06.16.06
Posted in Articles at 1:34 am by LeasingRus
FREEHOLD — Paul J. Brennan would first locate the shell of a classic car like a 1967 Shelby GT or a vintage Mustang or Corvette, according to prosecutors.As an employee with ownership interest in two used car dealerships in Point Pleasant, Brennan would then write up phony car leases, saying the inoperable cars were worth anywhere between $20,000 and $75,000, according to Prosecutor Luis A. Valentin.
Once he received the car lease financing from Sovereign Bank or All Points Capital, a subsidiary of North Fork Bank, for the leased cars, he would keep some of the money and give some to co-conspirators who had agreed to have their names placed on the leases, according to Valentin. The value of those leases totaled $582,913.
The ultimate goal in the car leasing scheme, the prosecutor said, was for the co-conspirators to report their cars stolen and submit fraudulent claims to their insurance carriers for reimbursement.
Last week, Brennan and 15 alleged co-conspirators were indicted by a Monmouth County grand jury on charges connected to the theft of funds from Sovereign Bank and All Points Capital.
Brennan, 43, of Manasquan, specifically was charged in the indictment handed up June 5 with the theft of more than $75,000 belonging to Sovereign Bank and or All Points Capital between May 2000 and October 2002.
In total, 14 men and two women are charged with conspiring to commit theft by deception between May 2000 and October 2002. If convicted, they each face up to 10 years in prison and a maximum $150,000 fine.
Permalink
06.06.06
Posted in Articles, Car Leasing at 10:50 pm by LeasingRus
What is the competitive advantage of a leasing company in the auto-leasing market?
Auto leasing differs from other lease deals in that it forms a more liquid contract portfolio. The portfolio is uniform with respect to contract period, vehicle cost, contract terms, security, secondary market and client profile. This means that decision-making and bank financing on a deal can be accelerated. So if all due paperwork has been completed, it usually takes 48 hours to reach a final decision. A lot of companies advertise shorter time periods, but in а majority of cases these promises turn out to be broken. Credit lines in banks financing the company are aimed at providing leases. Hence we do not present every deal for the credit committee’s approval. This reduces the deal consideration time and deal-making costs significantly.
Permalink
Posted in Get out of a car lease at 10:02 pm by LeasingRus
“As a current car lease owner, I’ve often thought to bust out of a car lease, but assumed the penalties of breaking a car lease would far out-weigh the benefit of sticking with the lease. Then, I ran into someone at the shopping centre and we got to talking, and discovered he had leased a car in the past as well, but managed to get out of the lease without paying the penalties. To my surprise, he found someone to transfer a car lease too. How do I go about finding someone to take over a lease?”
We came across this post online by an individual seeking to bust out of a car lease. Again, this is becoming a popular topic we’re finding of individuals seeking due diligence before leasing a car, and while in a current car lease. Many consumers still feel they need to ride out their car lease, or if they return the vehicle lease early will have to pay a stiff penalty. The answer to this depends on the lease agreement you have with your lease company. Our advice, look at your lease agreement and see if you can bust out of your car lease without paying a penalty by transferring the lease to another individual. If you can, there are a few good marketplaces online where you can advertise your lease for take over.
Permalink