Concerns over deteriorating credit quality, delinquency and defaults continue
WASHINGTON, D.C., Aug. 20, 2024 – What are the current and forecasted conditions of credit and collections in the equipment finance industry? The Equipment Leasing and Finance Association has released its 2024 Credit Manager Survey and 2024 Collections Effectiveness Survey with slide decks of data results and key insights from credit and collection professionals and equipment finance executive leadership. Results of both surveys were presented during the 2024 ELFA Credit and Collections Management Conference in June in Philadelphia.
The Credit Manager Survey covers a wide array of topics, including credit scoring, turnaround times, approval rates, collateral values, the macroeconomic environment and the outlook at bank, captive and independent leasing companies. Based on feedback from 208 ELFA survey respondents, among the wide range of survey results are a tempering of expectations for booking volume, particularly for banks, and credit quality deteriorating across the board.
The Collections Effectiveness Survey includes information pertaining to aging of receivables, productivity measures, tech trends and outsourcing strategies based on feedback from 83 ELFA-member collection professionals. Overall, the survey reflects the impact of current U.S. economic challenges. Although indicators point to increases in delinquency, defaults and bankruptcies, the data suggest many segments are showing signs of stabilizing.
Results of both surveys and slide decks of both presentation sessions from the Credit and Collections Management Conference are available for download at ELFA’s Knowledge Hub, the source for business intelligence in the equipment finance industry, at: https://www.elfaonline.org/knowledge-hub/most-popular-resources
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About ELFA
The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.
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Media contact: Amy Vogt, VP of Communications & Marketing, at avogt@elfaonline.org.