(Free) American lessors saw new business
volume fall by 22 percent to $7 billion (€5 billion) in December
2009 compared with 12 months before, according to the Equipment
Leasing and Finance Association (ELFA). For the whole year, leasing
business shrank by one third.
ELFA’s statistics, however, showed an
improvement on the previous month both in terms of new business –
which was 77 percent up compared with November – and of
portfolio quality – with late payments down to 4.3 percent from 4.5
percent.
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Credit approvals increased slightly to 68
percent, when compared with November. The construction and
transport industries still lagged behind, ELFA said.
Commenting on the figures, ELFA interim
president Ralph Petta said: “The good news/bad news is that while
credit losses showed some improvement, the industry still has a
long way to go to return to the kind of positive growth we saw in
the pre-recession economy.”
Antonio Fabrizio
