The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25) showed their overall new business volume for September was $10 billion, up 18% year-over-year from new business volume in September 2018. Volume was up 9% month-to-month from $9.2 billion in August. Year to date, cumulative new business volume was up 5% compared to 2018.
Receivables over 30 days were 1.70%, down from 2.0% the previous month and up from 1.60% the same period in 2018. Charge-offs were 0.40%, down from 0.42% the previous month, and unchanged from the year-earlier period.
Credit approvals totaled 76.3%, down from 76.6% in August. Total headcount for equipment finance companies was down 2.1% year-over-year.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in October is 51.4, down from the September index of 54.7.
“Another month of relatively strong fundamentals in the U.S. economy creates a favorable environment for businesses to continue to grow and expand, driving the equipment finance industry forward,” said ELFA President and CEO Ralph Petta. “Consumer spending continues to fuel the economy, notwithstanding signs of caution and concern raised by some over the impact of trade frictions, a pull-back in the U.S. manufacturing sector and recent geopolitical events.”