed to your business phone bill
hoping that the A/P staff doesn't check the bill and it gets paid. To me this is a scam.
Be
mindful of your bills, whether they be phone bills or credit cards bills. Make sure that you question any strange charges
right away.
Carol
Suggs
Brenner
Leasing
209-742-5466
Voice
209-742-5469
Fax
--
Kiss
Small Ticket Leasing Goodbye
After
months of wrangling, Congress seems set to
deliver
a big tax break to Americans, some $350 billion
worth
of tax cuts to be exact, including relief for
investors,
married couples and parents.
Congress
must pass the tax bill, approved Wednesday
by
a subcommittee of members from both chambers,
and
be signed into law by President Bush.
Experts
predict this will happen as early as Friday.
It
appears that small ticket leasing may not be
favourable
under the new law since a lessee will more
likely
want to own the equipment and grab the 50%
first
year bonus.
Too
early to tell, but it does not like good. Bush and
Congress
think that if they provide great depreciation
rates
that small business will buy a lot of equipment.
That
only works if they either have the cash (which
they
don't) or can access the credit markets (which
they
can't).
Anything
can change from now until when Bush signs
the
bill. However, if past tax bills are an indication,
Bush
will sign it quickly and probably make a speech
over
the Memorial Day weekend.
I
predict that banks and captives will do well by making
targeted
loans and brokers/indies will not since they will
not
have a competitive product to take advantage of
this
proposed change in MACRS.
Joint
Committee on Taxation
The
conference agreement provides an additional first-
year
depreciation deduction equal to 50 percent of the
adjusted
basis of qualified property. In general, in order
to
qualify for the 50-percent additional depreciation
deduction,
the property must be acquired after May 5,
2003,
and before January 1, 2005.
The
conference agreement provides that the maximum
dollar
amount that may be deducted under section 179
is
increased to $100,000 for property placed in service
in
taxable years beginning in 2003, 2004, and 2005. In
addition,
for purposes of the phase-out of the
deductible
amount, the $200,000 amount is increased
to
$400,000 for property placed in service in taxable
years
beginning in 2003, 2004, and 2005.
Click
Here For WSJ Executive Summary of the Conference Report >> http://rs6.net/tn.jsp?t=u5c5kvn6.8v8fzun6.fvkblvn6&p=http%3A%
2F%2Fonline.wsj.com%2Fdocuments%2Fsummarytax.pdf
Jeff Taylor, CPA, CLP
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July
17-18 Streamlined Sales Tax Meeting, Savannah, Georgia
The
next meeting of the Streamlined Sales Tax Project will be held on Thursday
and Friday, July 17-18, 2003 in Savannah, Georgia.
A draft agenda is attached. Current
plans call for a Combined Work Group meeting (Government Personnel Only)
on Thursday morning. I expect
there will be a session for business representatives at 10 AM on the
first morning as well. This will
be followed by a series of work group sessions open to both public and
private sector personnel on Thursday afternoon as well as Friday morning
and early Friday afternoon. The
session will conclude with a Public Project Meeting on Friday
afternoon
with final adjournment scheduled for 3:30 pm.
The sessions will be held at the Hilton Savannah
DeSoto located at 15 East Liberty Street in downtown Savannah. A block of rooms has been set aside at the Hilton
for Wednesday and Thursday nights (July 16-17) at a rate of $99 single
or double.
You should make your reservations by calling
the Hilton directly at 912-232-9000; be certain to ask for the FTA Streamlined
Sales Tax room block. The cut-off for making reservations is Monday,
June 16. The hotel is about 14
miles from the airport -- $20 by cab (so the hotel information says). The hotel website is
http://www.hilton.com/en/hi/hotels/index.jhtml?ctyhocn=SAVDHHF
The
conference registration fee for this meeting is $150. That will cover a breakfast and lunch and associated breaks on Thursday
and Friday. You are encouraged
to register and/or pay online at http://www.taxexchange.org/meet/0703sales.taf
Please
contact Diane Hardt dhardt@dor.state.wi.us or Scott Peterson scott.peterson@state.sd.us
if you have questions about
the
meeting.
Dennis Brown
Equipment
Leasing Association
http://www.elaonline.com/GovtRelations/State/Streamometer/
Agenda Download
http://two.leasingnews.org/temporary/Savannah%20Meeting%20Agenda.pdf
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News
Briefs---
Firms'
Push to Enter Banking Wins Hill Support
http://www.washingtonpost.com/wp-dyn/articles/A28446-2003May22.html