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June 21, 2013updated 12 Apr 2017 4:02pm

US leasing up 21% in May – ELFA

New business volume for May was up 21% year-on-year to $7.5bn (€5.7bn), according to US trade association, the Equipment Leasing and Finance Association’s (ELFA) monthly index.

By Jonathan Minter

New business volume for May was up 21% year-on-year to $7.5bn (€5.7bn), according to US trade association, the Equipment Leasing and Finance Association’s (ELFA) monthly index.

While new business volume was flat month-on-month from April, the figure also meant that year-to-date cumulative new business volume was up 11% compared to 2012.

Late payments during May were at 1.6% compared to 2.0% for the previous three months, matching a historic low.

Overdue payments fell from the 2.7% recorded in the same period in 2012, while write-offs remained at 0.3% for the fourth month in a row, despite being another historic low.

Credit approvals totalled 78.8% in May compared to 77.2% the previous month despite 63% of participating firms submitting more transactions for approval in May, compared to 72% in April.

William Sutton, ELFA president and chief executive, said: "The May numbers provide concrete evidence of growing demand for productive assets by a cross section of the business community.

"At the same time, historic lows in delinquencies and charge-offs mean American businesses are better able to meet their financial obligations, creating a favorable environment for additional capital investment and job creation."

A separate Equipment Leasing & Finance Foundation monthly confidence index rated June at 57.3, up from 56.7 in May.

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