Washington – 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 $827 billion equipment finance sector, showed their overall new business volume for July was $7.8 billion, up 8% from new business volume in July 2013. Month over month, new business volume was down 13% from June. Year to date, cumulative new business volume increased 4% compared to 2013.
Receivables over 30 days increased from the previous month to 2.7%, and were up from 1.5% in the same period in 2013. Charge-offs were unchanged for the fourth consecutive month at an all-time low of 0.2%.
Credit approvals totaled 79.7% in July, a slight decrease from 80.1% the previous month. Total headcount for equipment finance companies was up 0.4% year over year.
Separately, the Equipment Leasing & Finance Foundation's Monthly Confidence Index (MCI-EFI) for August is 58.9, easing from the previous two months’ indexes of 61.4.
Source: ELFA