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March 14 , 2001
Headlines:
Countrywide Prez. John Sperling---"We are not United Capital or Spectrum Leasing." -yet- U.S.Bancorp/Manifest: "For the Record" does NOT accept business from: United Capital, Spectrum or Countrywide.
More on United Capital from an "insider" Plastic Card Leasing---not again!!!! Bill Swindells: CIT Business Credit New Midwest Regional Manager Leasing Dean Menzel Clarifies Yesterday's E-Mail Meet the Leasing News Advisory Board at the Scottsdale, Arizona May 3-6 Conference United Association of Equipment Leasing ( now is the time to register!) ---------------------------------------------------------------------------------------------- We Want to Hear From You---Your Opinion Counts with Us. + + + Looking for comments on Tyco purchasing CIT. I saw the CEO on Moneyline last night and he is looking forward to a captive finance party for their products. When CIT was getting out of the broker business, they saw this coming as this started last November, he said in the interview. Whether a third party can be "disinterested" in their reports that affect their parent company, whether third party financing institutions are becoming part of the past as did Montgomery Wards, among others, and where is the leasing industry headed?----would like to hear from you. Some see this as a great opportunity to expand, pick up good operations people, salespeople, build their own company---others are afraid of what the future may hold. Are you "Bear" or "Bull" about Tyco buying CIT Financial, please let us know. editor. ------------------------------------------------------------------------------------------- Setting the Record Straight--Countrywide is NOT Spectrum Leasing from: John Sperling,President,Countrywide Leasing, LLC Hi Kit- To set the record straight on the United/Spectrum/Countrywide speculation: Jack Lieberman and I are partners in Countrywide Leasing, LLC a new company formed in December of 2000. I was formerly with MacArthur Business Credit (Now VenServ) in Irvine, CA as Credit Manager and moved here to start this entity with Jack. We have hired some of the former employees that got laid off from United including Melissa Allen and Dan Briones. We are an independent entity and we have NO access to United or Spectrum's information and have no desire to have any. We also agree that the situation United Capital has put their brokers in is unfortunate. But I want it made clear that while we are in the same office complex that Jack and another partner (not Steve Dallas) own, we are not in the same office space (there is 85,000 sq. ft in the plaza we are in), nor do we have any association with United or Spectrum in any way, shape or form. Jack has not been involved with either entity since spring of 2000 when he and Steve severed their business relationship. I had a feeling that eventually someone would try to link us with the situation at United and Spectrum due to our physical proximity, but there is no link and having been in the leasing business for 8 years I would hate to have my reputation sullied by a situation that has nothing to do with me or my partner. We are here simply working hard and banging the phones to get the business, not poaching off of any former customer or vendor of United Capital or Spectrum. We have no firsthand knowledge of what is going on downstairs at United/Spectrum but if the allegations we have all read are true we find such tactics deplorable. I welcome any further questions or comments that anyone may have. PS- Thanks for your newsletter, we are all avid readers and fans. Sincerely, John Sperling President Countrywide Leasing, LLC 1310 RR 620 South Ste. B-203 Austin, TX 78734 (866) 705-3273 x107 Email: john@countrywideleasing.com ( Venserve is the plastic card advertising received the other day, approved for $100,000 for 2 1/2 years..editor ) ------------------------------------------------------------------------------------------------ Manifest/U.S.Bancorp Brad Peterson on United Capital/Spectrum/Countrywide "For the Record" does not accept business from: United Capital, Spectrum or Countrywide. I wanted to respond to a comment made by one of your readers regarding United Capital / Spectrum/Countrywide. First, we are concerned when a competitor like United Capital "exits" the broker marketplace because it is not good for our customers (independent broker/lessors) or the industry. The strength of the broker is their ability to get "all types" of deals bought and the exit of United Capital and others threaten that strength. There was a comment by one of your readers that Manifest Funding Services and others were "still" buying United/Spectrum deals. Kit, I'd like to explain our short relationship with Spectrum. We set up a funding relationship with Spectrum as a broker in early 1999 under the "promise" that there were no ties to United Capital (other than "partial" common ownership) and that Spectrum originated and sold paper like a broker. At the time, United was located in California and Spectrum was in Texas under separate management and control. In September 2000, we noticed that Spectrum CBRs were being pulled by and scored by United Capital and at that point we inactivated the relationship. We do not accept any business (and have not since the inactivation) from United Capital, Spectrum or Countrywide. Thanks for the opportunity to respond... Brad Peterson Director of Sales - West U. S. Bancorp Manifest Funding Services ----------------------------------------------------------------------------------------------- Mergernetwork.com Just Adds $100 million Leasing Company for Sale Prominent Leasing Firm (PEO) This company is composed of four corporations, has eleven offices, and about 11,000 work-site employees. They provide comprehensive labor, staffing, and turnkey human resource solutions for their clients. Their customer base includes the food industry, light manufacturers, and other diversified industries. Specializing in human resource solutions, this company offers employees “cafeteria style” benefit options for their clients. They provide a cost-effective, comprehensive set of HR solutions superior to what any single company can deliver. Any guesses/??? Or we will be surprised again? ----------------------------------------------------------------------------------------- Leasing Dean Menzel "Clarifies" Yesterday's E-Mail I've had some good comments from your readers which pointed out the risks of relying on the people you deal with and not looking deeper at the funding "entity". They are exactly correct. I should have been a little more clear in "who" it is one should know personally. The actual Funding Source is the most important "entity" one should know personally. What is their ownership and capital structure? What is their history? Consider them just like you would review the credit of a lease prospect. You want "A" quality lenders just like you want "A" quality credits. If you choose to do business with higher risk lenders, you have to expect some losses.
The individual representative will provide an important initial impression, but who they actually represent is the most critical element. I was burned by relying on the people I thought I knew at Metrolease ... mistake. Obviously, those who dealt with U.S. Captial didn't know anything about the company or the people behind it. It is a matter of managing the risks in our business. Those risks are higher in today's economic environment. ************************************************* Paul J. Menzel, CLP Senior Vice President / General Manager Leasing Division SANTA BARBARA BANK & TRUST P.O. Box 1199 Santa Barbara, CA 93102-1199 1 South Los Carneros Road Goleta, CA 93117 (805)560-1650 PaulM@sbbt.com -------------------------------------------------------------------------------------------- More on United Capital,Austin, Texas Mr. Menkin, I am a former employee of United Capital and I just wanted to let you know that everything that I have read from you is true. I know in this business finding the truth can be hard but you are not wrong. I believe United Capital has been going down hill since the start. I believe they gave it a good run but no dice. Also not all employees went to Countrywide Leasing. The ones that you named are correct. I worked for United Capital along time and I do wish them the best but I feel sorry for the employees that are still they hanging on. I think there is no future for United Capital or I just lost the faith. On the other hand, You are doing a great job and even though I am out of Leasing I still read your newsletter everyday. Thank You Name withheld ------------------------------------------------------------------------------------------ U.S. Capital, Santa Barbara, California Regarding the company in Santa Barbara, U.S. Capital, the DA may not pursue an investigation. However, the California Attorney General has become quite proactive in these cases. Additionally, in a lot of these cases, the principals "hide" cash, and the IRS and Franchise Tax Board might also be interested in pursuing an investigation. Obviously, the IRS will pay a commission to a "finder." Name Withheld By Request... ----------------------------------------------------------------------------------------------- Meet the Leasing News Advisory Board at the Scottsdale, Arizona May 3-6 Conference United Association of Equipment Leasing UAEL Spring Education Conference - "After the Gold Rush" - Mining for New Prospects Don't miss this year's UAEL Spring Education Conference at the Doubletree Paradise Valley Resort in Scottsdale, Arizona May 3-6, 2001. Educational Workshops to include: *Beyond the Hype - How to choose Internet tools that actually improve the way you do business by Mike Donnary *Where Are They Now? - This program is audience driven. The forum includes a panel of leasing legends, brokers/lessors and funding sources. It is designed to address the changes in the funding environment *Winning with Leasing - by Sudhir Amembal. This seminar covers advanced issued regarding capital, tax, operating structures and lease vs buy analysis; all from a marketing perspective. *Credit Packaging - by Bob Baker, CLP. In a time of increasing delinquencies and tightening margins; also what Collection and Recovery strategies are working. You can't afford NOT to attend. Remember: It's All About Success: Networking, Education and Involvement! Call the Doubletree Paradise Valley Resort today at (480) 947 - 5400 to make your room reservations. See you in Scottsdale, The UAEL Staff Joanie Dalton - Managing Director x27 or joanie@uael.org Bill Grohe - Director of Membership & Marketing x26 or bill@uael.org Melanie Guillen - Meeting Planner x23 or melanie@uael.org Marlon Urias - Webmaster x22 or marlon@uael.org (510) 444-9235 * fax (510) 444-1346 www.uael.org ------------------------------------------------------------------------------------------- Plastic Card Leasing My organization (North American Capital) has received two offers from leasing brokers (MSM and Balboa Capital) to "PREQUALIFIED" Lease lines of credit for $75,000 and $150,000 respectively. Both offers had a plastic credit card looking card embossed with a card number and my information. The Balboa card expires 01-02 :-) The offer says I can have 100% financing, customized payment plans, tax advantages, quick turnaround, working capital loans and Cash Back. In fact any deal funded over $25,000 allows me the opportunity to receive cash back. If I use the maximum 150,000 available to me I get $5,000.00 Cash Back Rebate from Balboa Capital. The next step would be for me to "Activate Today" by calling 1-888-414-4598. I am assigned an acct. no and a credit limit on the marketing piece. Obviously there is no magnetic strip on the back of the card and no place for me to sign the back of the card. We all know it's clever marketing but I wonder if Balboa is aware that they are approving their competitors for working capital??? Does American Leasing get these too? Jeff Beier jeff_beier@hotmail.com ( Yes, we get them as American Leasing, Menkin & Associates, Input/Optics.but LeasingNews has not received one ,yet. I should also note that Balboa Capital is a member of the United Association of Equipment Leasing. If we call these sales techniques questionable, or barely ethical, are these leasing companies meeting the Code of Ethics that they have signed to become a member? Are leasing associations "enforcing" their code of ethics. editor. ------------------------------------------------------------------------------------------- CIT Business Credit Appoints New Midwest Regional Manager
CHICAGO--(BUSINESS WIRE)--March 14, 2001--CIT (NYSE: CIT; TSE: CIT.U), a leading global source for financing and leasing capital, announced today the appointment of Bill Swindells to the position of Senior Vice President and Midwest Regional Manager for CIT Business Credit, a unit of Commercial Finance, an operating group of CIT. As Midwest Regional Manager for one of the nation's leading providers of secured middle market financing products, Mr. Swindells, 51, will be responsible for overseeing all aspects of the Region's operations including new business development, customer relationship management and retention, credit quality, and underwriting. He will be reporting to Tom Bloch, executive vice president of CIT Business Credit. "Bill brings a wealth of management experience backed by a drive to grow the CIT portfolio and improve client service and profitability," said Victor Russo, president of CIT Business Credit. "I am confident that Bill's experience, perseverance and insight will lead the Midwest region to new levels of success and be a driving force behind the continued growth of CIT Business Credit." Prior to joining CIT, Mr. Swindells was with Fleet Capital, formerly Barclays Business Credit, where for the last ten years he was Executive Vice President and Northeast Group Manager. In that capacity, Mr. Swindells managed new business, credit portfolio administration, underwriting, audit and servicing for the region. Over the past two decades, Mr. Swindells held a number of positions with increasing responsibility within the Barclays, and later Fleet, organization. Mr. Swindells will be relocating from the Connecticut area and he is looking forward to returning to his hometown. Mr. Swindells grew up in Bloomingdale, a Chicago suburb, and earned a Bachelor of Science in accounting from the University of Illinois in Champaign/Urbana. Mr. Swindells is looking forward to renewing old acquaintances while developing new ones as he becomes actively involved in the Chicago community. |
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