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  • ELFA: New Business Volume in Equipment Finance Rises 7% Y/Y in April
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ELFA: New Business Volume in Equipment Finance Rises 7% Y/Y in April

By Randell Ortelli 1 year ago

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According to the Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index (MLFI-25), overall new business volume in the equipment finance industry for April was $10.5 billion, up 7% year over year from new business volume in April 2021 but relatively unchanged from $10.6 billion in March. Year-to-date cumulative new business volume was up nearly 6% compared with 2021.
Receivables more than 30 days were 2.1%, up from 1.5% in March and up from 1.8% in April 2021. Charge-offs were 0.05%, down from 0.1% in March and down from 0.30% in April 2021. Credit approvals totaled 77.4%, down from 78.3% in March. Total headcount for equipment finance companies was down 1% year over year. Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in May is 49.6, a decrease from 56.1 in April.

“New business volume for a subset of the ELFA membership shows stable growth in April amidst a somewhat slowing economy and rising interest rate environment,” Ralph Petta, president and CEO of the ELFA, said. “Anecdotal information from a number of ELFA member organizations indicates that equipment deliveries continue to be a problem as supply chain disruptions continue. Soaring energy prices and inflation are headwinds confronting the industry as we move into the summer months.”

“The recent results from the MLFI-25 mirror what we are seeing every day,” Eric Bunnell, CLFP, president of Arvest Equipment Finance, said. “Volume continues to be steady even with rising interest rates. The portfolio is performing well, with below average delinquency rates, but we continue to monitor this closely. We continue to be optimistic for the rest of 2022, especially if the supply chain continues to improve.”

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