New equipment finance volume up 16 percent in January
| March 01, 2013 |
The Equipment Leasing and Finance Association (ELFA) has released its Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $725 billion equipment finance sector.
The MLFI-25 for January 2013 showed overall new business volume for January was $5.9 billion, up 16 percent from volume of $5.1 billion in January 2012. Volume was down 49 percent from December, following the typical end-of-quarter, end-of-year spike in new business activity.
Receivables over 30 days increased to 1.8 percent in January, down from 1.9 percent in January 2012; they hit a two-year low in December at 1.6 percent. Charge-offs were at an all-time low of 0.3 percent, down from 0.6 percent the previous month.
Credit approvals totaled 78.3 percent in January, down 0.3 percent from December. Total headcount for equipment finance companies was up 0.7 percent from the previous month, and increased 0.6 percent year-over-year.