The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index, 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 October was $11.3 billion, up 6% year-over-year from new business volume in October 2021. Volume was up 11% from $10.2 billion in September. Year-to-date, cumulative new business volume was up nearly 6% compared to 2021.
Receivables over 30 days were 1.7%, up from 1.5% from the previous month and unchanged from the same period in 2021. Charge-offs were 0.18%, up from 0.17% the previous month and up from 0.16% in the year-earlier period.
Credit approvals totaled 77.0%, down from 77.3% in September. Total headcount for equipment finance companies was down 4.7% year-over-year.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in November is 43.7, a decrease from the October index of 45.
