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August 16, 2000
( I report all these new internet leasing companies and affiliations to give readers an idea how the leasing world is changing. I am working on a special report on this for Leasing News, plus it will be part of my presentation at the UAEL Conference in Orlando--eSales. editor -------------------------------------------------------------------------------------------- SIGNATURES DEFINITELY REQUIRED ON CREDIT APPLICATIONS WHERE CONSUMER CREDIT IS RUN On July 26, 2000, NACM received a long-awaited response from the Federal Trade Commission (FTC) to its request for the Commission's position on whether a business creditor may use a consumer credit report for business purposes without first obtaining the consumer's written permission. As you are aware, this has been a somewhat contentious issue and is of major significance to all of our members. In its response, the FTC states that a consumer credit report may not be used for any purpose, nor may it be obtained for any purpose, even for a business transaction, without the prior written consent of the consumer in accordance with the Fair Credit Reporting Act. The language of the FTC letter is unequivocal, and the Commission's position is the same.
Rob Yohe (This
converts your fax to my e-mail box) Flexleasing Flex Leasing, Inc. has acquired the former president of Leasource Financial Services, Sacramento, CA, Jerry Withrow, as VP, Broker Management Division, effective 8/16/00. Chuck
Griffin Sovereing Bank As a new funding source (June 23 was one year), we want to surround ourselves with organizations like you. I know I forwarded our material to you. We are doing hard asset to $100,000 application only @ 10.75%. Full disclosure deals are driven off 60 month t's + 3.0, 3.25, or 3.5. If you need a funding partner that does not have an internal sales force and has the financial ability to develop vendor programs, please call. Alan Fern AFERN@SOVEREIGNBANK.COM San Francisco, CA, August 15, 2000 - LENDX, an online corporate equipment finance marketplace providing e-finance solutions, and The Leasing Exchange, an association of 30 of the largest equipment finance lessors and banks, announced today an alliance to design and build a dynamic web site for buying, selling and trading seasoned equipment leases and loans. The web site will incorporate LENDX's proprietary workflow technology platform with The Leasing Exchange's industry expertise, experience and vision. The site will bring increased efficiencies to the estimated $20 billion secondary market for equipment leases and loans and will begin with approximately $1.2 billion in equipment leases and loans posted. The alliance is motivated by a shared desire to increase liquidity in the secondary market for equipment leases and loans by providing efficient services to leasing companies. The Leasing Exchange, founded in 1996, has pioneered efficiencies in the secondary market through its online listing service and educational initiatives on portfolio management. LENDX's mission is to provide members of the equipment finance community with comprehensive e-finance services and to bring unprecedented efficiencies to the entire financing process. Richard Harris, Chairman of The Leasing Exchange, said that the alliance has the potential to bring significant efficiencies to the trading of leases in the secondary market. Harris explained, "The Leasing Exchange foresaw the need for a dynamic secondary market four years ago. Now we will see our vision enhanced with the help of LENDX's excellent technology platform and people." Lou Vigliotti, EVP of Lender Services at LENDX, explained: "Our alliance brings new efficiency, greatly increased liquidity and portfolio management capabilities to secondary market participants." Vigliotti continued, "The alliance further underscores our commitment to leverage our technology platform and industry expertise to provide lessors with a broad range of valuable services." CeramicSources.com Announces Partnership With eLease to Offer Customers Web-Based Leasing Solutions SAN DIEGO, Aug. 16 /PRNewswire/ -- CeramicSources.com, the first fully transactional e-marketplace for the global $200 billion ceramic and glass industry, has signed a multi-year partnership agreement with eLease, Inc., the developer of the capital equipment leasing industry's first lease process automation solutions. CeramicSources.com, recently launched on July 31, 2000 by parent company Procurement Ease, Inc., will fully integrate eLease AccessPoint(TM) into its suite of electronic auction, requisition, and fulfillment services. Now CeramicSources.com members will be able to solicit lease bids, evaluate the best deal, and close the transaction -- all online and usually within a day or less. eLease offers the eLease Platform(TM), a standardized set of web based technologies for delivering automated workflow and web-enabled leasing solutions for the $233 billion business equipment leasing industry. eLease AccessPoint(TM), an integral component of the Platform, adds complete automated leasing functionality to e-commerce sites. "We chose eLease for its user-friendly interface, streamlined lease underwriting process, and strong financial and strategic foundations. We believe by incorporating eLease's solution we can enhance the value and cost-savings we are bringing to our members," said David Tsay, President of Procurement Ease, Inc. "For companies to realize fully the benefits of electronic procurement, the process must be 'hands-free.' eLease can assist CeramicSources.com's leading efforts to connect seamlessly the procurement processes in the ceramic and glass industry. Together, we can save businesses a significant amount on transaction costs associated with financing equipment," said Ivan Wolkind, CEO of eLease, Inc. CeramicSources.com CeramicSources.com is the first e-marketplace for the $200 billion dollar global ceramic and glass industry. Our proprietary RFQ platform, customized auction software, and industry-specific resources provide both buyers and sellers a streamlined, cost efficient solution to their procurement and sourcing needs. Through key strategic partnerships with freightquote.com, ShipSolutions.net, eLease, and others, CeramicSources.com will provide integrated logistic, payment, and financing solutions at the click of a button. For further information and free registration, visit www.ceramicsources.com. eLease.com eLease provides lease process automation solutions for every constituent in the leasing process, including financial institutions, capital equipment vendors, and businesses that need to either offer or acquire leases. Using the eLease Platform(TM), eLease develops and delivers Web-based leasing solutions that add leasing functionality to any Web site, lease sales force automation solutions, configurable workflow solutions for back office lease processing and a business-to-business marketplace for acquiring capital equipment leases and lease lines. For further information see www.eLease.com. SOURCE CeramicSource.com CO: Procurement Ease, Inc.; CeramicSource.com; eLease, Inc. ST: California IN: MLM REA SU: JVN PDT Bid Express Announces Partnership with Oinke, Inc. to Provide Leasing and Commercial Financing Solutions to Contractors and Builders NASHVILLE, Tenn.--(BUSINESS WIRE)--Aug. 16, 2000--Bid Express, the leading Internet-enhanced contract bidding service in the southeastern U.S. and Oinke, Inc., the nation's preeminent provider of online commercial financing solutions, announced today the formation of a partnership that provides commercial financing to contractors and builders. Under the terms of the agreement, Bid Express will add the commercial finance center to its web site beginning Monday, August 14. The new service provides Bid Express customers with easy access to the commercial finance marketplace resulting in faster and more efficient borrowing for commercial real estate and business loans and equipment leasing. "Partnering with Oinke provides an additional way for our company to assist our customers' needs," says Terry Tramel, president of Bid Express. "The auction-method that Oinke incorporates in allowing its customers to receive bids for their financing projects fits perfectly with our mission to take the risk out of contracting for our customers." With the "Powered By Oinke" finance center, business customers put their financing needs up for auction. Lenders whose financing criteria match those of the loan request then bid on the borrower's application. Oinke guarantees that a minimum of ten lenders will view each loan, and that three lenders will submit bids. "Bid Express joins a growing list of customer-oriented, Internet-enabled companies to partner with Oinke in offering a commercial financing solution," said Thomas Markel, chairman and CEO of Oinke. "We are honored to form this partnership with Bid Express." Oinke, Inc. Using the "Powered by Oinke" solution, companies such as Bid Express provide an Internet trading exchange connecting business and commercial real estate borrowers with qualified lenders in a secure auction environment. Oinke's standardized online Auction Summary Application Package (ASAP) forms simplify the borrowing process for 63 different loan types, dramatically reducing typical loan paperwork and facilitating negotiations with a worldwide pool of more than 150 lenders, including Wall Street firms, insurance companies, banks and finance companies. The new Bid Express finance center will specialize in equipment leases and business and commercial real estate loans ranging from $100,000 to $500 million. Bid Express is the leading Internet-enhanced contract bidding service that provides professional, experienced and qualified contractors to meet commercial building improvement needs in the Southeastern U.S. Bid Express researches each contractor to ensure that the proper licenses and insurance certificates have been filed, checks their credit history and then screens them through the Better Business Bureau. With contractors all across the southeast region, Bid Express takes the risk out of contracting. To place a bid or learn more about on-line contract bidding, visit Bid Express on-line at www.BidExpress.com or call 615/885-BIDS (2437).
CONTACT: Logic Media Group Melissa Dearman, 615/301-8386 Melissa@LogicMediaGroup.com or OINKE
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