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October 8, 2001
Headlines--- FNF
Capital Closing Down FNF Capital Closing Down Originations on October 31, 2001. All Approvals will be honored until that time. Our recent successes could not overcome the years of losses we endured. In the end, it was decided that we cannot go on. There is plenty of money left in our securitization facilities to fund your remaining leases, so please be confident that with a good document package, FNF will fund your leases that are ready by October 31st. I enjoyed working with all of you and wish you the best of success in the coming months and years. Take care! If anyone wants to reach me, my e-mail address is LUV2SELLL@aol.com, home phone is (303) 639-9404
David Marks We asked Mr. Marks to verify this, and he responded: Hi Kit, Yes it is true that we are ceasing all originations and effectively closing our doors to new business. I had no indication that this would happen and I have been riding the roller coaster for 5 years here. I have enjoyed working in the leasing industry and if anyone has any opportunities for me in marketing or sales, please let me know, I will be entertaining them. My e-mail address is LUV2SELLL@aol.com (yes it has 3 L's). Take care!
David Marks Parker Leasing I wanted to respond about recent questions about Parker Leasing. This company particularly Paul Parker are bad news. They offer to train brokers to get in the leasing business for 9995.00 but I have known them to take 1500.00. We have had several people attend our school after Parkers and the stories are incredible. One of his attendees gave me his 3 ring binder that is all they got for their investment. It is a hunk of junk but worse it shows how to split deals and many other unethical practices as they are the accepted and normal practices. Many of the tax and accounting information is totally incorrect. In 1996 I was forced to begin legal action against him. We both had ads in USA Today. He was telling people that asked him about our ad and Wildwood that I had been in prison for leasing fraud, had never been in the business, knew nothing about leasing, that he never heard of a Certified Lease Professinal, etc,etc. I have been told by several major sources that they cut Parker off years ago. I believe what has happened recently that his reputation is so bad here in the US as most major players know he is now trying to sell the international leasing scheme. I recall an instance where you reported last year that he had kept something like 46,000 of a lessees money when he could not get a deal approved. If memory serves Barry MARKS OR Joe Bonnano got very involved. If any one runs in to Parker watch out!! BOB
BAKER CLP Parker Leasing is again added to the Leasing News Bulletin Board. ________________________________________________________________ Multi-State Sales Tax Up-Date An industry work group is finalizing a response to the two proposed lease definitions circulated by the Streamlined Sales Tax Project in advance of the meeting scheduled in Louisville, October 22-23. Comments forwarded by the private sector are significant in this process. ELA State Government Relations Committee Chair Valerie Guerrieri, Tyco Capital [formerly CIT], has compiled an initial summary of industry input for submission to state revenue department officials. Notify me if there are remarks you want added to this recap of comments received following distribution of the two proposed definitions. Both definitions raised concerns on the following matters: I) Industry members raised concern that neither definition contains an exclusion for sale leaseback ("SLB"). We've repeatedly informed the Streamlined Sales Tax Project of this issue. II) There is concern that resale exclusion concept for leases and rents could be lost when someone leases for the purpose of leasing to others. Or somehow the resale exclusion on purchases intended for lease will be lost in the process and leased equipment will be double taxed on both purchase and on rent. III) Use of the term "transfer of possession" is deemed better than use of the term "sale". IV) The definition that has 1 a) which excludes transfers under a deferred payment plan has a fault in that it only includes agreements that transfer title upon completion of payments. We've previously advised the Streamlined Sales Tax Project that some deferred payment plans transfer title at inception or have a vesting title. We previously made recommendation to remove "upon completion of payments" from the original draft so as to put such agreements into the sales rather than lease categorization. V) Concerns were raised over the nominal purchase option agreement under 1b) that "requires" transfer of title upon completion of required payment and an option price. Using the word "requires" is perhaps a limiting word that creates an unwanted intent and mixed messages. There are various agreements with nominal options where clear intent is to transfer title, but may not "require" the lessee to exercise the option. VI) Several comments were made on the difficulty of finalizing a lease definition in a vacuum. It is difficult to determine the full intent of taxation on leases without having other sections of the agreement in place or expanded upon. In particular, a completed section 312 F. that includes a definition for sale; as well as imposition and measurement sections that clarify taxation of sales as distinguished from security/deferred payment agreements and leases. Dennis
Brown Leasing News Classified Up-Dated Jobs Wanted
Collector: Near Boston, MA Credit:
Portland, OR Legal:
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Manager: San Mateo, CA 30 years financial sales & sales mgmt/leading companies.
Strong Silicon Valley sales finance skills, working for
corporate Treasury as contract consultant/biz development
for major lessors. Held
Wanted Marketing: Oakland, CA Sales:
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