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[Headlines]

******* announcement**************************************************

United Association of Equipment Leasing Regional Meeting

San Jose, California—October 22---“Two Panels”

(Open to all: Hosted by American Leasing)

3:30pm to 7:30pm at Napredak Hall, 770 Montague Expressway, San Jose

( 1 1/2 blocks off Highway 880.)

Two Separate Sessions

Venture Leasing

4:30pm to 5:30pm

Peter Eaton, Pentech Financial

John Pritchard, Vencore Solutions

Russ Wilder, Atel Leasing

(break)

6:00pm to 7:00pm

"Decision Not Based on Credit Scoring"

(also known as "Story Credits" or "Cash Flow Analysis."

Peter Eaton ( does story credits $250,000 minimum)

Doug Houlihan, Allegiant-Partners ($30,000 +)

Archie Julian, Dumac Leasing (Exchange Bank)

Plus wine* with cheese and hors d’oerve**

* Chateau Woltner 2000 Mt. Howell Chardonnay, Lamborn Family 1998

Zinfindel, Mt. Howell, Thornbird New Zealand Sauvignon Blanc, along with a

*** light buffet from Kit Menkin’s personal chef: fresh smoked salmon, Bobby Flay corn salsa, some scallops, Kosher pork tenderloin, and Southwest specialties with fresh tomatoes from the chef’s garden.

Host: Kit Menkin, American Leasing $15.00

800-727-3844 kitm@americanleasing.com

to register:

http://www.uael.org/indexlow.asp

******announcement*****************************************************

New CLP Board Elected

The Board of Directors of the Certified Leasing Professional Foundation is pleased to announce the results of our recent election. The following CLP's have been elected by their fellow CLP's to serve on the CLP Foundation's Board of Directors for two years beginning on January 1, 2004. They will fill the positions of three directors whose terms expire on December 31, 2003:

James H. Possehl, CLP

Republic Financial Corporation

Robert Teichman, CLP

Teichman Financial Training

Marci Kimball-Slagle

ACC Capital Corporation

The current Board members remain until 12/31/03:

George J. Davis, II, CLP

James G. McCommon, CLP

Bruce Winter, CLP

Nancy A. Geary, CPA, CLP

James R. Lahti, CLP

Bob Bell, CLP

Steven B. Geller, CLP

Paul J. Menzel, CLP

Jim Merrilees, CLP

James H. Possehl, CLP

John Winchester, CLP

The Board of Directors would like to thank those who will be going off the Board for their years of service to the CLP Foundation.

There are two whose terms expire on December 31, 2003 who will be stepping down:

James R. Lahti, CLP

Heritage Affiliated Corporate Services, Inc.

Bob Bell, CLP, Director

Independent Leasing Associates

Jim Possehl's term was also up this year but he agreed to run and was elected.

Remaining on the board are:

Each of the supporting associations, EAEL, NAELB and UAEL appoint two directors, so the makeup of our new 2004 Board will not be set until the end of the year when those directors are appointed.

-------------------

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.

We invite you to visit our website -- www.clpfoundation.org for detailed information about the CLP Foundation and the CLP Program. For further information about our Mentor Program and Anonymous Test Taker Program please contact:

Cynthia Spurdle

Executive Director

CLP Foundation

PH: 610/687-0213

FAX: 610/687-4111

www.clpfoundation.org

Email: cindy@clpfoundation.org

[Headlines]

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Alexa Ranks Leasing Association Web Sites

Rank	10/15/2003	9/15/2003	WEBSITE NAME
1.	60,635	55,046	www.monitordaily.com Monitor Daily
2.	63,780	63,375	www.aba.com American Bankers Association
3.	69,996	62,995	www.leasingnews.org Kit Menkin's Leasing News
4.	100,838	102,166	www.elaonline.com Equipment Leasing Association
5.	107,263	121,688	www.nacha.org The Electronic Payments Association
6.	180,134	222,155	www.Leasingpress.com Leasing Press
7.	222,886	175,315	www.pblaw.com/newsletters/bln/ Bus. Leasing News
8.	312,838	409,920	www.ibaa.org Ind Community Bankers of America
9.	428,718	366,920	www.cfa.com Commercial Finance Association
10.	448,239	425,250	www.us-banker.com U.S.Banker
11.	478,737	502,076	www.lessors.com eLessors Networking Association
12.	514,636	365,356	www.uael.org United Association of Equipment Leasing
13.	670,516	662,353	www.leasefoundation.org Equip. Leasing & Fin Fndn
14.	834,909	642,298	www.executivecaliber.ws Exec Caliber-Jeffrey Taylor
15.	910,700	953,694	www.iicl.org Institute of International Container Lessors
16.	925,758	1,136,180	www.efj.com Equipment Financial Journal
17.	930,931	570,936	www.naelb.org National Assoc. of Equip Leasing Brokers
18.	1,020,789	943,256	www.clpfoundation.org CLP Foundation
19.	1,127,625	1,315,706	www.nvla.org National Vehicle Leasing Association
20.	1,376,931	1,683,857	www.nationalfunding.org The National Funding Assoc.
21.	1,560,805	1,825,405	www.eael.org Eastern Association of Equipment Leasing
22.	3,457,044	2,731,163	www.leasecollect.org Lean -Lease Enforcement Att Net
23.	3,689,673	2,056,871	www.aglf.org Assoc of Government Leasing Financing
24.	4,041,315	2,113,495	www.mael.org Mid-America Association of Equip Lessors
25.	NO DATA	NO DATA	www.leasingtoday.com Leasing Today
26.	NO DATA	NO DATA	www.1stBusinessDay.com BizWiz Daily

These comparison are compiled by Leasing News using Alexa and should be viewed as a "sampling," rather than actual count from the website itself.

The Alexa tool bar works on most browsers. They are partnered with Google. You may download their free tool bar.

To learn more about how the rankings work: http://pages.alexa.com/prod_serv/ quicktour_new.html

[Headlines]

Salesman Pay Survey

Since the last survey results in October, 2001, not many participated, so in

order to supplement the response we did receive, Leasing News asked several leaders in the industry how they would respond to a question received from a reader

about going to work for a leasing company.

Responses were listed in chronological order, first received:

PB is Patrick Byrne, president of Balboa Capital

BL is Bruce Larsen, National Sales Manager of Leasing Partners Capital

JR is Jim Raeder, president of Capital Werks

DR is David Rabinowitz, Chief Operating Office, Bankers Capital

FS is Fred St. Laurent, Managing Director, The BlassGroup (recruiting firm)

“My name is I am currently an outside sales rep with a fortune 100 company selling electronic payment solutions (doing well but want to move up into the six figure range). I have been offered a job with 888888 in SLC as an inside sales rep. I found your site by searching Yahoo for the company and the content is very informative.

“This is quite a jump. From a Fortune 100 company selling electronic payment systems to a small company selling small ticket equipment leases? Are you sure you are ready for this transition(less

resources, less name recognition, etc.)?

“ I am new to the leasing business (although I do sell small equipment leases in my current position), and need to make a critical career decision here. I am hoping that you could help shed some light on the following:

1. Is ******* an ethical, stable company in good standing as far as you know? I know there has been some turmoil in their past.

I can t comment on this as I do not know much about *****

I think Pats response is as good as you can do without getting into any

specifics about *****

Are Pro-rata Billing, Interim Rent, Evergreen Clauses, Blind Discounts, and High Interest Rates, unethical? Several debt sources in the past used to believe so. Most of those same lenders that have stayed in business for the past three years and have adopted such revenue enhancers would not agree. I always subscribe,” What’s good for GE is good for me!”

I don’t know enough about the company or the principals to comment.

Past is past... I will not make a comment but I would suggest speaking

with some references ... clients, sales people... I would do this on my

own... a list from the company could be biased. It is easy enough to

research, identify and ask innocuous questions that will get the

information.

2. Are the market conditions/demand for middle market brokered equipment leases (********t) stabilizing, or are they still soft from the economic downturn?

I would characterize the market as still soft but stabilized with many leading indicators pointing to an uptrend.

Pat did a good job of responding.

Although interest rates remain low, the supply of money chasing quality credits is limited. Ever since CapitalWerks formed its Venture Leasing division, we have succeeded with highly structured transactions passed on by most traditional lenders. We have not seen a shortage in these types of deals. Good news is we have placed over 35 Million in this division alone in 2003.

We run a hybrid shop; we do some repeat business with an established existing customer base but our main focus is to act as a high-risk funding source to a handful of intermediaries. Business couldn’t be better !

Well, it could but first we need a couple more quality credit analysts. We hear competition is out there for deals and margins on” A” perceived credits are tight. “B” paper is a big concern for intermediaries. Buy windows keep closing (CIT just recently) and a few times a month we are asked if we would fund “B” paper at a 9 ½% to 11% buy rate. From what we see the banks have migrated to quality and raised the credit bar.

That means a company with some hair on its credit is a bit more challenging to find a funder for. We have heard from vendors interest is increasing and soon that should translate to activity; but time will tell.

A soft market is just another excuse to not work harder... The "New

Guys" with a strong work ethic who are to "dumb" to know any better

usually seem to have "beginner's luck" ... isn't that interesting.

Yes it is a soft market... but it is a great time to learn the

business... interest rates will rise again and learning this business in

the "hard times" will groom you to excel in the "good times" to come.

3. ********* is offering me a $36k base, 50% company paid medical/dental etc., and 10% on gross margin (including GM on FMV buyout residuals), with a $10k bonus @ $500k in GM and a $15k bonus @ $1mm. Is this a competitive compensation package? I read the sales pay survey and had a hard time determining if it is. I have been told that their average rep makes $100k first year, $150k second year...

I would say that this is competitive package for a vendor based sales rep that has sales experience but is new to equipment leasing. I find it hard to believe that a sales rep that is new to equipment leasing could make $100k in the first year with this package, but I have been wrong before. However, with the right resources, and time; I believe that a six figure income with this package is reasonable.

What kind of marketing support, etc., will *****e give him to basically start from scratch? The base salary s nice, but how long will they guaranty that if he doesn’t

produce? What kind of quotas must he generate, at a minimum, to protect

his base? Obviously, straight commission will always offer a bigger

upside.

Unless my 12C has run out of juice, at $500,000 gross fee the rep earns $36 base, $50 commission and a $10 bonus; that’s $96,000 for generating $500,000 in fee. In the mid 1980’s when I started in sales our comp program was a draw at 30%. We would have earned $150,000 and I recall when 30% was at the low end. A draw or salary isn’t much different; if you don’t make your numbers the employer can’t recover the money

and you won’t be there long.

Is the salary a true salary or a draw against commission??? That would

be the issue. There are much better packages, 40-even 70% from 3rd party

lenders, who would pay you a draw, but they want experience and vendor

relationships. Can you do a 500k in gross margin in today's market

though? I doubt that someone new will hold that kind of margin the first

year in this economy. Reality is that you will make somewhere around

50-60k your first year if you work really hard, with the market the way

it is. AND HEY... that's not bad if they are training you too!!!

CAUTION: check out what the medical costs will be on the benefit package

before you take the job... it can be a lot more than you think if you

have any medical history... this is a big one.

4. Any other issues or 'red flags' that you know of regarding the company or market space, or advice you would give me in making my career decision?

I would want to know what current vendor programs ***** has, what type of volume they are doing with these programs, and what the unique selling propositions they provide for these vendors. I would also be asking questions about **** s ability to process the leases. Does ***** have its own funds? If not, who do they sell their paper to? Additionally, how fast are credits turned around and how fast are fundings turned around? How do these figures compare with ******s competitors in the targeted space and how do they compare to some of the best in the vendor leasing arena (GE, DLL, Marlin, GreatAmerican, AMEX, etc). Finally, will you be expected to process deals or simply bring in the vendors? If you are looking to make six figures

then it is going to be much easier if you have key strategic resources at your disposable.

Are there any boundaries surrounding the numbers hes being

offered right now? What are the average transaction sizes and what are the

average grosses on their leases? Who funds their deals? Are they a direct

lender, a super broker, broker, etc.? And, how do they get paid? Are they

discounting or brokering? How do they calculate their commissions?

Depending on what answers you get from these questions could lead to asking

a bunch more.

In the upper middle ticket business he needs to be creative and open minded. ******* will provide the training to be successful as will anyone with middle market experience that is still out there. This is not a business for someone who lacks problem solving skills. The most difficult part will be to manage the client’ss expectations with the products available in the marketplace. Sometimes this takes mo Guns" at every leasing company know what I'm talking about.

Where do you want to go? If you know the leasing business find out who the employer has for funding sources and how long the relationships have been in place. If the broker doesn’t last long with stable sources there must be a reason why. A far older rep once warned me if you walk with the lame you’ll develop a limp. Work for someone with a questionable reputation and not only can it rub off on you but you could find

yourself wed to poor business practices that could make you less desirable to your next employer.

Can you think out of the box? Can you establish a Consultive

relationship with someone and come up with solutions to problems that

they didn't know they had? If you can relationally save someone money in

this economic environment, and help sales people to sell more equipment

you will be successful. You have to commit to learning everything there

is to know in your spare time, while being available for your customers

24-7... UNDER PROMISE and OVER PREFORM... this is the best way to manage

customer expectations and you will only be able to this if you

understand the process and the deal flow completely... other than that

it is a "piece of cake" good luck to you (I would suggest that you

commit to 10 hours a day minimum... the harder you work, the luckier you

get)

-----------------------

In prefacing his remarks, Jim Raeder commented on the person who originally

asked the questions about whether this was the time to get into equipment

leasing sales:

“ This is quite a jump. From a Fortune 100 company selling electronic payment systems to a small company selling small ticket equipment leases? Are you sure you are ready for this transition(less resources, less name recognition, etc.)?

“Good company to join and learn the basics. They are primarily focused on larger transactions with unique structures. The sales cycle of these transactions are long and competitive. He should make sure he give ample time to hit a “Home Run” because there will be a few “Strike Outs” on the way. Once he’s learned the business I’d be glad to discuss with him additional avenues of increasing income through alternative finance products.

“To sum this up:. He’s making the right move at the right time if he can commit more then 8 hours a day.”

-------------------------

For every $1 of revenue that's generated in "fee" income,

we average, this year, $0.44 (43.6%) in sales commissions and

$0.25 (24.8%) in expenses to "facilitate" that business.

That leaves $0.32 (31.6%) of every dollar in net income.

We take no salaries, so that's what is split amongst the

partners (the "facilitators"; the "risk-takers") for

take-home pay.

Commission structure . . .

Our general compensation plan for salespersons is 50% of the

gross profit commissions on a deal that they bring to the

table and 35% on a "house" deal.

We pay for virtually everything; telephone, marketing,

trade-shows, travel, computer, etc., etc. While we have paid

for health insurance in the past, we do not currently

do so (times are tough!).

Only very extra-ordinary, deal-specific, expenses are deducted

from the gross commissions for purposes of calculating a

salespersons commission on a deal.

James Brustad

AMERICAN LEASING ALLIANCE LLC

phone.847.458.0191.x.11

fax.847.458.019

---

ELA 2003 Industry Compensation Survey

Regarding your Salesman Pay Survey, the ELA has just completed its 2003 Industry Compensation Survey, which includes several sales positions.

The survey is available at elaonline.com for a fee.

Ralph Petta

ELA Vice President-Industry Services

(703) 516-8364

rpetta@elamail.com

“This survey provides an analysis of prevailing wage and compensation data. It reports on salaries, benefits and incentive plans offered by member companies and covers 33 leasing positions, identified by detailed position descriptions.

“Member companies who participated in the survey paid $2,600.00 to cover the cost of the survey. Survey is free to companies who participated and $3,500 for member non-participants & $4,500 to non-members.

“Member Price: $3500

“Non-Member Price: $4500”

http://www.elaonline.com/ELAstore/index.cfm?fuseaction=view_product&prod_id=112

(If a reader has purchased this report and would like to share a “review” or

“recommendation, Leasing News would be glad to print it. editor )

[Headlines]

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[Headlines]

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

Small Business Optimism Rises Sharply but Hiring Plans Hold Steady, According to the OPEN Small Business Network 2003 Semi-Annual Monitor from American Express

NEW YORK-- Small business optimism is on the increase, according to the OPEN Small Business Network(SM) 2003 Semi-Annual Monitor from American Express (NYSE:AXP).

Nearly three-quarters (72%) of small businesses now see growth opportunities for their businesses over the next six months, up sharply from 64% in the fall of 2002. In addition, 62% of businesses say they plan to make capital investments in the next six months (up from 56% a year ago), and fewer businesses are reporting cash flow concerns, 55%, down from 63% a year ago.

Despite heightened levels of optimism, businesses appear to be keeping their hiring plans in check. Overall, a third (34%) of small businesses report plans to hire over the next six months, up from 26% reported a year ago, but steady compared to spring 2003 (35%). The survey found that businesses plan to recruit equally for full and part-time positions (18% vs. 19%).

Small business hiring plans vary widely by region and by a company's age. Businesses in the West are more likely to have hiring plans (42%) than those in the North East and the South (both 33%), and those in the North Central states (29%). In addition, start-up enterprises, defined as companies in business for three or fewer years, are more likely to have hiring plans than more established companies (45% vs. 32%).

Businesses with hiring plans report that their primary motivation to add employees was to handle growing business. With a focus on growth and rising levels of optimism, these business owners appear more willing to offer a wider range of benefits compared to small business overall. The survey found that firms planning to hire are more likely to offer employee benefits such as paid vacation (64% vs. 53%), paid holidays (58% vs. 48%), flexible work hours (53% vs. 42%) and life insurance (23% vs. 18%), compared to small businesses overall. Twice as many firms with hiring plans have profit sharing plans (21% vs. 12%).

Overall, one in five small businesses offer employees a 401k plan (19%), and the number of firms offering health care benefits fell slightly compared to 2002 (58% vs. 61% in fall 2002). Among start-ups, 37% offer healthcare to employees. Interestingly, women-owned companies are more likely to offer flexible work hours than small business overall (53% vs. 42%).

"Business owners are clearly feeling better about their prospects for growth compared to one year ago, with more planning to hire, fewer reporting cash flow concerns and an increase in the number of those planning capital investments," said Kerry Hatch, executive vice president and general manager, OPEN: The Small Business Network from American Express. "However, business owners are still keeping a watchful eye on the overall economy, which they once again site as the top factor that could impede their growth prospects."

According to the survey, similar to last year, businesses planning to make capital investments in the next six months put computers and peripherals at the top of their list (29%), followed by office equipment (15%) and real estate, manufacturing equipment and office furnishings (all 11%). Companies planning to hire are more likely to make capital investments than small businesses overall (73% vs. 62%). Start-ups are more likely than older businesses to make capital investments (70% vs. 60%).

Despite these plans to invest in their companies, many business owners still report facing a wide range of cash flow concerns, with most concerned about having enough cash on-hand to win new business (15%); their ability to pay bills on time (14%); and accounts receivable (13%). Business owners cite a variety of tactics to address cash flow crunches, including putting off purchases (25%); obtaining and using a line of credit (22%); using a charge or credit card (13%); taking out a short-term loan (10%); or leasing rather than purchasing business equipment (5%). The primary way for women-owned businesses to address cash flow issues is to put off purchases (34%); for ethnic minority owned businesses it is to obtain and use a line of credit (36%).

The survey also found that credit and charge cards remain an important financing tool for small businesses, with nearly three-quarters (73%) using "business plastic" to pay for business expenses. The most common purchase using business credit or charge cards is office supplies (47%) followed by travel (42%), computer equipment purchases and wholesale purchases (tied, 36%), entertainment (31%), and business or professional services (24%).

Becoming a Better Manager and Boss

In addition to probing on business growth opportunities, hiring and investment plans, the OPEN Small Business Network 2003 Semi-Annual Monitor asked business owners about the ways they run their companies. Most business owners (82%) saw opportunities to enhance their own business skills. The top disciplines where owners reported plans to seek self-improvement are marketing (44%), sales (33%), business management and planning (30%), financial analysis/planning (28%), and negotiation (21%). These business owners planned to employ a variety of tactics to enhance their business skills development, including reading a book (49%), attending a seminar or conference (48%), talking to a peer (48%), and searching for information on the Internet (48%). Thirty nine percent also said they would take a class.

"From talking with business owners, we know they value input and advice from their peers, and the survey found that networking continues to be an important resource for them," Hatch added.

The survey also found that desired areas of improvement vary among different segments of business owners. For example, ethnic minority business owners - compared to business owners overall - are nearly twice as likely to want to further develop their decision making skills (34% vs. 17%), their sales skills (60% vs. 33%) and negotiating skills (39% vs. 21%). When developing these skills, these business owners were almost twice as likely to talk to a management consultant to develop business skills as business owners overall (40% vs. 21%). Start-ups were more likely to talk to a financial advisor than business owners overall (39% vs. 29%). Compared to overall small businesses, women business owners are more keenly focused on improving their marketing skills (55% vs. 44%).

Further, nearly three-quarters (72%) of business owners saw room for improvement as bosses. According to the survey, the top improvement they could make to become a better boss was to become better communicators (18%), followed by rewarding and motivating employees more (16%) becoming a better listener (14%), providing their employees more opportunities for skills development (13%) and providing more constructive feedback on employees' work (12%).

In addition, rewarding employees for outstanding performance was the top way to improve as bosses for ethnic minority business owners (26% vs. 16% for small business overall) and start-ups (24% vs. 16% overall). Top for women business owners was becoming a better communicator (23% vs. 18% overall).

According to the OPEN Small Business Network 2003 Semi-Annual Monitor, two-thirds (65%) of business owners overall are also voicing concerns regarding computer usage. Guarding against viruses tops the list of computer concerns among small businesses (18%), followed by the cost and time to train staff on new software (15%), managing spam (14%) and securing their computers from hackers (8%). One-quarter (23%) reported having no computer-related concerns.

Survey Methodology

The OPEN Small Business Network Semi-Annual Monitor, released each March and October, is based on a nationally representative sample of 787 small business owners/managers of companies with fewer than 100 employees. The survey was conducted via telephone by International Communications Research (ICR) from September 8- September 19, 2003. The poll has a margin of error of +/-3.5%.

About OPEN: The Small Business Network from American Express

OPEN: The Small Business Network is a division of American Express that offers small business owners a wide range of tools, services and savings designed to meet their evolving needs, including charge and credit cards, convenient access to working capital and credit information, enhanced online account management capabilities and savings on business services from an enhanced lineup of partners. To obtain more information about the OPEN Network, visit OPEN.americanexpress.com or call 1-800-NOW-OPEN to apply for a card or loan.

[Headlines]

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

_________________________________________________________

News Briefs---

Interest rates on short-term Treasuries fall
http://www.boston.com/business/globe/articles
/2003/10/15/interest_rates_on_short_term_treasuries_fall/

Venture funds numbers dismal/

27% loss lags public market; experts blame cutbacks of last 2 years

http://www.sfgate.com/cgibin/article.cgi?file=/chronicle/archive/2003/
10/15/BUGC72BF0M1.DTL&type=business

Retail sales dip by 0.2 percent in September as shoppers cool off after buying binge

but economy overall remains positive in last six months

http://www.signonsandiego.com/news/business/20031015-1423-economy.html

Apple swings to quarterly profit