May 25, 2000

Have not been able to confirm this yet, so will not name names until I can confirm this, but a company I consider a major leasing company allegedly sold 26 transactions to a "bank" for almost $1.5 million that was already assigned to another "bank." I was told they used that money to do new deals. This is basically the same as selling the deal twice unless the new transactions can be substituted for the fraudulent ones. I am told this is "public knowledge". I am told the leasing company is trying to work itself out of this.

Until I can confirm some of this, get it substantiated, I do not think it is "fair" to use their name or repeat what I have been receiving from others. So far, I must admit whatever I have heard I tend to believe, but I want to print facts, not gossip.

You may have received this by fax or e-mail:

Dear UAEL Member ( or NAELB member )

Leasepricing 2000 is a software product for leasing professionals that allows you and your salespeople to give multiple payment quotes and options to customers with a few clicks of the mouse.

Leasepricing 2000 is more than a lease calculator, it allows you to:

o Manage up to 10 different funding source rates
o Save quotes so you or other staff members can reference them
o Streamline documentation and funding process
o Recieve a $100.00 dollar discount for being a UAEL Member

Leasepricing 2000 was developed by 15 year veterans in the Leasing Industry and is now available to lease brokers. Check out our website and download a free demonstration version at: www.leasepricing.com

For questions, comments, instructions on downloading or if you would like to receive a demo disk by mail, please contact us toll free at 877-528-4224.

Tom Madonna
Vice President

Retail NAELB Members Single user version

- up to 10 funding sources $895 $795
Multi-user version - up to 10 funding
sources 2 to 5 users $1395 $1295 6 to 10 users $1995 $1895 11 to 20 users $2495 $2395
more than 20 users Call for Quote

Kit,

Read Rob's overview! ( Rob Yohe on the EAEL-ELA Miami Beach, Florida Conference ) It was very, very good! However, having been in the industry for many years I am afraid I am beginning to hear the "damnbroker" analysis popping up again. If the brokers disappeared this afternoon a number of large companies would go away in a few days. If the funding sources had to go out and hire sales reps to do what the brokers do I think their margins might be even thinner! With the rates we see from the large leasing companies we are forced to compete against we are not getting the cheapest rates in town.

Seems to me the problems currently in our market were mostly driven by some funding sources who got loads of money from securitization and had to put it somewhere. The brokers, who plan to stay in business, adhere to the credit criteria dictated by their funding sources. If the funding sources have competition and decide to lower their credit criteria or their rates to attract more business then they should be big boys and girls and realize what historically happens when you lower credit standards.

Ten years ago when seven of us sat in a hotel restaurant and birthed NAELB it was our desire to prevent fraud and level the playing field between the broker and funding source. I think there has been some success in that area through communication both ways. However, when hard times come why are we brokers always the ones getting beat up?

One thing about our industry, it ain't never dull!

- Adrian
aleasing@mindspring.com