CFI Trust announces "monthly pay event"

    TORONTO, Sept. 16 /CNW/ - CFI Trust (the "Trust"), announced today that
it has not repaid the $200,000,000 principal amount of Floating Rate
Receivables-Backed Notes, Series 2005-1, Class A-1 and $6,000,000 principal
amount of 4.46% Receivables-Backed Notes, Series 2005-1, Class B
(collectively, the "2005-1 Notes") issued by the Trust in August 2005 by their
expected maturity date of September 15, 2008 (the "Expected Final Payment
    This event is not considered to be an "event of default" under the
Trust's Series 2005-1 supplement to its trust indenture (the "Series 2005-1
Supplement") as the 2005-1 Notes mature on September 15, 2013. However, this
event is considered to be a "Monthly Pay Event" under the Series 2005-1
    The Trust is in discussions with the eight (8) financial institutions
which are the holders of all of the 2005-1 Notes. The objective of those
discussions is to restructure the Series 2005-1 Notes by exchanging them for
another Series of Notes with terms for the benefit of those Noteholders and
the Trust. At this time the holders of approximately $70 million of the 2005-1
Notes have indicated that they are prepared to accept the new notes. Those
discussions are continuing.
    Noteholders are encouraged to read the Series 2005-1 Supplement to better
understand the consequences of a Monthly Pay Event, a copy of which is
contained on

    About CFI Trust

    CFI Trust is a special-purpose vehicle administered by CFI Leasing
Limited, a wholly-owned subsidiary of Corpfinance International Limited
("Corpfinance"). CFI Trust has issued, from time to time, securities backed by
the Trust's assets, including a revolving portfolio of leases ("Leases") and
secured loans ("Secured Loans") relating to passenger automobiles, sport
utility vehicles, mini-vans and pick-up and light-duty trucks, which interests
are acquired from manufacturer-franchised automobile dealers and independent
leasing companies who have entered into master concurrent lease agreements
and/or secured loan purchase agreements with the Trust.

For further information:

For further information: Kevin Andrews, President, CFI Leasing Limited

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