|
|
 |
 |
 |
|
|
|
|
|
Kit Menkin's Leasing News www.leasingnews.org Wednesday,
September 18, 2002 Accurate, fair and unbiased news for the equipment Leasing
Industry Tuesday’s Leasing News posted www.leasingnews.org at 11:15 am PDT ( added music to yesterday’s to “pep it up” –reason for delay
in posting) --------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- e-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp Pictures from the Past
http://www.leasefoundation.org/Gifts/JeffWongMem.htm ---------------------------------------------------------------------------- Help
Wanted ads Classified Ads: http://65.209.205.32/LeasingNews/JobPostingsWanted.htm Asset Management: New Orleans, LA "ELA" Portfolio Manager/Hibernia Bank/New Orleans/ Provides operational
support for equipment leasing services. 7+ years of exp. in commercial
equipment leasing/asset management. Email:lcallery@hibernia.com Collector: Marshall, MN "UAEL " New Collection Manager position available to lead collection
efforts in small ticket group. Works with Management peers to recommend
actions on non-collectable accounts and ensure compliance to company policy.
Email:tom.landmark@themanifestgroup.com Contract Administrator: Dallas, TX "UAEL " Pioneer Capital Corporation is looking for an experienced
document/funding processing person. Interested parties should email resume
to:johnb@pioneercapitalcorp.com Controller: Pearl River, NY "ELA" Asst. Controller. Central US Progressive organization in
the vendor finance business. CPA required, Big 5 exp. preferred. Competitive
base + bonus. Relocation. Email:jsg@andersonyoungassoc.com Headlines---- Top
Reasons To Lease --ELA Study CIT
Announces $1.9M Quarter Loss
Jeff Taylor: " I Regret Sitting for the
CLP Exam Next Month" Lucent
Names Key Equipment in Europe as Partner "Frontier Leasing Preps Third Equipment
ABS Via WestLB" eLNA----Lessors.com
White Page Listing Subscription $50 a Year Fleet
Cap. Leasing's Vendor Finance Div. Selects Willis
Lease Finance Closes New, Increased Warehouse Credit Facility Tyco
Details Extravagance of Ex-CEO--LA Times No
longer 'the perfect partner’s JPMorgan
Outlook Grim Amid Bad Loans, Revenue Drop ### Denotes Press Release Tomorrow---Top Gun Eric Sidebotham -------------------------------------------------------------------------------------------------------- http://www.leasingnews.org/PDFFiles/study_leasing.pdf Equipment Leasing and Finance Foundation Study Identifies
Traits of Small Businesses Who Lease Equipment Most Top
Reasons To Lease Identified Earlier Correlate With Foundation Findings Arlington, Virginia A study released today by The Equipment
Leasing and Finance Foundation identifies the reasons small firms lease and the characteristics of the small
firms who lease the most. According to the results, small companies who
use leasing as a strategic financing option are those that are either
partnerships or corporations, have more than
$250,000 in assets, have been in existence for less than 20 years,
employ managers that have at least five years worth of experience, and
are not among the firms with the very strongest credit ratings. “The study implies
the motivations behind the lease versus buy decision of small, privately-held
firms,” said Lisa Levine, executive director of The Equipment Leasing
and Finance Foundation. “The information underscores what the Equipment Leasing Association
(ELA) discovered earlier in the year through its study of the Small Business
Administration's (SBA) State Small Business Contest winners. “ “We see a strong
correlation between the characteristics of the small firm who will mostly
likely lease equipment versus purchase,
and the top three reasons to lease identified by the SBA study,”
continued Levine. “Clearly, small firms who are younger and growing
would find that the advantages gained by leasing equipment help them compete.” The
top three reasons to lease stated by the contest winners, cited in ELAs
SBA study, are: · the ability to manage company growth, · take advantage of the latest technology, and · improve asset management. The
SBA survey also found that 73 percent of small businesses lease equipment. Organizations seeking
more information about leasing, including the questions to ask before
signing a lease and help in finding a leasing company, should visit www.LeaseAssistant.org The Foundation study
is the first study of leasing and small firms undertaken by the Foundation,
and one of the few available on the
subject. The study is based on data taken from the National Survey of
Small Business Finances that is conducted by the Board of Governors of the Federal Reserve System and the
U.S. Small Business Administration. The
most recent available data, from 1998, was gathered from more than 4,600
small U.S. firms. http://www.leasingnews.org/PDFFiles/study_leasing.pdf About The Equipment Leasing and Finance
Foundation The Equipment Leasing
and Finance Foundation is a 501c3 non-profit organization established
in 1989 by the Equipment Leasing Association of America (http://www.elaonline.com).
The Foundation develops and promotes the body of knowledge to enhance
recognition and understanding of equipment lease financing. The Foundation’s strategic objectives are to maximize the role that
equipment leasing plays in the world economy, and to be the prime developer
and disseminator of a body of knowledge of the leasing industry. Visit the Foundation online at http://www.leasefoundation.org. About ELA Organized in 1961, the Equipment Leasing Association (ELA)
is a non-profit association representing companies involved in the dynamic
equipment leasing and finance industry.
ELA's mission is to promote the leasing industry as a major source
of funds for capital investment
in the United States and abroad. ELA
maintains an informational portal for financial decision-makers at http://www.leaseassistant.org.
Headquartered in Arlington, Va., ELA has more than 800 member companies
and a staff of 27 professionals. Equipment leasing is estimated to be a $244
billion industry in 2002. Visit
ELA online at http://www.elaonline.com. ######### ################################################## CIT Announces
$1.9M Quarter Loss ( This may get through to our CIT readers, we shall see.
Yesterday’s e-mail came back from all CIT addresses: “ The message has been
electronically scanned and found to have content that is prohibited by
Company Policy.” NEW YORK, -- CIT
Group Inc. (NYSE: CIT - News) today reported its results for the quarter
ended June 30, 2002. Net loss for the quarter was $1,993.5 million including
the following charges: (1) a $1,999.0
million goodwill impairment charge in accordance with SFAS 142,
taking into account the initial public offering valuation of the company
relative to the book value of goodwill recorded in conjunction
with Tyco's acquisition of CIT. This
charge does not impact CIT's
total tangible capitalization, cash flow or revenues. Goodwill as
of June 30, 2002 following the impairment charge was $384.4 million. (2) a $200.0 million
pretax provision related to CIT's telecommunications portfolio,
principally reflecting further weakness in the competitive local exchange
carrier (CLEC) industry. (3) a $40.0 million
pretax provision related to our Argentine portfolio. This provision
is attributable to continued deterioration of the valuation
of Argentine pesos relative to the U.S. dollar following the Argentine
government's economic reforms adopted earlier this year, which forced
conversion of dollar-denominated loans into pesos. (4) a $20 million
pre-tax provision to bolster general reserves despite asset run-off during the quarter. Net income for the June 30, 2002 quarter, excluding the charges
described above, was $166.7 million, as compared to $216.2 million in
the March 2002 quarter prior to goodwill impairment and Argentine charges.
This comparison reflects higher charge offs and increased borrowing costs
associated with the disruption to our funding that began in the March
2002 quarter. The table below summarizes the reported financial results,
reserving actions and resulting earnings: (Dollars in millions) Quarters Ended Nine Months Ended June 30, June 30, 2002 2001 2002
2001 GAAP net (loss)/ net income as reported $(1,993.5)
$(7.6) $(6,109.9) $312.6 Add: Goodwill impairment
1,999.0 -- 6,511.7 -- Goodwill amortization
-- 27.2 -- 67.0 Reserving actions and other charges(1)
161.2 158.0 220.1 158.0 Net income - before charges $166.7 $ 177.6 $621.9 $537.6 (1) Reported results
from the quarter ended June 30, 2001 included special charges totaling
$158.0 million after-tax, including costs relating to the Tyco acquisition. "This past quarter was a time of critical transition
for CIT as we prepared to re-emerge as the largest publicly-traded independent
commercial finance company. We devoted significant effort preparing for
our recent IPO and maintaining liquidity for the business and at the same
time focused on serving our customers and expense control. We're pleased
the market endorsed our offering with demand for our shares that allowed
a substantial portion of the underwriter's over-allotment option to be
exercised, giving us $255 million of new capital," said Albert R.
Gamper, Jr., CIT President and CEO. "Our current important initiatives
are to return to the unsecured debt markets and to grow assets prudently."
Financial Highlights: Funding and Liquidity Plan. CIT's results for the June quarter were impacted by the first
full quarter of higher financing costs resulting in large part from the
company's exit from the commercial paper market in February 2002, its
use of unsecured bank credit facilities and excess liquidity, and the
issuance of $2.5 billion in 5 and 10 year term debt on April 1, 2002.
Following the initial public offering on July 2, 2002, CIT's
long-term debt and commercial paper credit ratings were upgraded by Standard
& Poor's to A/A-1 and by Fitch Ratings to A/F1, facilitating the company's
return to the commercial paper markets. Moody's rates CIT long-term debt
and commercial paper at A-2/P-1. On July 15, 2002 CIT announced its selection
of five commercial paper dealers as a first step to re-initiate a commercial
paper program, with a maximum program size targeted at $5 billion. Managed Assets. Managed assets declined to $47.7 billion at the end of this
year's quarter from $48.1 billion at March 31, 2002 and $51.1 billion
on June 30, 2001. Managed assets continued to decline due to liquidity
constraints, soft origination volume reflecting current economic conditions
and the continued runoff of the liquidating portfolios. On balance sheet finance receivables and leases declined
to $27.9 billion at June 30, 2002 from $29.7 billion at March 31, 2002
(including the $3.4 billion of securitized short-term trade accounts receivable
on balance sheet), due to continued high securitization volumes in the
current quarter, which were executed for liquidity purposes. The liquidating
portfolio, which includes trucking, franchise, manufactured housing, recreational
vehicle and inventory finance loans, declined to $1.9 billion at June
30, 2002 from $2.2 billion at March 31, 2002. Net Finance and Risk Adjusted Margins. Net finance margin contracted during the current quarter
to 4.11% from 4.98% in the prior quarter, reflecting the full impact of
higher funding costs and maintaining excess balance sheet liquidity. This
includes higher costs of replacing the commercial paper portfolio with
higher cost bank loans and the issuance of $2.5 billion of 5 and 10 year
term debt during the quarter. Excluding the $260 million of reserving actions, risk adjusted
margin was 2.98% for the current quarter compared to 3.87% in the quarter
ended March 31, 2002 (also excluding the $95.0 million pre-tax Argentine
provision recorded in that period). Credit Quality. Total 60+ day delinquencies as a percentage of finance receivables
declined to $1.030 billion, 3.69% of finance receivables from $1.158 billion,
3.90%, at March 31, 2002. The decrease as measured in dollars from the
prior quarter was due to improvements in most portfolios most notably
the Equipment Financing and Leasing, Specialty Finance and Commercial
Services portfolios. Managed 60+ day delinquencies similarly declined
to $1.520 billion (3.74%) at June 30, 2002 from $1.680 billion (4.09%)
at March 31, 2002. Charge offs during the June quarter were $126.0 million,
or 1.79% of average finance receivables, compared to $112.4 million, 1.58%,
in March, and $156.7 million, 1.91%, in the comparable prior year period.
Core chargeoffs, excluding the liquidating portfolios (trucking, franchise,
manufactured housing, recreational vehicle and inventory finance loans),
were $105.9 million, 1.59% in the June quarter, up from $75.2 million,
1.13%, in the quarter ended March 31, 2002. The increase in core chargeoffs
is due to higher losses in the Equipment Financing portfolio, as equipment
collateral values remain soft in the current economic environment, and
higher losses in the commercial finance portfolio. Core chargeoffs in
the prior year quarter, excluding special charges, were $77.2 million
(0.94%). Non-performing assets ended the quarter at $1.052 billion,
3.77% of finance receivables, up from $988 million, 3.32%, at March 31,
2002, reflecting a $60 million increase in CLEC/telecommunication assets
on non-accrual status. The CLEC portfolio totals approximately $291 million
at June 30, 2002, of which $100 million was on non-accrual status. Total reserves for credit losses increased to $808.9 million,
or 2.90% of finance receivables, from $554.9 million (2.11%) at March
31, 2002. Excluding the telecommunication and Argentine reserves, the
reserve for credit losses was approximately 1.70% of finance receivables
at both June and March 2002, up from 1.50% at June 30, 2001. Reserves
relating to Argentina totaled $135 million at June 30, 2002, or approximately
75% of the total corresponding exposure. The $200 million telecommunication
reserve relates primarily to the CLEC exposures in the portfolio. Other Revenue. Other revenue totaled $246.1 million for the quarter ended
June 30, 2002, compared to $232.1 million for the quarter ended March
31, 2002 and $199.9 million (excluding special charges) in the corresponding
prior year quarter. Securitization gains during the current quarter totaled
$57.1 million, up $22.4 million from both the March 2002 and June 2001
quarters. These trends reflect the significant increase in securitization
volume in both 2002 quarters to meet liquidity needs. Gains were higher
in the current quarter due to strong market demand and deal execution.
Factoring commissions improved seasonally and equipment sales gains were
modest. Salaries and General Operating Expenses. Salaries and general operating expenses were $230.4 million
for the quarter, compared to $226.9 million reported for the March 2002
quarter and down from $265.5 million in the June quarter last year. The
increase from last quarter included higher collection costs and certain
liquidation expenses, while the reduction from the prior year reflects
restructuring initiatives following the Tyco acquisition. The efficiency
ratio (salaries and general operating expenses divided by operating margin
excluding provision for credit losses) improved to 38.3% as compared to
42.6% in the prior year's quarter, due primarily to higher fee income
and lower employee costs. The current quarter efficiency ratio increased
over the 33.4% reported for the March quarter, primarily due to the lower
margin reflecting constrained growth and higher borrowing costs. Headcount declined to approximately 5,935 employees from
6,235 as of March 31, 2002 and 7,255 the prior year. Operating expenses
were 2.02% of average managed assets during the quarter, versus 2.09%
core expenses reported for the comparable quarter of last year and 1.93%
for the March 2002 quarter. Capitalization and Leverage. CIT continued to maintain strong capitalization and leverage
ratios. The company's ratio of tangible equity to managed assets improved
to 9.25% as of June 30, 2002, compared to 8.62% in the prior year quarter
and 9.14% as of March 31, 2002. On July 12, 2002, as part of the company's
IPO, the underwriters exercised their over-allotment option to purchase
an additional 11.6 million shares of CIT stock for approximately $255
million. These proceeds will further strengthen our capitalization ratios.
(Full Report and
Financial Statements available at: http://www.cit.com/news_center/DisplayQuarterlyResults.asp) Jeff Taylor:" I Regret Sitting for the CLP Exam Next
Month" from the $4,000
a Day Lease Trainer Popular Newsletter “Lease Training for the Leasing Professionals” http://executivecaliber.ws/sys-tmpl/clp/ I find it ironic that I am sitting for the Certified Leasing
Professional (CLP) exam in San Diego next month at the United Association
of Equipment Leasing Annual Meeting. I heard that 8-10 people are sitting
and, if they are like me, they are probably nervous. Considering that
I am a professional lease trainer, I cannot afford to blow it. The last major exam, which I sat for, was my CPA exam back
in 1978. Since then I have had to routinely re-take a drivers license
exam every five years and go to the doctor every year for a physical exam
(I am at the age where he does things to me that you do not want to know
about). None of those distasteful experiences comes up to the level of
fear and anxiety of taking a peer-authorized exam. Steve Geller, Cindy Spurdle and Alison Pryor encouraged me
to take the exam. They told me that it would bring me more clients and
add a level of cachet to my personality (only kidding). In order to study for the exam, I paid $55.00 for a book
called The Leasing Professionals’ Handbook (Second Edition copyright 1995).
On page 5 they list the names of the authors who wrote the book. I found
it interesting that I know a lot of the people listed in the special acknowledgements
section. In particular, I have met or am very familiar with Ken Goodman,
Ken Greene (no relationship), Bob Rodi, and Bob Teichman (no relationship). From my viewpoint, the book appears to have been written
by a group of dedicated volunteers. How do I know that? Each chapter is
written by an expert in his or her particular style and no one edited
the book for consistency, style and duplication. In other words, it is
a compilation not a training manual. I understand that the UAEL used to own the CLP exam but transferred
it to the CLP foundation which now provides CLP services to UAEL, EAEL
and NAELB. Having been a long time member of the Equipment Leasing Association
(ELA), I am quite surprised that they have not joined forces in supporting
or updating the exam. It is something that ELA should consider. Since the book is fairly lengthy (259 pages), I decided to
read the book on an airplane from Salt Lake City (where I live) to New
York (where I grew up and have family). After I finished the book, my
stomach snarled. While putting down the book (and asking the flight attendant
for my favorite drink) I realized that 14 authors wrote 14 distinct and
uncoordinated chapters. In fact, sometimes the authors asked questions
that were never answered anywhere else in the book. Nonetheless, the impact of reading a 7-year old book startled
me. Look at all of the changes that have occurred in our industry over
the last seven years: Bush got elected Clinton got fired Synthetic leases are under attack SPEs are under attack Off balance sheet financing is under attack FASB is going head to head with the IASB Arthur Andersen is out of business Enron is out of business Dennis Kozlowski is going to jail (someday) What concerns me now is being tested on leasing history.
I was never good at history, especially remembering dates and names. In
the book, they refer to the Philadelphia Plan, the great Depression, closed
end leases, PMSI, and California law. How am I supposed to remember this
level of minutiae? Where are my Cliff notes? Can I use my calculator? What if they ask me questions on ethics? What were the correct
answers back in 1995? Will the proctor grade me on current methodologies
and philosophies or use the benchmarks that existed with our leasing forefathers? I feel prepared yet nervous. I plan to take the 1-day summary
class on Thursday, October 3, 2002 at the UAEL convention. I am sure that
I know my material, but you never know. Jeffrey Taylor ( ( ExcutiveCaliber
has a mailing list of 14,500 compared to Leasing News 5,000 +- (when working,
right now we are blacklisted by 1200 subscribers’ carriers )Jeff Taylor
will be holding a workshop at the San Diego UAEL Conference at 9:45am,
unfortunately it is opposite the “Top Gun” Leasing Salesmen Panel that
I am the moderator, otherwise, I certainly would not want to miss
this $4,000 a day leasing sales trainer. To learn more about the CLP Foundation, please go here: http://www.leasingnews.org/links_10.htm I should mention a lot of the book that Jeff is referring
to was written or edited by Bob Teichman, CLP, who
is also a lease educator, director of UAEL and also Leasing News. I believe Bob donated his time as the CLP group never
had any money and everything was donated. Maybe Jeff and a group could get together and work on a new edition. Kit Menkin, Editor ) -------------------------------------------------------------------------------------------------------- ################################################################# Creve Coeur-based Computer Sales International, Inc. (CSI)
announced that it has entered into a binding agreement to acquire Panthus
Leasing GmbH, headquartered in Frankfurt, Germany. CSI has already completed
its due diligence investigation and the purchase is expected to close
this week. Terms of the transaction were not disclosed. Like CSI, Panthus specializes in the leasing of information
technology equipment to large businesses. Panthus, formerly known as Universal
Computer Leasing, has been in the leasing business for over 20 years,
employing 29 people with offices in Berlin as well as Frankfurt. In 2000,
Panthus was purchased by a large German computer distributor m+s Elektronik
AG. But early this year m+s was declared insolvent and was forced to put
its subsidiaries up for sale. "We look upon this as a unique opportunity to enter
the German market with an experienced administrative and sales team and
a sizeable portfolio of leases with a high-quality customer base,"
announced Steve Hamilton, CSI's executive vice president and director
of acquisitions and international operations. Hamilton also noted that,
"Germany is the largest IT market in Europe, accounting for roughly
33% of all IT spending in the European Union, and many of CSI's US-based
customers have operations there, so we believe this is a good fit and
will provide a new growth opportunity for CSI." Panthus will do business
under the new name CSI Leasing Deutschland GmbH. More information on CSI is available at www.csileasing.com.
Kropschot Financial Services initiated this transaction and
represented creditors of the seller in the CSI acquisition of Panthus
Leasing GmbH. Bruce Kropschot bkropschot@aol.com Kropschot Financial Services 116 Estuary Drive Vero Beach, FL 32963 (772) 234-4544 ### ################################################ KEY EQUIPMENT FINANCE NAMED LEASING PARTNER FOR LUCENT TECHNOLOGIES BUSINESS PARTNERS IN EUROPE SUPERIOR, Colo., USA
Key Equipment Finance, one of the nation¹s largest bank-affiliated equipment financing
companies and an affiliate of KeyCorp (NYSE: KEY), today announced that it
has been selected by Lucent Technologies as the primary leasing partner for
Lucent channel partners in Europe. Through this new agreement which is expected to bring Key
Equipment Finance annual originations of at least $50 million Key
Equipment Finance will provide financing to European end user customers or
Lucent¹s Advantage BusinessPartners who resell telecommunications and networking
equipment. A lease option provides end-user customers with tax benefits,
upgrade flexibility and better asset management, in addition to a
lower cost of acquisition. Companies
that provide this service often see an increase in sales and an improvement in margins by reducing the amount
of time between when a sale closes and when a company receives payment. Key Equipment Finance has significant experience with vendor
leasing programs and a wide reach across all of Europe. The company employs a staff of more than 130 people in the region. "When purchasing complex telecommunications and networking
equipment, customers need a simple financing solution," said Nicolaas
Rauwenhoff, vice president of the BusinessPartner Group, Lucent Europe.
"Key Equipment Finance, as demonstrated through its international reach
and experience in the vendor leasing market, will help us to provide the right
financing options to our customers" Lucent is working with Key Equipment Finance in order to
offer a full solution to its business partners. The financial relationship is between Key Equipment Finance and either the end-user customer or
the Advantage BusinessPartner with no recourse to Lucent on the financing. "By providing a lease option to its European Advantage
BusinessPartners, Lucent is taking its commitment to being a total solutions
provider one step further," said Karen Larson, president and COO of Key
Equipment Finance¹s global vendor services group. "Customers throughout
Europe will realize this commitment through their ability to secure Lucent¹s highly
acclaimed products with the maximum flexibility in terms of payment
terms, upgrades and add-ons that are so essential in today¹s ever-changing
technology marketplace." About Lucent Technologies Lucent¹s Global Business Partners Group works with resellers,
distributors and systems integrators to sell Lucent¹s products and services
to enterprises, small service providers and government entities.
For more information on the Advantage BusinessPartner program or to
locate a BusinessPartner, visit the Web site at http://www.lucent.com/businesspartner. Lucent Technologies, headquartered in Murray Hill, N.J.,
USA, designs and delivers networks for the world's largest communications
service providers. Backed by Bell Labs research and development, Lucent relies
on its strengths in mobility, optical, data and voice networking technologies
as well as software and services to develop next-generation networks.
The company's systems, services and software are designed to help customers
quickly deploy and better manage their networks and create new, revenue-generating
services that help businesses and consumers. For more information
on Lucent Technologies, visit its Web site at http://www.lucent.com. About Key Equipment Finance Key Equipment Finance provides business-to-business equipment
financing solutions to: small businesses in the U.S.; mid-to-large
size businesses in the U.S. and Canada; the customers of equipment manufacturers,
distributors and value-added resellers worldwide; and federal, state and
local government as well as other public sector organizations. Headquartered
near Boulder, Colo., Key Equipment Finance has been in the equipment finance
business for nearly 30 years and has a presence in 25 countries, with
major operations in Albany, London, Toronto, and Sydney. The company employs
more than 600 people worldwide and manages an $8 billion equipment portfolio
with annual originations of nearly $3 billion. Additional information
is available at http://www.KEFonline.com. About KeyCorp Ohio-based KeyCorp (NYSE: KEY) is one of the United States¹
largest bank-based financial services companies, with assets of approximately
$83 billion. Key companies provide investment management, retail
and commercial banking, retirement, consumer finance, and investment banking
products and services to individuals and companies throughout the United
States and, for certain businesses, internationally. The company's businesses
deliver their products and services through KeyCenters and offices; a network
of approximately 2,400 ATMs; telephone banking centers ; and
a Web site, Key.com, that provides account access and financial products
24 hours a day. # # # CONTACT: Cori Keeton Barnhart/CMI (303) 626-7248 ############ ################################################# "Frontier Leasing Preps Third Equipment ABS Via WestLB" Asset Securitization Report Sources say that Frontier Leasing is selling some $50 million
of small- and middle-ticket equipment lease-backed paper through
WestLB to pay down a multi-year warehousing facility; the
facility, set up by WestLB, is used by Frontier for interim
funding of eligible lease contracts and financed equipment. The fixed-rate offering includes three classes, with credit support
from the subordination of certificated classes, funds on
deposit, and overcollateralization. Frontier sold equipment lease ABS twice in the last few years and intends to issue on an annual
basis. The company
originates and services equipment leases to small and mid-sized businesses, and the equipment it leases
is highly specialized. For
transactions over $250,000, it acts as a credit lender. ABSNet provides the industry's most comprehensive database
of ABS deal performance data. Once issued, ABS collateral will under or
outperform assumptions made at origination. Standard & Poor's and
Fitch rely on ABSNet to support their surveillance process and hundreds
of investors, issuers, and other market participants monitor deal performance
using ABSNet. ABSNet has you COVERED with... The Industry's largest ABS performance database spanning
over 700 Issuers, 5,000 deals, and 30,000 bonds. The Industry's deepest database with current and historical
performance statistics, tracking over 100 performance variables per deal.
Our database includes years of history, often inception to date, as well
as deal notes, prospectuses, and servicer reports. Library of over 3,600 servicer reports online. Information on the underlying collateral pool and credit
support facilities. Pre-defined views at the deal, class, and pool level. ABSNet
Deal Summaries provide a snapshot of deal information, while ABSNet Performance
Data views offer a more in-depth analysis of selected variables. You can
define and save your own views from ABSNet's extensive library of performance
variables. All of the data associated with a deal can be graphed instantly
for a quick visual analysis, or exported to third-party applications such
as Microsoft Excel. From: Industry News Weekly is free to ELA members. Copyright 2002 by the Equipment Leasing Association http://www.elaonline.com/ Phone: 703/527-8655 Fax: 703/527-2649 If you have other questions or comments relating to Industry
News Weekly, please email Amy J. Miller, Vice-President of Communications,
at amiller@elamail.com. ------------------------------------------------------------------------------------------------------ Please send to a colleague as they may not be receiving our
e-mail since many carriers are considering Leasing News as Spam ( must
be from one of those companies who we made give back the Advance
Rental for the deal they did not fund. -------------------------------------------------------------------------------------------- eLNA----Lessors.com White
Page Listing Subscription $50 a Year . Renewal Notice - Your White Pages Listing Has Expired If your customers can't find you, they're not your customers! Your current White Pages listing from the Lessors Network
has expired and is scheduled to be removed from the White Pages directory the end of this month. We invite you to renew your
listing today to avoid interruption of service. To view your current White Page listing, please follow these
simple instruction: 1) Click http://www.lessors.com 2) Type your email address and enter The Lessors Network 3) From the left side of the page, click “White Pages” 4) Scroll down the page until you find your listing. As the Lessors Network White Pages is the only Internet directory
providing access to your contact data (email address and telephone numbers), we're sure you will want to renew your
listing today. Not having a White Pages listing is like having an unlisted telephone number for your business...not a great
idea! Annual White Pages listings cost just $50 (about $4.00 per month) and make it easy for customers
to find you. Members of the Lessors Networking Association (LNA) confirmed (paid) for
the 2003 Membership Period receive complimentary White and Yellow Pages listings with their membership. - To join LNA,
visit - http://www.lessors.com. To avoid interruption of your White Page listing, please
follow these simple instruction: 1) Click http://www.lessors.com 2) Type your email address and enter The Lessors Network 3) From the left side of the page, click “White Pages” 4) From the navigation bar at the top of the page, click
“Renew | Edit Your Listing” 5) Complete the information required and click “Submit” You will be delivered to an online invoice with payment instructions. Remember, if your customers can't find you, they're not your
customers! ------------------------------------------------------------------------------------------------ -------------------------------------------------------------------------------------------------------- ############## ############################################### Fleet Capital Leasing's Vendor Finance Division Selects CapitalStream's
FinanceCenter(TM) CapitalStream Provides Real-Time, Business Rules Based, Process
Management for Fleet's Vendor Finance Strategic Business
Unit SEATTLE, -- CapitalStream (www.CapitalStream.com), a Seattle-based
provider of business and commercial credit automation technology for the
Financial Services Industry, today announced Fleet Capital Leasing's Vendor
Finance Division as its newest customer to implement FinanceCenter, CapitalStream's
flexible technology platform. Fleet
Capital Leasing chose CapitalStream's solution to allow its Vendor Finance
middle market lease origination team to manage its customer relationships
in a much more efficient manner. FinanceCenter provides business credit origination and workflow
automation in a single solution that delivers real-time, collaborative
decisioning, documentation management and workflow automation capabilities.
CapitalStream's end-to-end solution automates all business credit processes
from quote, submittal, and schedule creation and maintenance, to the generation
of a credit offering memorandum, credit approval process, and the uploading
of funding information to Fleet's portfolio management platform. George Lehnertz, division president and CEO of Fleet's Global
Vendor Finance Division, said, "Fleet's goal was to provide a powerful
suite of management tools to our clients, and the Capital Stream solution
does that." "By providing a superior level of access to information,
our clients are better able to manage their sales and funding operations." "We believe these changes reflect our continuing commitment
to the world class service we offer our clients; however, there are many
internal benefits as well," Lehnertz pointed out. "The process
management features of the Capital Stream product have enabled us to streamline
handling routines. "That translates into cost savings for Fleet and
more importantly, faster and more accurate service to our clients." "Global Vendor Finance," said Lehnertz, "has
been recognized as an industry service leader for years, and these tools
will help us maintain that competitive edge." |
