<PAGE> 1
- --------------------------------------------------------------------------------
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): November 14, 1996
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
- --------------------------------------------------------------------------------
<PAGE> 2
Item 5. Other Events.
Set forth below is certain information regarding the delinquency and loss
experience of Trans Leasing International, Inc. (including its subsidiaries)
with respect to its lease portfolio for the periods indicated.
DELINQUENCY EXPERIENCE (a)(b)
<TABLE>
<CAPTION>
===========================================================================
At June 30, At September 30,
---------------------------- ------------------
1994 1995 1996 1995 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Future Minimum Lease
Payments ($000) $186,287 $219,718 $270,458 $229,736 $286,503
Delinquencies:
(% of Future Minimum
Lease Payments)
31-60 Days 1.28% 1.21% 1.55% 2.08% 1.96%
61-90 Days 0.57% 0.52% 0.73% 0.95% 0.73%
91+ Days 0.69% 0.93% 1.32% 1.04% 1.35%
Total Delinquencies 2.54% 2.66% 3.60% 4.07% 4.04%
===========================================================================
</TABLE>
(a) Accounts are classified 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.
-2-
<PAGE> 3
LOSS EXPERIENCE
================================================================================
<TABLE>
<CAPTION>
For year ended For three months ended
June 30, September 30,
-------------------------- -----------------------
1994(a) 1995 1996 1995 1996
------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
LOSSES: ($000)
Investment in Leases
(before reserves) $170,864 $199,576 $246,122 $208,395 $261,156
Gross Losses(b) 6,510 4,441 5,369 1,109 1,450
Recoveries(c) 1,359 1,548 1,726 409 370
-------- -------- -------- ------- -------
Net Losses(d) 5,151 2,893 3,643 700 1,080
Net Losses as a
Percentage of
Investment in Leases 3.01% 1.45% 1.48% 1.34% 1.65%
(before reserves) (e)
</TABLE>
(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.
(e) Percentages for the three months ended September 30, 1995 and 1996 have
been annualized.
<PAGE> 4
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: November 14, 1996 /s/ Norman Smagley
----------------------------
Norman Smagley
Vice President, Finance, and
Chief Financial Officer
