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August
21, 2000
LEASING NEWS 8/21/99 Signatures Required to Run Consumer Credit On Line Portfolio Sales Timing by Rob Yohe First Sierra 3 3/8 ( Wall Street Calls This "Skyrocketing" ???? ) Fix Your Credit??? Lastest Scam Portfolio Sales for End of Year---Start Now, Advises Rob Yohe Kit, This is not an advertisement, just common sense advise. Please use as you see fit, whether for yourself or placement in the news letter. Over the years in the business I have learned that if you have a portfolio, warehouse line, recourse bank lines, etc., and you have a need to find permanent and/or non-recourse placement before the end of the year for financial statement or income considerations, you better move now. Most funders of portfolios are already stacked up. Presentations and proposals need to be in place as soon as possible to avoid the year-end struggle or being left out completely. I know of one major portfolio player who has already made the decision that they will fund no portfolio paper after Nov. 30th until Jan. 1st. Additionally, rate increases are more likely than decreases. Just some timely advise for those Lessors who may need to move some paper. Sincerely, Rob Yohe Consultant to the Leasing Industry Office (913) 851-8372 Fax (913) 851-7877 E-mail Fax (240) 536-4594 (This converts your fax to my e-mail box) Cell (913) 579-5191 Comments Regarding Signature Required for Consumer Credit (notably internet applications) Interesting, indeed. NAELB counsel Joe Bonanno asked about this at this year's Annual Conference and we raised the same issue at this year's ELA Legal Forum in Miami. The ELA lawyers - counsel for some of the largest lessors in the US, wer stunned and no one had an answer. Our subsequent research indicated that some form of authorization was necessary, but, until this ruling, it appeared up in the air as to what that was. This SOUNDS LIKE the gov't making use of the recent electronic signature legislation - even though few os us have caught up with it yet. We'll go ahead and research the issue further now that there's some law on the books and et back to the listserv with our suggestions. I hae some ideas, but experience indicates that it's best to wait for an hard answer. For the present, let's note that FTC is concerned, and this ruling APPARENTLY deals with, CONSUMER credit. THe "rub" may be in whether the GUARANTOR is at least arguably a consumer as he/she is an individual - on another issue (FCRA requirements which Equifax was exercised about last year) we found no basis for extending the FTC's rulings to commercial leasing. I suggest that it might be prudent when obtaining reports on guarantors to ensure that they confirm their OK be at least email until we know more. Still, I can't get overworked about all this pending our research - the questions are (PROBABLY) "what constitutes permission - signature? electronic signature? electronic OK without encrypted signature?" adn "what else do you need from each guarantor?" * * * * * Barry S. Marks * * * * * BERKOWITZ, LEFKOVITS, ISOM & KUSHNER 420 N 20th St., 1600 SouthTrust Tower Birmingham, AL 35203-5202 bsm@blik.com - www.leaselawyer.com 205.250.8333 - fax:322.8007 Shares of SierraCities.com have skyrocketed in the last two days, jumping more than 40% in early trading Friday (8/18/00) after a leap of 41% Thursday(8/17/00). ( yes, from around 2 to a little over 3 is 41%--editor ) Dain Rauscher Wessels analyst Jeff Runnfeldt said the stock had been severely oversold, but with the company reporting no news, there's no apparent reason for the soaring stock price. ( am I missing something here?--editor ) "The stock had been trading as if it was going out of business," Runnfeldt said. ( where did this come from? ) Houston-based SierraCities leases equipment to small businesses and also sells a proprietary electronic-commerce software system. SierraCities' stock had been in a steady decline since March, when it was trading at about $20. It reached a 52-week low of $1.88 on July 28. At the end of April, the company said it was considering splitting its finance and technology operations and said it hired Donaldson Lufkin & Jenrette as and adviser for the transaction. No decisions or plans have been announced regarding the company's strategy. "The management has been incredibly tight-lipped," Runnfeldt said. ( no kidding ). In its April earnings release, SierraCities said the benefits of its online software include automated applications, data retrieval and servicing that allow application approvals in as little as two minutes and funding in as little as 24 hours. (rumors in the industry, few approvals, and worse yet, the ratio of approved to signed is very high--meaning this has been both expensive and not working well--as heard from several insiders--have not be able to confirm---editor ) Runnfeldt said that his April research note gave SierraCities a book value of $6.15 a share and put a value of $13 to $15 a share on the company's lease and loan portfolio. With the stock trading below $4, Runnfeldt believes the stock has room to rise. "I suspect the sale of the entire company is a possibility, though management hasn't said anything about it," he said. "It's all purely speculation." ( hey, we have been hearing this "speculation" all year long ). The company had no comment. ( but they are hanging in, there....) SierraCities shares recently traded at $3.63, up 21%, or 63 cents, on volume of 963,000, compared with average daily volume of 236,600 shares. closed down today, Monday, http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=BTOB&script=200 3 13/32 - 1/8 (down 3.54%) Current Day's High: 3 7/8 Current Day's Low: 3 5/16 Current Day's Volume: 426,800 shares Change Your Credit by Changing Your Social Security. This is a "spam" I received the other day. I am not promoting the services, but bringing it to your attention. I know when I was trained in reading consumer credit, we looked not only for "depth," but aging...how old was the oldest credit report. If less than five years of history, I was told to look further into the application. Dear Friend, Give yourself the ADVANTAGE of a new, legal, unblemished credit file in less than 30 days, allowing you to enjoy your life more by having EXCELLENT CREDIT!! Over the past 8 years I have perfected a system called the Proven Credit Advantage Program. It's a guaranteed way for legally getting an excellent credit rating almost instantly. Here's how. You will simply go through my easy 5 step program to quickly get a new, legal, unblemished credit file and establish Excellent Credit. Step 1 - Because no two people in the United States have the same Social Security Number, Banks and Creditors access your credit file almost entirely by your SS#. You will not want to change your Social Security Number because it is extremely difficult to do so and you need it for your Employment, Taxes and Social Security Benefits. The FEDERAL PRIVACY ACT OF 1974 clearly states that only the Government and your employer can force you to use your SS#. Because of this law you are allowed to legally use another 9 digit number to use in place of your Social Security # on credit applications. The first day you become my client, you will receive your own number through the Employer Identification Number Program. You will need us for this because 95% of all Employer Identification Numbers, although 9 digits, do not look anything like Social Security Numbers and cannot be used on credit applications. We will legally get you an Employer Identification Number that fits in the same range of Social Numbers in use today. Because the Federal Laws do not require you to give your SS# to anyone besides your Employer and the Government, you can now legally use this number in place of your SS# on credit applications. Remember, your new number will only be used for new credit. Step 2 - No two people with the same name have the same mailing address, so you will need to obtain a new mailing address for use on your new credit file. A friend, relative or mailbox address in your area will be perfect. 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