WASHINGTON, D.C. (October 23, 2015) — The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $903 billion equipment finance sector, showed their overall new business volume for September was $8.4 billion, down 13 percent from new business volume in September 2014. Volume was up 22 percent from $6.9 billion in August. Year to date, cumulative new business volume increased 4 percent compared to 2014. Receivables over 30 days were 1.10 percent, up from 0.99 percent the previous month and up from 0.97 percent in the same period in 2014. Charge-offs were 0.27 percent, up from 0.22 the previous month. Credit approvals totaled 80.5 percent in September, up from 79.3 percent in August. Total headcount for equipment finance companies was up 5 percent year over year. Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) for October is 58.7, easing from the previous month’s index of 61.1. ELFA President and CEO William G. Sutton, CAE, said, “Cautious optimism continues as the watch word for MLFI-25 companies who report steady, but slow, growth for the month. While the U.S. economy slogs along, dragged down by low oil demand, an uneven labor market, a volatile equities market and troublesome signals from the Chinese economy, business expansion and demand for productive asset follows suit. Portfolio quality was off, with delinquencies increasing ever so slightly and losses edging upward. Time will tell whether this is a trend to be concerned about or just another blip in the credit cycle.” For more information, visit ELFA.
September leasing and finance index finds new business volume is up 22 percent month to month
