Lease Exchange
We
are/were a member of LeaseExchange. I do know that they have closed their Orange
County sales office (11/2000) and laid off most of their staff. Our messages to
the San Francisco office have gone unanswered of the past couple of weeks. The
site is still active and fully functional.
name with held
LeaseExchange
has not filed a BK and has no intention to! We have had to tighten our belt with
the current market conditions and let some people go which is why you are getting
some emails bounced back to you. The employee is no longer with us if it comes
back to you and they should be removed from your email list. We have closed our
Irvine Sales Office which is why there have not been as much activity on the Exchange
lately with our focus more on the technology of the exchange. We will have some
news in the next couple of weeks about the direction of the company and I will
let you know.
I
hope you have a wonderful 2001. I forget who gets credit for this quote but it
goes like this "May you live in interesting times." We certainly are. As always
I appreciate your forum and industry news......
Take
care,
Tom
Williams
twilliams@leaseexchange.com
Kit
Menkin wants to bring to your attention there may be a possible conflict of interest,
as he was among the original advisory board members of equipmentlease.com that
changed their name to LeaseExchange.com. He helped design their first on line
lease application, working through early stages, helping to set up perimeters,
but to his knowledge, there was only one advisory board meeting held. Avcom, one
of their dealers sat on the advisory board, as well as a member of one of their
bank funders, as he remembers. The company hired sales managers and salesmen to
sign up vendors.
He
will state that one of the things he advised the original founders was that "...if
you pick up a vendor very quickly, you will lose them just as quickly. They are
very fickle. You are as good as your last deal. Leasing is a " relationship" business
and that is what your goal should be---not banners, advertising, negative messages,
or alleged best rate."
Mr.
Menkin also sits on the advisory board of two other eLease companies, who have
cut back their staff and operating costs in hopes of "turning a profit". Neither
of them listened to him, he said. He stated the eLease founders reminded him of
his kids when they were teenagers: " They know everything."
Here
is the first press release announcing the opening of LeaseExchange, who also received
great write-ups in other newspapers and magazines, including "Red Herring,"
---"35%
of lease applications are rejected", press release claims, and new service may
place them all. Advisory Board Member Harry Edwards promotes value of LeaseExchange
for his company Avcom.
SAN
FRANCISCO--(BUSINESS WIRE)--April 17, 2000--Today, LeaseExchange introduced the
first open, fair and efficient marketplace for business-to-business leases, appropriately
named The Lease Exchange.
The Lease Exchange dramatically reduces the time
required to secure multiple competitive bids for an equipment lease, and increases
the chance a leasing customer will get approved. "We're turning the $233 billion
equipment leasing industry on its head by creating an online marketplace that
accommodates everyone's needs -- leasing customers, equipment sellers and leasing
companies alike," said LeaseExchange CEO Aaron Ross. "The Lease Exchange helps
get more leases done more quickly, which is what everyone involved in leasing
needs."
According to a 1999 report released by the Equipment Leasing and Finance
Foundation, the average leasing company rejects 35 percent of the lease applications
it receives. Because each leasing company has different application approval parameters,
other leasing companies would approve most of these applications when given the
opportunity. The Lease Exchange has a broad range of leasing companies that approve
varying credit qualities, geographies and types of equipment, ensuring the highest
possible approval rate.
Through
The Lease Exchange, leasing customers complete a simple, one-time application
and quickly receive bids from multiple leasing companies competing for their business.
The Lease Exchange also offers a live customer care center that can help leasing
customers negotiate the process.
The
Lease Exchange benefits equipment sellers as well. They can refer their customers
to The Lease Exchange, where multiple leasing companies compete for their customer's
lease, vastly increasing the chances of approval, speeding up the process and
ensuring competitive pricing. "We are looking to The Lease Exchange to dramatically
improve the financial services, specifically leasing, that AVCOM provides to its
customers," said Harry Edwards, chief operating officer and vice president of
business development at AVCOM Technologies, Inc., one of the nation's leading
systems integrators focused on Sun Microsystems products and solutions. "Having
leases processed through The Lease Exchange will make us more competitive and
create a better quality of service for us and our customers."
Finally,
leasing companies also benefit because they receive qualified applications with
the information necessary to make fast, accurate bids. This access to critical
data allows them to quickly filter applications and efficiently complete more
leases. The Lease Exchange levels the playing field for customers, equipment sellers
and leasing companies. For the first time, leasing companies and businesses looking
to lease equipment can track the leasing process from beginning to end.
About
The Lease Exchange
The
Lease Exchange is the first open, fair and efficient online marketplace where
businesses can find the best value for equipment leases. It is the only exchange
that brings together leasing customers, leasing companies and equipment sellers
to complete the lease transaction. Its customer-centric focus ensures that all
parties operate on a level playing field. Founded in April 1999, LeaseExchange
received $3 million in first round funding from WaldenVC.
Visit
The Lease Exchange at www.LeaseExchange.com.
More Reaction to New United Association of Equipment Leasing Exec. Joan Dalton
12/29/00 announcement that Joan Dalton had replaced Ray Williams came as quite
a surprise. I'm sure that she's a bright, energetic individual, but there appears
to be a undeniable want in her experience to lead the professional Association.&;
This was an action calculated to achieve what end?
Although
the announcement clearly said she replaced Ray Williams, could this be an interim
step at administrative management?
Thank you for your considerations.
James
J. Prunty
James@Prunty.Com
+
+ + +
My
experiences with Joan Dalton prove to me that she is an enormously qualified individual
with great people skills and a solid work ethic. I think she will do as well in
this job as anyone possibly can and we should give her the benefit of the doubt
for now.
I
assume that the downgrade of her title (managing director vs. executive director)
means that the board got her cheaper than a CAE or CLP would charge, so at least
the association is saving money.
In
my opinion, the problem is not Joannie's lack of experience, but rather the fact
that UAEL officers tend to micro manage the staff. As each new set of egos gets
elected, they seek to make their imprint on how things are done.
I guess Ray wanted to actually manage the place, so they had to get rid of him.
Joannie
deserves all of the encouragement - and sympathy - we can give her.
Ken
Goodman, CLP
kendg@email.msn.com
(feel
free to use my name - I don't think I've pissed anyone off in a few weeks. This
ought to do it)
UAEL
Membership Fees:
I
was annoyed to receive the renewal invoice indicating that dues had once again
been raised. From my perspective, we are now paying more but receiving less.
Are
we paying for the severance paid to Dr. Williams, the costs incurred in finding
a new EVP, a higher salary for Joan Dalton, or losses incurred at the ill-timed
Orlando conference? Was all of this really necessary? Who made these decisions,
and why? What are the benefits to dues paying members? After 15+ years as a very
active member of this association, I am considering quitting, not merely because
of the dues hike, but because of what I perceive to be a weakness of leadership
and a politicization of the association which ignores the needs of members and
fails to recognize our contributions.
Too bad. The UAEL was, at one time,
a very rewarding and beneficial association. Whatever has happened, I for one
don't like it one bit. It may be the to move on. There are many other associations
which provide more value for the time and money it takes to participate in these
associations.
Anonymous
+
+ +
Kit,
I had to voice this complaint. I know Rodi ( Bob Rodi, former UAEL President )
is on your board, and that you too are friends, but I simply can not believe what
has happened in this past year to undermine the integrity of the association.
On top of that, after a disheartening year, they have the myopic audacity to raise
dues. I am really pissed off at the leadership, and would appreciate it if you
would voice my opinion. Perhaps a minor groundswell will open some eyes and help
rectify some of these unfortunate trends. On the other hand, maybe I will find
out that I am dead wrong, and simply out of the loop. In any event, I would like
to see my comments published, but please withhold my name.
Thanks.
( name with held )
New Leasing Law Site www.leaselawyer.com
The
Equipment Leasing Group of Berkowitz, Lefkovits, Isom & Kushner, a professional
corporation, announces that it has upgraded its website, www.leaselawyer.com.
The site now includes indexed case notes and articles regarding the equipment
leasing industry, including reviews of unpublished cases and advice on business
and tax concerns of interest to the equipment leasing industry.
Group
leader Barry S. Marks was assisted by fellow shareholder Thomas J. Mahoney, and
associate Kenneth P. Weinberg in the revision, which is designed to make the site
a valuable resource for sales and operations staffs, lawyers and other leasing
professionals
(
This is also available on line in
html )
64
Leasing Companies Major Changes
(
For specific stories, use search on our site, go to our archives
)
Advanta
Leasing ( 9/2000 for sale, former prez now at eOriginals,others let go like Kaye
Lee.)
Affinity Leasing, Washington ( 12/2000 to close and concentrate on Financial
Pacific biz )
American Business Leasing ( gone )
Balboa Capital ( 9/2000
Founder Pat Byrne "...office available any time he wants to use it" ).
Banc
One Leasing ( 12/2000 Lays Off 60, Closes 5 offices )
The Bancorp Group, Inc.
(Southfield, MI) (Not accepting news business. The BOD of the parent bank
is assessing what to do with the leasing subsidiary.....currently servicing portfolio
but not originating. no longer in business )
Bankvest
(bankrupt)
Bayview Capital ( 12/2000 announces $17 million loss/later does
not issue dividend )
Bombadier ( 12/2000 reported having leasing problems,
not confirmed, company strong in other divisions, but
appears backing out of leasing division )
BSB Leasing ( 1/2001 Don Meyerson
bought back the company and they are back in business at 303-329-09227.
Official announcement to be made soon. They are notifying brokers to start sending
them business again. 12/2000 Don Meyerson says to be "re-born"11/2000 closed to
accepting new business.)
Capital Associates, Denver,
Colorado ( no longer doing business )
Charter Financial ( purchased by Wells
Fargo 9/5/2000 )
Colonial Pacific (11/98) purchased by GE Capital 5/2000 no
more re-brokered applications, except from one or two
sources, such as Steve Dunham's Leasing Associates )
Commerce Security ( 9/99
closed to leasing broker program )(11/99 last fundings)
Comstock Leasing (
3/2000 Unicapital then Linc and discontinued operation this date )
Conseco
Finance Vendor Service ( 12/2000 purchased by Wells Fargo Leasing. )
Copelco
( 4/2000 sold to Citibank/10/2000 stock down rated/10/2000 ceases broker business,
many complaints in manner turning off faucet )
Dana
( 7/2000 sold off portfolio, active as captive lessor )
DVI Capital (12/2000
out of broker )
El Camino Leasing, Woodland Hills, Caifornia (10/2000 No longer
taking broker business 11/2000 struggling to stay in leasing
business, according to insider reports )
eLease ( June/July/2000 senior management
changes )
Finantra (11/2000 will eliminate its commercial finance operations
in order to focus on its two core finance platforms, consumer finance and services
and consumer mortgage lending. )
FMA Finance ( 4/2000 reportedly closed to
brokers )
Fidelity ( 4/2000 acquired by EAB, a wholly owned subsidiary of
ABN AMRO Bank N.V., headquartered in the Netherlands,
raising funds )
Finova ( 12/2000out of market place, many problems, raises
$250 MM, but not enough ) ( 10/2000 Dow Jones headlines "Finova Stock Falls As
Buyout Hopes Wane 10/2000 Dow Jones notes stock falling
and problems at Finova 11/2000 Announces they will discontinue business, sell
units 11/2000 Suspends Dividend 11/2000 Leucadia National
to Invest $350 Million in Finova 11/2000 reports $274
million loss ))
First State Bancorp, Albuquerque, N.M ( 3/2000 sold leasing
division-$64 million---)
Franklin Leasing, Des Moines, Iowa--owned by Liberty
Bank-- (2/2000)-no longer writing leases ( limited by
regulations and leases are for sale ).
Franchise Mortagage Acceptance Corporation
(FMAC) 11/1999 purchased by Bay View Commercial Corporation (Bay View Bank) 9/2000
discontinuing all franchise loan and lease production.
Golden Gate Funding
( 2/99 purchased by Westover Financial )
Heller Financial's Commercial Services
Unit ( 10/99 purchased by CIT )
Imperial Credit Industries (ICII) ( sold portfolio
)
Japan Leasing Credit claims ( JLC --6/99 purchased by Orix )
Lease Acceptance
Corp---( ceases broker business 7/26/2000 )
LeaseExchange.com ( 1/2001 Closes
Irving office, cuts staff )
Leasing Solutions ( bankrupt )
Liberty Leasing
( closed, California company )
Linc Capital ( out of vendor and broker business,
Nasdaq halts stock sales, $13.4 loss last quarter,10/2000
assets for sale )
Lyon Credit Corporaton ( 9/99 purchased by Hudson United
Bancorp )
Manifest Group--( 9/1/2000 purchased by US Bancorp Leasing and Financial,
"...a win for all the parties involved," Brian Bjella.)
Matsco Financial (12/2000 purchased by Greater Bay Bank )
Merit Leasing
( gone )
Metwest Leasing, Spokane Wa. ( 9/2000 advising brokers that they
have run out of funds so they are unable to fund a transaction
we have there for funding. 11/2000 Metwest Leasing Spokane, WA. is pulling the
plug, confirmed by five sources.)
Metrolease--( 5/2000 reports closing operation,John
Blazek at Evergreen Leasing, Hathcock losing assets, will
not confirm nor deny; many serious rumors of serious fraud floating around the
marketplace, including debt to Textron Financial, reported
to file bk.)
NationsCredit, Business Leasing Group (1/29/99 sold to Textron**)
*"The Business Leasing Group of Nations Credit was sold
to Textron and we still do broker business," say Jim Merrilees, past UAEL
president. NIA National Leasing ( 3/2000 purchased by Lakeland Bancorp )
New
England Capital ( 6/2000 sold to Network Capital Alliance a division of Sovereign
Bank. Sovereign did hire two people who will run a sales office in CT, doing basically
the same deals with the same people as before. Little
will change in that aspect.
Newcourt ( 8/2000 sold off )
Old Kent Financial
,GrandRapids, Michigan ( 11/2000 Fifth Third Bank,Cincinnati, Ohio announces acquirement,
to close second quarter 2001-Gateway Leasing sold to Old Ken in 1997, small ticket
leasing specialists )
Onset Capital ( 9/2000 Irwin buys 87% equity )
Orix
11/10 First Six Month Profits up 14% at Orix! ) 10/2000 "long-term Outlook has
been revised from Stable to Negative" Credit Allianchat
it has changed its name to ORIX Financial Services, 9/2000
Japanese Bank President Committs Suicide (Orix is a 14.7% shareholder in bank
having problems ), ( 8/2000 closes small ticket vendor
division in Portland, Oregon, "Business as usual (in New
Jersey and with brokers)," says Steve Geller 11/8 New President at Orix appointed
11/10 First Six Month Profits up 14% at Orix! No negative
reports, company appears to be doing very well. )
Phoenix
( 5/2000 both divisions closed )
Prime Leasing, Minnesota ( no longer doing
business )
Preferred Capital ( 12/2000 On the block. David Murray left 11/7
"didn't like letting his friends go." 01/2000 Mark Seif
confirms )
Republic Leasing, South Carolina 9/27/2000 ( "The expected result
will be a sale of Republic Leasing"---Dwight Galloway. He adds,"We have always
been for sale for the right price, but in thirteen years
we have not sold off any leases or gone direct after broker's business,ever."
)
Resource Leasing, Herndon, Virginia ( 11/2000 MicroFinancial/Leasecomm acquires
major portion of the assets.)
Rockford ( sold to American
Express )
Scripp Financial ( 6/29/2000 ( purchased by US Bancorp )
Signature
Leasing, Dublin, California ( 11/2000 no longer in small ticket marketplace )
SDI ( 5/2000 closed to broker programs )
SFC Capital ( 9/15/2000 purchased
by Trinity Capital )
SierraCities (11/2000 to be acquired by Vertical Net
Credit on December 29, now extended to January 16,2000
, Sells Off UK Assets )
T&W, Washington (10/2000 filed Chapter 11. Creditors
meeting on 12-4-00 Seattle. Case # 00- 10868 US Bankruptcy
Court Western District of Wash. 206-553-7545. Debtor Attorney-Marc Barreca
206-623-7580)
Transamerica ( 11/2000 for sale, but no buyers, so taken off
marketplace, no longer for sale )
Unicapital ( 12/2000 files bk ) *** series
of company that may be affected, end of report )
United Capital, Austin Texas
( 12/2000 no new deals until after the 1st of year, Steve Dallas says, "
We will survive."
Varilease ( 11/2000 closed down )
USA Capital Leasing
( gone-bk )
any
corrections, additions, comments will be appreciated.
We are presently working on dividing the list into last twelve months and prior.
We are close to completion on this project
***Original
Purchases by Date by Unicapital
American
Capital Resources 2/98
Boulder Capital Group 2/98
Cauff, Lippman Aviation
2/98
Jacom Computer Services 2/98
Matrix Funding 2/98
Merrimac Financial
Associates 2/98
MunicipalCapital Markets Group 2/98
The NSJ Group 2/98
PortfolioFinancial Servicing 2/98 --acquires assets of Unicapital
Vanlease
2/98
The Walden Group 2/98
K.L.C., Inc. dba Keystone Leasing 5/98
Jumbo
Jet 7/98
HLC Financial 7/98
Saddleback Financial Corporation 7/98
U.S.
Turbine Engine Corp. 7/98
The Myerson Companies dba BSB Leasing 9/98 --- back
in business under original owner now: Don Meyerson
Please
note, we are continuing to fill in the dates, so we can break this list into a
"current" and " recent" list. We have also deleted smaller companies and sales
of portfolio's as the list was getting too large. Editor had not completed new
chronological section.
We give you permission, and in fact, encourage you to pass on information to your
colleagues. If you would like to join our leasing news network, we are free, with
no advertising or banners, too--- all you need to do is e-mail us. View Us on
Line, too: www.leasingnews.org
HARTFORD, Conn.--(BUSINESS WIRE)--Jan. 5, 2001--
Loans And Leases Now Available To $5 Million Per Transaction For More Than 200,000
Listed Industrial Assets Valued At $14 Billion
The
Online Asset Exchange and First International Bank, a subsidiary of First International
Bancorp Inc. (NASDAQ: FNCE), have formed an alliance to offer online financing
to companies that buy and sell industrial assets via www.onlineassetexchange.com,
the world's largest marketplace for surplus and used industrial assets.
First
International, reputed as the world's first global small business lender, has
agreed to make commercial and international credit products available via ThruCredit(sm),
the bank's technological solution for financing industrial transactions via the
Internet.
Exchange participants can settle online transactions - up to US
$5 million - by choosing from a full range of equipment financing solutions on
First International's e-CreditMenu(sm). They can also meet other business borrowing
needs with products such as basic payment guarantees, working capital lines, industrial
mortgages, and sophisticated international trade, barter and energy financing.
The Online Asset Exchange's president and CEO, Frank Berlage, stated, "We
are excited about offering our clients financial benefits and hope this will enable
them to conduct business more easily and efficiently on our Web site."
Brett
N. Silvers, the bank's chairman and CEO, noted, "Our presence in the world's primary
emerging markets is an advantage for small and midsize industrial companies who
will find the Exchange a tremendous resource for identifying and accessing used
corporate assets."
The two companies met in Tijuana, Mexico on December 13,
2000 to reach out to more than 30, medium-size Mexican manufacturers in the metal
bending, cutting and forging industry. Company representatives attended a presentation
that featured Ernesto Ruffo, ex-governor of Baja California, as keynote speaker.
Tijuana is the site of the Exchange's first office outside the U.S.
First
International's success in the use of government-guaranteed lending has helped
the company earn its worldwide prominence. The company is the number one user
of loans guaranteed by the U.S. Department of Agriculture and also - for the fourth
year in a row - the Export-Import Bank of the United States. The company is also
a prominent SBA lender.
The government of Mexico recently endorsed First International
as the first U.S. bank authorized to make loans backed by Nacional Financiera
to small industrial companies in Mexico.
The company gained the attention
of the U.S. Department of Commerce in 2000, receiving the President's "E" Award
for Export Service for promoting U.S. exports and economic interests abroad. First
International's e-business strategy has been spot lighted in publications such
as Forbes, InfoWorld and InformationWeek. The company now has 19 agreements industrial
e-marketplaces where participants have direct access to its online financing.
About
The Online Asset Exchange Inc.
Founded
in 1999 and headquartered in San Diego, The Online Asset Exchange
is the leading global online marketplace for the sale of industrial
assets. The exchange is the largest marketplace in the world
with over 200,000 assets and $14 billion in value. The exchange
includes metalworking and forming, processing, surface-mount
technology, medical, construction, agriculture and transportation
equipment. The Online Asset Exchange provides a full suite
of services for buyers and sellers to assist in the purchase,
from authentication to appraisal, shipping, rigging, financing,
and escrow. More information about The Online Asset Exchange
can be found at www.onlineassetexchange.com.
About
First International Bank and First International Bancorp Inc.
First
International Bank (www.firstinterbank.com)
- a world leader in the use of SBA, USDA and Export-Import Bank loans - provides
innovative credit, trade and financial solutions for small and medium size industrial
businesses. The company has more than 200 employees and representatives at 29
locations worldwide, including offices coast-to-coast in the U.S. and international
representatives located in the Americas, Asia, Africa, the Middle East and Central
Europe. In 1999, the company originated $551 million in loans primarily within
its industrial niche, and closed the year with a managed loan portfolio of $1.1
billion. Established in 1955, the bank is a subsidiary of publicly traded First
International Bancorp Inc. (NASDAQ: FNCE), with headquarters in Hartford, Connecticut.
CONTACT:
First International Bank
Michele Zommer, 860/241-4705
zommerm@firstinterbank.com
Odds
and Ends
The
Monitor claims to be a leasing industry publication, but my experience has been
that it leans to advertisers which is where they get their money from. Small leasing
people like my self don't ever seem to covered in any of their editorials.
I like you candor and the way you call a spade a spade. How far can I go with
my comments? I have several "funding sources" that I would like to warn my fellow
leasing brokers about, but I don't want to wind up in a court room and have to
defend myself for telling the truth.
(
name with held )
(
as you can see, we often do not print the name of the sender, at their request.
We will substantiate comments, complaints, and often will with hold them without
the use of the name---depending on the sender ( knowing the sender is a deciding
factor). editor
+
+ +
Saw
your email information for the first time today. Keep up the good work, it's great,
better than anything I have ever read in The Monitor.
Bob
Kane
Equipment_Leasing@Juno.com
