The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index (MLFI-25) showed overall new business volume for June was $9.9 billion, up 9% year-over-year from new business volume in June 2018.

Volume was up 9% month-to-month from $9.1 billion in May. Year to date, cumulative new business volume was up 1% compared to 2018.

Receivables over 30 days were 1.70%, unchanged from the previous month and up from 1.40% the same period in 2018. Charge-offs were 0.33%, down from 0.46% the previous month, and unchanged from the year-earlier period.

Credit approvals totaled 77.0%, up from 75.9% in May. Total headcount for equipment finance companies was down 2.2% year-over-year.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in July is 57.9, up from the June index of 52.8.

ELFA President and CEO Ralph Petta said, “After a sluggish beginning to the year, Q2 new business volume in the equipment finance sector, as measured by responding organizations to the MLFI-25, shows a healthy gain. As we head into the summer months, the economy and credit markets continue to perform well. Demand for financed equipment is strong.”

Deborah Baker, head of Worldwide Leasing & Financing, HP, said, “The MLFI-25 positive year-over-year growth is a key market indicator. The Equipment Leasing & Finance Foundation Q3 2019 Industry Snapshot data show similar optimism. Despite the headwinds associated with continued trade tensions, the U.S. economy realized an improved annualized growth rate of 3.1% in Q1 aided by tailwinds associated with strength in the oil sector and more temperate Federal Reserve actions on interest rates. Such results increase confidence in potential full year results.”

The ELFA produces the MLFI-25 survey to help member organizations achieve competitive advantage by providing them with leading-edge research and benchmarking information to support strategic business decision making. It reports economic activity from 25 companies representing a cross section of the $1 trillion equipment finance sector.