New business volume in the US equipment leasing market was up 9% year-on-year to $7.2bn (5.4bn) in July.
The figure represents a month-on-month decline of 16% although the year-to-date cumulative volume is up by 10% on the same seven months in 2012.
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The data from the Equipment Leasing & Finance Association (ELFA) showed late payments up by 0.1 percentage points compared to June at 1.5% while write-offs remain unchanged at 0.3%.
Separately, ELFA’s research arm, the Equipment Leasing & Finance Foundation, reported a fourth consecutive monthly rise in its confidence index for August; up to 61.0 from 59.4 in July.
William Sutton, ELFA president, said: "The amount of new business financed during the spring and summer months continues to grow at a moderate pace.
"While cooling off somewhat from a torrid June, this month’s increase in financing activity matches a strengthening economy evidenced by a rebounding housing market, GDP growth and declining unemployment picture."
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By GlobalData
