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___________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 28, 1995
TRANS LEASING INTERNATIONAL, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
DELAWARE 0-15167 36-2747735
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NUMBER)
3000 DUNDEE ROAD, NORTHBROOK, ILLINOIS 60062
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code: (708) 272-1000
___________________________________________________________________
Total number of pages: 6
Exhibit Index located on page 4<PAGE>
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Item 5. Other Events.
Attached to this Form 8-K as Exhibit 99(a) are certain pages
from a Form S-3 Registration Statement filed with the
Securities and Exchange Commission on July 28, 1995, by TL
Lease Funding Corp. IV, a Delaware corporation and wholly-owned
subsidiary of the Registrant, containing certain
information regarding the delinquency experience and loss
experience of the Registrant for the periods described
therein.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
TRANS LEASING INTERNATIONAL, INC.
-------------------------------------
(Registrant)
Date: July 28, 1995 NORMAN SMAGLEY
-------------------------------------
Norman Smagley
Vice President, Finance, and
Chief Financial Officer
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INDEX OF EXHIBITS
99(a) Certain pages from Form S-3 Registration
Statement filed with the Securities and
Exchange Commission on July 28, 1995, by
TL Lease Funding Corp. IV . . . . . . . . . . . 5
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THE SERVICER
SERVICING
The Leases included in each Trust Fund will be serviced by Trans
Leasing, as the Servicer, pursuant to and in accordance with the related
Servicing Agreement.
DELINQUENCY AND DEFAULT EXPERIENCE
Set forth below is certain information regarding the delinquency
and loss experience of Trans Leasing with respect to its entire lease
portfolio (including leases that it previously sold but continues to service).
There can be no assurance that the levels of delinquency and loss experience
on the Leases in any Trust Fund will be comparable to that set forth below.
DELINQUENCY EXPERIENCE (a)
=================================================================
At June 30,
----------------------------------------
1993 1994 1995
========================================
Future Minimum Lease
Payments ($000) $164,236 $186,287 $219,718
Delinquencies:
(% of Future Minimum
Lease Payments)
31-60 Days 1.44% 1.28% 1.21%
61-90 Days 0.55% 0.57% 0.52%
91+ Days 1.30% 0.69% 0.93%
Total Delinquencies 3.30% 2.54% 2.66%
=================================================================
(a) Trans Leasing classifies accounts as delinquent at the time a payment
(or portion thereof) remains unpaid 30 days or more following the
date on which such payment is due. The amount classified as delinquent
is the sum of future minimum lease payments. Delinquent accounts are
written off in their entirety when a determination is made that the
account is uncollectible.
(b) The percentages in any column may not total due to rounding.
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LOSS EXPERIENCE
=================================================================
For year ended
June 30,
----------------------------------------
1993 1994(a) 1995
========================================
LOSSES: ($000)
Investment in Leases
(before reserves) $150,590 $170,864 $199,576
Gross Losses(b) 4,519 6,510 4,441
Recoveries(c) 1,357 1,359 1,549
------------ ------------ ------------
Net Losses(d) 3,162 5,151 2,892
Net Losses as a
Percentage of
Investment in Leases 2.10% 3.01% 1.45%
(before reserves)
=================================================================
(a) The data for the year ended June 30, 1994 includes the write-off of one
account written off as of December 31, 1993 in the amount of $1,696,000.
Excluding such amount, Gross Losses, Recoveries, Net Losses and
Net Losses as a percentage of Investment in Leases would have been
$4,814,000, $1,232,000, $3,582,000 and 2.10%, respectively.
(b) Gross losses generally include an amount equal to the future minimum
lease payments plus the residual value of the related equipment less
the remaining unearned income on the date a lease is written off.
(c) Recoveries represent gross amounts recovered on a lease (or the
underlying equipment) that has been written off.
(d) Net losses represent gross losses less recoveries.
COLLECTION POLICIES
Each lessee receives a coupon book at the inception of the lease to make
scheduled lease payments. Lessees are invoiced separately for property taxes,
UCC fees, insurance, tax shortages and other nonscheduled charges. Statements
are used to bill lessees for unpaid invoices and late payments. All payments
in connection with any lease serviced by Trans Leasing are directed to a
single processing location where the payments are recorded and the funds
deposited directly into a lock box account. Within two business days after
their deposit into the lock box account, the funds are transferred to other
accounts, including the Collection Account based upon Trans Leasing's records
regarding allocation.
Seven days after any payment is past due, a charge equal to 10% of the
past due amount is added to the lessee's account. Such late charges appear in
the lessee's next statement and, in some instances, may be waived. When any
payment is 20 days past due (13 days if the lease balance is greater than
$20,000), the account is automatically inserted into the Servicer's follow-up
system. At this point, a delinquency letter is automatically generated and a
collector contacts the lessee. When the account exceeds 80 days past due, it
is transferred to a senior collector for further collection efforts. If the
senior collector is unsuccessful in making the necessary collections, the
account is reviewed for possible charge-off and/or referral to the Servicer's
asset recovery department. A lease is generally charged-off when it is deemed
uncollectible, when the equipment is returned or when the lessee files
bankruptcy or goes out of business. All charge-offs are handled by the asset
recovery department. Generally, when an account exceeds 90 days past due it
is reviewed for possible repossession, and at 120 days past due repossession
of the Equipment is generally initiated, if practicable. Returned and
repossessed equipment is sold, and, if practicable, the asset recovery
department pursues the lessee for any deficiency. In certain instances,
a lessee may maintain possession of the equipment as part of a bankruptcy
workout. In any such case, a payment plan is arranged with the approval of
the bankruptcy court. All amounts received in connection with charged-off
leases are applied as recoveries.
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