The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25) showed new business volume for March was up 36 percent from the previous month.
The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25) showed new business volume for March was up 36 percent from the previous month. Overall new business volume was $6.8 billion, up 10 percent from volume of $6.2 billion in the same period in 2011. Year-to-date cumulative new business volume is up 17 percent.
Receivables over 30 days increased to 2.8 percent in March, up from 2.5 percent in February, and down by 20 percent compared to the same period in 2011. Charge-offs increased to 0.7 percent, up from 0.5 percent the previous month, and down by 46 percent compared to the same period last year.
Credit approvals dipped slightly to 78 percent in March from 79 percent in February. More than 66 percent of participating organizations reported submitting more transactions for approval during March, up from 62 percent in February.
Finally, total headcount for equipment finance companies in March decreased 0.7 percent from the previous month, and was down 3.4 percent year over year. Supplemental data show that the construction and trucking industries continued to lead the underperforming sectors.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) for April is 62.1, up slightly from the March index of 61.7, and the fourth consecutive month of increases, indicating industry participants’ optimism is slowly but steadily rising. For more detailed information on the MCI-EFI visit www.LeaseFoundation.org.