New business volume for January $5.9 billion
Staff Report | February 28, 2013
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 $725 billion equipment finance sector, showed their overall new business volume for January was $5.9 billion, up 16 percent from volume of $5.1 billion in the same period in 2012. Volume was down 49 percent from December, following the typical end-of-quarter, end-of-year spike in new business activity.
Receivables more than 30 days old increased to 1.8 percent in January after hitting their lowest level in the last two years in December at 1.6 percent. They were down from 1.9 percent in the same period in 2012. 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. Finally, total headcount for equipment finance companies was up 0.7 percent from the previous month, and increased 0.6 percent year over year.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) for February is 58.7, an increase from the January index of 54.2, reflecting industry participants’ increasing optimism despite a wary eye on economic conditions and government management of
MORE FROM Economics
- 5 Options for Avoiding Highway Trust Fund Insolvency529 Views
- Boxer outlines Senate priorities for long-term surface transportation bill397 Views
- Sen. Murray warns Highway Trust Fund insolvency 'threat is growing'396 Views
- Foxx: Insolvent transportation system could cost 700k jobs378 Views
- VIDEO: Watch these crews slide a half-mile, 30 million-pound bridge into place over the Ohio River337 Views