The Finance and Leasing Association (FLA) said that some people's interest rates had dropped.

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The Equipment Leasing Association, whose members include Bank of New York and AmSouth Bancorp , notes that such deals account for 10% of all leasing deals.

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Although the industry's top trade group, the Equipment Leasing Association, doesn't endorse Shearer's report, it distributed her bombshell to all 280 executives attending its annual meeting for investors in New York last month.

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