July 19, 2000

LeasePoint.com Brings Leasing Industry Closer to Paper-less Model

MINNEAPOLIS--(BUSINESS WIRE)--July 19, 2000-- Company announces additions of automated credit rating and customer care LeasePoint.com, Inc., an emerging industry leader in web-based technology equipment leasing, today announced increased functionality within its online offering. Along with significant functional improvements to its site, LeasePoint.com now offers improved credit reporting as well as chat-room-style customer care.

"Both additions move us one step closer to paper-less leasing," LeasePoint Founder and CEO David McNutt said. "The Equipment Leasing Association estimates $37 billion will be spent on technology leasing this year alone. The need for technology in business is growing, and LeasePoint.com is making technology equipment leasing more accessible to businesses by offering simplified yet competitive leasing options."

"The ability to retrieve consumer and commercial credit reports electronically equates to speed and efficiency," Bruce Underwood, LeasePoint.com CIO, added. "It essentially removes the paper trail. Applications are rated automatically and immediately sent to lenders who prefer that specific rating. Lenders get the deals they want, which means added efficiency for them as well as for the lessee.

"LeasePoint's addition of online customer care will also lead to paper-less leasing.

"The chat-room-style customer care is the first step into a total unified messaging platform," Underwood said. "Soon, a customer will be able to send a fax, e-mail or voicemail directly through the LeasePoint.com engine. Everything will be attached to the application in one 'e-package,' replacing antiquated paper files."

LeasePoint.com is currently operating its site with a select group of vendors and lenders on a beta version of its web site. Following this extensive test program, its complete web-based offering will be made available to the industry.

About LeasePoint.com

Located in Minneapolis, Minnesota, LeasePoint.com is rapidly emerging as an industry-leading Internet site for businesses seeking to lease technology equipment. LeasePoint.com is the premier site where businesses can learn about, inquire, compare and ultimately procure technology equipment leases. The company plans to launch its complete web-based offering in mid-September.

CONTACT:

LeasePoint.com, Minneapolis

Elen Bahr, Vice President of Marketing

952-841-7500

ebahr@leasepoint.com


33 Leasing Companies Major Changes

American Business Leasing ( gone )
Bankvest (bankrupt)
Bombadier ( reported having problems, not confirmed )
Charter Financial ( purchased by Wells Fargo )
Commerce Security ( closed to leasing broker program )
Copelco ( sold to Citibank )
Dana ( sold off, active as captive )
DVI Capital ( out of broker )
Fidelity ( acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered in the Netherlands )
Finova ( out of market place )
Franklin Bank ( no more leases )
Imperial ( sold portfolio )
Leasing Corp of America ( for sale below book value )
Leasing Solutions ( bankrupt )
Liberty Leasing ( closed, California company )
Linc Capital ( out of vendor and broker business, Nasdaq halts stock sales )
Merit Leasing ( gone )
METWEST LEASING CO. Spokane WA. ( advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding. )
Metrolease (many rumors floating around the marketplace, reported by several sources no more broker business, cannot confirm or deny )
Nationbank Leasing ( sold to Textron, no longer doing broker business )
New England Capital ( 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 ( sold off )
Onset Capital ( Irwin buys 87% equity )
Phoenix ( both divisions )
Prime Capital ( "yes and no" sold off, may be negotiating )
Rockford ( sold to American Express )
SDI ( closed to broker programs )
T&W ( bankrupt, lost their listing )
Transamerica ( sold )
Unicapital ( reportedly struggling, fighting back, good reports )
United Capital ( coming back, changes, good reports )
United Leasing ( re-financing )
USA Capital Leasing ( gone )

any comments, corrections, additions, or suggestions are greatly appreciated.


Bulletin Board

any comments, corrections, additions, or suggestions are greatly appreciated.

BULLETIN BOARD ( These are postings for informational purposes. Any response, correction, addition, will be posted. We reserve the right to edit or delete any opinion that is not in goodtaste or is outright derogatory ).

Universal Capital reported by Citation Financial 7/19
Universal Capital Cut Off by BSB 7/12
Universal Capital Service 7/5
Parker Leasing and Financing 6/16
Dodson Group complaint 6/15
Universal Capital Service 6/12
Metropolitan Group Question 6/1

Universal Capital Services

Kit, my company, Citation Financial Group located in Fair Oaks, CA (Sacramento) is one of the companies having a problem with Universal Capital Services. They have not returned a Lessee's advance payment nor have they paid us our commisssion on a brokered transaction. I have sent documents to the NALEB attorney, who is following up on our complaint with UCS. We have also contacted a collection attorney in Florida. If you know of others who have been wronged by these people, please have them contact me. If you want all of the details I will be happy to e-mail them to you. We need to stop companies who make a bad name for the industry.

Thanks,
Allen Greenberg

Citation Financial Group
(916)535-7710

ag-cfg@pacbell.net

Bruce Zwillinger, BSB, cuts off Universal Capital Service

Bruce Zwillinger, BSB, cuts off Universal Capital Service, Springhill, Florida informs NAELB of their action. This company not returning money to lessee from deal funding by BSB. Many attempts to get money returned to lessee, but many broker promises by Universal Capital Service.
7/12

Universal Capital Services

Source states Universal Capital Services, Springhill, Florida, took up-front fees on deal and has not returned to lessee. Lessee is complaining to funding source. This is the third complaint received on this. Source is trying to find out more and request this be posted on bulletin board. Source will allow us to state name, if this is not resolved.
7/5

Parker Leasing

$25,000 SD $29,000 first and last three months did not return money Parker Leasing and Financing, Ft. Lauderdale, Florida no web site, no district attorney complaints, advised to pull a D&B, find out who the secured parties are and if I can identify them, will give them the person to call at the funding source to hear the full story about what is happening. Parker Leasing and Financing refuses to return commitment fee and first and last.
6/16

Dodson Group - Delivery Charge

We had been using the Dodson Group for overnight (Airborne) until recently. They were charging us $8.75 per overnight (their cost to Airborne is $7.61, who cares, they deserve a profit). But, in auditing our bills for the last 2 years we kept noticing that we were being repeatedly charged $12.00 to $18.75 for overnight on about 1/3 to 1/2 of the over nights. Initially, Dodson claimed "overweight", so we researched further and discovered that most of the overcharges were on checks going out overnight to vendors and brokers - no way this could be "overweight". For the past year we have faxed and called Dodson repeatedly to get corrected invoices - no one would even respond! So, we put them on notice that we would not pay any more invoices until they corrected their over billing problem - they never did. Their response was to turn us over to a collection agency! We are convinced they purposely overcharged us, and probably every other client! Dodson does a lot of biz with NAELB brokers, don't these brokers need to know about Dodson's policy of quoting one price and charging another?
6/15

Universal Finance / Universal Manufacturing

Avoid this company like the plague. I believe that if it is the same one they also run companies under the name(s) Universal Manufacturing -(Vendor) & Universal Finance (Credit repair company). I'll look up the e-mail I received on this a while back. I think what the story was is that Universal Capital would submit a deal to funding source, then if declined due to personal credit, Universal Finance would repair credit then resubmit elsewhere. The vendor would be Universal Manufacturing who would sell $2,000 computers for $40,000 invoice (just under F/S disclosure). Then they split excess with lessee. Though I'm not sure about the Florida part. I'll get back with the additional info ASAP.
6/12


Universal Capital

Do you know anything about Univerasl Capital Services, Inc., in Spring Hill, Florida 34606. One of the lease brokers I work with is having trouble getting paid on a deal. He thinks the company is owned by Jim and Anita Koper. Please let me know if you hear anything. Thanks.
6/12

Metropolitan Mortgage

Metropolitan Mortgage and Sec in Washington had a division that funded the lesser credits. Well they have stopped and are not honoring their approvals if they don't already have signed docs. This was told to me by a broker in Arizona who has 10 deals sitting with them and she is now scrambling to replace them.
6/12

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