Mixed fortunes for equipment finance

News Story
- 9 Jan 2020 ( #956 ) - Washington, DC, United States
1 min read
Credit approvals totalled 75.7%
Credit approvals totalled 75.7%
There were mixed results in the latest Equipment Leasing and Finance Association's (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports a 3% drop year-over-year in new business volume in November. Volume was down 23% month-to-month from USD10.1 billion in October. Year to date, cumulative new business volume is still in positive territory - up 5% compared to 2018.

Receivables over 30 days were 1.8% (down from 2% the previous month and up from 1.6% for the same period in 2018).

Credit approvals totalled 75.7%, down from 76.3% in October. Total headcount for equipment finance companies was down 2.9% year-over-year.

Separately, the Equipment Leasing & Finance Foundation's Monthly Confidence Index (MCI-EFI) in December was 56.2, an increase from the November index of 54.9.

ELFA president and CEO Ralph Petta is not surprised by the decline in new business: "Uncertainty brought on by the prolonged trade frictions with China, which at the time of this writing appear to be significantly mitigated as a result of a recently announced Phase 1 trade deal between the two countries, was also partly responsible for this slowdown. Credit markets continue to perform well, with losses and delinquencies still in very acceptable ranges."

ELFA represents companies in the nearly USD1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods.
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Previously about:
Briefs News Story - 9 Sep 2021 - 2 min read
ELFA identifies equipment trends News Story - 28 Jan 2021 - Washington, DC, United States - 5 min read
Financing rises 10% News Story - 1 Mar 2018 - Washington, DC, United States - 1 min read
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