August 28, 2001


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American Express Business Leasing to Get Education Tomorrow

New Non-Profit Leasing Association to Launch Soon

Preferred Lease, a Capital Werks Company

Dell Offers Easy Paperless Finance Options for Small Businesses

eMerge Interactive Gets $30M Credit Line From CIT Group

Where Was Jim Merrilees?---On the Golf Course, Of Course

Jeff Cholley Joins National City's Vendor Equipment Finance


Person Looking for a Job, Needs Your Help


###denotes press release



American Express—Don’t Leave Home.


Leasing News believes some readers are being “blocked” by American Express Business Finance Leasing. They are not receiving our newsletter, but when

sent via another address, they receive e-mail. This leads us to believe American Leasing Express is blocking our e-mail.


Anyway, we know about the big meeting in New Jersey tomorrow. The “:bomb”

was set a long time ago, and it has taken management this long to find out ( or

will they ). Perhaps AmX should have stayed in the credit card business, as it was profitable.


P.S. You can’t stop employee’s home e-mail very easily. editor )




New Non-Profit Leasing Association to Launch Soon, a leading leasing company portal of information, will launch a

new non-profit association called: eLessors Networking Association.


They will be introducing this at their Atlanta, GA Conference later this week:


Welcome to eLNA ...


Just as the old industry associations have done a great job representing the old equipment leasing industry, the new eLessors Networking Association (eLNA) is positioned to represent a national community of technology and online equipment leasing professionals…the new "eLeasing industry"!



Scheduled for launch from this Web site in January 2002, eLNA will begin providing benefits and programs designed to help members succeed in today's rapidly-evolving marketplace, including ...

Member's News

Speaker Bureau

Employment Bureau

Resume Listings

Events & Programs

Member's Directory

Executive & Company Of The Year Awards

Message Center



The diversity of eLNA membership will provide members with extraordinary benefits as eLNA members would rather network with those they can do business with, rather than just their competitors. eLNA's executive and corporate memberships will include both industry leaders and smaller pre-IPO companies in a variety of business segments, ranging from hardware and software providers, web designers, consultants, ISP's, telcos, financial services and legal firms.

To receive advanced membership information when available, please email your Company Name, Contact Name, Title, Telephone and Email Address to -



( Dues and descriptions of non-profit leasing associations are at:


        Association for Governmental Leasing & Finance

        Eastern Association of Equipment Leasing

        Information Technology Resellers Association (ITRA)

        Institute of Internal Container Lessors

        Mid-America Association of Equipment Lessors

        National Association of Equipment Leasing Brokers

        United Association of Equipment Leasing




Ricky Martin is No Tom Jones....


I read Leasing News every day, and find your publication a great source for

keeping up with the industry. The format is great - wouldn't change a



I do, however, need to take exception to a comment you made (surely in jest)

in today's issue. In an editorial note, you say "( The Tom Jones mean they won't know who Tom Jones

is or have not seen him perform??? He makes Ricky Martin look gay. editor



I'm not gay, but have many close friends who are. Now, I'm sure you meant

no malice, but even relatively innocent remarks like this help to

proliferate a very negative attitude towards the gay community, and adds

fuel the the fire of intolerance. I do not expect you to comment on this,

just to use better judgment in the future.


Please don't reprint my comments.


( name withheld )



( I am printing the e-mail without naming the sender, as part of our editorial policy****. )




(Off the record) You mean Ricky Martin ISN'T gay?


( name with held )

( I poke fun at everyone from time to time, gender, sex, race, broker,

salesmen, lessor. I also did not say readers born after a certain time

period would not get the joke. A reader made that observation.

I have seen Ricky Martin in many interviews and he has intimated that he is “gay,” and that basically was the joke.


( Most jokes poke fun at someone. If I had said Tom Jones makes Ricky Martin look Jewish or Black or Polish, it wouldn’t have been funny. But then, as Milton Berle said, “ If you have to explain the joke, it wasn’t funny.”


( Rick Wilbur has advised me not to give up my day job and stop telling jokes in

Leasing News. I will take his advice. I will also take yours and will try to be more “sensitive”. Thank you for your comments. editor )




Preferred Lease, a Capital Werks Company


In regards to Capital Werks purchasing Preferred, I heard that they only

purchased Preferred because Capital Werks could not secure lenders like

Irwin Business and others and they felt they will go through the back door

with preferred for those lines.


It's companies like Preferred and Capital Werks that have given our Industry

the black eye that it has!


I have the guts to say the truth, there are so many un-professional leasing

companies out there hiring "students" so they can teach them methods of

thievery like the ol bait & switch and we're offering 7% interest with our

own banking line , etc. and they don't pay them anything, they write all

F.M.V. leases but the company collects all the residuals because those

employees are no longer there, they got smart and found a "real" job.


I keep reading people on your web site talking about cleaning up the

problems that affect our Industry, well one of the biggest problems is that

we have to name companies that are following these practices and start to

police with-in.


I love my job, I have worked extremely hard to win the respect and business

from a hand full of vendors and a lot of repeat customers.


Republic Group thieves are at it again.

Richard Shapiro

Saddleback Financial Corp





The web site that you listed in today's newsletter in reference to Preferred

Lease is not the correct web address. The web site you listed is for the

Ohio-based Preferred Capital, Inc.


Please make that correction. The two companies are not affiliated in any



Thank you,

Ken Rabatin


( )


I hope this is the right one, it opens:


Louis Schneider

graduated from the University of Massachusetts and received his

Bachelor of Science degree in 1983. He immediately went to work

for the second largest computer manufacturer in the world, Digital

Equipment Corp, where he underwent a year-long Sales Development

Program and sold computer systems to businesses in the financial

services industry in downtown Chicago for several years. Although

Louis was an excellent salesman, his entrepreneurial spirit and

business talent pulled him away from the corporate world. Learning

from his previous clients, Louis sought employment in the much more

lucrative and promising financial services industry. Louis worked

for several small equipment lenders in the New England area where

he perfected his organizational business skills and his customer

service skills while financing primarily "yellow iron" during the

construction boom of the 1980's. Louis used this time to learn about

the industry and develop his dream for his own private leasing company.

Years later, Louis opened his first private company, The National

Finance Center. In all his financial experience, Louis had never

seen financing made available directly to the lessee. The traditional

vendor-based financing was not only expensive for the customer but

was also inconvenient as it allowed for very little flexibility.

Louis decided to offer financing directly to the consumer rather

than going through the equipment vendor and in doing so, he was

able to provide a valuable product to a once-neglected customer.

A few years later, Louis' life-long friend, David Murray, who had

the same ideas about direct financing, had begun a company called

Direct Capital that operated on those very principles. It seemed

that Dave and Louis' skills complimented each other and they decided

to start a new leasing company that would play a major driving force

in the industry. It was their vision to create a company that would be large

enough to ensure proper customer service, lower rates,

and true simplicity for the lessee.

That dream was realized for Louis in January of 1997 when he was

able to join David in Lake Tahoe as a partner in Preferred Capital.

Louis is now the President where he aims to "build a billion dollar

leasing company and change the way that America leases equipment."

We're well on our way.


Click here if you received your Preferred Lease card or here if you are pre-approved:



Commerce Bank's Leasing Division President (and ELA Board member) has joined e-equipment financing intermediary eMarket Capital's Board of Directors.

Don Campbell


Need Some Help.


I was with a company for almost 20 years and left that company due to the owner using some creative math when it came to commissions due me.


I left four months ago to a company that promised fast turnaround, great rates, etc, etc. I left that company on Friday also due to theft of my database along with unfulfilled promises of great rates, turnaround (which took 20 days). A number of my national accounts and customers who I had for almost twenty years were quickly slipping away..some even commented to go back to my old employer as my current one was awful.


Comments like "I've enjoyed our working relationship for years, but you have made a bad mistake with (my second former employer). We will never work with you until you find a better company."


I realize that our industry is full of promises, companies that use their employees to obtain the contacts and relationships, creative math, etc., but I must believe not everyone is like that. For the few people who love their work and want to provide good service and fair rates, where do we go?


I realize credit standards have been raised and cost of funds are up some too. But for say "B" credits (Mom and Pop companies), are cost of funds really 9.5% or more? Average size of transactions $250,000?


I appreciate your thoughts. I am quite in the dark. Any leads will be appreciated,

as I have a lot to offer a company.


Best wishes,


( Hang on, we will have our classified up in September, I am told by our “scriptwriter.” In the meantime, if any company has a place for this person,

I hope this person will contact you. Send me an e-mail and we will print

it. editor )




After Posting Second Quarter $101 Million Loss, Dell Teams with CIT for:


####### ############## ################### ########### ############


Dell Offers Easy Paperless Finance Options for Small Businesses; QuickLoan and QuickLease Customers Can Receive $25,000 in Financing For IT Needs


AUSTIN, Texas--Dell Financial Services L.P. (DFS) today announced two new payment options designed to help Dell's small business customers easily and rapidly obtain the technology they need to manage and grow their businesses.


The new financing options, known as QuickLoan(a) and QuickLease(b), are paperless transactions that enable customers to quickly submit all parts of a financing transaction without a signature through Dell's secure Web site.


"We expect that Dell customers will find that the Internet speeds the financing process and eliminates the hassles of mailing or faxing paperwork, reducing the time it takes to finance hardware to less than one hour in most cases," said Martha Granger, DFS vice president of Americas Small & Medium Business.


With a QuickLoan, small businesses can finance up to $25,000 for technology purchases including servers, desktop and notebook computers. QuickLoan offers interest rates as low as 12.49 percent to qualified small business customers based on the customer's credit standing.


DFS' financing programs provide small business customers potential tax benefits(c) and the flexibility to increase their computing capabilities while preserving cash for day-to-day needs. DFS has been an innovator in paperless finance options, first offering a "signatureless" loan to Dell consumer customers in November 2000.


Dell currently is the No. 1 provider of computer systems to small businesses in the United States, according to leading industry analyst firms, and backs up its products with a suite of award-winning services to help small business customers install and support their computer systems. Services include two- and four-hour on-site services for mission critical equipment, next business day on-site service(d), extended limited warranties(e) and lifetime tech support. More information about DFS' QuickLease and QuickLoan or Dell's service offers to small businesses can be found at


Dell Financial Services L.P. is a joint venture between CIT and Dell Computer Corporation. The fourth-largest U.S. information technology leasing supplier based on 1999 revenue, DFS has surpassed more than $6 billion in finance transactions since its inception in 1997. The company provides an array of services ranging from simple hardware leases to complex technology finance agreements that may include software, extra support, installation and asset recovery services. Additional information on DFS is available at Customers can receive a monthly financing price when they shop online at or call 800/BUY-DELL.


Dell Computer Corporation (Nasdaq:DELL) is the world's No. 1 computer systems company and is a premier provider of products and services required for customers to build their information-technology and Internet infrastructures. The company's revenue for the past four quarters totaled $32.6 billion. Dell ranks No. 48 on the Fortune 500, No. 122 on the Fortune Global 500 and No. 7 on the Fortune Global "most admired" lists of companies. Dell, through its direct business model, designs, manufactures and customizes products and services to customer requirements, and offers an extensive selection of software and peripherals. Information on Dell and its products can be obtained on the World Wide Web at


(a) QuickLoan is available through the CIT OnLine Bank to small

business customers only purchasing up to an aggregate amount of

25,000. Not available for business customers requiring a personal

guaranty. Subject to credit approval and availability.


(b) QuickLease is available through DFS to small business customers

only, leasing up to an aggregate amount of $25,000 on a FMV

purchase option lease. Not available for business customers

requiring a personal guaranty. Subject to credit approval and

availability. Lease terms subject to change without notice.


(c) Contact your accountant or tax adviser for details.


(d) Services may be provided by a third-party. Technician will be

dispatched if necessary following phone-based troubleshooting. To

receive next business day service, Dell must notify the service

provider before 5 p.m. (depending on service contract) customer

time. Availability varies.


(e) For a copy of Dell's guarantees or limited warranties, please

write Dell USA L.P., Attn: Warranties, One Dell Way, Round Rock,


TX 78682.


Dell is a trademark of Dell Computer Corporation.


Fortune 500 is a registered trademark of Time Inc.


Dell disclaims any proprietary interest in the marks and names of others.



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Car Survey


Like lots of Texans, we drive a "Cowboy Cadillac"


1999 1 ton Chevy four door, 4X4.


The wife drives a 97 Chrysler Cirrus. Great car, low maintenance and good on



We (I) did have a 1990 Ram 50 4X4. My wife had a 40 year old birthday bar b que

party for me along with 3 of my friends that also turned 40. We decided to make

the occasion memorable by going off road racing (with our own trucks). I am not

sure what did us in, going fast, the competition, or trying to hydroplane a

flowing creek. Anyway, we rolled several times, slid @ 25 feet on the drivers

side with most of the creek's mud ending up on me. I am certain I would have

gotten it back on all four if that Mesquite tree had not jumped out in front of

me. All was well. No one hurt and darn if that truck didn't start right up

again! We can't drive it on the road anymore but since south Texas is known for

the great hunting we simply use it on the hunting lease! ( This is NOT a

testimonial for "BUILT RAM TOUGH!")


Jim Reynolds

World Financial Group Inc.






Mergers and Acquisitions, also a search engine, free to members,, exclusive online access to over 150 commercial banks providing a broad range of corporate loan products and services. Our network of lenders includes the largest money center banks in the nation as well as the best rated regional and local banks.


The Emerge Finance Center is powered by, the leader in world-class Web-based capital matching technology and services. The three-step process is simple, fast and secure. And, application is free. All information provided to us is kept strictly confidential in a highly secure, encrypted environment

from their web site at

CIT Just Lent them $30 Million ( Would Comdisco have done this deal? )

### ################### ###################


eMerge Interactive Gets $30M Credit Line From CIT Group


eMerge Interactive closed a two-year $30 million revolving line of credit from CIT Group/Business Credit and may begin funding working capital requirements when needed.


The company said it also has about $23 million of working capital.

The credit line is secured primarily by receivables and inventories of the company, bears interest at the company's option of prime or LIBOR plus 300 basis points and may be utilized for working capital purposes.


########## ################## #################


Jeff Cholley Joins National City's Vendor Equipment Finance

COLUMBUS, Ohio, Jeff Cholley has joined National City's Vendor Equipment Finance group as a vice president of sales and reports to Roger D. Crafe, senior vice president, Vendor Equipment Finance. He is responsible for developing customized financing and leasing vendor programs with manufacturers, dealers and distributors of equipment in order to improve their sales process by providing end-user financing to their customers.

    Prior to joining National City in June, Cholley spent eight years with Banc One Leasing Corporation in various sales, operations and credit roles most recently as the vice president, sales. He earned his bachelor's degree in finance from Miami University.

( courtesy of

*** Roger headed US Steel's leasing subsidiary for many years, then went to

Chicago where he worked for Linc which became Linc Anthem which became

Newcourt. I believe he left Newcourt shortly after it was acquired by AT&T

and moved to National City Bank in Cleveland. He is well-known in the

industry; however, not on LeasingNews mailing list. If anyone knows him,

please invite him to join---or if you know a colleague who would like to

receive our newsletter, please invite them to join. We are trying to build

our readership. editor




Where Was Jim Merrilees?---On the Golf Course, Of Course

Merrilees Joins First Corp September 4th


July 2, Leasing News


Jim Merrilees  ( former president of Colonial Pacific, who left to start Grayrock Capital/Nations Credit, Beaverton, Oregon, which was sold 1/29/99 to Textron .editor)  has a very good following, actually increased volume and had gotten the yields up, but I am told the division was not profitable because it was supporting staff for other vendor operations. 


Accordingly, his division was paying for expenses of other groups, and there were some unhappy people, including Merrilees.  I was personally told it was no this intention to stay beyond the end of the year as his contract was up, plus his non-compete clause had expired about a year ago.

( name with held )


July 5 Leasing News

Textron Financial –Broker “Gone” Date


Leasing News reported them as going---going---and did not know the “gone” date.


As of now , Textron is  accepting applications until August 1 and then funding all approved and back log transactions. 

A written statement from Textron to key brokers was sent.  We are attempting to obtain a copy of it. 


There are a group of close to a dozen major “funders/discounters/superbrokers” that are trying to keep the unit together as a group. Jim Merrilees who put Gray Rock and then National Credit together after leaving Colonial Pacific as president, after setting up the Pegasus program for“superbrokers,”

( Textron denied all of this by telephone and e-mail, but the truth came out. And the story we printed yesterday that Merrilees is now at First Corp is further confirmation about of what we were told by readers in June and July.

The announcement is now on line at that he is joining as of September 4, 2001, right after labor day.

They have an on line system, something Merrilees wanted to try at Nations with System 1, but FirstCorp uses ( ). Textron Financial was with Capital Stream, according to their press release

We await an official press release from First Corp. editor )


Hey, Kit

I have an update for you about Jim Merrilees. His new job may not work out when they discover he has to spend time in jail for false advertising and highway theft...(a 16 handicap hitting his ball 260 off the tee with a 3 wood....geeeze!!!)


Just spent almost two weeks in Scotland and Ireland with Jim and others

playing golf.,.,.,., he plays much better than his handicap

indicates..,.,.,.in golfing parlance he's a sandbagger. But then again

almost everybody that went on the trip was as well.


Please print my name.


Rick Wilbur





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