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 $827bn (652.55bn) equipment finance sector, showed the overall new business volume for September was $9.4bn, up 21% from the new business volume in September 2013.
Month over month, new business volume was up 31% from August. Year-to-date, cumulative new business volume increased 8% compared to 2013.
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Late payments over 30 days decreased from the previous month to 1.0%, and were up slightly from 0.09% in the same period in 2013. Write offs were unchanged for the sixth consecutive month at an all-time low of 0.2%.
Credit approvals totalled 79.7 percent in September, relatively unchanged from the previous month. Total headcount for equipment finance companies was up 1.1% year over year.
ELFA’s monthly confidence Index (MCI-EFI) for October was 60.4, slightly better than the September index of 60.2, with survey participants indicating increasing or consistent demand tempered by U.S. economic concern
Personnel change
ELFA has elected a new chairman and board members.
Robert "Bob" Rinaldi, chief executive of Commercial Industrial Finance will become chairman of the Board and William Stephenson, chief executive and chairman of the executive board of DLL, is chairman-elect.
"We are very fortunate to have Bob Rinaldi as chairman of the Board of Directors for 2015," said ELFA president and chief executive William G. Sutton. "Bob has been a valued member volunteer of ELFA for many years, and his knowledge of the industry and dedication to our association will be assets to our members and the industry at large in the coming year."
Before joining Commercial Industrial Finance as chief executive in January 2014, Rinaldi served for four years as senior vice president at CSI Leasing; before that as executive vice president of the $8bn bank-owned lessor National City Commercial Capital (now PNC Equipment Finance) and as president of National City Commercial Capital Canada.
The new members of the ELFA Board of Directors include, Andrew Bender, chief executive, GSG Financial; Michael DiCecco, president, Huntington Equipment Finance; John Evans, executive VP, equipment finance division, Bank of the West; Sanjay Kumar, senior director, Worldwide Technology and Channel Financing, Cisco Systems Capital Corporation; David Mirsky, chief executive, Pacific Rim Capital; William Phelan, president, PayNet.
