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November Equipment Leasing and Financing was Up 8% , Year Over Year

Dec. 28, 2021 — The Equipment Leasing and Finance Association’s (ELFA) recently released Monthly Leasing and Finance Index (MLFI-25) for November shows that new business volume was $7.9 billion, up 8% year-over-year from November 2020.

Volume was down 26% month-to-month from $10.7 billion in October, 2021. Year-to-date, cumulative new business was up 10% compared to 2020.

The index reports economic activity from 25 companies representing a cross section of the $900 billion equipment finance sector.

Receivables over 30 days were 2.2%, up from 1.7% the previous month and down from 2.3% in the same period of 2020. Charge-offs were 0.20%, up from 0.16% the previous month and down from 0.61% from November 2022.

Credit approvals totaled 77.2%, down from 78% in October. Total headcount for equipment finance companies was down 9.9% year-over-year, a decrease due to significant downsizing at an MLFI reporting company.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in December is 63.9, a decrease from the November index of 64.6.

ELFA President and CEO Ralph Petta said, “As we get ready to close out 2021, industry volume is still holding up, with portfolio quality improved relative to the same period last year. Supply chain disruptions continue to plague an otherwise strong economy, creating inflationary pressures that are a concern for many Americans. With the Federal Reserve recently announcing an accelerated tapering of asset purchases as well as several planned interest rate hikes in 2022, the hope is that the Fed does not choke off the recovery in its efforts to control further inflation.”

Kirk Phillips, President and CEO, Wintrust Commercial Finance, said, “The November MLFI-25 reflects both a monthly and cumulative year-over-year increase in business equipment investment as our economy recovers from the impact of the COVID pandemic. While there are headwinds—supply chain disruptions, increasing labor and material costs, and now the potential for rising borrowing costs to offset inflationary pressures—businesses in many capital-intensive industries remain poised to capitalize on pent-up demand as soon as equipment is available.”

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