The Equipment Leasing and Finance Association (ELFA) monthly index for August put overall new business volume for August at $6.9 billion, down 7% from new business volume in August 2014.

25 companies representing a cross section of the $903 billion equipment finance sector were surveyed.

Volume was down 18% from $8.4 billion in July. Year to date, cumulative new business volume increased 6% compared to 2014.

Receivables over 30 days were 0.99%, down slightly from 1.01% the previous month and down from 1.26% in the same period in 2014. Charge-offs were 0.22%, up from 0.19 the previous month.

Credit approvals totaled 79.3% in August, up from 78.6% in July. Total headcount for equipment finance companies was up 7.4% year over year.

ELFA president and chief executive officer William Sutton said, "As the summer winds down, the equipment finance sector appears to be performing well. Despite the slight decline in August’s year-over-year volume, new business activity is up on a cumulative year-to-date basis. Loans and leases in respondents’ portfolios are performing well, with credit losses remaining in very acceptable ranges. With the Fed poised to increase short-term interest rates for the first time in nine years, we will be watching very carefully any impact — perceived or real — on the overall U.S. economy and our sector in particular. Most economic indicators continue to trend positively, contributing to our belief that these factors will help foster a favorable climate for continued investment by American businesses in capital equipment."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.