US new business volume was down 12% year-on-year in November at $6.1bn (5.61bn), according to the monthly index of the US Equipment Leasing and Finance Association (ELFA).
New business volume fell 21% compared to October, when it stood at $7.7bn. On the other hand, year-to-date cumulative new business volume increased 1% compared to 2014.
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Late payments over 30 days stood at 1.1%, while write-offs were 0.3%, up from 0.27% the previous month.
Credit approvals totalled 79% in November, down slightly from 80.1% in October. Total headcount for equipment finance companies was up 4.7% year-on-year.
ELFA president and chief executive officer William Sutton said: "Volume in the equipment finance sector, with some exceptions, continued to slow, reflecting a pull-back in consumer spending and business investment during the second half of the year. Credit quality is beginning to move off its historic lows, as some sectors including energy, mining and related industries continue to weaken.
"With one month left in the year – typically, a strong period for the equipment finance business — it remains to be seen whether total volume for 2015 remains in positive territory. Also to be monitored is the impact of slowly rising interest rates on industry performance as we move into the new year."
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