February new business volume up 31 percent year-over-year

The Equipment Leasing and Finance Association’s (ELFA’s) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $1 trillion equipment finance sector, showed their overall new business volume for February was $7.7 billion, up 31 percent year-over-year from new business volume in February 2017. Volume was up 13 percent month-to-month from $6.9 billion in January. Year-to-date, cumulative new business volume was up 20 percent compared to 2017.

Receivables over 30 days were 1.60 percent, down from 1.90 percent the previous month and up from 1.50 percent the same period in 2017. Charge-offs were 0.28 percent, down from 0.34 percent the previous month and down from 0.38 percent in the year-earlier period.

Credit approvals totaled 74.2 percent in February, down from 76.9 percent in January. Total head count for equipment finance companies was up 1.4 percent year-over-year. During 2017 headcount was elevated because of acquisition activity at an MLFI reporting company.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in March is 72.2, easing from 73.2 in February.