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July 24, 2015

ELFA reports new business volume up

Washington, DC--The Equipment Leasing and Finance Association’s (ELFA) ‘Monthly Leasing and Finance Index’ (MLFI-25) (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 June was $9.5 billion, up four per cent from new business volume in June 2014. Volume was up 34 per cent from $7.1 billion in May. Year to date, cumulative new business volume increased nine per cent compared to 2014.

Receivables over 30 days were 1.1 per cent, unchanged from the previous month and up from 0.9 per cent the same period in 2014. Charge-offs remained at an all-time low of 0.2 per cent for the 16th consecutive month.

Credit approvals totaled 79.4 per cent in June, up slightly from 79.2 per cent in May. Total headcount for equipment finance companies was up 5.2 per cent year over year.

Separately, the ‘Equipment Leasing & Finance Foundation’s Monthly Confidence Index’ (MCI-EFI) for July is 62.6, remaining essentially the same as the June index of 63.0.

ELFA President and CEO William G. Sutton, CAE, said, “The level of new business volume at the halfway point in the year is higher than in any similar period since at least the Great Recession. In most sectors, ELFA members report robust performance, in terms of both originations and portfolio quality. Tempering this ‘things can’t get much better’ mantra is a realization that various internal and external influences, including a gradually higher interest rate environment domestically and economic woes experienced by our trading partners in the Eurozone and elsewhere, could well slow the trajectory and velocity of capital spending. Time will tell.”

Daniel P. Dyer, Co-founder and Chief Executive Officer, Marlin Business Services Corp., said, “MLFI-25 new business activity indicates choppy but steady growth over this past year. Market and competitive forces are contributing to a multi-year trend toward lower portfolio net margins. Credit performance remains stable and favorable despite the rise in the competitive environment.”

 

 

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