According to The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index, overall new business was up 4 percent for July, reaching $8.2 billion.
The report stated that volume was down 14 percent from $9.5 billion in June. As of today, cumulative new business volume increased 8 percent compared to 2014.
ELFA President and CEO William G. Sutton, CAE, said, “The consensus forecast for the second half of 2015 is for the U.S. to show modest, if not robust, economic growth. July MLFI-25 data provide evidence of this narrative, in terms of originations, credit quality, and headcount.”
-Receivables over 30 days were 1.0 percent (down from 1.1 percent the previous month)
-Charge-offs remained at an all-time low of 0.2 percent for the 17th consecutive month.
-Credit approvals totaled 79.0 percent in July (down slightly from 79.4 percent in June)
-Total headcount for equipment finance companies was up 5.4 percent year over year
Harry Kaplun, President, Specialty Finance, Frost Bank, said, “The MLFI-25 continues to support the strength in the equipment finance industry. Growing employment, minimal losses and high approval rates are all indicative of a favorable business climate.”