The market for new leasing deals in the US appears to have stalled after months of incremental rises as month-on-month figures fell 1% and overall business volumes remained static year-on-year.
The figures are part of the US Equipment Leasing & Finance Association’s (ELFA) monthly index of 25 companies and show the value of new business deals for October was $7.6bn (10.3bn) unchanged on the figure for October 2012 but down from $7.7bn reported in September.
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New business volume was down despite a rise in the applications for the month, which spiked to a level where 82% of firms participating saw new applicants. In the previous month only 56% of firms had seen new applicants.
Credit approvals also failed to match the dramatic rise in applications and climbed only 0.3ppts from the 77.35% approval rate of September.
Delinquent behaviour down.
More positive were the rates of late payments and delinquencies which remained static at 1.5% for payments over 30 days and fell by 1.7% for delinquent payments.
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By GlobalDataWith 5% growth in business volumes reported for the year to October, US lessors remain confident the market will continue upward with the monthly confidence index from the Equipment Leasing & Finance Foundation, ELFA’s research arm, showing a climb to 56.9 in November up from 54.0 in October.
