The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25) showed their overall new business volume for June was $9.9 billion, up 9% year-over-year from new business volume in June 2018. Volume was up 9% month-to-month from $9.1 billion in May. Year to date, cumulative new business volume was up 1% compared to 2018.
Receivables over 30 days were 1.70%, unchanged from the previous month and up from 1.40% the same period in 2018. Charge-offs were 0.33%, down from 0.46% the previous month, and unchanged from the year-earlier period.
Credit approvals totaled 77.0%, up from 75.9% in May. Total headcount for equipment finance companies was down 2.2% year-over-year.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in July is 57.9, up from the June index of 52.8.
“After a sluggish beginning to the year, Q2 new business volume in the equipment finance sector … shows a healthy gain,” ELFA President and CEO Ralph Petta said. “As we head into the summer months, the economy and credit markets continue to perform well. Demand for financed equipment is strong.”