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Equipment Finance Sector Views Economy With ‘Guarded Optimism’

July 7, 20222 min read Annita Vagas
The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index showed overall new business volume for May was $9.4 billion, up 16% year-over-year from new business volume in May 2021.

The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index showed overall new business volume for May was $9.4 billion, up 16% year-over-year from new business volume in May 2021.

ELFA

The Equipment Leasing and Finance Association (ELFA) has released its Monthly Leasing and Finance Index for May. 

The index, which reports economic activity based on feedback from 25 companies within the equipment finance sector, was $9.4 billion, up 16% year-over-year from new business volume in May 2021. Volume was down 10% from $10.5 billion in April. Year-to-date, cumulative new business volume was up nearly 8% compared to 2021.

“May activity for MLFI-25 equipment finance company participants shows strong origination volume and very stable credit quality metrics,” said Ralph Petta, ELFA president and CEO. “The economy continues to provide jobs and corporate America, in general, reports strong balance sheets—all in the face of a waning health pandemic. Offsetting this good news is high inflation, creating havoc for many consumers, and continued supply chain disruptions and higher interest rates, which are squeezing much of the business sector. As a result, many equipment finance providers approach the summer months with guarded optimism.”

Receivables were 1.6%, down from 2.1% the previous month and down from 1.9% in the same period in 2021. Charge-offs were 0.12%, up from 0.05% the previous month and down from 0.30% in the year-earlier period.

Credit approvals totaled 76.8%, down from 77.4% in April. Total headcount for equipment finance companies was down 3% year-over-year.

The Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in June is 50.9, an increase from 49.6 in May.

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