The 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 $900 billion equipment finance sector, showed their overall new business volume for July was $9.1 billion, down 3 percent year-over-year from new business volume in July 2019. Volume was up 3 percent month-to-month from $8.9 billion in June. Year-to-date, cumulative new business volume was down 1 percent compared to 2019.
Receivables over 30 days were 2.4 percent, down from 2.6 percent the previous month and up from 2 percent the same period in 2019. Charge-offs were 0.73 percent, up from 0.71 percent the previous month, and up from 0.37 percent in the year-earlier period.
Credit approvals totaled 72.9 percent, up from 71.5 percent in June. Total headcount for equipment finance companies was down 2.3 percent year-over-year.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in August is 48.4, an increase from the July index of 45.3