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, shows their overall new business volume for April was $7.9 billion, up 8% year-over-year from new business volume in April 2016. Volume was down 11% month-to-month from $8.9 billion in March. Year to date, cumulative new business volume was up 5% compared to 2016, according to ELFA.
Receivables over 30 days were 1.30%, down from 1.40% the previous month and up from 1.20% in the same period in 2016. Charge-offs were 0.38%, down from 0.68% percent the previous month, and up from 0.31% in the year-earlier period.
Credit approvals totaled 75.9% in April, up from 74.5% in March. Total headcount for equipment finance companies was up 19.9% 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 May is 63.2, easing from the April index of 65.8.
For more information, visit: www.elfaonline.org