New business volume up 3 percent in equipment finance sector
In a slight increase, new business volume for November was up 3 percent – $6.4 billion, up from $6.2 billion – from the same time in 2011, according to the latest report from 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.
According to ELFA, volume was down 16 percent from the previous month, and their year-to-date cumulative new business volume increased 15 percent.
Receivables greater than 30 days increased for the first time in six months to 2.0 percent, up from 1.7 percent in October, and they were unchanged when compared to the same period in 2011, according to ELFA. Charge-offs were up from the previous month at 0.5 percent, and down by 28.6 percent compared to the same period last year, ELFA says.