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Overall new business volume for August was $6.9 billion, up 21 percent from volume of $5.7 billion in the same period in 2011, according to the Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity for the $628 billion equipment finance sector. Volume was up 5 percent from the previous month, and year-to-date cumulative new business volume increased 16 percent, according to a Sept. 15 report from ELFA.
Receivables over 30 days decreased for the third consecutive month to 1.9 percent, down from 2.2 percent in July and down 24 percent when compared to the same period in 2011, according to the ELFA report. Charge-offs were unchanged from the previous month at 0.4 percent, and down by 33 percent compared to the same period last year, ELFA reports.
Credit approvals decreased slightly to 77.0 percent in August from 77.5 percent in July, according to the association’s index Sixty-two percent of participating organizations reported submitting more transactions for approval during August, down from 65.5 percent the previous month. Finally, total headcount for equipment finance companies was unchanged from the previous month, and declined 3.0 percent year over year.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) for September is 53.0, up from the August index of 50.2, which ELFA says reflects increased optimism despite concerns about companies’ willingness to expand their businesses “in the face of economic and political uncertainty.”