Equipment Leasing and Finance Association Reports Overall Business Volume at $8.9 Billion in August
The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index reported their overall new business volume for August was $8.9 billion, up 14 percent year-over-year from August 2017. According to an ELFA press release, volume was up 9 percent from $8.2 billion in July. Cumulative new business volume was also up 5 percent compared to 2017.
The press release also reported that receivables over 30 days were 1.90 percent, changed since July, and up from 1.50 percent the same period in 2017. Charge-offs were 0.29 percent, down from 0.31 percent in July, and down from 0.44 percent in 2017. Credit approvals totaled 76.4 percent in August, up from 76.2 percent in July.
“Members report continued strong origination volume as the summer comes to a close,” ELFA president and CEO Ralph Petta said in the press release. “Fundamentals in the U.S. economy are favorable for capex investment by both large and small borrowers, and a number of asset classes and equipment verticals are benefiting. Steadily rising interest rates, a spate of disagreements with our trading partners and a powerful hurricane have seemingly little, to no, effect on the U.S. economy and its continued vitality.”