New business volume up
Washington, DC – 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 December was $12.9 billion, up 20 per cent from new business volume in December 2013.
In a typical end-of-year spike, their new business volume was up 90 per cent from November volume of $6.8 billion. Cumulative new business volume for 2014 rose eight per cent over 2013. Receivables over 30 days were unchanged from the previous month and from the same period in 2013 at one per cent. Charge-offs were unchanged for the ninth consecutive month at an all-time low of 0.2 per cent. Credit approvals totaled 78.6 per cent in December, a slight decrease from 79.1 per cent the previous month. Total headcount for equipment finance companies was up 0.5 per cent year over year.
Separately, the Equipment Leasing & Finance Foundation's Monthly Confidence Index (MCI-EFI) for January is 66.1, an increase from the December index of 63.4 and the highest level in the last three years.