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Industry Data

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Participants in the ELFA MLFI-25:

  • ADP Credit
  • BancorpSouth Equipment Finance
  • Bank of America
  • Bank of the West
  • BB&T Bank
  • BMO Harris Equipment Finance
  • Canon Financial Services
  • Caterpillar Financial Services
  • CIT
  • De Lage Landen Financial Services
  • Dell Financial Services
  • Direct Capital Corporation
  • EverBank Commercial Finance
  • Fifth Third Equipment Finance
  • First American Equipment Finance, a City National Bank Company
  • GreatAmerica Financial Services
  • Hitachi Credit America
  • HP Financial Services
  • Huntington Equipment Finance
  • John Deere Financial
  • Key Equipment Finance
  • LEAF Commercial Capital Inc.
  • M&T Bank
  • Marlin Leasing
  • Merchants Capital
  • PNC Equipment Finance
  • RBS Asset Finance
  • SG Equipment Finance
  • Siemens Financial Services
  • Stearns Bank
  • Suntrust
  • Susquehanna Commercial Finance
  • US Bancorp Equipment Finance
  • Verizon Capital
  • Volvo Financial Services
  • Wells Fargo Equipment Finance

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 $725 billion equipment finance sector, showed their overall new business volume for June was $8.6 billion, up 8 percent compared to volume in June 2012. Month-over-month, new business volume was up 15 percent from May. Year to date, cumulative new business volume increased 10 percent compared to 2012.

Receivables over 30 days were at 1.4 percent in June, reaching a new historic low, down from 1.6 percent in May. Delinquencies declined from 2.4 percent in the same period in 2012. Charge-offs were unchanged for the past four months at the all-time low of 0.3 percent.

Credit approvals totaled 78.5 percent in June, relatively unchanged from May. Fifty-four percent of participating organizations reported submitting more transactions for approval during June, down from 63 percent the previous month.

Finally, total headcount for equipment finance companies was relatively unchanged from the previous month, and up one percent year over year.

Separately, the Equipment Leasing & Finance Foundation's Monthly Confidence Index (MCI-EFI) for July is 59.4, an increase from the June index of 57.3, reflecting industry participants' increasing optimism despite continued moderate demand for equipment.

ELFA President and CEO William G. Sutton, CAE, said: "Businesses continue to increase spending on capital equipment as evidenced by U.S. government statistics showing three consecutive months' increase in durable goods orders by American firms. Our June MLFI-25 data confirms this trend: the amount of leasing and financing of business equipment and software continues to grow, while the credit quality of these transactions remains at historic highs. Member companies are optimistic that this trend will continue into the summer months and beyond."

William Besgen, President and Chief Operating Officer, Hitachi Capital America Corp., said, "I believe the trend of increasing new business volume as shown in the recent ELFA industry statistics is a solid reflection of an improving business economy.

We at Hitachi Capital America Corp. are definitely seeing increased activity versus last year in credit applications and new business volume from the over 2000 independent truck dealers throughout the U.S. that we serve, both for new and used vehicles. I feel the small to medium-size businesses that are acquiring this equipment are reinforcing their belief that the overall economy is improving, albeit at a slow, somewhat steady pace."

 

MLFI-25 New Business Volume
(Year Over Year Comparison)
New Business Volume

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Aging of Receivables Over 30 Days:

AgingofRcv.png

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Average Losses (Charge-offs) as a % of net receivables
(Year Over Year Comparison)
Average Losses

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Credit Approval Ratios As % of all Decisions Submitted
(Year Over Year Comparison)
Credit Approval Ratios

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Total Number of Employees
(Year Over Year Comparison)
Total Number of Employees

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