ELFA: Equipment leasing activity dropped 26 percent from January to February
But February new business volume was up 15 percent year-over-year.
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 February was $6.8 billion, up 15 percent year-over-year from new business volume in February 2019. Volume was down 26 percent month-to-month from $9.2 billion in January. Year-to-date, cumulative new business volume was up 22 percent compared to 2019.
Receivables over 30 days were 2.00 percent, unchanged from the previous month and up from 1.80 percent the same period in 2019. Charge-offs were 0.51 percent, up from 0.47 percent the previous month, and up from 0.35 percent in the year-earlier period.
Credit approvals totaled 74.7 percent, down from 76.3 percent in January. Total headcount for equipment finance companies was down 3.1 percent year-over-year.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in March is 46.0, a decrease from the February index of 58.7.
Learn more at www.elfaonline.org/Data/MLFI/.
CONTRACTOR SUPPLY MAGAZINE
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