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 $1 trillion equipment finance sector, showed its overall new business volume for April was $7.3 billion, down 12 percent from new business volume in April 2015. Volume was down 10 percent from $8.1 billion in March. Year to date, cumulative new business volume decreased 10 percent compared to 2015.
Receivables over 30 days were 1.2 percent, unchanged from the previous month and up from 0.89 percent in the same period in 2015. Charge-offs were 0.30 percent, down from 0.5 percent the previous month.
Credit approvals totaled 78.2 percent in April, up from 77.7 percent in March. Total headcount for equipment finance companies was up 0.6 percent year over year.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) for May is 55.1, a decrease from the April index of 59.1.
For more information, visit www.elfaonline.org.