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January 28, 2010updated 12 Apr 2017 4:27pm

US leasing drops one third in 2009 (Free)

Free) American lessors saw new business volume fall by 22 percent to $7 billion (5 billion) in December 2009 compared with 12 months before, according to the Equipment Leasing and Finance Association (ELFA) ELFAs statistics, however, showed an improvement on the previous month both in terms of new business which was 77 percent up compared with November and of portfolio quality with late payments down to 4.3 percent from 4.5 percent.

By Antonio Fabrizio

(Free) American lessors saw new business volume fall by 22 percent to $7 billion (€5 billion) in December 2009 compared with 12 months before, according to the Equipment Leasing and Finance Association (ELFA). For the whole year, leasing business shrank by one third.

ELFA’s statistics, however, showed an improvement on the previous month both in terms of new business – which was 77 percent up compared with November – and of portfolio quality – with late payments down to 4.3 percent from 4.5 percent.

Credit approvals increased slightly to 68 percent, when compared with November. The construction and transport industries still lagged behind, ELFA said.

Commenting on the figures, ELFA interim president Ralph Petta said: “The good news/bad news is that while credit losses showed some improvement, the industry still has a long way to go to return to the kind of positive growth we saw in the pre-recession economy.”

Antonio Fabrizio

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