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 $903 billion equipment finance sector, showed their overall new business volume for April was $8.2 billion, up 1% from new business volume in April 2014. Volume was down 8% from $8.9 billion in March. Year to date, cumulative new business volume increased 12% compared to 2014.

Receivables over 30 days were 0.9%, down from 1.2% the previous month and from 1.0% the same period in 2014. Charge-offs remained at an all-time low of 0.2% for the 14th consecutive month.

Credit approvals totaled 78.7% in April, unchanged from March. Total headcount for equipment finance companies was up 3.9% year over year.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) for May is 67.5, slightly lower than the April index of 70.7.

ELFA president and CEO William G. Sutton, CAE, said: “Following a strong first quarter, April new business volume continues to show consistent, stable growth. Equipment finance companies are taking advantage of abundant, available liquidity, thus providing very favorable economics for end users to acquire the capital equipment necessary to operate their businesses. These same equipment finance and leasing companies also report continued high-performing portfolios, with low delinquencies and losses, reflecting healthy credit markets and an overall economy that continues to grow, albeit unevenly and in fits and starts.”

To view the full ELFA April Index, click here.