Total US leasing and finance business volumes reached $7.2bn in August, 13% higher than the figure for August 2013.
This left year-to-date volumes up 6% compared to the same period in 2013.
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Despite the latest ELFA Monthly Confidence Index showing slightly increasing confidence, new business volumes were actually down 6% in August compared to July.
Late payments over 30 days increased 1.3% compared to June and 1% compared to 2013, however write offs remained at their historic low rate of 0.2% for the fifth month in a row.
Cedit approvals fell slightly in the month, from 80.3% in July to 79.5% in August, while staff counts grew up 1% year-on-year.
Willian Sutton, ELFA president, said "Continued strength in new business volume reflects the uptick in overall economic activity most economists forecast for the second half of 2014. Solid fundamentals — modest GDP growth; an improving labor market; increased consumer spending, as evidenced by strong auto sales; and low interest rates — all bode well for continued business investment in general, and the equipment finance sector, in particular.
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By GlobalData"Credit quality appears manageable as well, although the index shows a slight uptick in delinquencies. Tempering this relatively good news is concern over recent geopolitical events relating to the fight against terrorism."
