The Equipment Leasing and Finance Association’s (ELFA) reported their overall new business volume for April was $8.8 billion, up 11 percent year-over-year from new business volume for April 2018. Volume was up 7 percent month-to-month from $8.2 billion in March. Year to date, cumulative new business volume was down 5 percent compared to 2018.
According to the association, receivables over 30 days were 1.50 percent, down from 1.90 the previous month and down from 2.40 percent in 2018. Charge-offs were 0.32 percent, down from 0.37 last month.
“Second quarter new business volume starts off strongly,” Ralph Petta, ELFA president and CEO, said in a press release. “Continued low interest rates, a strong labor market and solid economic fundamentals all contribute to healthy demand by U.S. businesses—both large and small—for financed assets to run their business operations. Historically elevated credit quality also remains a signature feature of financing transactions conducted by ELFA members.”