WASHINGTON–(BUSINESS WIRE)–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 $ 1 trillion equipment finance sector, showed their overall new business volume for October was $ 8.4 billion, up 2 percent year-over-year from new business volume in October 2016. Volume was down 3 percent month-to-month from $ 8.7 billion in September. Year to date, cumulative new business volume was up 4 percent compared to 2016.

Receivables over 30 days were 1.40 percent, unchanged from the previous month and unchanged from the same period in 2016. Charge-offs were 0.41 percent, up from 0.40 percent the previous month, and up from 0.37 percent in the year-earlier period.

Credit approvals totaled 74.6 percent in October, up from 74.0 percent in September. Total headcount for equipment finance companies was up 17.1 percent year over year, largely attributable to continued acquisition activity at an MLFI reporting company.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in November is 67.0, up from 63.7 in October.

ELFA President and CEO Ralph Petta said, “Equipment finance originations continue to grow, albeit slowly, as some sluggish market verticals show signs of rebounding. This trend, coupled with buoyed confidence in overall economic conditions, pave the way for a very healthy end-of-year bump.”

David C. Mirsky, Chief Executive Officer, Pacific Rim Capital, Inc., said, “Business confidence is very strong and building, despite the relatively flat growth of originations. This is because lessors are feeling mounting strength in the overall economy, evidenced by increasing requests for quotations and new orders being placed by lessees in every market segment. Pacific Rim Capital is extremely optimistic about the near future and has experienced a 7 percent improvement in its own originations compared to last year.”

About the ELFA’s MLFI-25

The MLFI-25 is the only index that reflects capex—the volume of commercial equipment financed in the U.S.—and is released as a complementary economic indicator the day before the U.S. Department of Commerce releases the durable goods report.

To read a detailed description and methodology of the MLFI-25, visit http://www.elfaonline.org/Data/MLFI/.

About the ELFA

The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $ 1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its more than 575 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. ELFA has been equipping business for success for more than 50 years. For more information, please visit www.elfaonline.org.

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