Washington, DC – 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 August was $6.9 billion, down 7% from new business volume in August 2014. Volume was down 18% from $8.4 billion in July. Year to date, cumulative new business volume increased 6% compared to 2014. This month’s MLFI reflects an adjustment in the list of companies participating in the survey.
Receivables over 30 days were 0.99%, down slightly from 1.01% the previous month and down from 1.26% in the same period in 2014. Charge-offs were 0.22%, up from 0.19 the previous month.
Credit approvals totaled 79.3% in August, up from 78.6% in July. Total headcount for equipment finance companies was up 7.4% year over year.
Source: ELFA
