Equipment financing index up 20% in April
May 23, 2012
The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index showed overall new business volume for April was $6.1 billion, up 20% from volume of $5.1 billion in the same period in 2011. Volume was down 10% from the previous month. Year-to-date cumulative new business volume is up 17%.
Receivables over 30 days decreased to 2.7% in April, down from 2.8% in March, and down by 18% compared to the same period in 2011. Charge-offs decreased to 0.6%, down from 0.7% the previous month, and down by 25 percent compared to the same period last year.
“April’s new business volume and credit quality metrics appear to provide evidence that the equipment finance sector continues to gain momentum,” said William Sutton, ELFA president and chief executive officer. “Recent anecdotal information from ELFA members gathering in Washington, D.C., for a series of leadership meetings in mid-May supports the observation that the demand cycle for capital equipment parallels the broader economy in that both continue to strengthen, albeit slowly.”
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