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PRESS
RELEASES
For
Many Equipment Leasing and Finance Companies, New Year's
Resolutions Focus on Collecting Problem Accounts At Earlier
Delinquency Stages
Nassau
Asset Management Expands Accounts Receivable Services Due
to Industry and Clientele Demand
ROSLYN
HEIGHTS, NY, Jan. 7, 2004 - Thanks to a strengthening
economy, equipment leasing and finance companies are pursuing
fewer difficult repossessions than in years past and focusing
more of their attention on resolving problem accounts at
earlier delinquency stages, says Ed Castagna, senior executive
vice president of Nassau Asset Management. Nassau, which
provides a broad spectrum of asset management services to
the industry, has responded by expanding and enhancing its
accounts receivable capabilities.
Nassau
recently dedicated an arm of its company to accounts receivable
management and hired additional experts in the field. Dan
Potts, director of accounts receivable management, heads
the new unit based in Woonsocket, Rhode Island. He formerly
was in charge of asset-based portfolio management for AT&T
Capital Leasing Services, Inc., where he experienced the
accounts receivable needs of the industry first-hand. During
his tenure at AT&T Capital, Potts was particularly impressed
with Nassau Asset Management, one of his company's vendors.
"Several
major leasing companies today are using Nassau's enhanced
accounts receivable services to improve their lease, commercial,
consumer, and international collections processes,"
Potts says. "In addition, Nassau's strict compliance
and knowledge of revised UCC Article 9 guidelines provides
our clients with the confidence their assigned portfolio
of accounts are being managed appropriately and within set
legal parameters."
Nassau
has introduced aggressive solutions for resolving problem
accounts. For example, Nassau can post information about
equipment in question on its international Web site, www.nasset.com,
to gather competitive bids and determine its commercially
reasonable sale price before collecting deficiency balances.
The company also offers a complete debtor program, providing
equipment leasing and finance companies with a one-stop
shop for managing routine collections, repossessions, equipment
remarketing, and collections of deficiency balances.
"By
utilizing Nassau's complete debtor program, an equipment
leasing and finance company can recoup its losses up to
400 percent faster, than if handling the process alone or
outsourcing different processes to numerous vendors with
varying capabilities," Castagna says. As a result,
Nassau effectively manages:
- collections
prior to charge-off
- appraisal
of leased assets after charge-off
- voluntary
and involuntary repossessions
- full
condition reports and appraisals on-site
- asset
location and skip tracing
- equipment
remarketing
- deficiency
balance collections, and
- legal
programs
Castagna
says Nassau's strengths include its focus on commercially
reasonable sales using its www.nasset.com
Web site, which experiences 700,000 hits a month and is
a well-known portal for buyers and sellers. The company
also offers customers access to an extensive network of
attorneys located throughout the United States who are specialists
in legal issues pertaining to the equipment leasing and
finance industry.
ABOUT
NASSAU
Nassau
Asset Management of Roslyn Heights, NY, has been providing
full-service asset management, including asset recovery,
collections, remarketing, plant liquidations, and appraisals
for more than 25 years to the equipment leasing and finance
industry. For more information, please visit www.nasset.com
or call 1-800-4.NASSAU.
# # #
MEDIA
CONTACTS:
Edward
Castagna
Senior Executive Vice President
Nassau Asset Management
1-800.4.NASSAU, ext. 301
ecast@nasset.com
Carla Young Harrington
PR Agent for Nassau
540-899-3913
carla@crosslink.net
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