American lessors saw year-on-year new business volume fall by
32.8 percent in October, a slight deterioration on the previous
month’s 30.9 percent year-on-year decline, according to the latest
data.
The US Equipment Leasing and Finance Association’s (ELFA)
monthly leasing and finance index reported that month-to-month new
business volume was down 8.5 percent from September to October,
from $4.7 billion (€3.1 billion) to $4.3 billion.
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However, the survey also reported that receivables over 30 days
fell to 4.2 percent as compared to 5.6 percent in September, a
minor improvement.
“October’s data is mixed,” said ELFA interim president Ralph
Petta. “While we are pleased that credit quality shows improvement,
underlying demand for the product is still relatively weak.
Hopefully, we will see a strong pick up in traditional end-of-year
new business volume.”
Jason T Hesse
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By GlobalData
