EDGEWOOD, Ky. — Former employees of American Equipment Leasing have joined together to form a new entity, Allied Financial Solutions. Harry Schneider, who served as senior vice president of the rental division for Citi Capital and an executive for AEL for 22 years, leading its rental division since 1989, will serve as president of the new organization. AFS will be based in Edgewood, Ky., and former reps will continue to operate from old territories.

“The present owners of AEL have decided to discontinue operations, [but the] former employees of AEL made a commitment years ago that they would not abandon the industry and we will stand by that commitment,” Schneider told RER. “Our funding sources are committed and ready to begin taking applications July 1.” Schneider added that the representatives that have handled members' accounts over the past several years will be contacting those members to discuss present and future transactions.