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 $900 billion equipment finance sector, showed their overall new business volume for April was $9.8 billion, up 19 percent year-over-year from new business volume in April 2020.
Volume was up 5 percent month-to-month from $9.3 billion in March. Year-to-date, cumulative new business volume was up 4 percent compared to 2020.
Receivables over 30 days were 1.8 percent, down from 1.9 percent the previous month and down from 3.0 percent in the same period in 2020. Charge-offs were 0.30 percent, down from 0.43 percent the previous month and down from 0.80 percent in the year-earlier period.
Credit approvals totaled 76.3 percent, down from 77.0 percent in March. Total headcount for equipment finance companies was down 15.4 percent year-over-year, a decrease due to significant downsizing at an MLFI reporting company.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in May is 72.1, easing from April’s all-time high of 76.1, but still at historic high levels.
