Fast Fact
The main reason why equipment leasing continues to grow is that leasing meets the needs of so many types and sizes of companies.
News
Kinetic Leasing Announces 2008 Milestones
01/05/2009
Fargo, ND, January 5, 2009: Kinetic Leasing is pleased to report its ninth consecutive year of growth with a serviced lease portfolio of $179 million at YE 2008 as compared to $140 million at YE 2007. This milestone was the direct result of originating $79 million in new lease volume for the year as compared to $59 million in 2007 and $45 million in 2006.
Since its inception, Kinetic Leasing has placed over $348 million of equipment on lease, with total chargeoffs of only $537,000. Total chargeoffs as a percentage of average portfolio size was 0.13% for 2008 as compared to 0.04% for 2007 and 0.16% for 2006. We are proud of maintaining our asset quality in conjunction with our growth with chargeoff ratios substantially below that of the industry norms of 1.09% for 2008 and .57% for 2007.
Contributing to our success was the addition of a number of new bank partners utilizing Kinetic’s Bank Lease Program. Currently, Kinetic Leasing has 107 bank partners that have funded a lease in its loan portfolio. Kinetic Leasing appreciates each of its bank partners for their efforts in helping us to achieve our 2008 results. We look forward to working with each of you in 2009 and to furthering our relationships with our bank partners.
Kinetic Leasing is proud of achieving 9 consecutive years of growth and would like to thank all of its bank partners and customers for their continued utilization of our products and services. Looking ahead into 2009, we recognize that there will be challenges in our industry but Kinetic Leasing is poised to meet these and looks to accomplish further milestones in the upcoming year.