The US’s Equipment Leasing and Finance Association (ELFA) showed
that new business volume in July declined by 35 percent
year-on-year.
ELFA’s Monthly Leasing and Finance Index, which reports economic
activity for the $650 billion (€455 billion) American equipment
finance sector, also reported that month-to-month new business
volume also decreased, by 7.7 percent from June to July, from $5.2
billion to $4.8 billion.
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47 percent of participating companies also reported that fewer
transactions were submitted for approval during the month, due to
tightening underwriting standards and lower demand.
“The July numbers seem to indicate that the steep decline in new
business volume and portfolio deterioration may have crested in
April,” said ELFA president Kenneth Bentsen Jr.
“While still declining on an annual basis, the trajectory of the
decline is flattening, indicating possibly a sign of recovery in
the capital equipment finance business.”
Earlier this month,
the UK’s Finance & Leasing Association (FLA) reported similar
figures, with a 39 percent fall in demand in Q2, compared to the
same period last year.
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By GlobalDataJason T Hesse
