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| June 19, 2000 E-Finance
Launches Automated On Line Approval For Leases " Linc
Capital Fights Back!!! Saturday--- This reply finds me in Carmel by the Sea for the 100th playing of the US Open. (just thought I'd put that in to make all the golf fanatics in the leasing business jealous). I appreciate the comments from Rick Wilbur and Andy Thorn. Hope to see more from your other readers. Ken Greene is right. The UAEL does have a major concern with the liability surrounding this type of reporting. Regarding the membership issue I recall the incident that occurred during your tenure as membership chair. That was my first year as board member. I agreed that we should have denied membership to that particular company. Why don't we have the right to deny membership to someone who doesn't meet the standards of the Association? I would like to hear from the legal people what the extent of our liability could be. Could we get insurance to cover that liability? I think the time to move beyond mere "networking" is now. Betty Kerhoulis made some excellent comments at one of our board think tanks that led to a provocative discussion (led by Rich Masterson)regarding the "image" of the leasing industry. Hopefully the new UAEL web site and extranet will help to improve our image. As the meeting concluded we decided that it would be a good idea to raise the level of awareness of "what it meant to be a UAEL member" (this is not by the way exclusive to UAEL but would be applicable to any association, in my opinion). Our professional standards, CLP (now hopefully on its way to becoming more of an industry wide standard), and the fact that UAEL has a standards committee for airing complaints, primarily between members. While these are all good things we need to push harder and farther. We need to put teeth into the bite of the Association. Rick Wilbur's idea parallels an idea from the think tank. We concluded, however, that we may need a separate nonprofit corporation to limit liability. This would initially be a sort of "BBB" for the leasing industry. Anyone would be able to file an "opinion" or report. These reports would be the representations of the person filing them. Vendors, lessees, funding sources, broker/lessors, service providers, etc. would all be invited to file reports. The company that was the subject of the report could answer in the public forum or request that the "leasing BBB" arbitrate the report if the nature of the report were a complaint. Do those of you who follow this newsletter think this would work? If it is this open it doesn't necessarily have to be membership driven. Anyone could go to the "leasing BBB" web site and check on a company they were curious about. By promoting this site to the public through direct mail campaigns, news ads and Internet banners on portal sites it may serve the dual purpose of "policing" the industry and improving the image and perception of the leasing industry, not only in the general public but also within our own ranks. Comments
please ( Coincidently we are starting a new feature, we tentatively are calling it "Bulletin Board". More news about this in future editions.---editor ) BULLETIN BOARD ( These are postings for informational purposes. Any response, correction, addition, will be posted ). Parker
Leasing and Financing refuses to return commitment fee and first and last. $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 to call them. We had been using the Dodson Group for overnight (Airborne) until recently. They were charging us $8.75 per overnight (there 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? 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. 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. 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 scrambbling to replace them. --end of Bulletin Board---- --- we will continue this feature tomorrow, posting at the bottom of the report. --- Kit-- Regarding
policing the industry, you might mention the new code of ethics the NAELB overwhelmingly
adopted at the past annual meeting.
Love your newsletter! Keep up the good work. In case you were watching the U.S. Open and did not catch this, it will affect us in the leasing business as this opens up doing lease contracts without paper: Electronic Signature Passes Senate, President Clintons Says He Will Sign A measure that gives electronic signatures and documents the same force in law as their paper counterparts won unanimous approval in the U.S. Senate on Friday (6/16/00), two days after the House passed the bill. Under
the proposed law, consumers and businesses will be able to sign checks, complete
loan applications and contract services all online in a further broadening of
e-commerce. "It would ensure that consistent rules for validating electronic signatures and transactions apply throughout the country, thus providing industry with the legal certainty needed to grow electronic commerce," Sen. John McCain, Arizona Republican, said during debate on Thursday (6/15/00). He said the measure will cut costs while boosting confidence in consumers who are timid about security and protection when using the Internet to conduct business. The measure, approved 87-0 by the Senate, now goes to President Clinton who said he would sign the legislation. On Wednesday (6/14/00), the House voted 426-4 in favor of the bill. LINC Fights Back !!! http://www.linccapital.com/ LINC Capital, a specialty finance company, announced that it plans to appeal The Nasdaq Stock Market Staff's determination to delist the company's common stock effective on June 20, 2000. The company was notified by the Nasdaq on June 13, 2000 that because of the disclaimer of auditors opinion on its financial statements for 1999, LINC is not in compliance with Marketplace Rule 4310(c)(14), which requires annual reports to contain audited financial statements. The company is also in violation of Rule 4450 (a)(5) by failing to maintain a minimum bid price of $1.00 over the last 30 consecutive trading days. The company believes that the disclaimer of opinion for its 1999 financial statements can be eliminated upon completion of a forbearance agreement with its revolving credit lenders that the company is in the process of negotiating. eFinance Launches Fully-Automated Transaction Finance System eFinance Powers Leasing Solution for TeliSmart and In-Line Diagnostics SUNNYVALE, Calif., June 19 /PRNewswire/ -- Today, eFinance Corporation announced the launch of the eFinance Transaction Finance System, a patent-pending technology system that automates credit decisioning and capital delivery for business-to-business e-commerce transactions. The eFinance Transaction Finance System is an integral part of the company's mission to be the leading enabler of financing for online e-commerce transactions. This fully-automated, web-enabled system powers the eFinance Equipment Leasing Program, available via the company's website and through channel partners. The online eFinance lease application takes less than five minutes, and final credit approvals and fulfillment are returned within two minutes to the business customer. Business customers that utilize the eFinance Transaction Finance System realize a substantial decrease in application, approval and funding time, with real-time, online completion of transactions. eFinance also announced partnerships with both TeliSmart, the global online telecommunications marketplace, and In-Line Diagnostics, a medical equipment manufacturer and creator of the patented and FDA approved CRIT-LINE(TM) system. Under the agreements, eFinance will provide an end-to-end automated leasing solution that enables the online completion of business transactions for these partners. The eFinance Transaction Finance System is ideal for online exchanges, marketplaces, vendors, portals and other e-commerce companies that require automated financing. eFinance can integrate its leasing system directly within the infrastructure of partner sites, facilitating real-time execution of online transactions between buyers and sellers. With a direct online financing system, partners benefit from an increase in completed transactions, extended customer reach, improved customer satisfaction, and enhanced profitability. "eFinance is transforming online credit delivery by enabling transactions to be approved and fulfilled in a matter of minutes at the web point-of-sale via our patent-pending technology," said Reid Rutherford, founder and CEO. "By embedding our financial partners' full underwriting criteria directly into the eFinance Transaction Finance System, we deliver final credit decisions and capital in a direct, real-time mode. We are excited to announce the launch of this breakthrough technology that offers powerful benefits to both buyers and sellers in the e-commerce arena." The eFinance Transaction Finance System offers business owners quick and convenient access to low-cost financing and is ideal for a broad range of business purchases including furnishings, information systems, software, office equipment, professional services equipment, printing equipment and much more. About eFinance eFinance Corporation is transforming online financial services and e-commerce transactions. Utilizing its proprietary, patent-pending Transaction Finance System, eFinance enables the real-time completion of online business transactions for exchanges, marketplaces, vendors, portals, and other e-commerce companies. eFinance's end-to-end financing solution offers automated credit decisioning and fulfillment at the web point-of-sale for a wide variety of online transactions. eFinance was founded in 1999 and partnered with the San Francisco-based Digital Ventures to transform online credit decisioning and capital delivery. Headquartered in Silicon Valley, eFinance's seasoned management team combines extensive business, Internet and finance experience. Additional information on eFinance is available at http://www.efinance.com . About TeliSmart TeliSmart, headquartered in Portland, OR, is the global online marketplace for telecommunications carriers and service providers. TeliSmart brings buyers and sellers together for a real-time exchange of equipment and ideas. TeliSmart enables equipment sellers to easily liquidate no-longer-needed assets while allowing buyers to quickly acquire equipment at a price they choose. Additionally, buyers and sellers alike can choose from a full array of services to make their transaction friction-free. Services include real-time equipment notification for buyers, hassle-free financing, shipping and insurance, and other solutions ranging from equipment installation and maintenance, extended warranties, refurbishing and upgrades. About In-Line Diagnostics In-Line Diagnostics Corp. (IDC) is the developer of proprietary and patented photo-optical technology that non-invasively monitors whole blood parameters. This revolutionary technology is currently utilized in the hemodialysis market through the FDA-approved CRIT-LINE(TM) System. IDC is a division of Non-Invasive Medical Technologies Corporation and is headquartered in Utah. SOURCE eFinance Corporation CO: eFinance Corporation; TeliSmart; In-Line Diagnostics Corp.; Non-Invasive Medical Technologies Corporation ST: California, Oregon, Utah IN: CPR FIN TLS HEA SU: PDT |
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