UAEL, NAELB
Sales: Irvine, CA.
20-Year Lessor with excellent reputation seeking an experienced goal-oriented sales professional. Great working environment, generous commissions, benefits. E-mail: jaimek@pacifica-capital.com

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Top Five Repossessed Assets

ROSLYN HEIGHTS, N.Y.,

-- Fewer trucks were repossessed in the first two quarters of 2003 than the same time last year, another sign that the economy may be improving for the trucking industry if clear trends can be established over the next few quarters, according to Nassau Asset Management's first public release of its NasTrac Quarterly Index (NQI).

Top Repossessions in 1Q 2003 The first NQI reports on trucks/trailers, printing machines, machine tools, construction equipment, and buses. These were the top five repossessed capital assets in the first quarter (1Q) of 2003, according to Nassau's internal records on liquidations.

Nassau Asset Management has tracked equipment values for several decades as a function of its nationwide remarketing operation, which recaptures and resells all types of assets including construction equipment, printing presses, machine tools, and buses. Recognizing the value its historic and current data holds for the equipment leasing and finance industry, the nationwide asset management company launched NQI, which reports on equipment types generating the greatest volume of liquidations.

Nassau clients can obtain more detailed information as part of the NQI service, including customized data on specific types of equipment. Ed Castagna, senior executive vice president, says NQI gives equipment leasing and finance companies a tool to help mitigate risk. It provides a snapshot of recent recovery and sales activity, helping equipment leasing and finance companies forecast current market conditions so they can make decisions regarding their portfolios if they are heavy in the types of assets experiencing the most repossessions as tracked by NQI.

"Nassau's NQI also can be used as one of several components to help gauge the economic health of individual industry sectors," Castagna adds. "Viewed over time, NQI's quarterly data on repossessions can be compared with data from the previous year to help identify which industry sectors may be experiencing financial downturns, upturns, or cyclical changes."

Castagna says the 1Q data, when compared with the same quarter a year ago, shows there was a 36 percent decrease in repossessions of trucks and trailers, and a 76 percent decrease in repossessions of machine tools. NQI's data on machine tools is in line with findings released Sept. 7 by the American Machine Tool Distributors Association and the Association for Manufacturing Technology, which reported increased demand for machine tools that could indicate a healthier manufacturing industry. However, other sectors suffered in 1Q 2003. Construction equipment repossessions, for example, jumped 452 percent. Repossessions involving printing presses increased by 141 percent, and those involving buses by 181 percent.

Top Repossessions in 2Q 2003 The second NQI reports on trucks/trailers, printing machines, machine tools, medical equipment, and construction equipment. These were the top five repossessed capital assets in the second quarter (2Q) 2003, according to Nassau's internal records on liquidations. Repossessions involving buses, which dropped off the Top 5 list in 2Q, historically peak in 1Q each year for Nassau Asset Management, Castagna says. Castagna says the 2Q data, when compared with the same quarter a year ago, shows there was a 32 percent decrease in repossessions of trucks/trailers. Repossessions of printing presses were down by 68 percent and construction equipment by 24 percent compared with the same time frame in 2002. Machine tools did not perform quite as well, with repossessions increasing slightly, by 4 percent. Medical devices made the Top 5 list in 2Q, posting a 228 percent increase in repossessions compared with 2Q 2002. Users should keep in mind that the assets NQI covers may change from quarter to quarter since Nassau plans to feature only the largest asset groups in its multimillion dollar portfolio. Additionally, results must be viewed over several quarters to establish reliable trends.

About Nassau Nassau Asset Management of Roslyn Heights, NY, has been providing full- service asset management, including asset recovery, collections, remarketing, full plant liquidations, and appraisals for more than 25 years to the equipment leasing and finance industry. For more information, please visit

www.nasset.com

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CIT Commercial Services Acquires U.S. Factoring Assets From GE Commercial Services

Strengthens CIT's Position as a Leading Factor

LIVINGSTON, N.J., -- CIT Group Inc.

(NYSE: CIT) announced today that its Commercial Services business unit has

acquired a substantial portion of the U.S. factoring assets of GE Commercial

Services, a division of GE Corporate Financial Services, totaling

approximately $446 million. Terms of the deal were not disclosed.

"Factoring has always been a core strength of CIT and this transaction

underscores CIT's corporate strategy to seek out opportunities that fit nicely

and expand our existing business lines," said Albert R. Gamper, Jr., Chairman

and CEO of CIT Group Inc.

"We have provided factoring services since the 1920's and look forward to

welcoming a host of new clients to CIT. This addition to our existing

portfolio reinforces CIT's commitment to the factoring business and broadens

our scope in the many industries that sell into retail channels of

distribution including furniture, apparel and consumer electronics," added

John Daly, President, CIT Commercial Services.

About CIT Commercial Services

CIT Commercial Services is a unit of CIT Group Inc. and is one of the

United States' leading providers of factoring, accounts receivable management,

credit protection, and lending services. Commercial Services specializes in

serving the apparel, footwear, furniture, home furnishings, consumer

electronics and other industries that sell into retail channels of

distribution. CIT Commercial Services is headquartered in New York City and

has offices in Charlotte, Dallas, Los Angeles, Danville, VA, Hong Kong and

Shanghai.

About CIT

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

company, provides clients with financing and leasing products and advisory

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

management and possesses the financial resources, industry expertise and

product knowledge to serve the needs of clients across approximately 30

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

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

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

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

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

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

visit http://www.cit.com .

SOURCE CIT Group Inc.

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Oh, No! Mr. Bill--- DVI Procedures Approved

Unbelievable, despite the various lawsuits, DVI, Inc. received U.S. Bankruptcy Court approval to implement bidding procedures and sell its assets to the highest bidder at an auction, free of liens and claims against the assets, pursuant to sections 363 and 365 of the U.S. Bankruptcy Code.

If you missed this in Friday’s Odds and Ends---here it is again:

“My contacts at DVI corporate told me that the amount of misappropriations was approximately $80MM. $30MM from the International sector and $50mm

domestic. Another rumor - that DVI double funded deals under the securitizations. Meryll Lynch was too slow to catch on to the business and find these issues.

“ The big surprise so far - Rich Miller, the President of DVI Financial Services has not been touched. He was aware of all of the problems and was part of the

decisioning. Further, he determined who got funded. How he has escaped prosecution I do not understand. Mr. Miller always accompanied Mr. Garfinkel and

Mr. O'Hanlon during quarterly analysis conference calls - he was part of O'Hanlon's inner core.

“ With respect to Marlin leasing and for all investors, Piper Jaffray was a regular with DVI and participated in quarterly conference calls. I listened to most of the

calls over the past several years - I never heard Piper asked a hard question. These calls were more like a love feast with DVI. This is another reason why DVI

was able to get away with their deception as long as they did.”

( name with held )

( That is what two other insider told us, that it would be between $50 to $75 million, and they would not be surprised if it were higher. We were trying to reach the sales manager of the medical team, but he seems to have disappeared, either starting his own company or given a severance package with the stipulation of "non-disclosure." editor)

Leasing News is not alone in these comments as evidenced by Fitch’s ratings

and comments:

On July 1, 2003 Fitch Ratings placed all DVI, Inc. (DVI) sponsored medical equipment lease transactions on Rating Watch Negative. This action reflected Fitch's concern that the downgrade of DVI's senior unsecured rating could result in reduced financial flexibility that could ultimately pressure ABS collateral performance.

August 25, 2003 DVI announced that it had filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The bankruptcy filing constitutes both a Servicer Event of Default and an Amorization Event under the terms of the transactions' documents. At that time, the noteholders were enabled to transfer servicing to U.A. Bank, N.A., the back up servicer, if they elect to do so.

September 11, 2003, an Indenture Event of Default was declared by the Trustee due to DVI's failure to make full payments of principal outstanding on the notes as of the August 2003 payment date. The trustee also indicated that DVI has breached covenants of the transactions' documents due to its failure to make servicer advances with respect to the September 2003 payment date, its failure to provide the monthly servicer report for the September 2003 payment date, and its failure to pay certain personal property or other taxes on certain contracts or equipment as required by the transactions' documents. The continuation of these breaches for a period of over 30 days also constitutes an Indenture Event of Default under the documents of several of the transactions.

“Fitch is particularly concerned over the timeliness and accuracy of data on the monthly servicing reports. The most recent monthly servicer reports received by Fitch from the trustee are dated as of the August 2003 payment date and reflect performance for the period ending July 31, 2003. In its review of these reports, Fitch noted discrepancies regarding servicer advances and that defaults were not being properly reflected in the pool collateral balance. Fitch has yet to receive from the trustee or the servicer an expected time frame for the resolution of these issues.”

Fitch has also noted that the bankruptcy of DVI may negatively impact the financial condition of DVI Business Credit (DVIBC) borrowers in the near term. To the extent that there are large concentrations of DVIBC borrowers who are also lessees in the DVI equipment lease securitizations, there may be an acceleration of delinquencies and defaults that would be reflected in the transactions over a very short time frame.

“Fitch is also concerned about the potential deterioration of DVI's ability to continue servicing the portfolio with a reduced work force and if DVI's bankruptcy status changes from a reorganization to a liquidation. While U.S. Bank has indicated to Fitch that they have the capacity and ability to assume full servicing of the portfolios in a period of a few days, Fitch believes that, consistent with other servicing transfers, there may be an additional stress on collateral performance upon a servicing transfer.

“Fitch will continue to closely review deal performance and Fitch's ratings on the DVI equipment lease securitizations remain of Rating Watch Negative. However, the timing and magnitude of any rating actions may be accelerated based upon the timing, quantity and quality of information that Fitch receives.”

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Consumer Vehicle Lease Volume Down Another 7% in 2002

NASHVILLE, Tenn., -- The Association of Consumer Vehicle Lessors announced today that member leasing companies reporting both 2001 and 2002 volume had a total reduction in new leases from 2.02 million to 1.89 million. This modest 6.8% 2002 volume decline shows that leasing activity has almost stabilized. However, since the peak of leasing in 1999, leasing volume has fallen 42.6%.

The 2002 decline is due entirely to reduced captive volumes: total bank leases increased slightly: 0.6%, while all captive volume was down 8.5%.

"There were a number of factors contributing to lower lease volumes," explained Rob Mize, ACVL President, "including the expansion of the 0% retail installment programs and other similar manufacturer installment sale promotions, continued declines in residual values (causing higher monthly lease payments that make leasing less competitive compared to financing), and fewer manufacturer subvented lease programs."

ACVL members also reported that their end-of-term residual losses increased somewhat in 2002. Residual losses increased to $3,269 in 2002 from a weighted average of $2,961 in 2001, a 9.4% increase. While the increased residual loss level was an unwelcome development for lessors, consumers who leased reaped the substantial benefit by having lessors absorb these increased losses.

Put another way, consumers whose leases ended in 2002 came out far better than those who had purchased their vehicles since the residual value used in the leases that ended in 2002 was more than $3,200 greater than the actual trade-in values of the vehicles. Thus, consumers who leased saved an average of more than $3,200 compared with those who bought their vehicles in the same year, the study revealed.

"Now more than ever, it's important that consumers be informed about the benefits and responsibilities of leasing before they decide whether to lease or buy," said Mize.

The ACVL survey highlights a number of areas in which bank and captive vehicle leasing programs differ. The average lease term of bank lessors was 50 months in 2002, compared to slightly less than 40 months for captive finance company lessors. The average booking rate of applications received for captives was 72% compared to 51% for banks. On the other hand, the average bank lessor was more selective on credit with 86% of new leases having a credit bureau score above 680 (a standard measurement of a "strong" credit applicant). Captive Finance companies, which support vehicle sales of their manufacturing partner, had 60% of leases over that same threshold.

Security deposits continued to disappear. A few years ago, security deposits were so commonplace that they were collected in virtually all leases. In response to consumer preferences, this began to change in the late 90's. In 2001, for the first time lease security deposits became the exception rather than the rule, being assessed in only 35 percent of the leases of the average lessor. This trend continued into 2002: only 22 percent of leases booked had security deposits. Banks reported that just 7.7% of leases had security deposits versus 32.7% for captives. The decline in security deposits is in response to consumer requests to minimize upfront lease costs. Many members accommodate that consumer preference but charge higher rates or acquisition fees when security deposits are waived.

"A major part of our mission at ACVL is to provide consumers with the information they need to make informed decisions. Our Web site -- www.acvl.com -- is a good place to start for those who want to consider leasing among their options," noted Mize. A more complete review of the survey is available on the site.

ACVL has conducted its annual member lease survey since 1993. ACVL members account for approximately 80% of all consumer vehicle leasing in the U.S.

SOURCE Association of Consumer Vehicle Lessors

CO: Association of Consumer Vehicle Lessors

ST: Tennessee

SU: SVY ECO

Web site: http://www.acvl.com

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International Decisions Systems Becomes Private Company

New Owners Take Worldwide Lease/Loan Software Company Private;

Additional Purchase of Traq-IT From Seismiq Leads New Product Development

Strategy

MINNEAPOLIS, MN, The senior management group of

International Decision Systems (IDS) and Schroder Ventures U.S. announced

today that they have successfully acquired IDS, a global leader in

developing lease/loan accounting and portfolio management software and

services, and simultaneously acquired Traq-IT, an asset-based open

architecture software product, for a combined consideration of $55 million.

Schroder Ventures U.S. purchased the shares of the formerly publicly traded

IDS Group, plc of the U.K. and assumed the Company¹s indebtedness in a going

private transaction. Traq-IT was purchased from Seismiq, Inc., which was

partially owned by ThoughtWorks, Inc., a Schroder Ventures U.S. portfolio

company. Schroder Ventures U.S. is a private equity firm focused on

technology, media, business services, and communications.

The firm¹s senior management consists of CEO James Meinen, President Charles

Lyles, and CFO James Horstmann. As a private company, IDS will be able to

quickly create the next generation of market-driven software products to

meet the needs of today¹s leasing and asset financing companies. IDS will

remain headquartered in Minneapolis.

³For nearly 30 years, IDS has delivered on a steadfast perseverance to

develop, serve, and support high-end complex leasing software that allows

the world¹s largest lessors to manage their global assets,² Meinen said. ³We

are very excited to now have a substantial personal stake in building on

IDS¹ heritage and look forward to working with Schroder Ventures U.S. to

significantly increase our Company¹s growth.²

Nicholas E. Somers, a partner at Schroder Ventures U.S., said, ³Recognizing

IDS¹ great potential, we worked with the highly experienced management team

to acquire the business. As a well-capitalized, private company, IDS is now

positioned to build on its success to date by ensuring it is providing its

customers with the most innovative technology and services in the industry,

which should be greatly augmented by the acquisition of Traq-IT.²

IDS Purchases Traq-IT from Seismiq and Signs Services Agreement with

ThoughtWorks In addition, to acquiring the Traq-IT system from Seismiq, Inc., IDS has

entered into a services agreement with ThoughtWorks to continue the ongoing

development of Traq-IT, which builds on the IDS heritage of innovation in

lease/loan technology. ³By adding Traq-IT to the IDS product mix, we will be

able to develop the next generation InfoLease,² Meinen said. InfoLease,

produced by IDS, is the world¹s premier lease/loan portfolio and asset

management system. ³Integrating Seismiq¹s technology will allow IDS to offer

the same level of functionality as with the current InfoLease product, while

providing the customer with a system that is more easily integrated into the

customers¹ other applications, as well as transition the customer from

contract-based management to asset-based management.²

Roy Singham, President and CEO of ThoughtWorks said, ³We are excited about

the prospects of our partnership with IDS. We believe IDS' decision to

integrate Traq-IT into the next generation of InfoLease is a testament to

both the need in the marketplace for true, asset-based management

technology, and to the exceptional business value Traq-IT has created for

customers in production.² ThoughtWorks is a recognized world leader in the

development of highly complex, transactional systems.

IDS Management Team

In addition to Messrs. Meinen, Lyles, and Horstmann, Anthony Laudico will

serve as the Company¹s interim COO, overseeing sales and marketing as well

as international operations. Laudico, Schroder Ventures U.S.¹s operating

advisor to IDS, has 17 years of experience in the software and technology

industries, including various management positions with Microsoft. He also

served as CEO of the digital entertainment company Muze, and was President

and COO of Agency.com.

³We are confident that the combination of the IDS team¹s expertise with the

strategic and financial capital provided by Schroder Ventures U.S. and

Seismiq¹s innovative technology will allow IDS to enhance its position as a

global market leader by continuing to produce the best of breed solutions

for the lease/loan industry,² said Laudico.

About International Decision Systems

International Decision Systems (IDS) is the global leader in developing

lease/loan accounting and portfolio management software and services.

Headquartered in Minneapolis, Minnesota, IDS has offices in London, Sydney,

and Singapore. IDS offers the largest and most experienced global

consulting, implementation, and technical support teams in the leasing

industry.

InfoLease, the world¹s premier lease/loan portfolio and asset management

system, comprises the foundation of IDS¹ product line. With a web-enabled

front-end and more than 70 custom add-on solutions, InfoLease is the most

adaptable and scalable lease/loan technology available in today¹s

marketplace. IDS and InfoLease are registered trademarks of International

Decision Systems. For additional information about International Decision

Systems, visit www.idsgrp.com <http://www.idsgrp.com/> .

About Schroder Ventures

Schroder Venture Partners LLC (Schroder Ventures U.S.) is one of six

affiliated international private equity organizations advising over $7.5

billion of funds under management in 11 offices located in North America,

Europe, and Asia. The firm is focused on middle market investment

opportunities in the media, business services, communications, and

technology services sectors in partnership with management. Schroder

Ventures U.S. is currently investing a $270 million fund. Further

information can be found at www.svus.com.

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Managers buy Int'l Decision Systems—Newspaper Story

Mark Reilly, Senior Writer, Minneapolis Business Journal

http://www.bizjournals.com/twincities/stories/2003/09/15/story2.html

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IDS Press Release Reaction---Finally!!!

Finally, or “at last, “ the official press release. As Leasing News has been writing about the attempted take over of IDS by Capital Stream since June, http://www.leasingnews.org/archives/June%202003/06_02_2003.htm#capital , among others, this confirms the stories Leasing News has written that Schroder Ventures owns Tworks(Seismiq)and is rolling these two investments into one with a stated price of $55 million.) We have questioned the amount of money, CapitalStream willingness

to bid so high, perhaps pushing this so high as to “spoil it” for Schoeder. In the

Minneapolis Business Journal, they state 40% higher than the original offer.

But that is not the full truth. The Bank of Scotland note, this is a heavy debt

and perhaps one value in going private, you don’t have to show your balance

sheet to the public.

The dynamic of adding Anthony Laudico from the venture investor as an interim COO is an interesting one that sends up some red flags, according to informed sources. Leasing News has arranged an interview with Jim Meinem, one of the key players in the United States organization, as he takes on a tremendous job with a VC ”plant” breathing down his neck and watching over their day to day operations. It appears one of his main jobs will be to assure revenue gets diverted from the IDS customers into Thoughtworks. It was explained to Leasing News as being similar to when a bank forecloses on a loan and puts a banker in as the COO. He is there to collect the money from the cash cow.

The industry feels IDS is in line to perform with some top heavy senior management level:

Jim Meinem CEO

Charles Lyles President

Anthony Laudico Interim COO

Some questioned the need for the dynamic trio, noting that with revenues of $35M, this company would only require one or at most two people to fill this top position. All the competitiors Leasing News has spoken to question how the return of the money spent will be accomplished, especially since the “dot com” type leadership does not have a great deal of depth of knowledge or long track record supporting the leasing software space.

IDS customers are understandable apprehensive, maybe even nervous, and perhaps that is why the press release was long forthcoming from the end of the bidding in early July

of this year.

Thoughtworks has reportedly charged a lot of companies a great deal of money for developing software—with mixed reviews on delivering product that worked on time and within budget, according to a highly reliable source. . The scale of his business model is in the tens of millions for projects. This reportedly very out of range for the typical IDS user’s budget.

Another source who does not want to be named, believes this combination has certainly expanded Thoughtworks’ base of possible customers and given them some very broad leverage in encouraging these users to march to the drum that Thoughtworks dictates. “As a user, if I was happy with Thoughtworks business model, vision and billing methodology, it would represent a win. If I was leery of them, I would be looking for the exit door.

“I am also interested and curious why they bought Traq-it (the back and) and not Linq-it. At his point, I don’t know why they did this, but pieces may fall into place as they did when you reported that Schroder Ventures was the primary investor in Thoughtworks.

“Both Traq-it and Linq-it were different and did not make a smooth transition. Traq-it was developed for Dana Credit, while Linq-it was developed for Caterpillar—Thoughtworks tended to write one-off custom software, not generalized industry level software for a variety of different users.”

The only person we contacted who would go on the record was John McCue of

McCue Systems:

“As the president of IDS’ main competitor, I have been watching this transaction over time with some interest. You have been giving excellent coverage on the topic. Several of the people I have been following this with have been quite surprised at the bid price for the company—seemed high. I had been wondering what the motivation would be behind the investors.

“When your report today said that Schroder Ventures was also an investor in Thoughtworks, and that the arrangement included a “services agreement” between IDS and Thoughtworks things became clearer to me. Is it possible that Schroder Ventures’ motivation could be to use Seismiq’s Traq-it to create a conduit for Thoughtworks consulting revenues through IDS and its customer base?

“One would imagine that the current IDS staff would not be equipped to support nor complete the Traq-it product since it has a very different architecture using different technologies than the IDS staff is familiar with. This will drive a huge amount of billable consulting revenue into Thoughtworks pocket—weather directly from IDS or thought their customers.

“It seems that purchasing Traq-it will most likely cause many of the IDS customers to look at their alternatives prior to committing to the time and expense of a migration. At a minimum, they might not want to be the first to migrate—let the kinks be ironed first.

“IDS’ press release which states that Traq-it will be the next generation of Info lease seems to send a signal that Info lease is an end-of-life product with little or no future investment in development or enhancement of this technology.

“While Traq-it can provide IDS a leg up at a general level by providing them with a much needed newer technology base, the Traq-it architecture was not designed to mirror or support many of the deeper second level capabilities of the Info lease system. Those features evolved over time with field usage and were possibly the reason many users selected Info lease in the first place. Traq-it, by contrast, is still an immature product, lacking proven field usage. One could surmise that it could take several years before Traq-it becomes “industrial strength” and able to handle many of the unique specific needs of a variety of Info lease User Community. Thus it would probably not be a straightforward migration for an Info lease user to move onto Traq-it.”

Leasing News also obtained this comment, but the sender requested we

with hold their name:

“Tell me what you think.

“Who has a better chance of leading the company into the future.

CapitalStream or an equity investor who is invested in techonolgy and can

see that this is a very small niche market?

“Who is the real competition for IDS in this industry? The many small

companies chasing the business or SAP and Oracle?

“Are SAP and Oracle really going to commit the investment dollars and

development time needed to support such a small market?

“What about the other players aren't most of them getting old and wishing

they had as much luck with their exist strategy that would pay off like the

one Rich Brochers had?

“OK, so what do I think? I think that in the long run this will be good for

the industry. I say this because the big players will black box the system

and use their own surround systems. It is what they do today as they don't

want to build the system. The small guys will use it as a total solution to

reduce costs.

“The key is speed to market. This will not be measured in what you or I say

but in what they manage to deliver and how quickly they can deliver it. It

will be fun to watch.”

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MicroFinancial Incorporated; Company Continues To Reduce Debt Obligation; Corporate
Headquarters Lease Extended For Two Years

(Leasing News attempted to reach Mr. Latour, and his “assistants” regarding

if the company was profitable, and to understand the full picture, but

they were all “out of the office.” )

WOBURN, Mass.----MicroFinancial Incorporated (NYSE-MFI), a leader in Microticket leasing and finance, announced today the company continues to reduce its outstanding debt obligations and as of August 31, 2003 has reduced the debt balance in excess of the amounts required by the Company's long-term bank agreement.

The Company's principal payments on its securitization notes and senior credit facility have consistently been paid down according to their repayment schedules. As of September 1, 2003, the senior credit facility debt balance outstanding was $73.5 million, compared to an expected $78.5 million for the same period, as stated in the bank agreement.

The Company also successfully negotiated an extension on the existing lease for its corporate headquarters that will take effect January 1, 2004.

Richard Latour, President and Chief Executive Officer stated, "Once again we continue to surpass our required repayments and other financial expectations of our bank agreement. This includes surpassing our lender's target debt balance by approximately $5.0 million through September 1, 2003 and reducing our total interest bearing debt year to date by over $80 million. In addition, our debt-to-worth ratio, as measured by total liabilities less subordinated debt to total equity plus subordinated debt, stood at 1.5 to 1.0 at August 31, 2003."

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.

Statements in this release that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as "believes," "anticipates," "expects," "views, " and similar expressions are intended to identify forward-looking statements. The Company cautions that a number of important factors could cause actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Readers should not place undue reliance on forward-looking statements, which reflect the management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure that it will be able to anticipate or respond timely to changes which could adversely affect its operating results in one or more fiscal quarters. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results may result in fluctuations in the price of the Company's common stock. For a more complete description of the prominent risks and uncertainties inherent in the Company's business, see the risk factors described in documents the Company files from time to time with the Securities and Exchange Commission.

CONTACT: MicroFinancial Incorporated

Richard F. Latour, 781-994-4800

President and CEO

SOURCE: MicroFinancial Incorporated

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Business Leasing News Latest Edition

The September edition of Business Leasing News is available at

http://www.pattonboggs.com/newsletters/bln/Release/bln_2003_09.htm.

The blackout last month has prompted new concerns about energy investment in

the electrical grid and in an emerging method of obtaining power called

distributed generation. The lead article covers that topic and opportunities

to lend or lease assets related to power generation and the grid. Other

articles discuss such diverse topics affecting lenders and lessors as the

new ABA ethics rules, the focus of states on tax shelters, and the complex

issues involved in the approval process of the proposed $20B Boeing 767 fuel

tanker lease with the Air Force. Other articles relate to business aviation,

international finance and leveraged lease accounting under the new FASB

off-balance sheet guidelines.

Have a great week, Kit, and thanks for your interest in BLN.

David

David G. Mayer

Patton Boggs LLP

2001 Ross Avenue

Suite 3000

Dallas, Texas 75201

Tel: (214) 758-1545

Fax: (214) 758-1550

Author of: Business Leasing For Dummies

Publisher of: Business Leasing News

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Bond Values on Shaky Ground in Europe

ABSnet

European asset-backed securities appear poised for a drop in value.

Spreads on subordinate securities have already started to widen, as investors attempt to stock up on more-secure investments as yearend approaches. But a packed new-issue calendar will probably cause buysiders to take in their fill of top-notch offerings over the next few weeks - causing the supply of such products to exceed demand.

The result: Spreads on most senior asset- and mortgage-backed products will likely widen by 2-6 bp in October, market players said.

Until then, issuers of top-rated securities will probably find an eager audience. "There's a lot of pent-up demand. It really built up during the summertime," when issuance typically dips in Europe, one investor said. "The expectation on the buyside is that there's a huge pipeline . . . and it has reached critical mass."

The only sectors that are expected to dodge the spread-widening trend are those where issuance has been sparse, such as bonds backed by auto loans. That's good news for France's Peugeot and Renault and Germany's Volkswagen. All three automakers are slated to securitize before yearend.

Rather than erupting all at once, the bulging pipeline of European issues is on pace to flow steadily into the market over the next three weeks. "We know the deals are coming, but it's going to take time for the market to absorb them all," the investor said.

By properly pacing their issues, shrewd issuers can take advantage of surging demand - at least for now. For instance, price talk on the three-year notes from Kensington Mortgage's latest offering hovered around 40 bp over Libor earlier this week. That's 2-3 bp tighter than comparable bonds from the U.K. lender's last subprime-MBS offering in June. Barclays Capital and Bear Stearns are running the books on Kensington's deal. The 600 million British pound ($956.6 million) transaction is expected to price in the next week or so.

Several other U.K. mortgage lenders are shopping deals. Paragon Mortgages is marketing a $727.2 million securitization of the loans it writes for owners of rental properties. Barclays and Royal Bank of Scotland are running the books.

Barclays is also among the three underwriters managing a Northern Rock offering that was making the rounds earlier this week. J.P. Morgan Chase and Lehman Brothers are handling different portions of the deal.

[Headlines]

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

Hirsch International Reports Assignment and Transfer of Leasing Portfolio

HAUPPAUGE, N.Y.----Hirsch International Corp. (Nasdaq:HRSH) announced that it had assigned and transferred its Ultimate Net Loss (UNL) leasing portfolio. Effective September 5, 2003, the Company assigned and transferred its interests in the Ultimate Net Loss (UNL) Leasing Portfolio from CIT to Beacon Funding. As part of the transaction, the Company has sold the related residual receivables associated with the portfolio to Beacon Funding.

Paul Gallagher, President and COO stated, "This event is the culmination of almost two years of cleanup activity related to the discontinued operations of the Company's leasing entity (HAPL). What started out as a potential liability of almost $25 million has now been eliminated, allowing our management team's full focus on our future growth."

Hirsch International is the leading single source provider of advanced embroidery systems to the embroidery industry. The company supplies computer-controlled embroidery machinery, design and digitizing software, and a wide range of related products and support services. For more information on Hirsch products and services, call Hirsch International Corp. at 1-866-447-7244 or visit the website at www.hirschintl.com.

Certain statements and information included in this press release constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements express our intentions, strategies, or predictions for the future. Forward looking statements in this press release include, among other things, statements regarding the continued listing or delisting of our stock from the NASDAQ SmallCap Market. These forward looking statements involve unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Hirsch to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A further discussion of factors that could affect Hirsch's results is included in reports filed with the Securities and Exchange Commission, including Hirsch's Annual Report on Form 10-K for the year ended January 31, 2003.

CONTACT:

Hirsch International Corp.

Paul Gallagher, 631-701-2211

or:

Beverly Eichel, 631-701-2169

[Headlines]

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

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News Briefs---

Fed Unlikely to Change Interest Rates

http://www.washingtonpost.com/wp-dyn/articles/A16917-2003Sep16.html

Survey Shows Small Increase in Hiring

http://www.washingtonpost.com/wp-dyn/articles/A16873-2003Sep16.html

The War and the Economy

http://www.washingtonpost.com/wp-dyn/articles/A15918-2003Sep15.html

Crossroads for Online Wine Sales

http://www.nytimes.com/2003/09/15/business/15ECOM.html

St. Louis contingent thinks San Diego hit a grand slam with ballpark development
http://www.stltoday.com/stltoday/business/stories.nsf/Business/D50578A3F6B43DDD86
256DA30011B158?OpenDocument&Headline=St.+Louis+contingent+thinks+San+Diego+hit
+a+grand+slam+with+ballpark+development+

[Headlines]

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California Nuts Briefs---

One More Round For Bush v. Gore

http://www.washingtonpost.com/wp-dyn/articles/A16011-2003Sep15.html

Copy of Full Ruling:

http://www.nytimes.com/packages/pdf/national/20030915WEB-CTEX.pdf

Campaigns in turmoil -- immediate appeals vowed

ANALYSIS: Ruling may not help Davis -- or anyone else

http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2003/09/16/STATE.TMP

Maria Shriver, Pumping Up Schwarzenegger's Political Muscle

http://www.washingtonpost.com/wp-dyn/articles/A16084-2003Sep15.html

http://www.bayarea.com/mld/mercurynews/news/special_packages/recall/6779264.htm

Campaign Wrap-Up

http://www.bayarea.com/mld/mercurynews/news/special_packages/recall/

[Headlines]

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This Day in American History

1620- the Mayflower departs from Plymouth, England with 102 passengers and a small crew. On board were 48 crew members and 101 colonists (including 35 Separatists from Leiden, Holland, known afterward as the Pilgrims). During the three-month voyage, two passengers died and two babies were born.

Vicious storms were encountered en route which caused serious doubt about the wisdom of continuing, but she reached Provincetown, MA, Nov21, and discharged the Pilgrims at Plymouth, MA, Dec 26.1620.

1672-While her actual birthday is not known, this is the official date proclaimed by the governor of the Commonwealth of Massachusetts to honor Anne Bradstreet, America’s first poet who is also recognized as the first published woman poet in the English language. Anne Bradstreet was born in 1612 in England and came to America in 1630. Unbeknownst to Anne, her brother-in-law took some of her poetry back to England where it was published in 1630 as Te Tenth Muse Lately Sprung Up in America. Subsequent editions were also published in Boston. She died at Andover, MA.

1782- Continental Congress President John Hanson along with Secretary

Charles Thomson made the first impression of the Great Seal of the United

States on a document authorizing General George Washington to negotiate and sign an agreement with the British for the exchange, subsistence, and better treatment of prisoners of war.

1810-Mexican Independence Day. Father Miguel Hidalgo y Costilla summoned the largely Indian and mestizo congregation of his small Dolores parish church and urged them to take up arms and fight for Mexico's independence from Spain.

( lower half of: http://memory.loc.gov/ammem/today/sep16.html )

1889-Birthday of Claude A. Barnett, founder of the Associated Negro Press. ranked by Ebony magazine as among the one hundred most influential black Americans, founded the Associated Negro Press (ANP) in 1919 and remained its director through nearly half a century of social change. By providing its member newspapers with coverage of activities within black communities across the country and current national trends and events, the ANP helped create a national black culture and increased black awareness of national news. Died, 1967

http://newswatch.sfsu.edu/milestones/decade1910_barnett.html

http://www.amazon.com/exec/obidos/ASIN/0838631371/inktomi-bkasin-20/104-1488333-3847140

1893-Greatest “run” for Oklahoma land.

1903-Birthday of Buck McFarland (Barrelhouse Buck),Alton, IL

1903-Birthday of violinist Joe Venuti, Philadelphia, PA

1908-the giant automobile manufacturing company called General Motors was founded by William Crapo “Billy” Durant, a Flint, Ml, entrepreneur.

http://www.libertyhaven.com/thinkers/billydurant/billy.html

1921-Birthday of singer/composer Jon Hendricks, Newark,OH http://www.jazzter.nl/jon.html

http://www.harmonyware.com/JonHendricks/

1925-Birthday of jazz guitarist Charlie Byrd.

http://www.gfmusic.com/newcharlie99.html
http://www.classicjazzguitar.com/artists/artists_page.jsp?artist=54

1925 – Birthday of Riley “BB” King

http://www.bbking.com/

1938- Dorsey Band records “Boogie Woogie”

1946-Les Brown cuts “ I’ve Got My Love to Keep Me Warm.”

1946-Banjoist Earl Scruggs first recorded with Bill Monroe and his Blue Grass Boys. His three-fingered picking style became one of the trademarks of bluegrass music. Scruggs and guitarist Lester Flatt left Monroe in 1948 to form their own group, the Foggy Mountain Boys. Flatt and Scruggs's partnership lasted for more than 20 years.

1950---Top Hits

Mona Lisa - Nat King Cole

Goodnight Irene - The Weavers

Tzena, Tzena, Tzena - The Weavers

Goodnight Irene - Red Foley-Ernest Tubb

1951-”Sky King” TV premiere. This half-hour children’s adventure series began on radio in 1947. Kirby Grant starred as Schuyler J. (Sky) King, owner of the Flying Crown.

1954-Birthday of guitarist Earl Klugh, Detroit, MI

1955-The United States Auto Club (USAC) was formed to supervise four major categories of auto racing.

1958---Top Hits

Nel Blu Dipinto Di Blu (Volare) - Domenico Modugno

It’s All in the Game - Tommy Edwards

Rock-in Robin - Bobby Day

Bird Dog - The Everly Brothers

1960-College football coach Amos Alonzo Stagg (1864-1965) announced his retirement after seventy-one years on the field. Stagg's career coincided with the evolution of the game from an amalgam of soccer and rugby into American football as we know it.

http://memory.loc.gov/ammem/today/sep16.html

1963 - "She Loves You" was recorded by The Beatles on the Swan label. It was the first record recorded by The Beatles; but the second single by the ‘Fab Four’ to hit #1. "I Want to Hold Your Hand", was the group’s first #1 song and million seller (on Capitol). It beat "She Loves You" to the top spot by just a few weeks. Other Beatles hits were also recorded on Capitol (Capitol had rejected "She Loves You") and Swan labels; but the Beatles liked variety -- so add these record companies to the Beatles list of recording labels: Vee-Jay, MGM, Tollie, United Artists, Atco, E.M.I., Parlaphone and Apple.

1964- the rock 'n' roll TV show "Shindig" premiered on ABC. Guests on the first show were Sam Cooke, Bobby Sherman, the Everly Brothers and the Righteous Brothers. The house band, the Shindogs, included such musicians as Leon Russell and Delaney Bramlett. And among the Shindig Dancers was future actress Teri Garr. Such was the drawing power of the show that the Beatles were paid only $1,400 to appear during the first season - at the height of Beatlemania. "Shindig" began its second season with a bang, snagging the Rolling Stones for the first show and expanding to two nights a week. But it was downhill after that, with such guest hosts as Zsa Zsa Gabor, Hedy Lamarr and Boris Karloff. "Shindig" was cancelled in January 1966.

1965- Duke Ellington gives sacred concert in San Francisco.

1965 - San Francisco’s Grace Cathedral became the site of the first concert of sacred music presented by Duke Ellington.

1965 - "The Dean Martin Show" debuted on NBC-TV. It was a weekly variety show that continued on the network for nine years. Regulars over the years were The Goldiggers, Ken Lane, The Ding-a-Ling Sisters, Tom Bosley, Dom DeLuise, Nipsey Russell, Rodney Dangerfield and Les Brown and His Band. The theme song? "Everybody Loves Somebody".

1966---Top Hits

You Can’t Hurry Love - The Supremes

Yellow Submarine - The Beatles

Land of 1000 Dances - Wilson Pickett

Almost Persuaded - David Houston

1967- “Mannix “ premiers on TV. Mike Connors starred as Joe Mannix~ a Los Angeles private investigator working for the computer organization Intertect, in this long-running CBS crime series. Joseph Campanella played his boss, Lou Wickersham, during the first season. The show then changed format with Mannix setting up his own agency. The new cast members were Gail Fisher as Peggy Fair, his secretary, Robert Reed as Lieutenant Adam Tobias and Ward Wood as Lieutenant Art Malcolm.

1968- Richard Nixon appears on "Laugh-in". In “Who Wants to be a Millionaire?” television show, this was a $1 million question. The contestant got it right, by the way.

http://www.tvtome.com/tvtome/servlet/GuidePageServlet/showid-1351/epid-74122/

1971-The first Technical school for Native Americans was the Southwestern Indian Polytechnic Institute, Albuquerque, NM, a coeducational school that opened with 700 Native American students from 64 tribes. It comprised 12 buildings on a 164-acre campus and cost $13 million. John L. Peterson was the first superintendent.

http://www.sipi.bia.edu/

http://icpac.indiana.edu/education/college_profiles/188216.xml

http://www.humboldt.edu/~hsuitepp/college.html

http://www.sipi.bia.edu/residencespec.htm

1971- “Owen Marshall” premieres, an hour-long ABC drama with Arthur Hill as the title character, a widowed attorney in Santa Barbara. Lee Majors, Reni Santoni and David Soul played his associates. Also featured were Joan Darling as Marshall’s secretary and Christine Matchett as his daughter.

1974---Top Hits

I Shot the Sheriff - Eric Clapton

Rock Me Gently - Andy Kim

I’m Leavin It (All) Up to You - Donny & Marie Osmond

Please Don’t Tell Me How the Story Ends - Ronnie Milsap

1974-- BART begins regular transbay service. In 1962, Marin and San Mateo County withdrew from the plan to raise funds with taxes. Santa Clara County

was not included as the Bay Area master plan not only included Marin, but

Napa County, where the population growth was to grow. When the cities

and county of Napa read the plan, they started enacting laws and prohibitions

for growth. Construction began in 1965. The 3.2-mile bore through the hard rock of the Berkeley Hills was completed in February, 1967, after 466 work days, to become the fourth longest vehicular tunnel in the U.S. 1969 the state legislature

authorized another tax to finish the project. In subsequent years, the line moved

from Daly City ( in San Mateo County without a tax initiative) to the San Francisco International Airport, located in Millbrae ( San Mateo County ).

Recently monies were granted for a line to continued from Fremont to San Jose

and Santa Clara in the near future. The original idea was to circle the entire

San Francisco Bay. One of the key opponents in San Mateo who changed

the course of history is Les Kelting, still alive in San Bruno, California. He

was against raising any taxes to pay for rapid transit, which he claimed would

help the San Francisco Airport more than the residents of San Mateo County..

1976-In Minneapolis, the 65th Triennial General Convention of the Episcopal Church officially approved ordination of women to the priesthood

1978-The Grateful Dead played a concert in front of the Egyptian Pyramids. The show was recorded but has never been released.

1979- At Yankee Stadium, the Bronx Bombers hold Catfish Hunter Day to honor their future Hall of Fame pitcher who will be retiring at the end of the season at the age of 33. A 20-year-old left-hander named Dave Righetti makes his major league debut for the home town team.
1979-What is generally considered to be the first rap record, "Rapper's Delight" by the Sugar Hill Gang, was released. Rap developed in the black ghettos of New York City, and consists of rhymed and rhythmical verses chanted over pre-recorded instrumental dance tracks. "Rapper's Delight" confounded the prevailing industry view that rap was an amateur fad with no commercial appeal. The record sold two-million copies.

1981 - Boxer ‘Sugar’ Ray Leonard, at age 25, knocked out Thomas ‘The Hit Man’ Hearns. Leonard won the welterweight boxing championship -- and the richest payday in boxing history.

1982---Top Hits

Hard to Say I’m Sorry - Chicago

Jack & Diane - John Cougar

You Should Hear How She Talks About You - Melissa Manchester

She Got the Goldmine (I Got the Shaft) - Jerry Reed1984 -"Miami Vice" premiers on TV.

http://harley.pcl.ox.ac.uk/~mark/miami/

http://us.imdb.com/Title?0086759

1987- Stealing his 30th base, a career-high, Indian Joe Carter becomes the ninth major leaguer to hit 30 home runs and to swipe 30 bases in the same season.

1988- Reds' Tom Browning pitches a perfect game against the Dodgers striking out eight and allowing only eight balls to be hit out of the infield in his 1-0 victory. Over three starts including the perfect game he retires 40 consecutive batters - one shy of a major league record.

1990---Top Hits

Release Me - Wilson Phillips

Do Me! - Bell Biv DeVoe

Have You Seen Her - M.C. Hammer

Jukebox in My Mind – Alabama

1993- the TV premiere of “Frasier.” In this spin-off of “Cheers,” psychiatrist Dr. Frasier Crane (Kelsey Grammer) has moved to Seattle where he dispenses advice on the radio. He lives with his father Martin (John Mahoney) and Martin’s physical therapist Daphne Moon (Jane Leeves). His brother, Dr. Niles Crane (David Hyde Pierce), frequently asks for Frasier’s advice about his love life. Roz Doyle, the producer of Frasier’s show, is played by Pen Gilpin.

1993—Top Hits

Dreamlover, Mariah Carey

Whoomp! (There It Is)- Tag Team

an t Help Falling In Love (From "Sliver")- UB40

If- Janet Jackson

1996- Paul Molitor of the Minnesota Twins got the 3,000^th hit of his career, a triple against Jose Rosado of the Kansas City Royals. the Twins lost, 6-5, Molitor became either the 20^th or 21^st player to reach the 3,000-hit plateau ( depending on whether the list includes Adrian “Cap” Anson, who statistics are in dispute. He was the first to triple for No. 3000.

1998- In front of 49,891 patrons at San Diego's Jack Murphy Stadium, Sammy Sosa ties Mark McGwire by hitting his record-setting 63rd home run. The 434-foot eighth inning two-out blast off Brian Boehringer is a tie-breaking grand slam as 'Slammin' Sammy collects all six RBIs as the Cubs beat the Padres, 6-3.

1998-Top Hits

I Don't Want To Miss A Thing- Aerosmith

The First Night- Monica

Crush- Jennifer Paige

My Way- Usher

1999 - Hurricane Floyd stormed ashore, pounding North Carolina with 110 mph winds, dumping more than a foot of rain, damaging 12,000 homes and claiming more than 50 lives. Floyd also caused the largest peacetime evacuation in U.S. history, with 2.6 million people ordered away from the shores in the hurricane's path.

2000- Cub outfielder Sammy Sosa joins Mark McGwire (1997-99) as the only major leaguer to hit 50HRs three consecutive seasons.

2002- Giant left fielder Barry Bonds walks three times breaking his own record for base on balls in a season with 178. Approximately one-third of the free passes given to the San Francisco slugger have been intentional (60 out of 178).

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[Headlines]