Get the banks out of leasing

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Automotive News

1400 Woodbridge

Detroit, MI 48207

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Fax: (313) 446-0383


To the Editor:

It amazes me that Automotive News does not come out and say that banks do not belong in the leasing business.

Once a month, you write about the failures and losses the banks are incurring on residuals. Whatever made them think they knew more than the manufacturers?

You also write about the gurus from the Black Book and Automotive Leasing Guide.

They should have been put out of business years ago. Have they ever bought or sold a vehicle?

I feel sorry for the banks that have relied on faulty information, but it comes down to one thing: The banks do not belong in the vehicle-leasing business.

As the banks pull out, the independent leasing companies

will have the opportunity to grow again.

Many independents chose not to compete with banks and chose not to lose $5,000 to $10,000 on every vehicle.

Now is the independent leasing company’s turn to shine.

It’s the American dream to watch the big guys fail and the little guys survive.

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