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August 28, 2001
also delivered to your e-mail box daily, for free. All you need to do is contact us or send us an e-mail to kitmenkin@americanleasing.org. __________________________________________________________________ Headlines---
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 Lessors.com, 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: http://www.leasingnews.org/links_section.htm · 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 thing. 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 Syndrome...you 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 rshapiro@saddlebackfinancial.com ~~~ 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 way. Thank you, Ken Rabatin (http://www.preferredusa.com/1-800-995-6666/About/Offices/schneider.cfm ) 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: http://www.preferredusa.com/1-800-995-6666/Access/index.cfm --------------------------------------------------------------------------------------------- Commerce
Bank's Leasing Division
President (and ELA
Board member) has
joined
e-equipment
financing intermediary
eMarket Capital's
Board of Directors. --------------------------------------------------------------------------------------------- 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 www.dell.com/smallbiz. 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 www.dellfinancialservices.com. Customers can receive a monthly financing price when they shop online at www.dell.com 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 www.dell.com. (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. ### ################## ################### ################## ### ___________________________ 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 mileage. 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 jim@wfgifinancial.com World Financial Group Inc. _______________________________ eMerge 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 Companyfinance.com, 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 www.emerge.com 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 ELAonline.com..) *** 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 http://www.firstcorp.com/ 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 http://www.novametric.com/ ( Leaseteam.com ). 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 rick@mediacap.com --------------------------------------------------------------------------------------------
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