April new business volume up 1% year-over-year

April new business volume up 1% year-over-year

Equipment Leasing and Finance Association’s survey of economic activity: monthly leasing and finance index ; down 8% month-to-month, Up 12% YTD

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Washington, D.C. – The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $903 billion equipment finance sector, showed their overall new business volume for April was $8.2 billion, up 1% from new business volume in April 2014. Volume was down 8% from $8.9 billion in March. Year to date, cumulative new business volume increased 12% compared to 2014.  

Receivables over 30 days were 0.9%, down from 1.2% the previous month and from 1.0% the same period in 2014. Charge-offs remained at an all-time low of 0.2% for the 14th consecutive month.

Credit approvals totaled 78.7% in April, unchanged from March. Total headcount for equipment finance companies was up 3.9% year over year. 

Separately, the Equipment Leasing & Finance Foundation's Monthly Confidence Index (MCI-EFI) for May is 67.5, slightly lower than the April index of 70.7.

About the ELFA’s MLFI-25
The MLFI-25 is the only index that reflects capex, or the volume of commercial equipment financed in the U.S. The MLFI-25 is released globally at 8 a.m. Eastern time from Washington, D.C., each month on the day before the U.S. Department of Commerce releases the durable goods report. The MLFI-25 is a financial indicator that complements the durable goods report and other economic indexes, including the Institute for Supply Management Index, which reports economic activity in the manufacturing sector. Together with the MLFI-25 these reports provide a complete view of the status of productive assets in the U.S. economy:  equipment produced, acquired and financed.

The MLFI-25 is a time series that reflects two years of business activity for the 25 companies currently participating in the survey. The latest MLFI-25, including methodology and participants is available at www.elfaonline.org/Data/MLFI/.

Source: ELFA