The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index, which reports economic activity from 25 companies, showed their overall new business volume for February was $4.7 billion, down 6% from volume of $5 billion in February 2012.
Month-over-month, new business volume was down 20% from January. Year to date, cumulative new business volume was up 5% compared to 2012.
Receivables over 30 days increased to 2% in February, up from 1.8% in January. They were down from 2.5% in the same period in 2012. Charge-offs were up slightly at 0.4% from their all-time low of 0.3% the previous month.
Credit approvals totaled 77.4% in February, down 1% from January. Fifty-three percent of participating organizations reported submitting more transactions for approval during February, down from 55% the previous month.
Separately, the Equipment Leasing & Finance Foundation's Monthly Confidence Index for March is 58.0, a slight decrease from the February index of 58.7, reflecting a leveling off in industry participants’ optimism after two consecutive increases.