Equipment Leasing at $8.7 Billion in September, Up 12% vs. August
As a potential economic indicator, the Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index, which reports economic activity from 25 companies representing a cross section of the $1 trillion equipment finance sector, showed their overall new business volume for September was $8.7 billion, down 7 percent year-over-year from new business volume in September 2016.
However, volume was up 12 percent month-to-month from $7.8 billion in August. Year to date, cumulative new business volume was up 4 percent compared to 2016.
Receivables over 30 days were 1.40 percent, down from 1.50 percent the previous month and down from 1.50 percent in the same period in 2016. Charge-offs were 0.40 percent, down from 0.44 percent the previous month, and down from 0.46 percent in the year-earlier period.
Credit approvals totaled 74.0 percent in September, down from 75.3 percent in August. Total headcount for equipment finance companies was up 16.5 percent year over year, largely attributable to continued acquisition activity at an MLFI reporting company.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) for October is 63.7, unchanged from September.
Category: General Update, News
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