Feb 21, 2012
TBF Financial Creates New Online Resource to Immediately Price Equipment Lease
TBF Financial, LLC, a buyer of charged-off equipment leases and loans, announced today that its new website includes an online method for industry executives to learn the sale price for their uncollected leases and loans.
The brief online questionnaire is at http://www.tbfgroup.com/chargeoff.html.? TBF will buy charged-off accounts up to three years old, said Robert Boehm, a principal and founder of TBF Financial, the company he launched in 1998 after a successful career as an attorney.? His company will review submissions it receives online and follow that with a price subject to completing its due diligence.
?Obtaining a price online does not obligate the interested seller to sell.? It only gives them an idea what their charged-off accounts are worth.? If they want to consider selling, they then can so inform TBF, and the due diligence process will commence,? Boehm said.? ?Sales will usually be closed in seven days after submitting the due diligence information.?
While lease charge-offs went down to 0.7 percent at the end of 2011 from a peak of 2.5 percent in 2009, according to data from the Equipment Leasing and Finance Association, the selling of charge-offs represents an ongoing need for many equipment leasing and finance companies.? Selling recoups significant losses and reinforces overall profitability, Boehm said, noting that the gain is immediate for the sellers.? Recoveries on charged-off accounts are profits for accounting purposes and go directly to the seller?s bottom line, he added.
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