Our business of financing equipment and auto leasing activities trace their history back to the mid 1990's when, under the leadership of Kevin Andrews (President and CEO), CFI pioneered the first non-bank asset-backed securitization of auto and equipment lease financings funded by AAA rated commercial paper in Canada.
Since that time, CFI Trust and CFI Asset Trust have become recognized leaders in the business of providing financing to our customers who own independent and dealer affiliated leasing companies. These leasing companies, in turn, provide consumers and business with leasing options on new and used equipment as well as new and used passenger, commercial vehicles, and fleets.
Our customers often find our terms more flexible than alternatives from banks, institutional investors, and auto manufacturers. And with over 150,000 individual leases totalling over $3 billion in assets originated through CFI Trust and CFI Asset Trust over the years, our clients also find our interest rates to be very competitive.
Our commitment to our investors was never more evident than during the financial crisis of 2008 that led to the complete dislocation of the asset-backed commercial paper market in Canada. Unlike some other issuers, CFI Trust and CFI Asset Trust were able to repay 100% of commercial paper outstanding by issuing term notes to Canadian banks and insurance companies and using the proceeds to redeem our commercial paper obligations. This stands in contrast to other issuers who participated in the Montreal Accord on asset backed commercial paper in 2008 that resulted in some commercial paper investors being forced to exchange their short-term investment into longer-term notes.